Executive search firms are retained by organizations to fill positions that they don’t have the internal resources for. They typically specialize in certain areas of expertise, such as finance or marketing.
What should you know about this?
Retained executive search firms can be retained for a variety of reasons, including:
1) When an organization needs to find qualified candidates quickly and is not set up with the staffing structure or recruiting tools necessary to do so on their own
2) When an organization has spent time developing new skillsets internally but still requires specialized talent from outside sources
3) As a result of mergers or acquisitions, when an organization needs to fill new or vacated positions very quickly
When working with a retained firm, it is essential to understand the fee structure and what services are included in that fee. Typically, the executive firm will charge either a percentage of the employee’s annual salary or a flat retainer fee.
We hope this information has been helpful to you.
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