What you as a job seeker is unaware about are the types of headhunters or recruiters out there? On a basic level, recruiters are of two types – contingency and retained recruiters. We here are attempting to explain their difference and affect on you as a job seeker. Hope, we nail it!
Contingency recruiters are clients which work on No Win, No Fee which means, if you do not fill the client’s open position, they will not be paid. Here, recruiters working on this basis often have to compete with the client’s internal HR department, advertising, direct applicants and typically one or more other recruitment companies. More clearly, if you are a candidate of any of the executive healthcare recruiters and fill the open position of the clients working with your recruiter, they will be paid.
The trick with contingency recruiter is about representing the best candidate or candidates and to do this faster than the other channels. However, if the vacancy is tough to fill, chances are of availability of rare qualified candidates for the open position. Getting to these before everyone else is vital for the successful no win – no fee recruiter.
For conducting a search, retained recruiters charge an upfront fee to the client. These recruiters work very closely with their client and will take their time and use an agreed methodology to find the best person for the job whereas they operate on an exclusive basis meaning the job will only be filled through this recruitment company. Tough procedure is applied with three to ten candidates presented for interviews to the clients.
Working with retained recruitment is not cheap as 50% payment has to be made by the client of the projected first annual salary of the successful candidate. This option is mostly chosen when all cheaper search options have been unsuccessful however these recruiters such as senior living recruiters are perfect to be worked with if looking for important or senior position.