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When it comes to the creation of the first retained search firm, we can look back to Thorndike Deland's firm created in 1926. Thorndike Deland Associates is credited as the first retained search firm in documented history dedicated to finding executives in the retail industry. The concept of retained search, however, has a much deeper rooted history.
Topics: Executive Search
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There’s a common fear among buyers of recruiting services of something called “uptick.” Uptick is the idea that the hired search firm will try to find the most expensive candidate possible to get a bigger payout.
Exclusivity Clauses are almost always a standard requirement for a retained search. Essentially, it means you will only work with that firm for the duration of the search. As common as they are, Exclusivity Clauses can become a sticking point and source of apprehension for you, your legal and finance departments.
Not all retained search firms are created equal. Without the right firm, an already long process can be delayed significantly. But ultimately, the biggest risk of partnering with the wrong firm is that your search will fail outright.
There are certain practical rules of executive recruiting every great recruiter takes to heart. Chief among them is collaborating with you, as the client, to define (and refine) a sound search strategy at the outset of the project.
Traditionally, clients on Executive Search projects have been kept in the loop via weekly status calls and reports compiled from a variety of data sources. While this approach has long been the accepted standard, it can be problematic at best and more likely threatening to the project’s overall success at worst. There’s a better way for recruiters and their clients to collaborate on retained searches—one that significantly increases the likelihood of success.
