Unlocking Seven Benefits of Retained Executive Search

Unlocking Seven Benefits of Retained Executive Search
 

In senior living’s competitive landscape, finding and retaining top talent is crucial for organizational success. Among the many recruitment approaches is Retained Executive Search, also known as Professional Headhunting Services.

What is Retained Executive Search?

Retained Executive Search is a recruitment process whereby a company engages a search firm on an exclusive basis to fill a senior level position. The search firm is paid a retainer fee upfront and works closely with the client to identify, attract, vet, and secure highly qualified candidates. The end goal is to secure the right executive talent for critical leadership roles. Retained Executive Search is a tried-and-true successful strategy for securing high-caliber leaders. in fact, Retained Executive Search taps into the 70% of the Senior Living executive talent pool that is typically untouched by a standard contingent search!

Why is Retained Executive Search Appealing?

Retained Executive Search is appealing to senior living and long-term care organizations because they’re client-centric and offer many attractive benefits.

7 Highly Attractive Benefits of Executive Retained Search:

-Access to Top Industry Talent

The current hiring market in senior living and long-term care is challenging at best. Navigating a tight job market and those hard-to-find executives, passive candidates (those who aren’t actively seeking a new opportunity) can be a tall order. However, when you engage a Retained Executive Search firm that specializes in our industry, you’ll have access to a deeper talent pool. These firms have extensive networks and resources dedicated to finding candidates with the right skills, experience, and cultural fit. In other words, these candidates align perfectly with your organization’s needs.

-Deep Market Insights

Retained Executive Search firms dedicated to the senior living and long-term care industry have their finger on the pulse of this specific job market. They have deep industry insights into the hiring and salary trends as well as executive talent availability. In addition, these recruiters are often seasoned professionals themselves who bring a wealth of expertise. Many are directly from the industry. By default, that alone will attract a certain level of candidates.

Deep industry knowledge enables senior living and long-term care executive recruiters to provide valuable guidance to the hiring organization throughout the process. In turn, this gives you the confidence that they’re able to identify, attract, vet, and secure the right executive talent you want.

-Customized Search

Unlike contingency search where multiple firms may be working simultaneously on filling the same position, Retained Executive Search is a recruitment process where an organization engages a search firm on an exclusive basis to fill a senior-level position. This exclusivity allows for a tailored search strategy crafted to meet the specific requirements of the role and the organization’s goals, objectives, and culture.

The process of creating a tailored search is extremely detailed and retained search recruiters will invest time upfront to understand the client’s needs from A to Z.  This tailored approach often includes using the latest technology, innovative sourcing tools, and targeted campaigns.

-Time & Resources

Do-it-yourself hiring for an executive level position typically involves time-consuming efforts and dedicated resources not to mention the extra work of sourcing, screening, interviewing, and short-listing candidates. Engaging a Retained Executive Search firm takes this burden off your plate and frees up stretched internal resources.

Even if your organization has an in-house talent acquisition team, they may not have the deep network, connections, relationships, or the capacity to deliver a highly qualified slate of candidates in the time frame required.

-Confidentiality & Discretion

When considering hiring for an executive level role, it involves a high degree of confidentiality.  Dealing with sensitive information and negotiations always requires discretion.  Retained Executive Search firms prioritize discretion throughout the recruitment process, protecting both the client’s interests and candidates’ privacy.

In addition, by maintaining confidentiality, it safeguards business interests including preventing competitors from gaining insight into your next moves or strategies. Plus, it ensures stability by avoiding unrest or increased stress among current employees.  Confidentiality and discretion also help to build trust relationships between all parties involved.

-Conducting Candidate Assessments

In a Retained Executive Search, thorough candidate assessment is imperative. Hiring for a leadership position is an art and nuanced skill. Successful companies can crumble if incompatible personalities were matched together. On paper, a candidate might look great. During the interview, they may hit it out of the park. However, if they don’t fit the culture of the organization, there’s a good chance for a mismatch. That’s where behavioral and personality assessments come in.

Assessments look at a candidate’s motivators, practices, and how they adapt and overcome when presented with difficult situations. You’ll find out how they handle adversity, what conflicts they avoid, and most importantly what types of surrounding personalities bring out their best attributes.

-Salary Negotiations & Counteroffer Management

 Retained Executive Search firms understand the senior living and long-term care job market trends and leverage their knowledge to set realistic salary expectations with both clients and candidates. They maintain transparency and utilize strong negotiation skills to align the interests of both parties, ensuring a mutually beneficial agreement.  Retained executive recruiters will discuss counteroffers openly with candidates advising them on the implications of accepting one. These recruiters will maintain the candidate’s focus and excitement on the new opportunity and how it presents greener pastures.

Is There a Guarantee with Retained Executive Search?

 A Retained Executive Search firm usually offers a guarantee that they will redo the search if the candidate leaves within a specific time frame. They will undertake the search again at no cost to the client.  Depending on the firm, the guarantee might be from 3 months or up to one year. However, there may be a caveat. A guarantee may only be valid if the client hasn’t made any significant changes to the position or the management team.

What Factors are Most Important to Look for When Selecting a Retained Executive Search?
 

-Industry Specialization…In this case, the Senior Living / Long-Term Care Industry

-In-Depth Knowledge of Senior Living

-Functional Knowledge

-Search Consultant’s Reputation & Track Record

-Google Reviews / Testimonials

-Search Process

-Network & Resources

-Communication & Transparency

-Fee Structure

-Post Placement Support

Get Started with Your Retained Executive Search Today

Retained executive recruiters exclusive to senior living and long-term care, can offer a wide range of benefits that make it an indispensable tool.  If you want to leverage these benefits, partner with MedBest Recruiting today! From access to elite candidates, tailored search strategies to confidentiality and personality assessments, MedBest Recruiting can provide a comprehensive solution to the complex challenge of executive and leadership recruitment.

For an immediate talent need or to engage MedBest as your Retained Executive Search partner, contact Christina Johnson at: 727-316-6695 / cjohnson@medbest.com / www.medbest.com/client