Top 7 Retained Search Firms

Valentina Chilingaryan

Last updated on August 14, 2024 | 17 min read

Retained search firms stand out as pivotal partners for companies seeking to fill high-level positions. Unlike traditional recruitment agencies, these firms are engaged on a retainer basis, reflecting a deeper commitment to securing the ideal candidate. This approach not only underlines the strategic importance of each hire but also enables these firms to devote exhaustive resources and time to understanding their clients’ unique culture and needs. As companies strive to gain a competitive edge, the specialized services offered by retained search firms become indispensable, ensuring that leadership roles are occupied by individuals who meet the criteria and are aligned with the company’s long-term vision and values.

What is a retained search firm?

Retained search is a recruitment service commonly used to fill senior-level and executive positions within organizations. It involves a client hiring a search firm to conduct an in-depth and tailored search process for a particular position. While exclusivity is often part of this agreement, it is not always required. The key aspect of this model is the comprehensive and personalized approach to identifying and securing top talent. To initiate this service, the client pays an upfront fee, which covers the initial resources and efforts expended by the firm. This retainer is a fundamental part of the retained search model, signifying a serious commitment from both parties.

The process of a retained search is typically in-depth and methodical. Search firms engage in extensive market research, sourcing, screening, and interviewing potential candidates. They invest significant time in understanding the client’s industry, the specific nature of the job, and the attributes that would constitute the ideal candidate for the role. This meticulous approach ensures that only the most suitable candidates, who align with the strategic goals and culture of the organization, are presented.

In addition to the initial retainer, the fee structure of a retained search might include milestone payments as the search progresses—like when candidates are shortlisted, or interviews are conducted. The final installment is typically due upon the successful placement of a candidate, sometimes contingent on the candidate’s continued employment for a predetermined period.

If you are hiring for C-level positions and are searching for a retained search partner, here are the top picks for you to consider:

1. DevsData LLC – Top Pick: Best overall
2. Korn Ferry: Best for strategy roles
3. Boyden: Best for accounting roles
4. Spencer Stuart: Best for board services

1. DevsData LLC – Top Pick: Best overall

   

   Founding year: 2016
   Headquarters: Brooklyn, New York City, with a European HQ in Warsaw, Poland
   Website: www.devsdata.com

   DevsData LLC is a premier retained search firm based in Poland, dedicated to executive search within the global IT sector. With over 8 years in the industry and a skilled team of 40 specialized recruiters, including specialists from the US, DevsData LLC offers a deep understanding of both global trends and local market dynamics. Their exemplary commitment to client satisfaction is demonstrated by top-rated scores of 5/5 on Clutch.

   DevsData LLC distinguishes itself with bespoke executive search strategies tailored to the specific needs of each client. From multinational corporations to vibrant startups from various countries, including the US and Israel, the firm excels in securing exceptional executive talent tailored to each unique requirement. Their client portfolio includes notable entities such as Cubus, Skycatch, Varner, and Novartis. Also, DevsData LLC offers competitive pricing due to lower overheads compared to larger companies, providing cost-effective solutions without compromising on quality.

   

   Unlike other firms that often require upfront payments for recruitment services, DevsData LLC stands out by offering a success-based payment plan. This innovative approach ensures that DevsData LLC only receives payment when they successfully place a candidate, aligning their goals with their clients’. This model mitigates financial risks for companies and reinforces trust and partnership, showcasing DevsData LLC’s confidence in delivering high-quality candidates and achieving tangible results. This strategy is particularly advantageous in the retainer search recruitment model, where outcome assurance significantly influences client satisfaction and loyalty.

   DevsData LLC excels in personalized recruitment, as demonstrated in their project for a London-based cryptocurrency trading firm. They implemented a four-stage recruitment pipeline, leading to the hiring of four candidates and establishment of a new engineering branch in Poland. Their adaptable strategies, combined with multichannel sourcing and international headhunting, highlight their success in demanding tech sectors. The firm’s recruitment process is rigorous, with less than 6% of candidates advancing through a meticulous multi-stage interview process. This includes a comprehensive 90-minute evaluation and a challenging problem-solving exercise. Backed by a database of over 65000 meticulously screened candidates, DevsData LLC is well-equipped to meet diverse executive search demands with precision and integrity.

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   To connect with DevsData LLC, email them at general@devsdata.com or visit their website at www.devsdata.com.

2. Korn Ferry: Best for strategy roles

   

   Founding year: 1969
   Headquarters: Los Angeles, CA
   Website: https://www.kornferry.com

   Korn Ferry is one of the best retained search firms globally, specializing in securing top-tier executive talent across a variety of industries. The firm’s executive search services are renowned for helping organizations identify and recruit senior-level executives, including those for board-level, chief executive, and other C-suite roles. Its approach is distinguished by a rigorous methodology that combines deep industry and functional expertise with a comprehensive understanding of its clients’ organizational cultures and business objectives.​

   Their service extends beyond mere talent acquisition, encompassing strategic advice on leadership development and succession planning, which ensures that recruited executives are well-equipped to drive organizational success over the long term. Through this holistic approach, Korn Ferry not only fills leadership roles but also contributes significantly to the shaping of sustainable, high-performing leadership teams that are crucial for an organization’s growth and adaptation in a dynamic business environment​.

