What are the other forms of recruiting?
The other forms include employment agencies, advertised search, contingency search and retained search.
Employment agencies fill primarily lower level positions. Job seekers approach these agencies for opportunities, and in turn, the agencies match the applicants with vacancies that client firms have listed with them. If the client firm extends an employment offer which the successful applicant then accepts, both the firm and the applicant pay the agency a fee for their services.
Advertised search is done by placing advertisements in publications announcing a job opening and inviting job seekers fitting the necessary specifications to write in with a resume. It is similar to the employment agency model in that the applicant is looking for new employment. If the ad is placed by an agency on behalf of a client company, the agency is paid when a candidate is found and accepts the position. Advertised search positions generally range from lower to middle level.
Contingency search is executed by agencies that present candidates to client companies. This may be done in the context of a client needing to fill an existing position, but it may also be done by an agency speculatively presenting individuals to potential client companies. Contingency firms are not paid unless the client company accepts the candidate. Because of the more specific requirements typical of high level positions, contingency projects are more effective at filling low and middle level positions.
Retained search are assignments where the recruiter has received a firm contract (including an advance partial payment, or retainer) from a client firm to fill a particular position. In return, the executive recruiter makes a commitment to find the best possible candidate to fill the position. Because of the cost and time involved, retained search is best for key middle level to upper level positions. True executive search firms often work on a retainer basis only.
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