In Recruiting, speed doesn't kill. In fact, it's absolutely critical to success. When's the last time you heard a new hire criticize their new employer for moving too quickly?
Don't believe me? Just stop and think about all the times you lost the perfect candidate to another employer - hopefully not a competitor - simly because your interviewing/hiring process was too long.
Still don't believe me? Then take a moment to read John Sullivan's recent ERE article titled "Understanding Why Fast Hiring Is Critical To Recruiting Success"
and then let's talk.
As Sulliavn points out, "The logic of speed hiring is simple: if Tiger Woods decided to leave his golf team, he would be in such demand that he might be in and then out of the job market in as little as a few hours."
So why don't organizations operate this way when they clearly have industry superstars in front of and available to them? It's a mystery to both the candidate and the Recruiter working on the assignment.
We had finally had enough of this insanity when we developed our very own answer to this common conundrum. Our solution? We offer a Fee/Rate Structure that is truly unique to the industry.
We listened to the complaints from both the employer and the candidate. On the employer side, the common objection was that despite the fact that they recognize the value of using a Recruiting Firm the Fees/Rates were simply too high for them to engage in a partnership. On the candidate side, the common complaint was that they hated how the process began with such urgency and speed only to come to a complete standstill for weeks (sometimes months). Our innovative pricing model is our answer to those two specific challenges.
In 2007, our research found that Fees/Rates ranged from 12% to as much as 40% per placement. Our approach simplifies things. The quicker you make a hiring decision, the lower the Fee/Rate we charge. You can pay as little as 10%, but no more than 25%! Best of all, the Fee/Rate we charge is based on the date you merely present one of our candidates with an offer, and not the date they accept the offer, or the date they actually start working for your organization!
By encouraging a timely response from the employer (our response to the challenges faced by candidates), we reward them with a lower Fee/Rate for making a hiring decision sooner rather than later (our response to the challenges faced by employers).
In case a business partner is worried that in the pursuit of speed we may sacrifice the quality of the candidate you can rest easy because all of our Partnership Agreements also come with a built-in guarantee.
I'm curious what those of you industry experts think of this approach - the pros and cons - since it is still relatively new for us despite all the success and positive feedback we've gotten.