Pros & Cons of Retained and Contingency Hotel Executive Search
By Karine Gill Managing Director, KGillAssociates | January 05, 2020
There are two prominent styles for finding executive talent in the hospitality industry, Retained and Contingency. Understanding the pros and cons of both can save you time and help you meet your hiring needs. So, what are the pros and cons of each style?
Retained Hospitality Executive Search
This method of search tends to be used to fill a specific position usually at senior or mid-executive level, depending on the structure and size of the company. Instances where a need for a search arises include the departure or promotion of an executive in which case the hiring hotel company might simply want to refill the position or use the opportunity to redesign the role, or the creation of a new service or hotel brand.
Even when an internal candidate presents themselves, the company might opt to hire a search firm to source additional candidates and help them vet the internal candidate, thus adding a layer of objectivity by introducing an unbiased third party. This is certainly the case for high profile senior positions at publicly traded hotel companies. There, Board of Director oversight or inclusion in the search process lends to the retention of an outside source for greater transparency.
Who: senior to mid-executive level hiring