Though some companies are unfortunately having to make lay-offs and furlough people, other companies are needing to hire folks. We are amidst a shift in the economy and job force, one that I believe will not “go back to normal”, but will evolve into something directionally new. Our post about “Changing Times” explains some of my theory on that being a repatriotization of American manufacturing, among many other things.
For those that are hiring and using recruiters it’s important to know that there are two main approaches to headhunting when it comes to fees – it’s important during a recession like this to understand them.
There are contingency fee based firms (that’s what we do here at Integress), and there are retained firms. Contingency fee based firms do not bill you until the job is done. Not a dime upfront. Once you hire the candidate your recruiter found you, then they get their payment for their services. Retained firms charge a partial fee up-front and then the remainder of the fee once a candidate is hired. There is a hefty financial commitment and the start and in these times of recessions, it can get tough.
In times of uncertainty, such as these, paying fees up front is risky. It can also mean a more drawn out process. Deferring payment is a great way to go when budgets are tight and the motivation to work hard is at an all time high. Contingent recruiting firms require just as much buy-in from the companies they work with, though have to absorb some of the financial risk.
We can tell you from experience that the only talent we want to place into companies are high-quality. We only submit the best of the best and then dwindle that down to a perfect fit. We spend too much time, money, and attention to risk anything less than excellence.
An additional benefit of hiring a contingent recruiting firm during a recession is that there’s a lot of movement happening. Having a recruiter with the inside scoop from both companies and employees with industry knowledge of layoffs and furloughs is really crucial. These recruiters are out in the field getting live updates on who is going where and why. It’s great to leverage that information and help the job market as well as the overall economy move quickly.
Lastly, if you’re looking to hire a game-changer, it’s still good to have a recruiter find someone currently employed and help them pivot. Recessions really help people take stock of what is important to them, with how and where they spend their time being paramount. Helping people move into perfect-fit companies is important. There are just as many people in the world for every job that is open, who are qualified to do what needs to be done. It’s simply a matter of finding them.
To discuss expanding your manufacturing facility, laboratory, data center, testing facility or anything engineering or technical have a range of senior to mid tier candidates on our database. Our pool of talent comes from all over the USA and we can recruit for jobs across the USA. We have offices in Southern California and Chicago. For a complimentary review of your talent needs, contact us HERE