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How a Retained Search Can Pay for Itself by Britton Connell
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How a Retained Search Can Pay for Itself |
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Business,Business News,Business Opportunities
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When you're in the corporate world and need to hire someone, you have to consider how this is going to happen. You could always handle the work on your own, placing ads and conducting interviews. You can also task others in the HR office to do it, though you have to question how much time they are going to dedicate to find the right person. You can also set up a retained search. A retained search is going to be a running partnership with a recruiting firm where they become your go-to place any time that you need to hire someone. They already know your likes and dislikes, have copies of your job descriptions, and likely have a pile of resumes for people who could slide into the position as soon as you say that you need someone. While you pay for having such a retainer in place, it can end up paying for itself over the course of the year. Think about how long it could take from the moment someone gives their notice to the time that you have another person into the position. Productivity is going to slip the moment someone turns in their notice. You may then have to place an ad, collect qualified candidates, read through resumes, conduct preliminary interviews, and run background checks. All of this could take months. You may be looking at 8 to 12 weeks in all reality. During this time, productivity is going to be low because you don't have that extra body that you require. Depending on who you actually hire, productivity may not rise for another four weeks while the person gets used to the environment and the job position. With a retained search, the 8 to 12 weeks could become 1 or 2 weeks because they already have feelers out and they know how to dedicate themselves to the job search to be able to find someone for you very quickly – and this can make all the difference in the world. You can then have people on your payroll so that your company can get back to more productive operations. You cannot expect to do all of the work on your own. You also have to ask yourself how much your other projects are going to suffer while you are involved in the HR process. On top of all of that, you have to look at your own skills in terms of being able to ask the needed questions to find people who are the most qualified. A retained search is going to save you time, find people faster, and ensure that they are a good match for your business. When you factor all of these things in and equate monetary values to all of them, paying the retainer to a recruiting firm can be one of the best things that you do. Then, any time that you need staff, you pick up the phone and tell the recruiter what you need.
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