23 October 2023 | by Charlee Dawe
SubscribeA question we get asked all the time. Let’s discuss…
Whether you’re an independent recruitment business owner or a recruiter employed by a larger firm, you’re no stranger to the challenges of the recruitment industry.
As an independent recruiter, you juggle everything from client acquisition to candidate sourcing, all while lacking the administrative, legal, and secretarial support that larger firms provide. Time is your most valuable resource, and every minute spent on non-revenue generating activities literally costs you money.
As an employee of a recruitment agency, although you may have the support of the wider team to allow you the time to focus on winning and delivering projects, you still find yourself struggling to stand out and are demotivated by the unpredictable world of contingent recruitment.
This is where the question arises: Is retained search training right for ME?
Imagine running a race, but with added obstacles. Heavy costumes weighing you down, everyone else is frantically galloping alongside and tripping each other up – there’s chaos all around. Contingent recruitment is a high-pressure, unpredictable environment. Now, picture retained search as a solitary race – there’s no noise, no distractions, just the finish line in sight. There’s only one person in this race, and you’re destined to win.
Retained search reveals a whole new world of opportunities and a more innovative way of working. Let’s explore…
Time is Money
In the world of recruitment, the adage “time is money” couldn’t be more accurate. When you work contingently, you invest significant time and effort in sourcing candidates and clients. However, there’s no guarantee that you’ll fill the role, and you often find yourself waiting for interviews to be confirmed, notice periods to expire, and candidates to onboard. In contrast, retained recruitment offers a more reliable income stream and provides you with a clear outline of timescales, allowing you to take control of your billings and accurately forecast revenue.
The Transition from Contingent to Retained
There’s a common misconception that transitioning your business model from contingent to retained could result in a prolonged income gap. However, it’s essential to understand that you don’t need to make an immediate and complete switch. You can still engage in contingent work while gradually building your retained client base. It’s worth highlighting that retained assignments typically boast a significantly higher success rate (over 90% compared to 30% when working contingently), offering you greater stability and reduced uncertainty.
Diverging from the Usual Career Path
Working as a recruiter within a recruitment firm can often feel like you’re on a predefined, generic career path, progressing from consultant to senior consultant to management. However, embarking on the retained recruitment journey offers new opportunities. It opens up fresh and exciting avenues, enabling you to diversify your career and create your own unique trajectory.
The ‘Master-Slave’ Dynamic
In retained recruitment, you move away from the “master-slave” dynamic that often characterises contingent recruitment. You have greater control over revenue, client relationships, and the entire search process. This newfound independence allows you to tailor your approach to fit your niche and preferences.
Retained search training isn’t for everyone
It’s essential to recognise that retained recruitment isn’t for everyone. If you thrive on the rollercoaster of non-committed clients, then retained may not be for you. Retained recruitment offers stability, predictability, and the potential for more substantial financial rewards, but it requires a different mindset and approach.
If you’re a contingent recruiter looking to elevate your career and take control of your long-term revenue, retained search training could be the right choice for you. Remember the race analogy – retained recruitment provides a smoother, more controlled move towards success, free from the chaos of contingency.
If you’re ready to embrace change and thrive in a more predictable and rewarding recruitment model, come and chat to us today.
Charlee Dawe
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