EK Talent Exchange Split Fee Recruiting Network
Split fee recruiting is a fantastic way to meet your client’s need’s of finding that one candidate who is “the fit” for your company’s hard to fill openings! Split fee recruiting is nothing new and has been around for many, many years. What clients don’t realize is that a vast majority of candidates (ultimately hires they make) didn’t come directly from the search firm you signed the contract with to conduct the search. They come from said search firm’s recruiting partners (other search firms who are really good at finding specific candidates in a multitude of industries)! Let’s dig into all the nuts and bolts that make up a split fee network.
What is a Split Fee?
What is the definition of a split fee?
A split fee is exactly what it means. Two recruiting firms split the fee 50/50. For example if the total fee for the search is $70,000 - $35,000 goes to the search firm who has the job (job recruiter), $35,000 goes to the search firm who finds the candidate (candidate recruiter) that gets hired for the job.
When I first started in this business 4 ½ years ago I did nothing but splits for an entire year! I didn’t have any clients of my own. I made a lot of money. So, I am defintely a proponent of this business model and it works!
How Do You Find a Recruiting Partner to Do Split Placements with?
How to find a split fee placement recruiting partner?
Connecting and networking with other recruiting firm owners, much like you do candidates. If you see on LinkedIn, etc. that a search firm has an opening and you happen to have a candidate that would be a great fit for that role - reach out. See if they’d be open to working with you and doing a split for that role! Or you can join split recruiting networks like Top Echelon or NPA Worldwide to name a couple.
What is a Split Fee Recruiting Network?
Split fee recruiting networks in a nutshell!
Split networks are comprised of headhunting/recruting firms made up of solopreneurs to nationally recognized Forbes Top 50 search firms. Said recruting firms specialize in virtually every industry you can think of - accounting, finance, IT, manufacturing (food, chemical, medical, etc.), engineering (Civil, Software, etc), sales (industrial, healthcare, medical, etc.), legal, healthcare (physicians, allied health, nurses, etc.), executive functions ( CFO-Chief Financial Officer, CEO-Chief Executive Officer, etc.) and more. The benefit to all this is you have access to seasoned recruiting experience in virtually every industry on the planet. In essense there isn’t a position that you couldn’t fill if you leverage the network.
You have endless opportunities to:
Access any specialty.
Work on any job that a recruiting partner needs candidates for.
The idea behind such networks is to be able to access seasoned talent to help you scale your business and make more placements without having to hire and take on overhead! Which is a massive benefit. Your partners are an extension of you and your firm without you having to spend the resources to hire additional recruiters.
Also, you don’t have to do any business development - you reach out to other partners and recruit candidates to help them fill those roles.
It’s a win-win!
How Do You Join A Split Fee Recruiting Network?
Joining a split fee recruiting network is simple!
You go through a vetting process where you formally apply, give references and agree to a membership if you’re ultimately deemed a “fit” if you will. In my opinion they let pretty much anyone in as they’re for-profit businesses and they need to grow top-line revenue like you do in a search firm!
Two of the most well-known split recruiting networks are:
If accepted you sign on and pay membership fees - monthly or yearly.
To be transparent we were members of both NPA Worldwide (1 year & 2 months) and Top Echelon (2 years)
Except for EK Talent Exchange!
EK Talent Exchange does not have any monthly fees.
The vetting process for EK Talent Exchange is very simple.
More on fees in a minute!
How Much Does it Cost to Join a Split Fee Recruiting Network?
What are the costs associated with joining a split fee recruiting network?
Depends on the network.
NPA Worldwide - $500 upfront, then $205 a month. They sometimes run promotions that’ll reduce the $500 to $250, etc. Pricing can vary based on the size of your firm. In addition to the monthly fee when you make a split placement with another recruiting firm you pay 5% of the total placement fee as well to NPA Worldwide for each placement you make.
Top Echelon - No upfront costs. $150 a month for the recruiting network, $26 dollars a month to have access to all network jobs that you can place on your website. You pay 6% of the total placement to Top Echelon when you and another recruiting partner make a placement.
This has led to quite a bit of turnover in both networks as the juice isn’t worth the squeeze. However, there have been many headhunting firms that have had tremendous success and it’s one of their best investments.
EK Talent Exchange - No upfront costs, no monthly membership fees, 6% of the total placement fee (5% goes to EK Talent Exchange, 1% goes back to the recruiters/firms who’ve made the most placements in a month).
Why Consider Joining EK Talent Exchange Over Other Recruiting Networks?
Why EK Talent Exchange?
There are no fees to join so you have nothing to lose. You only pay a percentage (6%) of the total placement fee as mentioned if you and another member make a placement.
You’ll know what recruiters and how many are working a specific job at all times. NPA and Top Echelon don’t provide you with that information.
Every candidate in play for each job will be made known to all members - so, A) They don’t waste time speaking with a candidate that’s already in play, or B) decide whether they want to work that job based on the number of candidates submitted.
Will ensure that whoever comes into the network that there’s other firms in it that can help them fill their openings!
EK Talent Exchange is going to drive the bus a little bit to ensure success!
To see if this makes sense for you let’s set up some time to chat.