According to REC UK’s status report for 2019/20, there are over 31,000 Recruitment businesses (81% of which have less than 10 employees). Understandably, for those that interact with recruitment agencies, it would be expected that there is a standard by which our industry should operate, however, that unfortunately isn’t the case. Like any industry, you have great operators and some less so. Leaving the standard open to interpretation is what can lead to disillusionment amongst the industry’s stakeholders.
Despite this, there were over 1 million placements in 2019 and this contributed £42.3 billion to the UK economy. Whilst it’s fair to accept that may be a noticeable difference once the numbers for 2020 are calculated, this industry is here to stay.
It’s worth giving a bit more clarity around facts about the recruitment industry and common misconceptions that candidates may have surrounding recruitment agencies and their working practices.
1. Most of our time is spent sending CVs
Sending CVs to our contact base for consideration is one of the tasks that we do in a day but it is the end product of a considerable amount of networking that we spend our time doing. We spend time meeting and corresponding with businesses that we work with to discuss current or prospective requirements. This allows us to build the best possible relationship as well as an understanding of their vision and business growth plans. The same goes for our candidate network, the more we know about you and your ambitions, the better equipped we are when there is a time you want to consider your options. Just as important, we spend time learning and acquiring knowledge within our markets so that we are best placed to advise you.
2. Recruiters only speak to me when there is a job
It will be one of the reasons that a recruiter will contact you but it shouldn’t be the only reason unless you’ve specifically asked for that to be the case. Regular correspondence with a recruiter who specialises in your workspace, gives you the opportunity to keep an eye on market trends, which firms are hiring as well as a benchmark for where your financial package is. The result of these interactions which go deeper than just your CV are that you have a trusted point of contact. At no point should this be a transactional situation.
3. Recruiters work in the interest of the Company as opposed to the Candidate
Recruiters are assigned by a business to fill a vacancy or be asked to keep an eye out for top talent; ultimately it is the business that will pay for the introduction of a candidate. However, what should also be clear is that a candidate’s motivations, company preferences, level of urgency for a move etc are all taken into account. Never should it be the case that a recruiter is introducing you to a role just to fill it. This goes back to point no.2 why it is key to have a relationship with recruiters in your market so that there is mutual agreement on what potential opportunities may interest you.
4. A recruiter’s fees may negatively impact my negotiating power when it comes to my financial package
Recruitment agencies tend to be part of a client’s “Preferred Supplier’s List” or have pre-agreed terms permitting the introduction of candidates to the hiring managers. The other alternative may be that there is a hire/introduction permitted on a “one-off” basis. This is completely separate to what a business can offer a candidate as a financial package; that is determined by the Company’s HR, management and/or Board. If it is the case that a business has engaged with you via a recruitment agency, then it should be a fair assumption for you to assume that there is no concern from the client when it comes to paying a recruiter’s fees. The power of your negotiation comes from your skillset, performance in the interview, recruiter and a company’s salary bandings. Those are the core factors.
5. Recruiters send your CV everywhere once they have it
Transparency is a key factor when it comes to building a lasting relationship in life and business. You, as the candidate, should always be aware where your CV has been sent as this should be a confidential exercise. If a recruiter is sending your CV (your data, personal information) to places that you haven’t agreed to then they are not accounting for who you may / may not know in your market and which firms you may not want to be introduced to for whatever personal reason there is. There should be a mutual agreement of which firms can receive your CV or any information about you.
6. Recruiters don’t come back to you if they have bad news
Arguably, the most common constructive criticism for this industry. You should hear from the recruiter in some capacity when they’ve introduced your CV to a client or you’re in an interview process. However, it genuinely is the case that they have “No update” or “No feedback” from the client and this can be for multiple reasons. It may be worth highlighting that when this is the situation it is just as frustrating for the recruiter as it is for the candidate. However, hearing absolutely nothing for a considerable time period is a problem and shouldn’t happen.
We hope this blog has given you some more clarity around the facts about the recruitment industry and helped to clear up the common misconceptions that candidates have about recruitment agencies and their working practices. If you’re looking for a new role in the insolvency and restructuring industry, or corporate finance sector, have a look our latest available jobs.
