Retainer Mania

Hi, I'm Jon Brooks,  and I'm the Head of Network Products for RSR. 

Would you like to freshen up your fill rate? Increase your income? Create client commitment?

By winning a retainer you are 4x more likely to fill the job as well as gaining instant income and greater commitment from your clients.

I'd like to share some hints & tips on how you can become a master of retainers. 

Complete this course to gain insights & guidance on how to sell Retainers at REED

Contents

This short course will cover the following:

  1. What is Retained business
  2. 2017 Retainer Highlights
  3. Benefits of Retainers
  4. The Retainer Process 
  5. Retainer Rules & Deadlines
  6. Test your knowledge

Retainer FAQ

What is the definition of a Retainer?

“A fee one pays to reserve the others time for services”

 “A fixed amount of money that a client agrees to pay, in advance, to secure the consultative services of an expert”

How is the Fee Structured for the Client?

Retainer Fee – Up front, non-refundable fee taken on sign off of assignment of the role and due within 14 days. Minimum £500 & maximum 50% of overall placement fee. This is Non-Refundable

Placement Fee - Total recruitment fee minus retainer fee due upon commencement of candidate.

Can the payments terms be negotiated?

You don’t need to stick to this, you can negotiate any form of retainer which is non-refundable.

NOTE: only the placement fee is subject to any form of rebate

How can I identify if my client is interested in working on a Retained basis?

Just ask them... 

2017 Retainer Highlights

Here are some of the notable highlights from 2017 :

  • Jess Watling (Reed Legal) with a fantastic £8,817 retainer!
  • Chelmsford Accountancy (Led by Andy Burgess) have won a massive 19 retainers worth £70k - with a 100% fill rate
  • Hattie Hayward (Cheltenham Business Support) with 7 retained roles since January!

Click on their names to contact them Via Talent Hub, to ask them how they did it

The Benefits of Retainers

Benefits for You

  1. Immediate income.
  2. 4x better fill rate!
  3. Clients will feel more responsibility to cooperate – answer calls, feedback on cv’s & discuss the role(s).
  4. Builds stronger relationships with clients – builds long term trust.
  5. Implies confidence in being able to fill the role.


Benefits for the Client

1. Puts their role to the top of the pile.

2. Splits the fee - this can help with budgets.

3. Saves them time as no need to chase CV's.

4. We will be more connected to the role therefore more responsibility to fill it.

5. Potentially lower the fee.

The Retainer Process

Retainer Documentation

Click the links below to download the relevant forms required to complete a Retainer

Retainer Rules & Deadlines

Rules

1. Non-refundable

2. Client confirms in writing

3. Invoiced at the start

The Manual Invoice team checks every retainer against these requirements. The rules reflect UK accounting standards and are not negotiable.

For a 75/25 role:

- No income to the lead consultant when the retainer is billed 

- 25% of the total fee (retainer + placement fee) paid to lead consultant on placement 

The 75/25 rule on not agreeing rates for other branches applies to retainers. 

Please contact Jon Brooks in the Products Team (Ext. 20197) with any questions.


Deadlines

The deadline for a retainer is 1pm on the last Friday of the period for income to appear in that period.

Please allow time for the client to send the agreement and your director to sign off the income.

Who needs to authorise a Retainer?

  • My Director
  • My Manager
  • Just me

What are the benefits to Clients, when they agree to a Retainer? (Pick 3)

  • Consultant focuses on their role
  • The position will take longer to fill
  • They can split the cost of recruitment
  • The fee could be lower (if discount retainer)
  • They can get a refund
  • They don't pay anything until the person starts

What is the Fee Structure

  • Retainer Fee
    Up front, non-refundable fee taken on sign off of assignment of the role and due within 14 days. Minimum £500 & maximum 50% of overall placement fee. This is Non-Refundable
  • Placement Fee
    Total recruitment fee minus retainer fee due upon commencement of candidate.

In order for the Income from a retainer to be included within this period, I must submit the authorised Retainer Form by...

  • 1pm on the last Friday of the Period
  • 3pm on the last Friday of the Period
  • 1pm on the first Friday of the Period

How can I identify if my client is willing to work on a Retained basis?

Congrats!

Thanks for completing the course!  You MUST click submit / finish course to action this course as complete. You can do once you have clicked home

I hope that this information will help you enhance your techniques for securing Retainers and increase your personal income!