Mike Richards from a treasury recruitment company breaks down how recruitment fees work and why they cost what they do. He covers the risks recruiters take on and different fee structures, drawing on Marcus Sheridan's approach to pricing transparency.
Foreign.
Hello everyone, I'm Mike Richards from the treasury recruitment company. This blog and this video originally came as an inspiration from. Well, given to me by an informal mentor mentor of mine by the name of Marcus Sheridan. Marcus, some of you might know, is the swimming pool dude. He revitalised his business many years ago and moved from selling swimming pools into marketing and did it very successfully. One of the key things he embraced was the question of pricing. He discusses it particularly well in his book they Ask youk Answer. I'll put the link to that in some of the show notes. But pricing and recruitment is a massively sensitive issue. But why people ask because it's sometimes difficult to explain what we do, to quantify. It's a hidden art of science. It's a magical thing, if you like. But joking aside, I wrote this article because I want to talk about the risk we take when we recruit. 100% risk to us. And people asking, well, what does that mean? So in recruitment, if we don't place someone in a job, I'm working on contingent basis, do all this work, I don't get paid, I've done all this work for free. So I then try to address this. If I was up against another recruiter, for instance, and people were trying to push us down on fees, so our fees might be 25, it might be 30% for some very senior roles. But they say, oh, hang on, we've got some guys, they've done us a deal, they're on our preferred list. Preferred, they're only charging us 15%. Okay. They get given the role. Eight weeks later, we get a phone call from someone saying, oh, can you recruit for us? Our guys at 15%, they found no one. So they go, right, so they've had a two month head start, zero results, and now you want us to search for your reduced rate going out into what is a scorched earth because everyone's already covered it. Any good candidates? A lot of them would have been turned off to the job if they've not already applied. So it was difficult to go out there with this fresh message. So in the article, I don't want to get too detailed. It's a very detailed article, it's really good. Well, I enjoyed it. A lot of people did as well. In the article I explained the three solutions we tried to offer and some of the pricing guidelines, full fee search, retained basis and stage search. Have a reading the article, explain what that means and how pricing recruitment for us works. It's not their sell, sell, sell, look at us, it's more of a practical explanation of how recruitment works, recruitment fees and how we structure them. And I hope you enjoy the insight into our world. Enjoy the article. If you've got further questions, give us a call. But many thanks for your.
