There are many benefits to split fee recruiting, not the least of which is to serve our clients better. Companies typically engage third party recruiters to assist with “hard to fill” positions or they would simply fill them themselves. And no recruiting company (large or small) can be all things to all people all the time.
Consider some of the benefits of split fee recruiting:
More money. Part of something is better than all of nothing. Split fee recruiters consistently make more money than their counterparts. In addition, satisfied clients are more likely to engage your services for future assignments.
Geography. Perhaps you have a national or international search. Why not engage the services of recruiters in those locals. Most have extensive internal databases rich with local talent.
Specialization. Do you have a search outside the normal realm of your expertise? Splitting the fee with a firm that has that specialization will ensure you have access to talent you might not find otherwise. Be it sales and marketing, IT, finance, engineering, logistics, hospitality, etcetera, there is a recruiting firm to assist you when needed.
Economic fluctuations. A changing economy in certain industries is a reality of life. When you diversify your expertise you even out the cyclical nature of any industry. Stabilize your revenue and enjoy the financial rewards.
Staffing. You will be able to attract, train and retain more recruiters with split fee recruiting because of the industries you service and number of assignments at your disposal.
Technology tools. All recruiting firms engage various technology tools to enhance their access to top talent. Engaging recruiting partners will give you greater access to additional tools without incurring the cost.
Cash flow. “Cash is king” in the daily running of a successful recruiting firm. No matter how many assignments you have on the go, nothing happens until a placement is made and cash exchanges hands. No where is this more true than with start ups.
Split fee networks. In additional to forging your own partnerships you may want to check out some of the established split fee networks including NPAWorldwide, FeeTrader, Top Echelon, and BountyJobs. All provide unique benefits to their members.
There are a number of split fee networks that will serve as an excellent source of increasing your annual revenue. Some are free and more specialized while others have a fee and cover a wide variety of disciplines. Generally, you get what you pay for and need to try different resources to determine what works best for your organization.
Good luck with your next assignment and keep split fee recruiting in mind to help grow your business!