Recruiting – Contingency and Retained Searches: Is there anything in between? YES!

Filed under: Best Practices

Contingency and Retained Searches: Is there anything in between? YES!

See Rob’s Accompanying Video!

You have a need. Maybe a GLARING need at one or more positions within your organization, and you’ve exhausted your network to no avail. You’ve posted on LinkedIN and tried job boards, but no luck. You’ve engaged in some contingent searches but recruiters seem to come and go – sometimes with a flurry of activity initially, but no sustained, steady flow of quality talent, and still the vacant seat remains. More and more often this question comes to us from our clients: “I need help with recruiting, but contingency searches haven’t worked and Retained Searches seem geared solely to Executive Roles – is there anything in between?” Funny you should ask…

The answer is Yes. As with most things, there are vehicles and approaches built for different tasks. While many of these have certain inherent benefits, most come with limitations as well. Contingency arrangements offer a low risk approach to engaging with recruiters as the hiring company is only obligated to pay for services once a hire is made and guarantee is met. This sounds promising until results are mixed, resume flow dwindles, and the recruiter fades. Why would this happen? Contingency incentivizes short, quick searches. Speed. Generally, a challenging position requires a campaign and a methodical, diligent execution of it. Without any commitment from the company, it is difficult to justify/risk this time-intensive approach for the contingent recruiters.

So the alternative is Retained? Possibly, yes, but it depends on your need. Retained is much more involved, mutually committed, and typically, much longer term. They include higher fees with ⅓ paid upfront, ⅓ paid upon completion of agreed upon milestones, and ⅓ upon completion of the search. For Executive Management roles, these are often the way to go since the compensation, the equity, the team fit and the impact of the role are all greater. With greater responsibility comes greater need for getting the hire right AND a greater time investment on both sides.

So where do we go when we have an important need, we want a partner in recruiting who has a vested interest in completing the search and yet don’t need something quite as involved or expensive as a fully Retained approach? We have an Engaged agreement. Similar to Retained, there is a mutually committed component to the search where ⅓ of the fee is due up front. However, the overall fee is reduced from 33% (Retained) to 25% of the candidate’s first year salary, and the remaining ⅔ of the fee isn’t due until after the search is successfully completed. This insures that both sides are invested, and gives the recruiter the opportunity to craft the recruiting strategy (who, what, where, when and why) correctly and approach the potential candidates with much more tact and professionalism. Success rates are much higher than contingent searches, and generally relationships between the hiring manager and recruiter are much more cohesive and partnered.

There is a bit of risk for taking on any mutually committed search, but between the time saved in not managing multiple vendors, and the quality of results from a search executed properly, the upside should justify the investment.

 

Rob Reeves / Redfish Technology
Founder/CEO
O: 208.788.8260
E: rob[at]redfishtech[dot]com
F: www.facebook.com/RedfishTech
T: twitter.com/RedfishTech
G+ plus.google.com/+Redfishtech
W: www.redfishtech.com

Building Growth-Mode Tech Companies with Hand-Picked Talent Since 1999

The importance of Onboarding – what to do after an offer is accepted and before a new hire’s start date

Filed under: Best Practices

The importance of Onboarding – what to do after an offer is accepted and before a new hire’s start date

Perhaps a sense of relief more than anything, it’s a great feeling to have a candidate accept an offer to join your company, especially in today’s competitive market. It would be understandable to be ready to move on to the next pressing priority once you’ve received a verbal acceptance & signed offer letter…but your job is not done! The importance of a comprehensive onboarding process for new employees can’t be ignored and it needs to begin when an offer is extended (or even sooner).

The time between an acceptance & a start date is a critical one in the hiring process. The mistake we’ve seen some companies make is to assume an accepted offer means the recruiting/hiring process is over and go quiet on their new hire, assuming they’ll just see them on their 1st day in a few weeks. They’ve failed to recognize that other companies & recruiters are continuing to court your employee to be, counter offers are often made by current employers, and human nature may kick in as “buyer’s remorse”. You want to do everything you can to reinforce a candidate’s choice to join your company & make them feel a part of your team…preferably starting with the interview process itself, but definitely once an offer has been extended.

It doesn’t take a huge effort or expense…here are some ways to help secure your new hires:

Have a personal touch: Have some of the people involved in the interview process reach out with a quick congratulations email, take your new hire out to lunch or have them join a company event (happy hour, training session, etc) before they actually start. It helps to reinforce their decision to join your team and solidify in their mind the thought of working for your company.

Make sure HR is involved right away: They should be providing important information about benefits & required paperwork shortly after the acceptance of the offer, so that it’s all completed & any questions have been answered before the start date.

