Executive Search Firm Types Defined
Retained
A
retained search firm is hired to locate a candidate for a specific position for
the client company. The firm receives a retainer, usually based on a percentage
of the potential hire's salary, regardless of whether or not a hire is made.
Often, the positions sought through retained search firms are higher level.
Contingency
A
contingency firm is paid only when a placement is made. The firm is hired to
screen potential candidates and submit those qualified to the client company.
The firm receives either a fixed fee or a percentage of the hire's salary.
Outplacement
An
outplacement firm helps displaced employees (usually mid-level executives) find
new jobs. They also provide counseling and support services. Often, this
service is paid for by the employer.
Interim Staffing
An
interim staffing firm hires its own employees and assigns them to clients on a
temporary basis, usually to fill in for an extended employee absence or to work
on a short-term project. The firm specifies the pay and benefits for the
employee.
