What is contingency search?
You share a role with one or more agencies and pay a fee only if you hire a candidate an agency introduced, usually a percentage of annual fixed CTC.
It works well when the role is specialist or mid-senior, the search is not confidential, and you want a steady flow of profiles. The trade-off is commitment: when several agencies compete, each moves fast rather than deep.
What is retained search?
You appoint one firm exclusively and pay in stages: a portion on appointment, a portion at shortlist and the balance at joining. In return the firm commits dedicated research time to map and approach the market.
Retained is the norm for CFOs, CXOs, GCC site heads and confidential replacements, where a wrong hire is expensive and the best candidates need to be found rather than attracted.
What a retained search looks like in practice
Mandate meeting
The firm meets the CEO, board or global leaders to understand the business and the role.
Position brief
A candidate-facing brief both sides approve, so every approach tells the same story.
Research and market map
Target organisations and potential candidates, including adjacent sectors.
Approach and longlist
Direct, confidential approaches to test interest and fit.
Shortlist and interviews
A small group of assessed candidates, with written reports on each.
Referencing, offer and joining
References, compensation, notice periods and counter-offer risk.
Contingency rewards speed, so the focus is on candidates available now. Retained rewards completing the mandate well, so the firm can invest in people who are not looking.
What you should receive in a retained search
A retained fee buys a process, not just a candidate. Ask the firm to confirm these outputs in writing.
| Deliverable | What it should contain |
|---|---|
| Mandate document | The role, reporting lines, key outcomes, must-have experience and the agreed pay range. |
| Position brief | A candidate-facing summary of the organisation and the role, approved by you. |
| Market map | Target companies and sectors, with notes on who was approached. |
| Longlist | Candidates approached, with their level of interest and an initial view on fit. |
| Shortlist reports | A written assessment of each candidate: experience, motivation, pay and notice period. |
| Progress updates | Regular reports on activity and market feedback. |
| Referencing | Structured references on the preferred candidate, with consent. |
| Offer and joining support | Pay discussions, notice periods, counter-offers and the first weeks in the role. |
Retained vs contingency: side by side
| Factor | Contingency search | Retained search |
|---|---|---|
| When you pay | Only when a candidate joins | In stages, starting at appointment |
| Exclusivity | Often several agencies in parallel | One dedicated search firm |
| Best for | Specialist and mid-senior roles | Leadership and confidential roles |
| Approach | Active candidates, plus outreach | Full market map and direct approach |
| Confidentiality | Harder to control | Built into the process |
| Reporting | Profiles as they are found | Structured progress and market reports |
| Client commitment | Low upfront | Higher upfront, deeper partnership |
Not sure which model fits your next hire? We will recommend one in the first conversation.
Start a hiring conversationWhich model should you choose?
Choose contingency when
- You need specialist talent such as FP&A managers, analysts, data engineers or controllers.
- The role is open and not confidential.
- You want to pay only for results.
Choose retained when
- The role is senior: CFO, finance head, GCC site leader or another leadership position.
- The search is confidential, for example replacing an incumbent.
- The best candidates are not actively looking, and you need market insight to decide.
Exclusive contingency and hybrid models
Exclusive contingency
One agency works the role for an agreed period, and you still pay only on joining. It suits senior specialist roles where you want fewer, better profiles. Agree the period and the reporting in writing.
Hybrid arrangements
A common pattern is a retained search for the leader and contingency hiring for the team below, so the leader can shape the team and join the later interviews. See How We Work for the models Stellaspire offers.
Which model fits this role? A quick self-check
If most of these apply, retained search is likely the better fit.
Frequently asked questions
Is retained search more expensive than contingency search?
Not necessarily. The main difference is when you pay and what the fee buys: dedicated research time and exclusivity, against payment only on success.
What happens if a retained search does not result in a hire?
Terms differ between firms, so agree in writing what happens if the role changes, is put on hold or is not filled.
Which model suits building a new GCC finance team?
Often a mix: a retained search for the leader, then contingency or dedicated hiring for the team below.
Does Stellaspire offer both models?
Yes. We run contingency searches for specialist finance, analytics and data roles, and retained searches for CFO and leadership mandates.