Welcome package: Our clients who send out “welcome packages” to new hires say they get great feedback on the practice. Examples include; company branded gear (shirts, coffee mugs, phone cases), an info kit with articles about the company, stickers, balloons…they all go a long way in making a new hire feel special.

Have the hiring manager & peers reach out: A quick note from the person your new hire will be reporting to as well as from a peer/fellow team member welcoming them & offering to answer any questions or provide assistance (eg. How long does it take to BART in to their stop from the East Bay) goes a long way in making them feel welcome & supported.

Brag: Tell the world about your new hire, let everyone on Linkedin, Facebook, Twitter, etc know how excited you are to have brought them on board. It will make your new hire feel proud about their decision, it’s great PR, and its FREE!

Have everything dialed in for day one: Have their preferred laptop ordered & waiting for them, take a picture of their space once it’s all set up so that your new hire can think about how they might personalize it (and subconsciously, continue to think & imagine themselves working for you).

These are just a few ways to make your new hires feel like part of your team before their actual start date…and while they’re still being courted in today’s tight market. If you’d like to know more successful strategies we’ve provided for our clients, contact us today!

Jon Piggins

Jon Piggins / Redfish Technology
Director of Business Development
O: 208.450.9511
www.redfishtech.com
www.linkedin.com/in/jonpiggins/
Building Growth-Mode Tech Companies with Hand-Picked Talent Since 1996

Why Should Employers Bother with Social Media?

Filed under: Best Practices, Employer, Hiring Strategies, Social Media

Company Social MediaWhy Should Employers Bother with Social Media?

 

By now your company probably has 3 or more social media accounts, and it has for some time. It is not always apparent why besides the fact that all your consultants and marketers said you should, and all your competitors do.

 

Metrics

Knowing what the right metrics are and how to measure success is another challenge. If Coca Cola has 91 million likes/followers on their Facebook/LinkedIn/Twitter page, and your competitor has 486: Which should be the benchmark for your company? And are views more important than click-throughs? According to AdAge, the correlation between that click and a conversion is virtually nonexistent. Ug, that’s no help! Read more »

Beating the Tech Talent Crunch: Ways to Shore Up the Talent Gap

Filed under: Best Practices, Employer, Recruiter / Recruiting, Redfish Speaks, Talent Acquisition, Talent Retention

Beating the Tech Talent Crunch

Tech Talent Crunch

Ways to Shore Up the Talent Gap

 

The tech talent shortage has been compounding for some years, to the point we are hearing about the return of the candidate king. Sectors across various technology industries, engineering, and finance are experiencing difficulty acquiring and retaining much needed talent. Big talent gaps exist in software development and data science/analytics, and all across the science, engineering fields as well.

 

So what can you do to find the skilled talent you need? Read more »

The Best of Best Places to Work …

Filed under: Best Practices, Hiring Strategies, Human Resources / Capital, Recruiter / Recruiting, Talent Acquisition, Talent Retention

The Best of the Best Places to WorkThe Best of BPTW …

 

If Best Places to Work is on your radar, you probably see it all the time. And BPTW comes in many flavors: the best in a State, the best in an industry, the best in the country, etc.

 

The latest flavor I noticed was the BPTW for Millennials. Congratulations to the top picks in each category: Ergodyne, Capitol Chevrolet Cadillac, Navy Federal Credit Union as well as all the companies recently selected from among 4,000 US companies for the best places to work for Millennial employees in America recognition. Given that Millennials are now the largest workforce in America, this is an important recognition.

 

The BPTW in the Bay Area celebrates companies that have exceptional workplaces that their employees value highly. Kudos to InfoObjects, ZenPayroll, SOAProjects Inc, PureStorage, and Workday for prioritizing practices, culture and values that drive engagement. When employees are happy to go to work and proud of their employer, they are more productive and Read more »

6 Reasons to Hire Now!

Filed under: Best Practices, Employer, Hiring Strategies, Human Resources / Capital, Talent Acquisition, Talent Retention

6 Pack of Reasons

6 Pack of Reasons

Whether replacing an employee or recognizing the need to grow your team, there’s compelling reasons to make that hire now.

 

It’s true you are saving on payroll and employer costs, insurance and perks, but these short-term gains effect a larger cost on long-term profitability, and can create unanticipated risks.

 

Making your necessary hire in a timely manner will:

 

  1. Boost Productivity

When shorthanded organizations strain existing resources and quality suffers. If overly strained, attention to detail and pride in work decrease, errors, illness, and accidents are more likely, factors which significantly affect productivity.

 

  1. Decrease Time to Market

Whether it is getting a new health gadget into consumer’ hands, or releasing the new version of your software, understaffing is going to impact project management and coordination, it risks delaying production and subpar quality, and can cause costly missed opportunities.

