Why Retained Search is Crucial for Your Organisation's Critical Hires

Alan Herrity  | January 10, 2025

Organisations often find themselves at a crossroads when it comes to filling senior, critical, or niche positions.

Should they rely on traditional talent acquisition methods or opt for a specialised approach?

This is where retained search comes into play, offering a robust solution for those pivotal positions that can make or break your hiring strategy for this position.

We examine a real-world scenario that illustrates why retained search is not just an option but a necessity for critical hires.

The Cautionary Tale of 30 Interviews

Recently, I met with a senior executive in the technology and transformation space. He shared a story that, unfortunately, is all too common.

An organisation had interviewed a staggering 30 candidates for a single position. Yes, you read that right, 30 candidates!

And after this exhaustive process, do you know what happened? They ended up hiring someone internally.

This raises several red flags:

1. Misalignment at the executive level regarding the assignment brief and the talent acquisition strategy for finding the right person.

2. Inefficient use of time and resources.

3. Potential damage to the company's reputation in the talent market.

So, what went wrong?

The answer lies in the approach they took - or rather, the approach they didn't take.

The Power of Alignment: The 90-Minute Game-Changer

At Momentum Search and Selection, we've developed a process that prevents such scenarios.

The cornerstone of our retained search method is a comprehensive 90-minute alignment meeting.

This is the most important part of the search process for Senior, Critical or Niche positions.

Here's what makes this meeting so important.

1. It brings all the stakeholders together in one room (virtual or physical).

2. It encourages an agreed definition of the position requirements.

3. It aligns everyone on the skills, experience, and cultural fit needed for the role.

4. Everyone can agree on salary range and geographical considerations.

5. It allows open discussion and consensus-building.

You might think: "Shouldn't the company handle this internally before engaging a search firm?"

While that's valid, our experience shows that internal alignment is often more assumed than actual.

Our job as external experts is to ask the right questions, challenge assumptions, and ensure genuine alignment before the search begins.

The Iceberg Analogy: Seeing the Full Picture

Imagine the talent market as an iceberg. Traditional talent acquisition methods often only tap into the visible 30% of the iceberg - those actively seeking new positions.

But what about the other 70%? That's where retained search truly shines.

Our approach involves four key components.

1. Sophisticated Boolean searches.

2. An AI search engine for niche skills.

3. Comprehensive market mapping.

4. Direct headhunting of passive candidates.

By casting a net over the entire talent pool, we ensure that we identify and approach everyone in the total talent pool for each assignment.

The Cost of Getting It Wrong

Some might baulk at the upfront cost of retained search. However, consider the alternative. The cost of a bad hire, especially at a senior level, can be astronomical.

It's not just about the salary and benefits; it's about the potential negative impact on team morale, project timelines, and overall company performance.

Our track record speaks for itself. In over a decade of conducting retained searches, we've maintained a 100% success rate.

When you compare this to the industry average of around 67% for global search firms, you will understand why we have become the partner of choice for many organisations across Australia and APAC.

Taking the Next Step

Consider a retained search if you're facing a critical hire and want to ensure the best possible outcome.

Don't let your organisation become another cautionary tale of misaligned expectations and wasted resources.

Contact us at alan@momentumsearch.com.au to learn how our retained search process can transform your approach to critical hires.


Alan Herrity

Director

Momentum Search and Selection


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