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

External Recruiting Resources and Services – You Have Options!

Filed under: Redfish Speaks

External Recruiting Resources and Services – You Have Options!

 

By: Jon Piggins, Director of Business Development @ http://www.redfishtech.com

http://www.linkedin.com/in/jonpiggins/

 

External Recruiting Resources and Services

 

Many companies are not aware of the options they have when considering the use of external recruiting services. They often assume all recruiting firms are the same, providing contingency searches for a % of a candidate’s salary upon a successful placement.

 

A good recruiting firm should offer you options and even customize their solution. Have a number of hires to build our a sales team? Recognize the benefit your recruiting partner will realize from multiple placements and negotiate a flat fee per placement to help with budgeting & costs. Need to replace a VP? Engage with your recruiting partner on a retained search to ensure confidentiality & exclusivity. Is there seasonality to your hiring plans or do you need the flexibility of scaling your recruiting efforts (up or down)? Take advantage of the hourly services of a dedicated recruiter (or team of recruiters) and adjust your hours & spend as needed. Need to fill a specific role quickly? Sign on to work with your recruiting firm in a low risk contingency basis, where you only pay if a successful placement is made.

 

As you can see, rather than a question of whether or not to use a 3rd party recruiter, you should be asking how you should best utilize external recruiting help for your specific needs. Here are the services Redfish provides for our clients. We also create customized offerings and combine our services for our clients…again, it’s all about how, not if we can help.

 

Redfish Technology’s Recruiting Service Offerings:

 

CONTINGENCY
When? You need a challenging role filled quickly – one that requires true “headhunting”, finding people who are not actively looking.
– Simple, one-time payment based on a % of the 1st years’ starting salary.
– Can serve as a productive compliment to your recruiting efforts, or act as the Recruiting function for your company.
– Low risk, no expense until a successful placement is made.
– Full cycle recruiting, from sourcing candidates to managing the interview process, collection of references, and the negotiation of offers.
– 30 Day guarantee, should a candidate resign or be terminated within that time, with the exception of downsizing or lay-off, Redfish will replace them at no additional cost.
– Immediate results, recruiters are paid to fill positions as quickly as possible…their income depends on it.
– Leverage our network and recruiting tools, including Linkedin job postings, at no additional cost.
– Access to entire team of Redfish recruiters’ network of candidates.
– Dedicated Redfish recruiter assigned to your account. You’ll get the benefits of our entire team working on your role(s), with the efficiency of working with a single point of contact dedicated to your company.

 

HOURLY (Recruiting as a Service)
When? You have multiple hires across departments, or anticipate that your hiring needs will vary throughout the year.
– Reduce & control your recruiting expenses: flat hourly rate for multiple placements vs a % of salary or retainer for each placement made by an agency.
– Outsource your recruiting function at a fraction of the cost.
– No infrastructure expense for ATS or other internal recruiting tools.
– A quick way to get help when you need to make multiple hires.
– Scale as needed, we can adjust our hours (and your spend) based on your changing needs.
– Full cycle recruiting, from sourcing to managing the interview process, collection of references, and the negotiation of offers.
– Leverage our national network & recruiting tools, including Linkedin job postings, at no additional cost.
– Full cycle recruiting services are included and tailored to match your processes & procedures.
– Dedicated Redfish recruiter assigned to your account. You’ll get the benefits of our entire team working on your role(s), with the efficiency of working with a single point of contact dedicated to your company.

 

FLAT FEE
When? You have less than 10 hires for the same/similar position or department over the next 6 to 12 months.
– Flat monthly fee, receive a discount with a 6 or 12 month commitment, and control/fix your recruiting expense.
– You need opportunistic resumes sent your way throughout the year. Redfish will always pitch your company to relevant candidates and introduce them to you as potential “opportunistic hires”.
– 30 Day guarantee, should a candidate resign or be terminated within that time, with the exception of downsizing or lay-off, Redfish will replace them at no additional cost.
– Full cycle recruiting, from sourcing to managing the interview process, collection of references, and the negotiation of offers.
– Fees are often lower than retained or contingency.

 

RETAINED
When? You are looking to make a very senior, high profile or confidential hire.
– Fixed fee per placement based on a mutually agreed upon median pay rate for a specific role (1/3rd up front, 1/3rd 30 days in, 1/3rd 30 days after placement).
– Redfish plays an important role in high profile or confidential retained searches, maintaining discretion and navigating delicate situations and negotiations.
– Extended 90 day guarantee, should a candidate resign or be terminated within that time, with the exception of downsizing or lay-off, Redfish will replace them at no additional cost.
– Final 1/3rd of payment is waived if a successful placement is not made within 90 days.
– Exclusive 1st right of refusal on all candidates submitted for your roles.
– Priority & exclusivity, as Redfish limits retained service for a maximum of 4 clients at any given time.
– Full cycle recruiting, from sourcing to managing the interview process, collection of references, and the negotiation of offers.

Recruiting Success Stories: Will Pearson, Commerce Operations Manager – Wine Application

Filed under: Featured Placements, High Tech / IT / Software

Recruiting Success Stories

Featured Placement – Will PearsonWill Pearson

Commerce Operations Manager – Wine Application

 

The ‘Shazam for wine’ is the fastest growing and most downloaded wine application in the Apple App Store. 10 million wine drinkers worldwide use Vivino to scan labels and identify wines, rate and compare, and social dialogue about wine. When Vivino decided to enter a new market selling directly to consumers, the Chief Business Development Officer asked Redfish Technology to find Read more »

Tech Recruiting Priorities in Security Industry, Healthcare Software, and Cloud Hosting

Filed under: Jobs/Employment

Weekly Career Recruiting Spotlight

Core SDK & Cryptography Engineers, Software Architect, Linux Systems Engineers, & Technical Writer2015-8-4-Redfish-Tech-Jobs.jpg

 

This week, our tech recruiting priorities are: Core SDK Software Engineer & Cryptography Principal Engineer – Security Industry; Software Engineering Manager & Software Architect – Healthcare Software; Linux Systems Engineer, Security Engineer, & Technical Writer – Cloud Hosting; and Read more »

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 »

Use Social Media to Make Yourself More Attractive in the Job Market. Part 1

Filed under: Redfish Speaks, Social Media

Use Social Media to Make Yourself More Attractive in the Job Market

Leah O'Flynn, Tech Recruiter

Part 1

By Leah O’Flynn Executive Recruiter & Team Manager, Tech Talent Division

 

Recruiting tools have come a long way since the days of file cabinets and fax machines. Today’s tools are social media and cloud-based applicant tracking systems. Professionals can make themselves more attractive in the job market by maintaining an active and professional online presence in the places where employers, recruiters, and colleagues are looking to connect.

 

Part one of this article will focus on where you should focus your online presence. Part two will address optimization of your social media in a competitive job market. Read more »

Tech Recruiting Priorities in Big Data Analytics, Distributed Computing, AdTech

Filed under: High Tech / IT / Software, Jobs/Employment

Weekly Career Recruiting Spotlight

Full Stack, Software Development, Test, Systems, & DevOps Engineers, Product Marketing Manager, and more!

2015-6-16-Redfish-Tech-Jobs

This week, our tech recruiting priorities are: Full Stack and Software Development Engineers in Test, Principal Engineer Distributed Computing, Software Engineer Infrastructure Team, DevOps Engineer – Big Data Analytics; Senior System Software Engineer – Distributed Computing; Product Marketing Manager – AdTech Platform; and Read more »