Innovation or Madness? New Recruitment company, Playfair and Noble, pay 50% of their fee to the successful candidate!
Do you ever get emails from companies looking to 'sell you' their company? Probably like you, I get a fair amount arriving in my inbox each week. So you could probably say that I am a little sceptical (too long in the recruitment world, I am afraid!!)
So it was a really pleasant surprise to see a recruitment platform (from non-recruitment people I might add) that is daring to be different and placing its big kahuna's right there on the middle of the recruitment table to be chewed at!! (Metaphorically of course!)
Now before you think I am over dramatising this a little, let me tell why it is so different – This company actually pays the successful candidate 50% of the fee they get paid from their clients!! And before any of you recruiters say it won't work (like I did before I spoke to them), they have done their maths, and they believe it will.
Now that I have your attention let me tell you the company – Playfair and Noble – and with a name like that, and the offering they are proposing, it won't surprise you to guess that ethics are a HUGE part of what they stand for.
Basically they have a real issue with recruitment agencies.
They feel the fees are too high, and that the candidate doesn't see any part of that fee, even though they are a big part of the agency making the fee in the first place. They feel the candidate should also be rewarded for their part of the process. Interesting indeed – I told you they are prepared to be different!
In their words," We are an innovative and ethical company which removes the restrictions imposed by traditional recruitment, by providing a platform which allows employers, professionals and referrers to communicate directly and discreetly, without the burden and prohibitive cost of a ‘middle man’ and with the benefits of an ethical business model. Apart from charging employers only 7% of first year salary, Playfair & Noble give 50% of that fee to professionals and 10% to the referrer who has referred the professional to the site."
Interestingly they also advertise all their client company details on their website for the positions they are advertising for. In my conversation with one of the founders, I actually accused them of madness on this point. However when he highlighted the fact that because the candidates stand to make a 50% share of the fee, it is in their interests to go through the right channels – the Playfair and Noble website.
I have to be honest and say I think this is a very radical and innovative approach to recruitment. They really have just started off and are focusing on some sectors they know well, to get the traction in the marketplace.
I applaud them for their bravery, and their creativeness. It is always great to see innovation in recruitment, but is it too radical for our industry? I hope not……