WORKING EFFECTIVELY WITH A RECRUITER

By Mitch Vigeveno, CEO, Turning Point Inc., an executive search and recruiting firm Connecting Great people with Great Companies™

Many investment advisory firms, while they might be willing to work with a recruiter, do not maximize the potential of the relationship. How do you put together a partnership that best meets your company’s hiring goals?  Let’s explore some ways to get the maximum benefit from a recruiting firm. In most cases what we are talking about is 1) putting important instructions and agreements in writing, 2) communicating more frequently and 3) taking appropriate action promptly in the hiring process.

Put It in Writing

Once you have selected the firm you will be working with, have a written agreement with the search that defines the services it will perform, what is expected of both parties in the hiring process, and how and when the search firm will get paid. In most cases, you will get better results from the search firm when they are on a retainer or engagement fee. The fact that you have paid them some money at the beginning of the process creates a contract to perform, gives you the right to expect certain results within a reasonable time period and indicates to the search firm that you are serious about hiring.  As a side benefit, it also indicates to candidates looking at your firm that you are serious about growing your firm.

Work with the search firm to develop a solid profile of the kind of associates you seek. Define specifically what you are looking for in any candidates/prospects that you interview. Know what you are looking for. While it is important to define the general parameters of the position in question and the profile of a desirable candidate in terms of skills, credentials and experience, it is equally important to put down on paper the 3-5 most important deliverables that are expected from the professional  after he joins your firm. Defining accurately the most important expectations and some kind of a timetable to accomplish them will enable both you and the recruiter to interview the candidate more effectively. 

By the way, prior to starting the interview process, make sure that you get agreement from others on the management team who are interviewing the candidate regarding these key issues so that everyone will be agreed on the same expectations. Otherwise, the interviews that the candidate experiences will be inconsistent and the needs of others on your team will not be met. The final result of all this is that the candidates you interview will be impressed by the consistency of expectations and the clarity of mission that is expressed by all members of your team. Good candidates want to know what is expected of them.

Be clear yourself and communicate to the recruiter what you are offering in terms of an opportunity. Compensation, benefit programs, career track, and ownership opportunities should all be well conceived before the interview process begins. This planning and forethought will impress the professionals you meet with. Again, this should all be in writing and copies of all this information should be given to the recruiter at the onset of the search so that they can present the opportunity in its most favorable light.

Utilizing an outside consultant is also beneficial to the bottom line.  When working with a retained search firm, you generally are reaching candidates who are not actively looking for a new position (passive candidates).  They are employed, quality candidates who just don’t know about your opportunity.  A search firm can present the top representative talent for your position much more effectively than general job posting.  Furthermore, the cost of a “bad hire” can add up in many ways including HR time/energy, advertising, relocation, training, poor performance on the job, then having to start the search over again. An investment at the beginning of the search will pay off in the long run.

Frequent Communication - Act Promptly

After information on a candidate has been presented, be responsive to the recruiter by getting back to him promptly about when and how you would like to interview the candidate. Be clear whether you will set up the interview appointment or whether you would like the recruiting firm to do that. In most cases, it is more efficient for the hiring executive to have his assistant call the candidate to arrange the interview appointment. When an appointment has been confirmed, the assistant should also notify the search firm.  If the interview is at your headquarters with multiple meetings, an interview agenda should also be furnished to both the candidate and the recruiter.  Once the interview has been completed, contact the recruiter promptly and give him some indication about how it went and what the next step in the process might be. This is helpful both as information on the specific candidate and as confirmation for the recruiting firm that they have presented the right type of candidate.

After all first-choice candidates have been interviewed, tested or otherwise evaluated, use the recruiting firm to confirm your decision about the best candidate. The recruiter represents a good third party sounding board for making the final choice. If you want advice about what kind of an offer to make, often the recruiter can give you a good feel as to what might be acceptable to the candidate. In general, you do not want to make an offer to a candidate unless you are sure he will accept it. And you do not want to make an offer in writing to a candidate until he has accepted the verbal offer.  This just makes good negotiating sense because the candidate cannot then use your written offer as a way to get a counteroffer from his existing employer or another company he is considering. After the offer has been accepted verbally, confirm the offer promptly to both the candidate and the recruiter. The recruiter can then reinforce the candidate’s “wise decision” and reinforce the competitiveness of your offer.

The search for new associates will be effective if all parties treat each other respectfully and courteously, communicate frequently and promptly, and define their responsibilities and expectations in writing. Ready, get set, recruit! And good luck!

©Turning Point Inc, All Rights Reserved

About the author: Mitch Vigeveno is the founder of Turning Point, Inc., a privately held recruiting and executive search firm that was founded in 1994 to provide quality, independent recruiting, executive search and consulting services to the financial services industry. Mitch has experience on both the insurance and securities sides of the business. He has been a life insurance agent and built a general agency for a mutual insurance company. Mitch has been a regional vice president for a company providing support services and products to broker-dealers. Prior to founding Turning Point, Inc. he was vice president of branch development for a major national independent broker-dealer.

Mitch is frequently interviewed and quoted in a variety of industry periodicals such as Registered Representative, On Wall Street and Investment Advisor Magazine, and Investment News.  Mitch can be reached at 727-725-8876 or at mitch@tpisearch.com. Company website: www.tpisearch.com.