The benefits of retained over contingency recruitment are numerous for recruiters; the biggest and most obvious perk is up-front payment, so you’re getting closer to your billings targets before you’ve even made any placements.
Working on a retained basis also means you can dedicate the time required to research and properly access the potential candidates for your client. This approach is likely to have an impact on your interview-to-hire success rates; knowing your client and their needs well means you’ll have better insight into the type of candidates they want.
Inside VC you can manage this seamlessly (hooray!)
- When you want to add in a retainer e.g. tranche 1, trance 2 etc you can create a manual Sales Invoice.
- All you need to do is head to VC Invoicing (On-boarding > change dropdown to Invoices)
3. Next you'll see a list of all of your Invoices inside VC. Simply hit the green New Invoice button and select Sales Invoice
4. Next you need to fill in Company, Billing Contact and Job. For retainers you don't need to fill in the Candidate yet as you haven't placed anyone - the retainer may be for a shortlist of Candidates or Candidates sent to interview etc so it's logged against the Job.
Hit Yes for Retainer.
5. Fill in all the details including currency, description, profit split etc.
Hit Create invoice which will take you into the draft invoice where you can fill in the specifics for this retainer
6. Here you can add additional line items, change quantities, rate, amount, tax details etc. You can also preview the invoice and make sure you're satisfied with how it all looks.
Next you can Change brand/Template, Approve, Approve & Send out to your client or Approve & mark as sent (doesn't send anything externally but gets recorded as sent).