The Advantages of Retained Search for Executive Positions

Because executive positions are essential, healthcare facilities often need every recruitment strategy to find the most qualified candidates. However, not all recruitment strategies are suited for searching for executive positions in the healthcare industry. This is especially relevant for facilities that require highly specialized candidates, like senior living communities.. 

That’s where retained search strategies come in. This detail-oriented recruitment approach ensures that specialized healthcare services like senior living centers can find the perfect candidate quickly, with little to no stress. In this guide, we’ll discuss retained search, including the headhunting process and how to get started for your healthcare facility. MedBest can help! Contact MedBest at 727-526-1294 / www.medbest.com/client/ 

What Is Retained Search?

Retained search is when a healthcare facility pays a recruiting firm a fee upfront to conduct a tailored search for the right candidate. In contrast to other recruitment processes, retained search involves thorough in-depth interviews, narrowing down the slate of candidates, vetting in advance, and ultimately presenting a shortlist of 3-5 top finalists for the healthcare facility to consider. It’s quality over quantity. 

Since the employer will pay a fee in advance, recruitment firms are invested in the facility’s long-term success, providing recruitment expertise, sharing insights, and utilizing industry networks to find an executive candidate, usually a passive candidate, that suits the organization’s long-term goals. 

Retained Search in the Healthcare Industry

In the healthcare industry, executive roles are becoming increasingly complex thanks to evolving regulations, technological advancements, and an increased demand for healthcare. Many experts believe that this increased demand in healthcare will continue to rise as the Baby Boomer generation ages and requires more healthcare services associated with aging. These factors require someone in an executive position capable of handling any challenge and likely has experience facing similar hurdles. Retained executive search firms or professional headhunters can dig for candidates with this experience.

Since alternative recruitment methods are not as detail-oriented, they may take longer overall, leading to vacant executive positions, which can affect patient care, staff morale, and other systematic issues.

Why You Should Use Healthcare Retained Search for Executive Recruitment

Retained search is particularly beneficial for healthcare executive recruitment for the following reasons:

Customized Candidate Vetting

One key benefit of using a retained search firm for healthcare executive recruitment is the ability to customize the vetting process to match your facility’s needs. This is particularly important for smaller or specialized healthcare facilities, where executives must assume multiple roles and responsibilities.

For example, assisted living executives should have experience in senior care and management, crisis management experience, financial acumen, and regulatory knowledge. A headhunter can find these skills and experiences, so the senior living center can spend less time training once they hire the candidate, ensuring long-term success for the organization.

Higher Success Rates

Since retained search firms go through much research beforehand, they’re often more successful than other recruiting firms. Not only do they research each candidate carefully, but they also research the healthcare facility’s goals, the role’s requirements, and other industry standards. With this knowledge, headhunters can compare the facility’s needs with each candidate to see if they match and whether they’ll excel in the long term. 

Cost and Time Savings for Senior Living Facilities

While retained search may have a higher upfront cost than other recruitment strategies, its targeted and streamlined approach can save senior living facilities more money in the long run. Because of the higher success rate, retained search recruitment ensures facilities won’t have to deal with a candidate mismatch, a lack of candidates, or multiple hiring attempts. These errors can be costly both in time and money. The longer a facility operates without an executive, the more money it can burn through. 

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Healthcare Retained Search vs. Contingent Search: Which Is Better in Senior Living?

Contingent search strategies are often the competing strategy that senior living centers utilize when hiring candidates. Within this strategy, a senior living facility does not pay an upfront fee and pays only if and when a recruitment firm successfully fills the open position with a qualified candidate. Contingency search firms typically charge 20–30% of the candidate’s first-year salary. They usually often offer a limited replacement guarantee.

