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The Fordyce Letter

Straight Talk for the Recruiting Profession


Articles tagged 'placements'

Fees, Interviews

The Best of The Fordyce Letter 2011, #1 — I “FIRED” My Candidate…and Still Closed $27k



yourefired

Editor’s note: Brian Kevin Johnston’s article was the most popular article on The Fordyce Letter in 2011. It originally ran in March.

I “fired” a candidate during the interview/offer process, and I am 100% convinced the only reason I still earned the fee was because… (are you listening?) I emotionally “checked out” of the torment and refocused my efforts on the things in my business I could control, which were sourcing and recruiting candidates for other searches on which my firm was engaged. After nearly fourteen years as a third-party recruiter, I have learned a thing or two about candidate or client control… IT DOES NOT EXIST!

Relationships

Recruiter Chronicles: Story of the Despicable Million-dollar Producer



evil by L. Marie

“She said what!?” I heard the question fly from the other side of the room punctuated with disgust. Each one of my teammates’ ears were now perked with anticipation to hear what “she” said. We waited patiently for a minute, and up from her cube popped my teammate Chris. She exclaimed, holding her head in her hands and looking like she was in great pain, “I can’t believe it!”

“What?” about three of us asked at the same time.

“She did it again,” Chris said with a tone of resigned disbelief in her voice.

“Who?” we asked.

“You know who,” Chris answered. At that moment we all knew. “You-know-who” is a bit of a nemesis of ours. She is a million-dollar producer that none of us know personally, but deal with on a constant basis. If you just looked at her body of work in terms of numbers you would be infinitely impressed. She is known to be a consistent big biller, with the best contacts, and amazing work effort. Unfortunately, she also known to be somewhat morally and ethically challenged within the confines of recruitment.

Fees, Jeff's On Call!

Get Paid When the Candidate Accepts



money by Andrew Magill

Contingency fee recruiting has grown over the past 50 years into the largest segment of the placement industry. While today’s search firms bear little resemblance to the applicant-paid employment agencies that spawned them, one vestige remains: The fee is not considered due until the candidate actually starts. An “instant fall-off” means no fee.

It’s s though you’ve loaded a “feeshooter” and aimed it at your foot. You’re just waiting to pull the trigger when something happens between the acceptance and the start. It takes just one instant five-figure falloff to make you vow to never hobble away again.

We’ve been changing this since 1985 when we introduced it to TFL subscribers after a beta test with clients. It has worked very well. Nobody’s ever been arrested. Their success and our refinements over 25 years can now be yours.

Closing, Cold Calling, Entrepreneurship

Laser Focus Leads to Placements



laser Alejandro Serrano Durán

As demand for our search and placement services started to pick up late last summer, I decided to focus intently on one huge task; increasing the production on my desk.  I established new goals, blocked out all other peripheral responsibilities, and hunkered down to re-create a profitable business. Today I can report that my venture has been a huge success!

Those of you that run a solo practice know we all have the challenging day to day task of managing priorities. We have to determine if we truly have the right searches to fill, once we obtain them, and then must attack each placement opportunity with precision and efficiency. We must qualify diligently and seek immediate results without appearing impatient or testy. This process has required maximum focus, a willingness to learn from the challenges of 2009 and a dedication to what has, and always will, work in this awesome industry of ours.

The attention to detail on each search assignment is where it all starts, but often the other aspects of being a successful practitioner get overlooked. I am here today to say that if and when you put together a string of six months of approximately $50K in billings per as I just have, the resulting financial payoff makes it all okay.

Interviews, The Business of Recruiting

Lessons From a First Placement



Nate Elgert

Like just about every other recruiter, current or former, my first couple of months in this business was a struggle. Everyday I was making 70-80 dials that equaled 25-30 non-sensical ramblings that usually ended in a “not-interested” or a merciful hang up from my target. I was a brand new accounting and finance recruiter who knew nothing at all about accounting, and very little about business in general. The juxtaposition was that I was a hard-headed, sometimes cocky, 30 year-old who thought he knew pretty much everything. As time went on in my first couple of months as a recruiter, that attitude was replaced by a resigned feeling that I was not going to make it out of this alive (figuratively speaking of course). After about 6-8 weeks of this battle, I was ready to throw in the towel and move on. Moving on is what I had done best in my career up to that point. This was my fifth job in seven years, and going in, I was convinced that this must work out or I would be stuck in that revolving door of sales re-treads. It was this feeling, and a fiancé who was not likely to marry an unemployed former golf pro, that kept me coming back every day. Yep, you could say my first couple months as a recruiter was indeed a struggle. Then, one day, I caught a break.

Fees, Interviews

I “FIRED” My Candidate…and Still Closed $27k



yourefired

Last month, I “fired” a candidate during the interview/offer process, and I am 100% convinced the only reason I still earned the fee was because… (are you listening?) I emotionally “checked out” of the torment and refocused my efforts on the things in my business I could control, which were sourcing and recruiting candidates for other searches on which my firm was engaged. After nearly fourteen years as a third-party recruiter, I have learned a thing or two about candidate or client control… IT DOES NOT EXIST!