3. Boyden: Best for accounting roles

   

   Founding year: 1946
   Headquarters: Tarrytown, NY
   Website: https://www.boyden.com

   Boyden is renowned as a retained search firm with a strong emphasis on executive search services. Its executive search process is meticulously tailored to align leaders’ competencies, experiences, and leadership capabilities with the strategic goals of client organizations. Boyden’s approach begins with a strategic review of the client’s business needs and industry trends, followed by a thorough market talent assessment to identify and engage the right leaders. The firm prides itself on its ability to attract top-tier talent for key roles such as C-suite, senior management, and board-level positions across diverse industries globally.

   Additionally, Boyden ensures the integration and long-term success of these leaders within client organizations through ongoing support and consulting, distinguishing their service from more transactional recruitment practices. This end-to-end approach is complemented by their broad industry practices in sectors such as consumer & retail, financial services, healthcare & life sciences, technology, and more, reflecting their extensive global reach and deep market insights​.

4. Spencer Stuart: Best for board services

   

   Founding year: 1956
   Headquarters: Chicago, IL
   Website: https://www.spencerstuart.com/

   Spencer Stuart is recognized as one of the leading global executive search firms. It specializes in high-level executive placements, including CEO, CFO, and other senior roles. Its executive search process is distinguished by a deep understanding of different industries and functional roles, combined with a rigorous assessment methodology to identify leaders who best match an organization’s unique needs.​

   Spencer Stuart’s methodology is grounded in deep industry knowledge and a global network, which enables it to effectively target and attract top talent. Its commitment to understanding client needs and aligning them with the right leadership capabilities is a hallmark of its service, ensuring that it not only fills positions but also enhances the leadership dynamics of the organizations it serves​.

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   Now that the top four agencies have been highlighted let’s explore additional retained search firms specializing in executive searches.

5. Heidrick & Struggles: Best for leadership advisory services

   

   Founding year: 1953
   Headquarters: Chicago, IL
   Website: https://www.heidrick.com

   Heidrick & Struggles is renowned for its pioneering role in the executive search industry, continually leading the way in identifying and placing top leadership talent. The firm leverages nearly 70 years of experience to assist global companies in building successful and diverse senior leadership teams​. The firm adopts a relationship-based approach to executive search, emphasizing not just the necessary experience, but also the cultural fit and the capability to unite and inspire the business with a clear vision. Their process involves tech-enabled assessments that help pinpoint the right candidates efficiently, and the service extends beyond placement. Heidrick & Struggles supports its clients post-placement to ensure long-term success through various consultative strategies​.

   Heidrick & Struggles operates across virtually all industries, offering a broad spectrum of services beyond executive search, including leadership assessment, organizational effectiveness, and culture shaping, demonstrating a comprehensive approach to leadership advisory​.

6. Egon Zehnder: Best for CEO searches

   

   Founding year: 1964
   Headquarters: Zurich, Switzerland
   Website: https://www.egonzehnder.com

   Egon Zehnder is a highly respected executive search firm known for its deep commitment to understanding the specific needs of its clients’ industries, companies, and teams. Egon Zehnder operates on a global scale, offering customized search engagements that are uniquely tailored to each client’s objectives and needs. Their approach is holistic, helping clients to not only identify and recruit the right leaders, but also to develop these leaders through comprehensive transition and onboarding programs. This ensures that new leaders are fully integrated and aligned with the organization’s culture and goals​.

   The firm’s services extend beyond traditional executive search to include leadership advisory, board consulting, and development planning, all designed to support the continuous growth and evolution of leadership within client organizations​. Egon Zehnder’s methodology is robust, incorporating extensive market insights drawn from thousands of evaluations and assignments to connect clients with the talent that best fits their strategic needs.

7. Russell Reynolds Associates: Best for strategic leadership positions

   

   Founding year: 1969
   Headquarters: New York, NY
   Website: https://www.russellreynolds.com

   Russell Reynolds Associates is distinguished in the executive search industry for its robust approach to recruiting high-level executives, including CEOs, CxOs, and board members. The firm prides itself on a strategy that ensures effective leadership transitions and setups for newly recruited leaders, aiming to complete searches within approximately 14 weeks. Their method emphasizes not just filling a position but ensuring a deep alignment with the organization’s strategic needs, which often involves navigating complex business challenges and transformations.

   The firm’s service offerings are extensive, covering various industries and functions with a particular emphasis on addressing contemporary leadership challenges such as digital transformation, diversity and inclusion, and leadership succession. Russell Reynolds Associates combines this with a global perspective, operating out of numerous offices worldwide to provide localized as well as international executive search and leadership advisory services​.

