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Law firm attrition rates have increased to 31% in Denmark and up to 26% in other Nordic countries. In a culture built on stability, this isn’t good. The focused path of 10 - 20 years is plummeting to a shifting work culture where change happens within 2 - 3 years.
Denmark and the dynamics of its business culture is changing. The well-trodden path to success of the old days is waning as new foreign investment brings with it not only opportunity, but talent. The culture shift of new businesses, new practices, and a melting pot of executive talent has stirred even the staunchest enterprise to creative innovation.
Where We’ve Been and Where We’re Going
The Nordic Legal culture has a legacy of being on the forefront of change. Yet, it boasts a tight rein on the traditional career path of 10 or more years to reach a senior level post.
Major projects are on the horizon, not the least of which is to be carbon neutral by 2025. As foreign and local businesses enter the Nordics, there is a wealth of opportunity for top talent to help deliver upcoming projects.
With its centralized location, small to medium and family business focus, and the somewhat ease of setting up shop, many foreign investors are taking advantage of all Denmark has to offer. And they’re bringing talent with them.
However, the once lengthy Legal career path has reduced to a third for some of our clients. Maintaining the traditions of long and outdated career progression, in this time of mobility across industries and continents, can lose you employees. Not only will this have a negative impact on business morale, it could have a greater impact on your profit margin. This is because part of the lengthy process we discussed earlier centres around building relationships. When an employer leaves a business, the customers they were working with often lose their trust and confidence in the company and may consider looking elsewhere for Legal services.
How to Sustain Talent in a Shifting Landscape
For young professionals with families, the trade-off can seem out of reach. On the one hand, an in-house career allows for more autonomy and less hours, but it comes with a price. The price? The lack of a traditional legal career path to reach partner level and the financial reward it brings.
The opportunity to grow into a new role often plays a part in whether an employee seeks challenges elsewhere or stays in their current position.
So how do you find, hire, and retain top talent for your business? Whether you look to the staff already in place or seek new professionals with greater experience, below are a few things you might want to consider.
Create a Market Brief of the ideal professional in the role you hope to fill.
Take an assessment of the staff you have and consider who might benefit from reskilling or upskilling.
What are the technical requirements for the role versus the personal requirements?
Conduct market research to pinpoint who’s committed to staying on and taking on larger roles within the company.
What is it professionals look for when deciding to make a move or stay in place?
What is your brand perception and reputation? Why should someone work for your firm and not your competitor?
Who are your competitors and what are they doing different?
Be aware of the conflicting cultural drivers which may tempt future professionals. The traditional path of a linear timeline can be a hindrance if you want to draw senior level professionals to your firm or retain those already in place.
Are you looking for someone for a time sensitive project or a key professional for strategic growth?
These are just a few strategy suggestionsto help you sustain talent in the fluctuating landscape of foreign investment in the Nordics.
Ultimately, you’ll want to ramp up your efforts to find, hire, and retain top talent for your Nordic business in the shifting landscape of foreign investment. Wondering where to start? We can help.
Anzurra has its finger on the pulse of Legal businesses in the Nordics. We can help you engage and retain the talent you need to compete in today's marketplace. If you would like more detailed information regarding hiring trends across the Nordics call us at +45 32 74 15 96 r email us at firstname.lastname@example.org to learn more. You can see a selection of our latest Legal roles here.