Retained Search: How It Can Help Your Company Hire Top Talent

As a specialist executive search consultant working with asset managers and government investment vehicles across the MENA region, I often guide clients through the benefits of different search approaches—primarily retained versus contingent search. This article provides an overview of each option to help hiring managers and HR professionals understand which might best suit their needs before receiving a pitch.

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The Basics: Similarities Between Retained and Contingent Search

Both retained and contingent search aim to find the ideal candidate for your role, but each approach offers unique benefits. Both processes involve a specialist consultant who collaborates with the client, sources potential candidates, qualifies them, and presents a shortlist. Here’s a breakdown of each method, highlighting the main differences and advantages.

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Contingent Search

Contingent search is the most commonly used model. It’s known for its shorter timeline and simpler fee structure, typically with a single success-based fee. In contingent search, you might see a shortlist within 5-10 working days.

For example, if you’re a GCC-based sovereign wealth fund looking to hire 50 professionals across various departments within a year, you might engage 2-3 agencies on a contingent basis. You’d receive profiles from each agency, interview the top candidates, and work to close on the chosen one.

In contingent search, speed is key for search firms. We reach out to relevant candidates, engage their interest, and quickly submit CVs. However, it’s worth noting that contingent search often results in higher dropout rates, as agencies typically cast a wide net and must act fast. To improve outcomes, I recommend engaging fewer agencies and assigning them exclusive mandates to ensure dedicated resources for each search.

• Time to deliver shortlist: 5-8 working days
• Number of candidates contacted: 50-100
• Number of candidates presented: 4-6

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Retained Search

Retained search, on the other hand, is a more detailed, focused process that involves a deeper collaboration with the client. This method typically begins with an in-depth mandate brief and an agreed-upon list of target institutions, putting a strong emphasis on candidate experience and client presentation.

With retained search, clients often pay an upfront fee with additional installments as the process progresses. This approach works well for institutions that want to secure each role with precision and have a backup plan if needed. The initial delivery timeline for a shortlist and longlist is around 3-4 weeks, with continuous candidate sourcing and screening while interviews and assessments are underway.

In retained search, each candidate undergoes multiple conversations with the search firm, ensuring they fully understand the role and feel comfortable with a potential move. Candidates are briefed on the client, interview process, and role requirements. By the time candidates are presented, they have already been carefully assessed, making dropouts far less likely. Clients benefit from both discretion and the search firm’s full dedication to filling each role.

• Time to deliver shortlist & longlist: 3-4 weeks
• Number of candidates contacted: 200-300
• Number of candidates presented: 10-12

Choosing between contingent and retained search depends on your organization’s specific hiring needs and the level of dedication and discretion you require. Both approaches offer pathways to finding top talent, but retained search provides a more thorough, committed approach—especially beneficial for critical or high-stakes roles. By understanding these differences, you can make an informed choice and streamline your hiring process.

If you’d like to learn more about how retained search can benefit your organization, reach out to me directly on [email protected]