 

  1. Ensure Agile Happy Employees

Straining your team will increased stress. This impacts the entire work environment. Maximize your team’s performance by getting the right people on-board when needed and keeping a smooth, agile workforce who is happy to get the job done right.

 

  1. Lower Personnel Costs

Yes hiring when you need staff keeps your personnel costs down. When your employees are happy and stay invested: you spend less time and money on hiring new ones, you have less absenteeism and accidents, and there’s less training of new employees and less management involved in keeping things running smoothly.

 

  1. Increase Customer Satisfaction

At the end of the day, if your customers aren’t happy with your service or product, your business risks failing. Decreased customer satisfaction is almost inevitable if you can’t provide the level of service necessary. And we know unhappy customers are very vocal about their dissatisfaction, whereas happy customers can be the biggest brand evangelists out there.

 

  1. Stoke Competitiveness

When a company is fully staffed, completely concentrated on business, and everyone is on board tuned into the end goals, the company is primed to meet and exceed current commitments, as well as to identify and take advantage of opportunities in the marketplace before competitors who are dealing with staffing issues and not focused.

 

So get hiring!

 

Need help? – We make hiring top talent easy, it’s what we do!

Contact us today at 408-745-8260/208-788-8260, or fill out a job order online.

Redfish Technology: Building Growth-Mode Tech Companies with Hand-Picked Talent.         

Are You at One of the 90% of Companies that Does What Everyone Hates?

Filed under: Best Practices, Human Resources / Capital, Talent Retention

Yep, talking about the annual performance review.

Performance Review Time

It’s Coming Up. How Do You Feel About It?

 

Studies show that not only do employees generally dislike this exercise but so do managers and even the HR department. Time for some disruption – ya think?

The Perils and Perturbations of the Performance Review

 

There’s some great reading on the perils and perturbations of the performance review. As a recap, they tend to pit people against each other, and they are predominantly backward looking – two things no company ought to be focusing on at the detriment of building collaboration and communication, making forward-looking plans, and retaining top talent. These are some recommended reports/articles:

 

Behold The Entrenched — And Reviled — Annual Review

By Yuki Noguchi

“Performance review season is nearing, and if that makes you break out into a cold sweat, you’re not alone. Studies show between 60 percent and 90 percent of employees, including managers, dislike the performance evaluation. Some companies are starting to look at alternatives, but the performance review is pretty entrenched.”

 

Get Rid of the Performance Review!  

By Samuel A. Culbert

“You can call me “dense,” you can call me “iconoclastic,” but I see nothing constructive about an annual pay and performance review. It’s a mainstream practice that has baffled me for years. To my way of thinking, a one-side-accountable, boss-administered review is little more than a dysfunctional pretense.”

 

An Alternate Strategy: Cultivating and rewarding passion and engagement

 

So since performance management is important, but performance reviews aren’t creating the passionate and engaged people you want in your company, what is the answer?

Companies are trying different approaches. Here are some that might be of interest to you:

 

Juniper Networks is turning words on the wall into behaviors in action.

Juniper Networks replaced the performance review with a “conversation day” that has achieved a record 93% participation, and 66% of participants found it “helpful” or “extremely helpful”. The semi-annual conversation day has employees and managers sit down to discuss areas for improvement and opportunities for new growth, set goals aligned with employees’ career aspirations. And importantly, there are no rankings and ratings associated with performance measurement. One of the positive results is that Juniper retains more top performers now.

 

Why Adobe Abolished The Annual Performance Review And You Should, Too

By Drake Baer

“When Donna Morris joined Adobe in 2002 as a senior director of global talent management, she noticed that the annual performance review, such a central part of the human resources job she had been hired to do, wasn’t much of a resource to the humans it served.”

 

A Systems Thinking Alternative to Performance Reviews          

By Steve Rogalsky

“A refreshing discussion of what can be influenced and how much can’t by individual performance, and how to elicit it. An experiment with a conversation aimed at pulling out the performance goals of employees by having a conversation and asking: What are you proud of? What do you want to learn or improve this year? What part of our team’s system is preventing you from doing your job better? What should we improve or change? How is the company enabling or inhibiting you from achieving your best? What do you need from me? How can I help?”

 

Suggesting an Alternative to Performance Reviews

By Josh Patrick

“Instead of one annual review, I suggest setting up regular, one-on-one coaching sessions with your direct reports. The sessions should run from 15 to 45 minutes and should be held every three to four weeks. The goal is to have a continuing conversation aimed at helping employees become great at what they do.”

 

What do you think?

