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RECRUITMENT & RETENTION OF COSTS PROFESSIONALS  

Following on from my last article 'Where have all the Costs Draftsmen & women gone' I surmised that ‘the reality is, like most things - if you can’t find an answer – find a solution.’  

So what is the solution to a dearth of experienced costs professionals?  

Currently, there is a greater number of opportunities available to costs professionals in both the negotiating and drafting categories.  

As a result, this supply and demand issue means competition between Costs Agencies and Law firms for experienced costs professionals, is fierce, and salary premiums are at a high.  

Most employers find it hard to recruit in this type of market, where salary demands are escalating and do not fall inline with other areas of the business.   Justifying these salary premiums internally is not easy but the need for experience is often a must.  

Employers have two options to consider – Retention or Recruitment?  

Retention
In recent years there has been a growing emphasis on retention of high calibre and experienced staff.  

To successfully retain staff employers have introduced a number of measures to assist them in understanding the needs of their employees.  

Regular employee appraisals are no longer the exception to the rule, and recognised as a useful management and information tool.  

To combat the motivations for ‘moving-on’, firms have to be pro-active in their approach to staff retention.  

Whilst no list can be exhaustive; the motivations for ‘moving-on’ normally fall under one of the following categories:  

- Time for a change / job satisfaction
- Seeking increased salary
- Looking for career development
- Unhappy with content of work
-Travel / location issues
- Lifestyle / Quality of life
- Personality clash in office  

Retaining key employees is not always easy but making regular assessments of their role and motivations may help save you time and money.  

Recruitment
Recruitment is about attracting quality and relevant applications to your vacancy.  

Where the target audience is so small and experience at a premium, it is not uncommon for employers to struggle to recruit.   There are, however, a few tips that can make life easier. 

Start by writing a job specification that will appeal to your target audience, and encourage applications – easier said than done.   Far too many job specs do not include enough detail - ‘looking for a Costs Draftsman with 5 years experience’ is not a detailed job spec!  

A job spec is not just about the jobs duties, it is an opportunity to sell your firm and communicate the benefits of working for the company.   Don’t waste this opportunity – costs professionals have more options available now than ever before – does your job really stand out from the crowd?  

Consider your route to market and what mediums will offer you maximum exposure to the desired audience.   The options available include:  

- Advertising online
- Regional/local newspapers
- Recruitment agencies
- Word of mouth
- Trade press  

There are pros and cons to each.  

It is not uncommon for firms to compromise on level of experience required in favour of increasing the salary in order to secure the right recruit.   It is worth considering the merits of training against recruiting experience.    

In summary, employers must weigh up the value of losing an employee in terms of their knowledge, experience, value to the firm, subsequent recruitment time & costs against the costs of retaining that employee.  

It may be fair to say that, in this current market, a key employee holds strong cards at the negotiating table, and employers either have to work harder to retain their staff or be more creative about the way they recruit.  

Author: David Sparkes

Published in: ALCD Journal (Association of Law Costs Draftsmen)

Dated: November 2006

The opinions and views expressed in this article are solely those of the author.   The author accepts no liability for error, omission or misstatement contained within the article.

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