Navigating the Waters of Hiring a FinTech Search Firm
The right executive search firm can help solve a multitude of FinTech and Payment Systems hiring challenges. However, when looking to engage with a search firm, it’s easy to overlook important details that might not come to light until after you’ve signed on the dotted line. Arm yourself with this essential information to successfully navigate the waters of hiring a FinTech search firm.
Understanding FinTech Recruiting Firm Fee Structures
The two most common fee structures recruiting firms use are contingency and retained. They can be defined as follows:
- *Retained Fee Structure: Your business pays an upfront fee to the firm for their services (a retainer). Agreements may differ, but for your upfront fee, you have access to additional resources, guaranteed candidates with a certain timeframe, speed to delivery and other value-added services, like candidate exclusivity and an extended guarantee. Retained agreements are typically exclusive, meaning that recruiting firm alone has access to your open listing.
- *Contingency Fee Structure: These are performance-based agreements that only require payment when a candidate is successfully placed. The fee is typically based on a percentage of the new employee’s salary.
Understanding FinTech Recruiting Firm Hiring Structures
Different recruiting firms specialize in different types of placements. Before choosing a FinTech search firm, it is necessary to understand the type of talent you’re looking for, and whether the firm has a successful track record in that area.
The types of hiring structures you’ll commonly see include:
- *Direct Hire: The recruiting firm will submit candidates for full-time permanent roles with your organization.
- *Contract/Interim: Contract employees can be brought in on a short-term basis to help navigate a crisis, changes, an increase in workload or to ensure timely delivery of a complex project. Contract staffing is ideal when you need to engage specialized experts for a short timeframe.
- *Temp-to-Perm: Temporary-to-permanent placements allow you to test a potential hire out before making an offer. It often helps to see how a person handles themselves on the job and how they fit with the team before committing to a full-time offer.
The Challenges of Today’s Market
Now that you have a basic understanding of search firm terminology, it’s important to understand how the current market can impact your ultimate choice. Given the low rate of unemployment in the FinTech and Payment Systems sectors, it is imperative to choose a partner that has a proven track record of recruiting in tight markets.
The point of hiring a search firm is to access talent you can’t find on your own, quickly. But, anyone can send you warm bodies with decent resumes. You want to find a company that offers true differentiation and can deliver skilled talent with the personal attributes to succeed in your organization.
MoneyTech Search is a market leader in FinTech and Payment Systems recruiting, matching dynamic businesses with talent that is qualified and culturally aligned. Our solutions include contingency searches, contract placements, temp-to-perm and retained searches, including “Priority Search.”
The MoneyTech Priority Search solution is a retained fee structure that gives you the benefits of:
- *Priority status
- *A full team of recruiting professionals dedicated to your search
- *Confidential search
- *Candidate exclusivity
- *Detailed reporting, including competitive analysis, candidate personality profile, extensive background checks and more
- *A replacement guarantee on all candidates
Contact us today to learn how we can shorten your search time, improve the quality of new hires and help you achieve your goals with a solution tailored specifically to your needs.