Q: "Is this a retained or contingent search?"
CFOs who are looking for their next career opportunity should be asking this question to any search firm that they will be working with. The reasons for this question are as follows.
A Retained Search shows a different level of value and seriousness from the Company. It shows a decision to approach the candidate market with one point of representation; allowing a better demonstration of both position and candidate assessment. The Company has already invested in your eventual hire. They are committed to a process that will make sure they hire the best person for their needs. Your time will not be wasted from the beginning.
A Contingent Search means that the recruiter will only make a fee if they hire you. The search firm you are speaking with may not be the only search firm looking to fill the role. Though the Company may be committed to hiring, there is an easier chance they could be just shopping or have not clearly assessed what ideal candidate they are looking for. Plus, in the rush of competition, there is no guarantee your recruiter has done their diligence on role assessment and best fit. You may end up wasting time from the first day.
Retained is for Leaders in Strategic Roles.
Contingent is for Functional Roles.
Do you consider your role to be strategic or functional?
Are you a Leader?
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