Small firms survive because they specialize

BY DEBORAH STOKES
For The FinanciaI Post

we know the nuances of the industry, says Jordan Romoff, a former Toronto restaurateur turned recruiter for Lecours, Wolfson.
    "We all grew up in the restaurant business," Romoff says, referring to the slim staff of seven at the boutique firm, which has been placing chefs and hospitality industry executives since about 1979. "Our clients know we are passionate about the industry." Among the list of clients are some of Canada's hottest restaurants, such as Toronto's Canoe and Ruth's Chris Steak House.
    In the cutthroat executive search business, it all boils down to who can deliver the best candidate for the job the fastest. Lacking the manpower, advertising budgets and international offices of the giants in the field, smaller search firms are forced to work smarter.
    For most, this has meant specializing in certain fields or regional markets where they can focus their efforts on getting to know the clients, candidates and quirks of their niche - and getting known in their market.
    Although the recession decimated the ranks of recruiters - about 58% of placement firms went out of business in the early '90s, says the Association of Professional Placement Agencies & Consultants - in some ways, smaller search firms came out ahead.
    Much leaner employers are hiring more carefully, but with a barebones staff, they don't have the luxury of a long wait for the right person either. And with hundreds of résumés pouring in for advertised positions, finding a suitable candidate can be an enormous task.
    "Smaller firms can usually move faster because of the relationships they have established in their particular field."