Why pharmaceutical companies should consider contingency recruiting.
Talent recruiting is a specialized skill. It takes strong industry knowledge, an innate ability to assess not only a candidate’s experience but also less concrete qualities that aren’t found on a CV. Soft skills – like leadership ability, personality, and cultural fit – are also important because these things often make the difference in a candidate being hired and succeeding in the work environment. Nowhere is the role of the recruiter more important than in the pharmaceutical industry.
Recruiting talent for the pharmaceutical industry requires a lightning-fast approach to find the right person in the shortest amount of time. In this industry, education and experience are very specific, and there may be a limited number of qualified candidates available. If you don’t move quickly, someone else could snap up your talent. In this instance, the typical retainer recruitment process may not work, and it’s best to go with a contingency plan.
How retainer recruiting works
A retainer agreement is what most people think of when it comes to recruiting agencies. Basically, a retainer fee is paid up front, and then the recruiter begins a search. These types of agreements are exclusive, and only the recruiter may fill the role.
Once started, the recruiter will help develop a plan to fill the open position, in conjunction with the client. The recruiter takes care of posting and reviewing resumes and may also do pre- and phone interviews. They will then present a list of anywhere from three to ten candidates for interviews or further vetting.
It should be noted that the recruiting company is paid even if the position is not filled. A retainer plan can take longer, as recruiters typically go through a rigorous vetting process using a specific methodology that has been set up with the client. If none of the initial candidates are hired, the process starts over again and continues until the role is filled.
How contingency recruiting works
With a contingency agreement, the recruiter only gets paid when a position is filled by their candidate. Essentially, the recruiter works for free until a candidate they’ve presented accepts the job. There is also no exclusive agreement, so talent can come from anywhere, including the client’s internal HR department, advertisements, direct applications, and even other recruiters. In fact, it is typical to see several competing recruiters working to fill the same job.
In a way, contingency recruiting is sort of a race to see who can cross the finish line first. The recruiter will seek to present the best candidates in the shortest amount of time. If there are only a few available candidates for a role, you can imagine the competition for the position might be fierce, so getting to the candidate first is vital.
Contingency recruiting at Mankuta | Gallagher
Mankuta | Gallagher has been using contingency recruiting for the pharmaceutical and biopharmaceutical industries for over 20 years, filling roles in Legal, Animal Sciences, and Physician recruiting.
When you are looking to fill critical roles within this industry, you need experts who have the knowledge and experience to find the best candidate. Whether you choose a contingency or retainer agreement, Mankuta | Gallagher has the experience you need to find the right candidate for your position, contact us today.