5 tips to finding a recruiter to meet your needs.
Recruiters can be a valuable partner in helping you bring the right people in to your business however there are a few things you should keep in mind when considering choosing a recruiter to work with you.
Number 1:
Ensure that the recruiter has a successful track record of recruiting for positions similar to the one that you are seeking to recruit. Recruiters that have this experience will have a strong understanding of the role including responsibilities, expectations of delivery, how the role fits within your firm now and how it may develop in to the future. Some recruiters concentrate their focus on particular segments of wealth management that are relevant to your business and will readily understand your requirements in terms of candidate experience and cultural fit.
Number 2:
Understand how the recruiter will work with you in the recruitment process as recruiters don’t have a one size fits all business model. They will work with you:
- Exclusively under contract where they will source and screen the best fit candidates presenting you with a short list for interview. With exclusive assignments there are specific parameters to the search including an expected time frame and the fees payable are usually scheduled at specified periods with in the search process. Additionally, the recruiter will manage the candidates through the process and if required handle the negotiations with the preferred candidate.
- Additionally, if things don’t work out with the new employee in the probation period recruiters who work on an exclusive basis will offer a guarantee that includes replacing the employee without you incurring further recruitment costs. However it is worthwhile reading the fine print, as the usual practice is for the guarantee to be contingent on a number of factors excluding your decision to terminate them for reasons other non-performance and breaching company policy.
- Contingently where you will be presented with a number of candidates for your consideration and you only pay the recruiter if you employ one of them. If you do work with a contingent recruiter you should be aware that they often select candidates from a limited talent pool and will circulate their resumes to multiple parties, you being one of them. While you may have interviewed a candidate and made the decision to appoint them, by the time you pick up the phone to the recruiter the candidate may well have accepted an alternative role which means that you are back to square one with a great deal of time and energy wasted.
- Providing an Unbundled service where you decide the extent the recruiter will be involved in the recruitment campaign. You decide which activities that you want to undertake and the recruitment strategy is built around what you want to do and what you want the recruiter to do. This is a consultative fee-for-service approach rather than a fee based on a percentage of the candidate’s remuneration.
- Providing an Advisory service where you are given guidance on the formulation of the recruitment strategy and the most effective means of identifying and harnessing the best fit candidate. This service can take the form of a one-off meeting or alternatively may run for the entire recruitment campaign where the recruiter has a more hands on advisory role and the fees will reflect this.
Number 3:
Make sure that you will be able to work effectively with the recruiter. Recruiting is a challenging business activity and requires significant focus and if you are working with a recruiter you need to feel comfortable with them in much the same way as you do with your clients. This will depend on your personal style and there will be recruiters who you identify with in terms of not only their track record of success but how they present themselves. A successful recruiter who has an impressive track record in placing people relevant to your business is only a good fit for you if you feel you can work with them.
Number 4:
Probe the recruiters you speak to about their businesses and in particular the processes and systems they use. Some recruiters have made large investments in terms of technology and candidate management systems while others work on the back of the envelope and their database is made up of post it notes.
Number 5:
Industry engagement. Professional recruiters involve themselves in the financial services industry through the industry associations and often add their support to initiatives to promote professionalism and career opportunities and advancement for new entrants and those seeking new career opportunities. Industry engaged recruiters are not only participants but often are contributors at industry conferences and will lend their support to workshops and seminars. All this adds up to engagement and commitment to the industry which says a lot about a recruitment firm.
If you keep these five tips in mind when entering in to discussions with recruiters at the very least you will have some guide posts to help you to make a decision that will work for you and your business.
By Peter Dawson, Principal, The Dawson Partnership