Most companies discover retained search in India the hard way. A critical CXO hire fails. The board asks questions. Someone finally explains that filling leadership roles the same way you fill mid-level positions was always going to fail.
Here’s the difference that matters: contingent search sends you whoever is available right now. Retained search in India finds you the best person for the role, even if they’re not looking. That gap is why companies that get it wrong once rarely make the same mistake twice.
This guide explains what retained search in India is, when it makes sense, how the process works, and honest situations where it wastes money.
What is retained search?
Retained search model is an exclusive executive hiring model where you pay a search firm upfront to conduct a dedicated, confidential search for senior leadership roles.
The model works on a simple principle: finding exceptional leaders requires exceptional effort. The best performers in any industry are usually not actively looking for jobs. They’re doing well where they are. The only way to reach them is through trusted personal outreach, not job postings. Importantly, retained search firms build these relationships over years, and that access is what you’re paying for.
How retained search differs from contingent
Most companies confuse these models or assume they’re interchangeable. They’re not.
Contingent search:
- Multiple agencies compete to fill your role
- You pay 15-20% only when someone joins
- Agencies focus on candidates available quickly
- No exclusivity, no dedicated effort, no confidentiality
Retained search:
- One firm commits exclusively to your search
- You pay in stages across the engagement
- Firm targets passive candidates across the full market
- Full confidentiality, dedicated research, comprehensive assessment
Contingent search feels safer because you only pay on success. However, for leadership roles, that trade-off usually backfires. Faster processes produce available candidates, not necessarily the best ones. Research from Oxford Economics (2024) shows high-performing executives who stay for 2+ years generate up to 5x their salary in value. Therefore, finding that person is worth the upfront commitment.
How it compares to other hiring models
vs RPO services: RPO handles your entire recruitment function across multiple roles. Retained search focuses on one senior position at a time with dedicated specialist effort. Learn about RPO services.
vs Lateral hiring: Lateral hiring works for experienced professionals actively available within 30-90 days. Retained search is for leaders who aren’t in the market but would consider the right opportunity. Learn about lateral hiring
vs Dedicated resource model: DRM gives you dedicated recruiters embedded in your team for ongoing hiring. Retained search brings in specialists with deep executive networks for a specific senior mandate. Learn about dedicated resource model
When you need retained search in India
You need to replace a leader confidentially
Your CFO isn’t performing. Your COO’s decisions are hurting the business. But they don’t know they’re being replaced yet.
Posting a job publicly ruins confidentiality, undermines the current leader’s authority, and unsettles your team before a replacement is ready. Instead, retained search reaches out to candidates quietly, completes the full assessment, and presents finalists before anyone hears anything. The transition happens on your timeline, not through industry gossip.
You’re hiring for C-suite or board-level positions
CEO, CFO, CHRO, and board roles carry enormous consequences when they go wrong. SHRM data shows executive replacement costs can reach three to four times annual salary. At that scale, a thorough process is simply the cheaper option.
These roles also involve board sign-off, multi-stakeholder alignment, and several rounds of evaluation. Therefore, retained search is built for that level of complexity. Contingent search is not.
The talent pool for your role is very small
Some roles have very few people who actually qualify. Think of:
- A pharma regulatory head with US FDA experience
- A manufacturing plant leader who has built greenfield facilities
- A healthcare COO with both clinical and operational depth
When fewer than 50 people nationally fit what you need, job postings don’t work. You need someone to map the entire market and approach every viable candidate personally. Retained search does exactly that, whether those candidates are looking or not.
You’re building leadership for a GCC
Building GCC teams in India requires leaders who understand both global expectations and local realities. Since finding a VP Engineering who has managed distributed teams, delivered in an offshore model, and built strong cultures locally requires a very specific search, retained search maps this profile across India and globally, not just within your immediate network.
You’re planning a leadership transition in advance
Sometimes you know a change is coming. Perhaps a founder is stepping back from operations, a family business is bringing in its first external CEO, or a board is preparing before a key leader retires.
Retained search works well here because you have time. The process runs alongside your current setup without urgency. Consequently, when the transition moment arrives, you have the right person ready. Furthermore, there’s no scrambling to fill a sudden gap under pressure.
Retained search in India is not for you if
Being honest prevents expensive mistakes.
Your timeline is under 90 days
This model takes 4-6 months minimum, including research, outreach, assessment, and notice periods. If your timeline is under 90 days, lateral hiring or contingent search will serve you better. Speed and this model simply don’t go together.
You’re hiring senior managers, not VP+ or C-suite
Retained search in India is designed for the most senior roles. Consequently, senior managers who report to VPs can be hired effectively through lateral hiring without the extended timeline or upfront commitment.
You have strong internal candidates
If internal promotion is genuinely viable and the candidates are credible, this model adds cost without value. Therefore, use it only when you’ve seriously evaluated internal options and external expertise is clearly required.
You want multiple agencies working simultaneously
This approach only works with exclusivity. Running parallel contingent searches alongside it defeats the purpose entirely. Unless you can commit to one firm completely, contingent search is the better model for your situation.
