Retained Search
Our premiere retained executive search service for executive and managerial roles in the Philippines.
Why use the retained solution?
It is essential to understand the fundamental difference between a retained and contingent (success-only) approach.
When adopting a contingent/success-only approach, it is generally accepted that a company has engaged various partners to work on the opening (which may also extend to their own in-house team).
Hence, recruitment partners are only incentivized to present candidates who are actively looking for a role. It also increases the risk that the recruiter will adopt an “all care and no responsibility” approach to ensure that they focus on the assignments with a greater probability of delivering a result.
A retained search, which is exclusive to a single partner, is a process that is both systematic and rigorous. It aims to identify all the potential candidates for a role, both active and passive candidates, and it stands to reason that some of the most suitable candidates will not actively be looking for another opportunity.
Using the retained search model means a hiring company is giving their recruitment partner the time needed to engage with the passive candidates they would otherwise not be inclined to approach (given the fact the recruiter would be in a race against a variety of other external recruiters to provide profiles under the success only model.
CDA’s retained search process involves a combination of approaches including tapping our in-house database, online research, telephone sourcing, and using our well-established and extensive network to open doors to a high number of connections. It also means that we are incentivized to truly partner with our client and remain committed until an appointment is finalized, no matter the challenges of the assignment.
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Advantages of using the Retained Solution
The key points of difference in terms of the service provided under the retained model are as follows:
Speed to Hire
Retained assignments are prioritized ahead of contingent assignments we are handling, thus the speed to hire is maximized given the assignment becomes our key focus.
Focus on quality
Replacement Guarantee and Post Placement Review
The retained model comes with an extended guarantee period for additional peace of mind.
In addition, all candidates successfully appointed under the retained model undergo a regular post-placement review up to their first 12 months in the role with feedback provided to our client.
Role Brief
Once these discussions are complete, a draft of the brief is shared with our client, thus giving our client full ownership of the information to be shared with candidates.
Bi-weekly Report
We issue a written report on a weekly basis which provides all the relevant information you need in terms of the candidates we are talking to, including market intelligence feedback, the companies researched, candidates identified as suitable, those who are not suitable, not available etc.
Confidentiality
For searches that are confidential or sensitive, we strongly recommend the retained solution. This way the opportunity is properly represented in the market via a single message, giving the Client greater control over information that is shared. This preserves confidentiality, while at the same time, enabling the search to proceed.
Benefits of the Retained Approach – Summary
Focus on quality rather than speed
A single partner representing you in the marketplace
The role is prioritized ahead of the non-retained assignments we are handling
A detailed market research report
Confidentiality if and when it's required
A longer replacement guarantee period
A detailed job brief shared with candidates
A regular Post Placement Review discussion is undertaken with the successful candidate
Retained Approach Payment Structure
Whilst the fee is ultimately calculated as a percentage of the final ‘actual’ Annual Remuneration Package, for the purpose of the 3 stage payment plan we would initially use an assumed Annual Gross Salary figure*, with the final payment (Stage 3 ‘Balance Owing’) based on the actual Annual Remuneration Package, adjusted to deduct the Stage 1 and Stage 2 payments.
* This assumed figure would be based on discussions during which an approximate figure would be agreed.
The 3 stages of payment under the retained approach would be as follows:
Commencement (TBC%)
Invoice No. 1 issued upon commencement of the assignment
Acceptance of short list (TBC%)
Invoice No. 2 issued once the client has accepted the short list of candidates
On completion of assignment (Balance Owing – Figure TBC)
Invoice No. 3 issued upon completion of the assignment (i.e., official start date of the candidate).
Payment Structure for the Retained Recruitment Solution
Whilst the fee is ultimately calculated as a percentage of the final ‘actual’ Annual Remuneration Package, for the purpose of the 3 stage payment plan we would initially use an assumed Annual Gross Salary figure*, with the final payment (Stage 3 ‘Balance Owing’) based on the actual Annual Remuneration Package, adjusted to deduct the Stage 1 and Stage 2 payments.
* This assumed figure would be based on discussions during which an approximate figure would be agreed.
The 3 stages of payment under the retained approach would be as follows:
Commencement (TBC%)
Invoice No. 1 issued upon commencement of the assignment
Presentation of Short List (TBC%)
Invoice No. 2 issued once the client has accepted the short list of candidates
On completion of assignment (Balance Owing – Figure TBC)
Invoice No. 3 issued upon completion of the assignment (i.e., official start date of the candidate).
Executive Search Approach; Retained Assignment
We will work with you to agree a timeline that best suits your business. Whilst the specifics are dependent on various factors, as an example the standard timeframe involved from the presentation of a shortlist through to the job offer stage can range from 4 to 8 weeks.
Our preferred way of managing timelines is to work with you in setting meetings and commence interviews within two weeks of beginning the executive process. This ensures timelines are met and all stakeholders are available and committed to the successful completion of the process.
Briefing
- Meet with relevant stakeholders and agree timeframe and milestones
- Discuss the strategic, commercial and operational context for the role
- Prepare a detailed role brief to include a defined Key Selection Criteria
Candidate Sourcing
- Identify relevant and capable candidates with skills as described in the role brief
- Conduct detailed market research of the client’s competitors and other relevant organizations, including contacting our extensive network of senior-level sources
- Initiate search of public and in-house databases
Progress Update
Consultant Interview & Assessment
- Pre-screened candidates are interviewed (using behavioral and competency-based interview techniques)
- Assess suitability according to experience, competencies, leadership skills and strategic and cultural fit
Competitive Candidate Report & Shortlist Review
- Comprehensive candidate reports provided outlining all relevant information for those candidates shortlisted
- Meeting between Curran Daly + Associates and our client to discuss the final shortlist for client interview
Client Interviews
- Support our client with designing the interview process, including best practice techniques for interviewing candidates
- Assist our client and candidates with the logistics of arranging interviews
- Consultants to support the interview process and participate if/when required
Reference Check and Offer
- Prepare comprehensive referee report on preferred candidate, including contact with superiors, peers, and subordinates
- Facilitate process for offer of employment
- Provide feedback to unsuccessful candidates
Post Placement
Case Studies
Curran Daly & Associates works with a variety of companies to help boost their business and maximize their return. Our retained executive search specialists provide a wide range of expertise from finding the best executive candidate to retaining key executives.
Take a look at our case studies below to find out how Curran Daly & Associates successfully sourced the right executive to match our clients’ unique business requirements.
A global technology company in the US, with a large operation in Cebu, sought Curran Daly to appoint a VP of Operations in the Philippines. Despite challenges, including location and niche requirements, Curran Daly successfully secured a suitable candidate.
After an acquisition of a company based in the Philippines, the company’s CEO decided to explore new opportunities. An Australian-owned Business Process Outsourcing company decided to tap Curran Daly, our Australia-based head office, to find a new CEO in the Philippines.
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