If you are looking for help to find qualified people for key management positions in your company, take advantage of the expertise of retained executive search firms. These establishments are highly skilled in finding you individuals to assume top positions in your company. The fee of the recruiter is usually thirty percent of the total yearly salary of the employee found for the position.
So say for example, the yearly salary determined for this position is $100,000, then the fee to be paid to the recruiter is around $30,000. Now, notice the word retained attached to the recruitment service. That is because you do not pay the whole $30,000 at one time to the recruiter.
Their skills and competence are highly looked after by companies including that of your competitors. The senior personnel that you are looking for might be that person working in the upper management of your competitor. However, you do not need to worry if you utilize the service of a recruitment agency for this purpose.
There is what is called an off limit agreement between the hiring client and the recruitment agency. This off limit agreement protects clients from getting their recruits supplied by the recruitment agency getting approached for another job vacancy in other companies especially that of their competitors. So when you hire the service of a recruiter, make sure to draw out a contract of agreement of such.
During such time, the recruiter has done a considerable portion of completing the service. At this point, the recruiter must have done a considerable progress about the service. This is supported by progress report submitted to the client or a feedback about the status of the search.
In order to find that out, the new employee has to stay employed with the company for a particular period of time before the recruiter is released of the responsibility and before he can receive his final payment. By the way, the payment scheme is prearranged before the start of the service. During the negotiation stage, this has already been brought up and then finalized before the recruiter starts finding a potential employee for the company.
The company needs to ensure that they have supplied them with the right employee. The requirement is that the employee has to stay within a considerable period of time before the last payment of the recruitment fee is to be given to the recruiter. This time period has been specified and agreed upon by both parties, the client and the recruiter from the start before the service was started.
So if for example the employee did not stay with the company within the agreed time, of course, the service fee will not be given. At least, not until the recruiter is able to find a replacement. Still, the same agreement applies, or both parties may revise what was agreed before and draw out a new contract or agreement since this is another new employee found.
The other portion of the pay is retained for a certain period of time after the new employee has started working with the company. This is done so to protect the interest of the company. This is to make sure that the retained executive search firms have endorsed the right employee to the client company. This continues for a certain period, which is determined by both the company and the recruiter before the service is started.
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