The role doesn’t justify the investment
Not every senior hire needs this model. If the fee feels disproportionate to the role’s impact on your business, it probably is. Contingent search or RPO services will likely work better.
How retained search in India works
The process follows defined phases that account for the complexity of executive hiring.
Phase 1: Role brief and kick-off (Week 1-2)
Before sourcing starts, the firm spends time understanding the role deeply:
- Business context and strategic importance
- Team dynamics and leadership style fit
- Success criteria for the first 12 months
- Compensation structure and board expectations
- Any sensitivities around the search
Importantly, a clear brief here saves months of wasted effort later. First payment is made at this stage.
Phase 2: Market research and candidate mapping (Week 3-6)
The firm maps the full talent market before approaching anyone:
- Target organisations with similar-scale operations
- Potential candidate profiles across levels and geographies
- Compensation benchmarks
A typical search generates a list of 40-80 potential candidates at this stage. As a result, the firm knows the complete picture of who exists before deciding who to approach first.
Phase 3: Outreach and initial screening (Week 7-14)
This is where the model earns its value. Individual, personalised outreach to passive candidates through trusted networks. Not mass emails or job board applications.
Initial conversations assess genuine interest, capability fit, and cultural alignment. Typically, 15-20 candidates make it through this stage. Second payment is made here.
Phase 4: Deep assessment and shortlisting (Week 15-20)
The firm conducts thorough evaluation for each serious candidate:
- Structured competency interviews (multiple rounds)
- Leadership assessment tools (psychometric, situational)
- Reference conversations
- Achievement verification
The output is a shortlist of 3-5 finalists with detailed reports. Consequently, your hiring committee receives everything needed to make a confident decision, not just CVs to compare.
Phase 5: Client interviews and selection (Week 21-24)
Finalists meet your leadership team and relevant stakeholders. The search firm facilitates the process, advises on evaluation, and manages candidate expectations throughout. Additionally, they help you think clearly when more than one finalist is genuinely strong.
Phase 6: Offer, negotiation, and close (Week 25-28)
Senior packages are complex. Equity, bonuses, joining incentives, and notice period arrangements all need careful handling. Since the firm has been managing candidate expectations throughout, negotiations tend to go more smoothly. Final payment is made on acceptance.
Phase 7: Onboarding support
Good firms stay involved through the notice period and support pre-joining integration. Moreover, they typically offer a 90-180 day replacement guarantee. Consequently, the placement succeeds beyond just signing an offer letter.
Want to understand which model suits your hiring situation?
Which hiring model suits your needs?
Need confidential, dedicated VP+ or CXO search?
Hiring experienced senior managers quickly?
Building volume hiring capacity across levels?
→ Virtual Hiring or RPO Services
Unsure which model fits your situation?
How Corporate Stalwarts approach retained search
Corporate Stalwarts provides retained search in India for organisations that need confidential, dedicated executive hiring. Whether you’re replacing leadership quietly, planning a succession, building out a GCC, or hiring your first external CEO, we manage the full process so the right person joins at the right time.
What we deliver
- Exclusive, dedicated search for your mandate
- Full market research and competitive talent mapping
- Confidential outreach to passive leadership candidates
- Comprehensive assessment beyond CV and interviews
- Multi-stakeholder facilitation and board-level advisory
- Notice period and offer negotiation support
- 90-180 day performance guarantee on placements
What our clients experience
“Corporate Stalwarts conducted a confidential CFO search whilst our existing finance head was still in role. The discretion, depth of assessment, and quality of finalists was exceptional. Our chosen hire transformed our financial processes within six months.” — Founder and CEO, Series C Technology Company, Bangalore
Our practice covers IT and technology, BFSI, pharma and healthcare, manufacturing, FMCG, GCCs, and professional services. When leadership quality matters more than hiring speed, retained search delivers executives who perform and stay.
Ready to discuss your leadership hiring needs?
Frequently Asked Questions
This model means one firm, upfront payment, and exclusive access to passive candidates over 4-6 months. Contingent search, however, means multiple agencies competing on speed with active candidates and payment only on placement.
Typically 3-5 months from engagement to the candidate joining, which accounts for 1-2 months of active search and 60-90 days of notice period for senior leaders.
Use retained search for VP and C-suite roles that require passive candidate access or board-level process. Use lateral hiring for experienced professionals who are actively available and can join.
It works well wherever leadership talent pools are specialised: technology, pharma, BFSI, manufacturing, GCCs, and professional services. The smaller and more specific the pool, the more this model outperforms every alternative.
Focus on their research methodology, depth of network in your specific industry, and references from past clients in similar roles. Fee structure matters less than their genuine ability to reach the exact profile you need.
Corporate Stalwarts is a trusted recruitment firm with 20+ years of expertise in executive search and leadership hiring.
We’ve placed 10,000+ candidates across 600+ companies in FMCG, Manufacturing, IT, Pharma, and more. Our 1M+ candidate pool and 48-hour turnaround enable fast, high-quality hiring solutions.
We help businesses build high-performance teams with precision, speed, and industry expertise.
