Revenue in place and search — which includes both direct-hire activities and retained search — is expected to increase by 19% this year after declining by 33% in 2020, according to the “US Staffing Industry Forecast: September 2020 Update” released by SIA.
Place and search is this week’s Staffing Word of the Week. SIA’s Lexicon defines place and search as:
“The ‘place’ part of the definition ‘place & search’ refers to the bringing together of a job seeker and a prospective employer by a third-party staffing firm for the purpose of effecting a traditional employment relationship, for a fee. Also refers to the process of arranging such a relationship. This term is often substituted by the terms ‘direct hire’ (in the US) and ‘permanent placement’ (elsewhere). The ‘Search’ part of the definition ‘place & search’ refers to any one of a variety of unbundled sourcing research services provided by third-party executive search firms involving the identification of potential candidates at competitive firms, pre-screening, reference-checking, and other search-related research.”
The full definition is online.
In addition, the free Lexicon provides definitions of numerous other workforce solutions ecosystem terms.