Law offices that utilize a retained search option for executive positions send a powerful message to the marketplace.
A retained search lets skilled professionals know that a firm is serious about hiring by paying a premium for a dedicated, experienced recruiter to work on its behalf. A retained search takes advantage of an impressive network of industry insiders to find the perfect candidate for the position. Read on to learn more.
What is retained search?
Retained search is easiest to understand when compared to a traditional contingent search. A contingent search is typically best for entry- and mid-level positions, part-time work or temporary roles. On the other hand, retained search is best for high-profile, executive positions with a far-reaching impact on the firm's future.
This type of search isn't limited to active job seekers, either. An extensive professional network allows skilled recruiters to connect with passive job seekers looking for a new opportunity with a firm that appeals to their professional and personal aspirations. This kind of networking requires physical legwork, not just digital communiques.
What are the benefits of retained search?
Equity research firm William Blair conducted a survey to locate trends in the executive search field, and the results predicted a four percent growth in retained search revenue between Q1 2017 and Q1 2018.
This projected rise in revenue may be the result of a tightening job market. As the nation's unemployment rate drops and labor force participation rises, law firms and companies may have difficulty finding qualified candidates. Reaching out to passive job seekers is one way to navigate the narrowing market, and retained search is one of the best ways to do so.
"A retained search truly saves time and money for the client," says Deborah Feldman, Senior Consultant with Beacon Hill's Legal Attorney Division in Boston. "With the tight job market, aligning yourself with a dedicated search firm is ideal. By working together and having open communication between both parties, the client-recruiter relationship elevates to a higher level of trust. This team effort helps with understanding the client's culture and true needs, which ultimately leads to a successful hire."
Aside from this competitive advantage, retained search can also help firms find qualified C-suite professionals who will stick around for the long- term. Executive search expert Fred Coon suggested that retained searches may take longer, but the advantage of a knowledgeable third- party at the negotiating table can make sure both employers and candidates see eye to eye on salaries, benefits and work responsibilities before decisions are made.
If you're hiring for an executive position at your law firm or your corporation, reach out to the experienced professionals at Beacon Hill Staffing Group to learn more about the advantages of retained search.
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