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Back when I explained what investment bankers actually do, I likened them to Ari Gold. Bankers don’t create; they’re not there for the long-term; they just sell.
But if there’s anyone more deserving of the “Ari Gold” title than investment bankers, it’s headhunters.
Manpower Services are hired by investment banks, private equity firms and hedge funds to find potential candidates for hire. The recruiter does NOT work for you – he works for the firms that hire people.
When you get hired via a headhunter, he/she might receive around 30-33% of your base salary in compensation – from the firm that hires you.
So if you see any “Should I get a headhunter on retainer?” questions, please ignore them or find the person in real life and beat him/her into submission.
The fact that headhunters are paid on commission isn’t a bad thing, but you need to take it into account when making decisions: all else being equal, the headhunter is motivated to place you and get paid.
The Manpower ServicesProcess
The headhunter contacts you directly by phone or email and introduces himself/herself, and then sees whether or not you’re a fit for the opportunities he/she has available.
For private equity recruiting, this happens in the March/April time frame for the mega-funds and later on if you’re aiming for smaller places or you’re not at a bulge bracket bank; they may even contact you in January, midway through your first year, to introduce themselves.
Sometimes recruiters won’t contact you at all, especially if you’re not at a brand-name firm – in which case you need to be aggressive, get referrals from your friends at other banks, and do some cold-calling yourself.
Headhunters are not looking to “take a chance” on you if you’re from a non-traditional background – 99% of the time they want people whose qualifications match the job requirements exactly.
First Contact
You needto meet in-person so you can tell your “story” and so they can do a better job introducing you to the right firms. Meeting in person can also help you overcome a weaker finance background or a non-brand-name bank.
The headhunter might stay involved past that, or they might back away and focus more on other opportunities – just remember that they are incentivized to make a “deal” happen because that’s how they get paid.
Good recruiters won’t tell you to take a horrible offer justso they can get paid– but if you’re on the fence and they think it’s a good fit, they will encourage you to go for it.
Why They’re So Prevalent In Financial Services
Incredibly high turnover at all levels. Some analysts switch firms multiple times per year, and some senior bankers have worked at pretty much every major bank. People get burned out quickly and lust after new opportunities equally as quickly.
Headhunters get paid around 1/3 of these six-figure salaries and everyone in the industry is hopping around a lot – that translates into nice cash money.
The other factor is that the finance industry – and especially the private equity firms and hedge funds on the buy-side – is very small, and even the largest firms in the world such as Blackstone have fewer than 500 employees.
As a result, it’s easy for a few recruiting firms to “own” all the relationships and have a monopoly on the market.
That’s much harder to pull off in an industry like technology, where brand-name firms have tens of thousands of employees – no 2-3 recruiting firms can dominate the entire hiring process.
So, Should You Look for a Job Through Headhunters?
You pretty much have to if you’re ever interested in working at a private equity firm or hedge fund: almost everyone uses them.
Investment banks, by contrast, don’t rely on headhunters as much because they are much larger and have dedicated HR teams. So you have to think about headhunters more once you’re already working in the industry and you’re looking to make a move elsewhere.
I constantly stress how important networking is, and it’s no different here: headhunters can get you introductions, but you have a much higher chance of success if you have alreadyspoken with people at the firm.
Networking for exit opportunities can be more difficult because the firms are so much smaller than banks – but it always helps, and if your resume doesn’t match the job qualifications 100% you need to network your butt off anyway.
Manpower agency fees are paid to a recruitment agency when they succeed in placing a suitable company.fees are variable based on the placement, the industry, position, market condition and other factors. Such fees may be possible on the employer and employee coming to an agreement on various issues before an employment contract starts. It is also referred as placement agency fees.
There are two types of fees.One is the employer-paid fee and second is the applicant-paid fee. Under the employer-paid fee, the employer have a total responsibility for the fee. The employee pays nothing.This is the more common type of fee arrangement which is preferred by Recruitment agencies. They may not ever notice that a fee has been attached to their job placement Visit Here
Author: Yogita Yadav
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