Working with a retained search firm is best if you’re hiring an executive for your senior living organization. They will have your long-term goals in mind, which is ideal when looking for an executive. Check out MedBest Recruiting for Retained and Contingent Senior Living Searches at 727-526-1294 / info@medbest.com

Headhunting: A Focused Approach for Healthcare Retained Search

Retained search firms often specialize in headhunting, targeting high-level passive candidates directly who may not be actively looking for another job. This may involve reaching out through platforms like LinkedIn, email, or even over the phone. With this tactic, headhunters can expand the opportunities for candidates who may not be searching, and senior living facilities can rest easy knowing they hired a candidate with the unique qualifications needed to run the facility. 

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How To Get Started With a Headhunter for Healthcare Executive Positions

Working with a headhunter or a retained search firm is often a streamlined process that involves the following steps: 

1. Identify your needs: Before finding a headhunter, you should outline what you want from an executive candidate for your senior care facility. This may include the qualifications, experiences, and skills you’d like from the candidate.
2. Research a headhunter: Not every headhunter is the same, and if you’re hiring for your senior living facility, you should find a recruitment firm that specializes in the industry. The more extensive their network, the sooner they’ll be able to find a qualified candidate.
3. Initial consultation: During this consultation, you’ll share your organization’s culture, goals, and specific needs for the executive role. The headhunter will use this information to tailor their search.
4. Candidate search and vetting: The firm will conduct deep research, vet candidates thoroughly, and present you with a shortlist of highly targeted professionals. As a headhunter, they may also reach out to passive executives who are highly qualified but not actively looking for a new job. 
5. Interviews and selection: Once you’ve identified candidates, the firm will assist in coordinating interviews and assessing their fit with your organization. They’ll provide insights and feedback throughout the process, ensuring you have all the information you need to make a confident decision.
6. Hiring and onboarding: After selecting the right candidate, the headhunter will assist with salary and benefits negotiations and onboarding. Their support ensures a smooth transition and successful integration of the new executive into your organization.

When hiring an executive for your senior living facility, you want only the best. Thanks to MedBest’s headhunting and retained search strategies, we can ensure that for you. Contact us today, and allow us to secure the senior living leadership you need.

FAQs About Retained Search for Executive Positions

What Is Retained Search?

Retained search is a recruitment method where a company pays a fee to a search firm to conduct a dedicated and comprehensive search for top-tier executive candidates. This approach is particularly suited for filling high-level positions, as recruiters will vet candidates before reaching out to them, ensuring only the best candidates. 

What Is Headhunting?

Headhunting is a specialized recruitment process in which search firms proactively seek out high-level and highly qualified leaders, even if those candidates aren’t actively looking for a new job. When searching for candidates in an executive role, a headhunter will use industry networks to reach out to talent with leadership experience. 

How Does Retained Search Differ From Contingent Search?

Retained search involves a more strategic and tailored approach with a guaranteed focus on filling the position. Contingent search firms only get paid if they successfully place candidates, and a healthcare facility may opt to work with more than one firm at a time..

Why Is Retained Search Ideal For Executive Roles in Healthcare?

In healthcare, especially in senior living facilities, executive roles require specialized leadership skills and industry knowledge. Retained search firms provide a customized vetting and a thorough recruitment process so that you can hire highly qualified executives.

Is Retained Search More Expensive Than Other Recruitment Methods?

While retained search typically involves higher upfront costs, it often results in a better long-term fit, reducing turnover and the costs associated with rehiring. In the end, it can save organizations both time and money.

How Do Retained Search Firms Vet Candidates?

Retained search firms use a personalized vetting process tailored to the organization’s specific needs. This may include multiple rounds of interviews, leadership assessments, and industry-specific competency evaluations.

How Can My Organization Get Started With a Retained Search Firm?

To get started, contact a retained search firm specializing in your industry and provide details about the position you need to fill. The firm will work with you to outline the search process, timelines, and expectations to ensure a successful placement.

For more information regarding MedBest retained executive search, contact us at 727-526-1294 / info@medbest.com / www.medbest.com/client/