 

What kind of performance review does your company use?

Do you like it?

What would you choose to use if you had the choice?

If you think there’s a better way, share this!

Recruiting Trends for Job Seekers

Filed under: Best Practices, Candidate / Job Seeker, Career Building, Job Search, Resume, Social Media

Recruiting Trends

Career Text On A Gold Key With Black Background As Symbol Of New Job

The Top 10 Best Recruitment Practices coming out of one the ERE Conference Think Tank Sessions include recommendations to hiring managers and recruiters on finding and engaging candidates. Carl Kutsmode’s article is a good read, especially for those recruiting talent.

 

Recruiting Trends for Job Seekers

What about advice for passive and active job seekers? How can job seekers understand these recruiting trends and leverage them in their own career management?

 

The Top “Get Recruited” Practices for Job Seekers (in no particular order)

 

Be findable online

As a job seeker, passive or active, you should be managing your LinkedIn profile, GitHub account, and other relevant specialized professional (social) media sites to provide an up-to-date professional portrait of yourself. Use keywords and active descriptions of your accomplishments so that searches are accurately identifying you.

 

Be attractive

I don’t mean you should go get a make-over, but ditch the selfie you took with your smartphone in a cubicle with those fluorescent lights that shows both chins. Make your online profiles attractive by keeping active on these sites, posting new projects, articles, updates, you increase the chances of being seen and promote a picture of yourself as a dynamic professional in your field.

 

Reach out

Search out the companies you like the most and connect with them via LinkedIn, and other media. Don’t just hit ‘connect’: Make a comment on their latest PR or post. Tell them you want to connect because you are passionate about their sector. Name the other professionals you have a relationship with at the company to strengthen the connection. Try to reach out in a meaningful way, it will give more momentum to further discussion and make you stand out. Connect with various players at the company from managers to HR.

 

Return calls/emails

When recruiting is done seriously, it is a sales function – the point is to get results. If you are contacted by an external recruiter or an internal HR person, respond even if you aren’t looking for a change now. A few minutes of prompt courtesy now will earn you respect and preference in the future; a lack of response or rudeness could get you blacklisted. No one wants to waste your time, and they certainly don’t want to waste their own time and effort.

 

Hackathon/Hangout

For those companies that really thrill you, try participating in a company event such as a hackathon or hangout. Participate actively so that you can show your stuff and facilitate making meaningful connections with the people working there. It may or may not get you a job offer today, but it will multiply your connections and differentiate you.

 

Post your resume

LinkedIn is definitely the best place to be for professionals, but there are many places to be online. Your own website is a great way to present what you want how you want. GitHub is a great place for developers to strut their stuff. Job boards are a great way to be found. Posting your resume is a good indication you are interested in dialogue and opportunities and not just counting down the days to retire or cash in your equity and move to the tropics!

 

Network!

Ok, all the above qualifies as networking. But there’s also meetup.com, industry associations, trade shows, alumni groups, special interest associations, and many, many opportunities. It may take a little time trying out various opportunities to find the right feel and return on your time, so take a look and start trying out those you haven’t yet.

The Top Five On-Boarding To-Dos Before the Start Date – By Tory Thomas, Recruiter

Filed under: Best Practices, Hiring Strategies, Redfish Speaks, Talent Acquisition

The Top Five On-Boarding To-Dos Before the Start Date

Tory Thomas, Executive Recruiter, Tech Sales & Marketing Division

By Tory Thomas, Executive Recruiter, IT Sales & Marketing

 

You may be asking “Why on-board before the start date?”

 

Well… really you should be on-boarding from the first contact with a candidate. When you receive a resume from a candidate, you should be sending a warm acknowledgment, even if you aren’t hiring for that exact profile right now. This is how you build your talent pipeline.

When you schedule a first interview or have an informal dialogue, you are making an impression. At this point you are acting as your company’s brand ambassador and forming an impression with the candidate. Read more »

Social Recruiting – What You Need To Know

Filed under: Best Practices, Hiring Strategies, Recruiter / Recruiting, Redfish Speaks, Social Media, Talent Acquisition

Social Recruiting – What You Need To KnowSocial Recruiting – What You Need To Know

Buzz buzz buzz – Social Recruiting is all the buzz.

But is it more than a fashion trend to catch your attention? Will it really help you to hire? What do you really need to know about social recruiting?

 

So what is social recruiting?

 

It’s called having a conversation –

 

Social recruiting has been around since before there was a term called social recruiting. It’s basic human nature to talk about opportunities to your friends and people you like. And there’s an obvious head start in terms of cultural fit if you are reaching like-minded people through your network, so yes, social recruiting is an important way to acquire new talent. Read more »