TribeHive Guest Blogger

Katie Vande Water

Experienced Search Professional

Retainer based firms have exclusive arrangements with companies for specific jobs.  They have very detailed position requirements and are paid to find candidates who fit these specifications.  They work for the client and get paid regardless of completion of the assignment because they are on a retainer.  The retainer is typically one-third of first year compensation (total cash compensation excluding sign on bonuses).  Historically, retainer based search consultants have reached out to actively employed candidates with similar backgrounds or reached into their proprietary database to see who they have worked with or interviewed who might fit the profile.  Retainer based firms typically work only on the most senior level positions.

Even though retainer firms work on specific assignments for clients it does not mean that you should not try to develop relationships with them and make sure that they are familiar with your background. 

• Identify the consultant or Partner within a firm who specializes in your industry. 
• Reach out to them to try and build a relationship or have an exploratory conversation.  Ask colleagues, friends or other contacts if they can refer you.  This is always beneficial and should help open doors.
• Do not limit yourself to one firm; find out which one is the best within a specific industry.  Focus on a select few and get to know them and the kinds of jobs they work on.
• Be specific about your strengths and weaknesses.  Remember you cannot be all things to all people.  Know yourself and what you want to do.
• Be able to speak about your accomplishments in detail. 
• Read your audience, if you get too technical or not technical enough you could jeopardize further consideration.
• Follow up –and stay in touch.  Treat a meeting with a recruiter just like any other interview.  Remember to send a thank you note.  Ask how you should keep in touch with a recruiter (email, telephone, frequency)
• Once your resume is submitted and in the database there is no need to submit a new one for every job you are interested in unless there have been significant changes in your responsibilities.
• Be prepared to discuss compensation.  Be honest and candid. 
• Follow protocol.  Understand how follow up will be communicated and the timeline for feedback.  Don’t go around the recruiter.

Contingency firms:

Contingency firms are paid when and if they fill a particular role.  Often time companies will give specific jobs to multiple contingency firms and will only pay the firm who finds and closes the successful candidate.  Contingent recruiters most often work on commission and turnover at the consultant level is typically much higher than at retainer based firms. 

• Because multiple firms may be working on the same job, it is important to develop relationships with a handful of consultants.
• Be selective, know who you are working with and understand how they work with candidates.
• Be clear about when and how they can submit your resume.  Stress that they must have your permission before sending your background to companies.
• Make sure that you are only being submitted by one recruiter for each job.  It is not in your best interest to have your background submitted by more than one firm for the same job. 
• Make sure you communicate that you are working with multiple firms and if a conflict arises make sure you bring it up.  For example if you interview for a job through one firm and then are presented by another, neither the company nor the recruiter will think favorably of you and probably won’t consider you for other opportunities.

Other tips:

• Do your homework.  Research the company and understand the role for which you are interviewing.
• Ask questions of the recruiter – the more you know before the interview the better prepared you will be for a successful interview.
• Take time to return recruiters calls.  Remember this is a relationship business and if you help them, they will be more apt to help you when you need assistance.

Only refer qualified candidates.  The caliber of referrals sets an image in the recruiters mind.  “Birds of a feather flock together.”