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Talent Gap Issues? 6 Reasons To Use a Retained Search Firm.

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Failure to find talent can be found everywhere.  This Talent Gap recruitment failure appears at all employment levels, but is most costly in top leadership, management, sales, high tech and/or healthcare, but not exclusively.  A Retained Search Firm is usually brought in when other sources have failed.  Great Retained Search Firms, by necessity, find ideal talent quickly, quietly and confidentially for highly competitive, sensitive, confidential and/or uniquely defined roles.  The right firm will produce superior results at significantly lower costs than “in-house” recruitment. This is because true total “in-house” recruitment costs are not considered, asked for, poorly defined, not fully calculated or ignored.

Companies cannot find great talent, yet want to make certain they hire the best candidate.

This is part of the “Talent Gap” challenge. WASERPA brings access to the “Best in Class” known, hidden, unknown and/or passive talent available.  This is vital to all employers. Employers cannot know all candidates and/or, for ethical reasons, may not be able to talk to the ones they do know.  While 94% of internal [as well as external] recruiters use Linkedin to search actively for candidates, only 34% of candidates do the same to find new employers.

The actual cost for not quickly hiring the right candidate, or hiring the wrong one, is mind numbingly high!

The .. impact of a poor hire can be $200K.  Functioning without [key] employees can cost $7,000 per day — $210,000 each month a position isn’t filled. The majority of these costs are hidden – lost or never gained revenue or sales; lack of meaningful strategies and their implementation; the work the position is responsible for not starting and/or not being accomplished; management time taken away from working to interview and hire;  others not performing their functions because of lack of leadership direction or motivation; others trying to perform a job they are not qualified to perform.   WASERPA will shorten hiring time by identifying a short list of the best hirable candidates to the client within the first 30 days.

The costs of not retaining great talent and having to hire over and over again can ruin a company’s reputation.

It destroys their ability to attract and hire other great people.  It can destroy their ability to attract and retain business (or potential business) by virtually having to start over and over again.  These costs are incalculable and some companies can never recover.  WASERPA wants to make certain our clients do not face these types of risks.

Some top leaders may need replacing, and, it is more cost effective and equitable to help them find a new position.

Generally called “out placement” or “exit hiring”, a Retained Search Firm can be hired to anonymously find a new position for the identified leader, without knowing they were identified for replacement or downsizing.  In many cases this can minimize triggering compensation or “parachute” clauses, negative press coverage or internal negative feelings and rumors, for the price of a much smaller Retained Firm’s retainer.  WASERPA has over 50 years of cumulative experience with such programs and can help explain its benefits.

Employers get information and referencing questions answered they cannot legally ask in the U.S.

Failure to follow U.S. federal employment laws in recruiting, hiring and employment can result in federal complaints and/or suits, civil suits, fines and financial settlements, but always high legal costs. Temporary staffing companies, as well as contingent and retained recruitment firms, are legally your representatives. They are currently being targeted and investigated by the DOL and EEOC for failing to follow these same employment laws.   This has led or could lead to your company’s liability as well. WASERPA has expertise and tools enabling us to legally get this information.  This helps you avoid hiring mistakes, especially for top levels, startups or reorganization and turnarounds.

A reputable Retained Search Firm provides a “performance guarantee” period.

WASERPA guarantees a candidate hired through our services will remain for one year.  Any candidate who fails to complete the first year of employment, either by personal choice or dismissal for cause, will be replaced, using the original job specifications.  WASERPA will not charge any additional fee for such replacement work, other than out-of-pocket expenses at cost.  WASERPA’s partners, collectively, currently or historically have never had to replace a hire.

One Final Note on the tendency of today’s companies to use and rely on an endless number contingent search firms. LinkedIn advertises it has almost 1,000,000 recruiters on its site. There are many fine, ethical and reliable contingent search firms. However, the vast majority are resume slingers, sending electronic resume/CV files to companies in the hopes one will stick for a fee.  Most do not know, try to know or understand the true heartbeat of the companies they are trying to do business with.  They may say they’re “exclusive”, but advertise and search for the same positions as other firms.

 WASERPA is a Talent Partner.   We build long term relationships.  We are passionate about your success.

John Hagen

With over 30 Years of high-level engagement he leads executive recruitment for Retail (Start-up, Brick and Mortar, e-, Holding, Development, Conglomerate); Human Resources/Culture/Talent/Acquisition; VC / PE & Banking Investment and Development; Warehousing, Shipping/Logistics/Fulfillment/Transportation; Manufacturing (apparel, consumer goods, decor, electronics, high-tech, industrial durable and non-durable0); Real Estate Development Management and Business Services industry segments. He has headed high-level consulting programs to industry and the highly confidential recruitment of hundreds of C-level, divisional, regional leaders supporting the various industries within his corporate and company operations. He has partnered with U.S., Canadian, LATAM, EU and Asian brands in critical external executive search assessments for VP levels executives and above. Confidentiality, honesty, integrity, innovation, humor and a laser like sense of cultural match are the hallmarks of his work.

Posted in Retained Search, retention, Talent, talent gap Tagged with: , , , , ,

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