   Their approach is data-driven and people-powered, aiming to prepare leaders for future challenges and position organizations to face them with confidence. The firm’s deep bench of consultants is integral to its strategy, helping to shape effective teams and leaders who can anticipate and navigate the changing dynamics of global markets​.

How to choose the right retained search firm?

Choosing the right retained search firm can significantly influence the trajectory of your company by ensuring you attract leadership that aligns with your strategic goals and corporate culture. Companies that want to choose the right retained search firm should consider:

Expertise and Track Record

Assess the firm’s expertise and success within your specific industry. A firm that deeply understands your business nuances and challenges can more effectively identify and evaluate candidates who not only have the requisite skills but who will also thrive in your company’s unique environment. Evaluate their success rates, longevity of placements, and client testimonials to gauge their effectiveness and reliability in delivering top talent.

Process and Methodology

Consider the firm’s approach to executive search. The best firms employ a comprehensive, rigorously analytical approach to understanding the roles they are hired to fill, including leadership assessments and detailed success planning. They should offer a transparent process that includes regular updates and feedback loops, ensuring that your needs are continually met throughout the search. A firm that prioritizes a collaborative approach will work closely with you to refine the search criteria and candidate evaluation as insights are gained, thereby enhancing the quality and fit of potential leaders.

Global Reach and Network

Evaluate the extent of the firm’s global reach and network, especially if your company operates in multiple countries or is looking to expand internationally. A firm with a broad international presence and a diverse candidate pool can provide a wider array of potential leaders, enhancing your ability to find the best fit for your organization’s needs. Moreover, a firm that prioritizes diversity and inclusion in its own practices and candidate slates can help you enhance these aspects within your leadership team, aligning with modern best practices and enriching your corporate culture.

Considering these factors, businesses seeking a recruitment partner in retained search will find DevsData LLC to be a notable option. Their extensive expertise and proven track record across various industries enable them to understand specific business nuances and challenges, allowing them to identify and evaluate candidates who are highly skilled and well-suited to different company environments. Their recruitment process is both rigorous and transparent, incorporating comprehensive leadership assessments and detailed success planning. By prioritizing global reach and network, DevsData LLC supports companies’ development in a competitive global market.

Benefits of working with a retained search firm

Working with a retained search firm offers several distinct benefits that can be pivotal for organizations aiming to enhance their leadership teams.

• Retained search firms specialize in accessing a deep pool of high-caliber candidates, many of whom are not actively seeking new opportunities. These firms have the expertise and networks necessary to reach passive candidates who are successful in their current roles and might only consider a change for a compelling opportunity. This access extends beyond local markets, tapping into a global talent pool, which is crucial for organizations looking to lead in their industry.
• Unlike contingency recruiters, retained search firms act as dedicated consultants, investing significant time in understanding the specific needs and culture of the organization. This helps them find not just any qualified candidate but the right leader who aligns with the company’s strategic goals and culture. Their personalized approach ensures a fit that is not only proficient in terms of capabilities but also harmonious with the company’s ethos and long-term objectives.
• Retained search firms offer a high degree of confidentiality, which is crucial when replacing an underperforming leader or when scouting talent in competitive or sensitive scenarios. Additionally, these firms often provide valuable market insights and advisory services throughout the hiring process, such as assessments of current market conditions, salary benchmarks, and long-term strategic planning for leadership development. This holistic service helps organizations fill a current gap and strengthen their overall leadership strategy.

These benefits combine to make retained search firms a powerful partner for companies looking to make thoughtful, strategic additions to their leadership teams.

Conclusion

Retained search firms play a crucial role in helping companies identify and secure top-tier executive talent. These firms are typically engaged for senior-level and executive positions, where the stakes are high and finding the right fit is essential. They commit significant resources to understanding the client’s unique needs, conducting in-depth market research, and leveraging their extensive networks to find candidates who not only possess the required skills but also align with the company’s culture and strategic goals.

DevsData LLC, a premier retained search firm based in Poland with multiple offices worldwide, including the US, LatAm, Europe, Asia, and Australia, specializes in executive searches within the global IT sector. With over 8 years of experience in tech talent acquisition and a substantial global footprint, DevsData LLC excels in linking world-class corporations with elite tech professionals. Their rigorously vetted database of over 65000 IT specialists from around the globe empowers them to fulfill diverse organizational needs efficiently.

Operating across continents, DevsData LLC caters to a wide range of clients, from emerging startups to established multinational corporations. Their swift executive search process ensures that top tech executives are placed within companies worldwide in less than 10 days, reinforcing their position as a leader in the IT recruitment industry.

To connect with DevsData LLC, email them at general@devsdata.com or visit their website at www.devsdata.com.

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Valentina Chilingaryan Copywriter

An experienced copywriter with a knack for storytelling, she transforms complex tech concepts into captivating narratives that deeply resonate with tech enthusiasts.

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