CHOOSING THE AGREEMENT THAT BEST SUPPORTS YOUR NEEDS:
Depending on factors such as urgency (cost of vacancy), level of confidentiality or magnitude of the potential talent pool, Sanford Rose Associates®-Madison (SRA-Madison) may perform a search under one of three types of fee agreement; engaged, retained or contingency.
Retained Search is reserved as a higher level service which includes a dedicated recruiting project team with superior expertise to represent your organization and attract senior level passive candidates.
Clients who are looking to fill senior level vacancies and confidential replacement searches generally prefer retained search. The standard fee in Retained Search is based on the total annual expected compensation for the position and payments are billable in 3 installments: The first payment is to initiate the search, the second once two candidates have completed their first interviews, and the final payment upon the candidate signing the offer letter.
We track all of the candidates we communicate with and provide ongoing updates to the client with the progress and status of the search. This model is designed to give the client the confidence that the entire search is being fully managed and that they have a dedicated team of experts who are providing them with the best viable candidates in the market.
Contained Search is considered the hybrid pricing model as it is often the logical choice for clients who would still like the superior performance of retained search, but without the committed payment structure and a component of contingency, with final fee paid only upon hire of desired candidate.
The standard fee in Contained Search is based on the total annual expected compensation for the position and comes with a Full Replacement Guarantee and payments are billable in 2 installments. The first payment is a deposit or engagement to initiate the search and the final remaining balance payment is billable upon the candidate’s start date.
The Contained search is an excellent model for critical hiring needs at that need to be fulfilled by a defined date. We suggest this model for clients who have hiring vacancies that must be completed within a 6-8 week window as we put a great sense of urgency towards the search.
SRA-Madison fills virtually 100% of contained searches; they receive very high priority and we will not rest until the position has been filled.
Our candidates also prefer contained job searches because they know there is a higher level of commitment and probability to the overall process, from both client and search firm.
We generally see quicker turn-around on interviews and a significant reduction in the overall time on the search. We have successfully filled positions in half the time period of contingency searches, significantly reducing the Cost of Vacancy (COV), making it a great “Return on Investment”.