For Managers, Relationships

The Process Makes the Placement



process

How many times have you heard one or more of your clients state:

“I will not settle for anything but the best.”

Or

“I want to hire the best candidate available.”

Although a worthy pursuit, for many clients, hiring the “best,” in most instances, may be an unobtainable goal. Actually, Herbert Simon may have said it most clearly in his reverse juxtaposition of an old saying:

“The best is the enemy of the good.”

Business, The Business of Recruiting

A Rebuttal: 10 Things That Smart Money Didn’t Bother to Find Out About Employment Recruiters



oh-no-you-diint-emu

We recently ran an article entitled Speaking of Perceptions… outlining a piece written in Smart Money about the 10 Things Employment Recruiters Won’t Say. One of our readers, Tom Keoughan, had an opinion on the Smart Money article he wanted to share. Below is his response….

I don’t know where you got your information, but it paints a highly distorted view of the way executive recruiters work. Certainly there are good people and bad people in every profession, but a lot of the weak recruiters have been washed out of the business during the current economic downturn. As someone who has been a successful executive recruiter for almost thirty years, I will tackle your points one by one. 

Uncategorized

How to Spot Hiring Authorities With Higher Priorities, Part 2



fordyce-default

Yesterday in part one I discussed the first three ways to know if your “hiring authority” is hiring — and an authority at all.

Today we discuss the final three ways:

4. The Weakling
Most recruiters take the inflated term “hiring authority” literally. This causes them to forget, completely, that they’re literally “consultants.”

Middle-management supervisors are undoubtedly among the most emotionally fragile people in the working world. Their “authority” is constantly questioned from above, below, and even from lateral supervisors.

Uncategorized

Getting Back to Being Busy



fordyce-default

Editor’s note: Carolyn Thompson is a scheduled speaker at Fordyce Forum 2010 in Las Vegas this June.

I can’t remember the last time I had five placements in one week.

As a member of the Pinnacle Society, I challenge myself to have, or be involved in, at least one transaction each week resulting in between 50 and 80 placements a year. Last year I worked hard to hit my minimums, but this year I’m already exceeding my targets.

In my “back to basics” methods, I have been putting in more hours on the phone and in-person meetings than ever before. This leads me to mention activity levels. People ask me all the time, how is it that you bill so much? Focusing on these revenue-generating activities each week helps me exceed my target sales and revenue:

  • In-house candidate interviews
  • Job orders
  • Candidate send out interviews at clients
  • Meetings

In-house candidate interviews:
Getting to know each candidate, creating a one-on-one connection, goes a long way toward helping them find a job, especially when they are struggling with the job search process. I try to personally interview four people every day, either in-person or by phone. The majority of my work is locally based, so I am lucky that I can connect with people in person, although for distance searches I utilize my webcam to form a unique bond at the outset. This enables me to better inform candidates about my expectations of them and what they can in turn expect from me as a recruiter.

Using the candidate’s recent interviews as a launching pad to learn what they liked and didn’t like about where they interviewed often opens up a line of communication that helps you learn what is, and isn’t important to them, enabling me to be more efficient on their behalf.

Job orders:
Seem simple enough, but many companies don’t want to pay fees unless they absolutely have to. In these cases, market candidates who are a great fit for the company and the opening they have, but make SURE you come to a WRITTEN mutual agreement on the fees BEFORE anyone crosses their doorstep. Activity levels will vary by specialty, but generating 1 to 3 new job orders a week is a great goal to aim for in any industry.

Candidate send out interviews:
Whether they are phone interviews, breakfast or dinner meetings, or actual on-site interviews, this is the most important step to getting the offer. Each step of the interview process is important so attempting to have one candidate-client interview per day is an excellent goal. This could be a first, second or even third step, but it’s the ONLY step that will get you closer to an offer and acceptance.

Meetings:
Meetings are an important step when establishing relationships with candidates and clients. Again, whether it’s in person or via Skype, there’s no replacing the opportunity to put a name with a face. Your ability to make a personal connection with your clients will set you apart from your competition, who are focusing on fees.

I also count preparing the candidate for their client interview, or interview preps, as “meetings” in my weekly activity report. I learned years ago that no matter how much I planned, made great marketing calls, and even secured a signed fee agreement, if the candidate was not well-prepared for the interview, all my hard work was for nothing. I generally spend more time in the prep than the initial interview and often do them from home in the evenings so as not to be interrupted.

So how many activity points does it take to bill $1M?

You can easily calculate that based on your specific individual fees and number of annual transactions, but I aim for a minimum of 25 activities per week. That’s only 5 a day. I have a tried-and-proven worksheet that will help you calculate your average transaction and how that breaks down into value per activity.

If you’re interested in a hands-on activity, visit my website for a webinar I recorded that many people find helpful: Goal Setting for Recruiters.

Focus on activities so the placements will follow!