Transitioning to a Retained Recruiting Model: A Case Study of IDEX Consulting and Bullhorn

Founded in 2006, IDEX Consulting is an independent Recruitment and Business Growth Consultancy that services the Insurance, Financial Services, and Legal sectors across the UK, Europe, USA & Middle East. Their unique model combines talent acquisition, advisory services, and M&A. The company prides itself on being different from the majority of recruiters by putting the needs of their clients and candidates first. This mentality has allowed them to grow significantly while developing innovative solutions to provide a better service to their clients.

IDEX Consulting, a recruitment and business growth consultancy, was looking to transition from a contingent recruiting model to a more innovative version of the retained recruiting model. The company believed that a retained model would allow them to provide a more tailored service to their clients by connecting them with a shorter list of nurtured, high-quality candidates. However, they faced resistance from clients who were accustomed to the traditional payment model where recruiters are paid only after a job is filled. Additionally, IDEX Consulting needed to convince their own consultants about the benefits of the retained model. They needed data to prove that the new model could save their consultants time, increase billings, and have a positive impact on their clients’ businesses.

IDEX Consulting partnered with Bullhorn to make the strategic shift to a predominantly retained model. They utilized Bullhorn Analytics and Bullhorn Automation to demonstrate the benefits of the retained model. Bullhorn Analytics provided data that showed the new model would allow IDEX to fill open roles quicker, with fewer but more qualified candidates. It also helped convince their consultants about the benefits of the retained model by showing them customized information such as the type of candidates they were working with, their average fees, individual billings, and the amount of time it took for them to fill a role. Bullhorn Automation, on the other hand, helped IDEX Consulting to effectively nurture candidates and tailor individual talent pools for their clients, offering a service that is more customized than a typical recruiting model.

• The transition to a retained recruiting model has not only allowed IDEX Consulting to provide an exceptional client experience but also enhanced the performance of their own consultants. The consultants are now viewed as partners in their clients' future, able to discuss their growth aspirations and business plans. This shift has made the consultants enjoy their jobs more, leading to better performance and higher earnings. Furthermore, the use of Bullhorn Automation has enabled IDEX Consulting to offer a more customized service by nurturing and tailoring individual talent pools for their clients.

• IDEX Consulting saw an increase in productivity with the retained model, with consultants achieving 80% to 90% job fill rates, and some even reaching a 100% job fill rate.

• In one case, a candidate placed by IDEX Consulting added 3 million pounds worth of value to the client's business.