This is not a neutral article. We work on a retained basis, and here is why we think that is right for senior roles.
What contingent buys
Access to whoever the recruiter already knows and can send quickly. No fee unless someone is hired. For mid-level roles with a deep market, that is a reasonable trade.
What it does not buy is a search. A contingent recruiter working five roles for five clients cannot spend three weeks mapping a market for one of them, because four out of five of their assignments will pay nothing. So they send the people they have, and the client gets a sample of the market, not the market.
What retained buys
A defined process with the fee agreed before it starts: brief, market map, direct approaches to everyone relevant, structured assessment, a shortlist of appointable people, and support through offer and transition. Invoiced in stages, so the firm is paid for the work as it is done and has no reason to push the first available candidate.
It also buys candour. A retained firm can tell you the package is wrong or the role will not fill, because its fee does not depend on you hearing what you want.
The objection
"We pay even if you do not fill it." True, and worth taking seriously. Our answer is a 98% completion rate, a replacement search included if the appointment does not last three months, and staged invoicing so that a search cancelled early costs a third of the fee, not all of it.
The exception
Roles where the candidate pool is small, known and already talking to you. If the CEO can name the three people who could do the job and they will all take a call, you do not need a search. You need an assessment and an offer. We would say so.