Working Effectively with Search Firms

There is a high probability that your next position will be obtained as a result of your working with a retained search firm. In the placement industry, there are two kinds of “head hunters” or recruitment agencies: contingency & retained. The difference lies in how they’re paid. The contingency firms earn a percentage of the candidates first year salary, which the employers pay if and only if they hire the candidate. By comparison, retained firms are paid a flat fee that covers their time and efforts regardless of whether their presented candidates are hired or not.  Generally speaking, the healthcare industry and hospitals in particular favor the retained firms.

A classic mistake that executives make is to start desperately calling recruiters when their employment seems at risk, or they have just been terminated.  Surprisingly, recruiters will rarely drop everything to meet with you. Just as building  professional relationships is the key to network, you need to create similar collaborative relationships with recruiters to gain access to the top jobs.  Keep in mind these best practices.