RecruitiFi CEO Brin McCagg sat down for another chat with HR luminary and award-winning producer/director Peter Clayton of TotalPicture Media to update him on the great strides RecruitiFi has made since they spoke last, as well as the
Watch the video in its entirety on TotalPicture Radio.
Continue reading below for some excerpts from the interview:
Brin brings Peter up to date on RecruitiFi’s strides since they last spoke:
Peter – The last time you were on the show, Brin, you were trying to find a decent wifi connection at a motel near the Grand Canyon. A lot has changed with RecruitiFi since then. Bring us up to date.
Brin – RecruitiFi has made just enormous progress since we last spoke. First of all, from a company perspective, we’ve got new offices in midtown. We’ve tripled the size of the firm in terms of employees. The product has just gotten vastly better in terms of the way it works, but most impressively, there’s almost this viral effect in terms of companies coming and adopting us. Fortune 500 companies and thousands of recruiters from around the world have signed up, so we’re really on to something exciting.
Brin and Peter discuss the idea that “anyone” can be a recruiter on RecruitiFi:
Peter – I never thought of RecruitiFi as a platform where anyone could be a recruiter yet you responded to Kevin Maney of Newsweek by saying, “There really is no barrier to entry.” Can you unpack this for us?
Brin – We are having a huge impact of who, where, and when can be a recruiter. Anyone can sign up to our platform, but the application forces them to classify themselves on their specialization. We have a lot of information as well, so we’re able to score recruiters on the quality of the candidates and how far they get in the interview, recruiting, and hired process. This makes recruiters more focused, and the good ones quickly bubble to the top. The ones who are not effective are just quickly scored off the system.
Brin and Peter discuss the RecruitiFi model:
Peter – Professional recruiters, when they get an assignment to find a particular type of a candidate, they will submit three or four who they have vetted and who have experienced interest in the position. Of course, the companies can hire only one person, so that leaves two or three additional candidates who are highly qualified that the recruiter has spent a lot of time developing a relationship with.
Brin – You’ve hit the nail on the head. What it allows companies to do is create a serendipitous match with recruiters that either know their industry and the constituents in it extremely well, or who have just completed a similar search, or had a search canceled. Somewhere out there, someone either knows or is talking to a candidate that matches the open position you’re looking for. It’s really a crowdsourcing and sharing economy, but it’s also an on-demand model where you get candidates almost immediately.
Brin McCagg, Founder and CEO of RecruitiFi, discusses the growth of his company,
the war for talent, and the future of recruiting.
Brin and Peter discuss the average time-to-fill:
Peter – The average time-to-fill has been somewhere between three to six months, and there was a recent survey on ERE that pegged the average time to fill at 58.1 days. Have you been shortening that time-to-fill with RecruitiFi?
Brin – Dramatically. The War on Talent is greater than ever. The time to fill positions is at an all-time high, and companies are feeling that pain. Recruiting is a moment in time. A good candidate is available for a very short period of time. RecruitiFi is dramatically shortening that cycle. If you’re interested in a financial associate, someone else out there knows great candidates who are interested in making a move. That’s what we unlock – the power of that network.
Brin and Peter discuss RecruitiFi’s unique compensation model:
Peter – Something I think a lot of recruiters would be interested in hearing would be RecruitiFi’s compensation model, which is really different and quite unique.
Brin – When a hire is made on our platform, we charge a flat 14% fee. We administer it; it’s all electronic. We provide a 60 day guarantee to the company. If the candidate leaves for any reason, we’ll refund the money or recast the position until it’s filled. At the end of 60 days, we distribute that 14%: 10% to the winning recruiter that placed the candidate that got hired, 1% to runner-up recruiters who submitted good candidates that the company indicated they were interested in but did not get hired, and then we keep 3% at the end of the cycle. The fees may be less for recruiters, but it’s less work, and they’ll make that up in the sheer volume of requisitions they receive.
Brin and Peter discuss where RecruitiFi will be in one year:
Peter – Where do you think RecruitiFi will be a year from now?
Brin – I think we’re going to be a lot bigger. The company is growing exponentially month over month in every key metric. Companies and agency recruiters get our value prop and are adopting it at a rapid rate. More importantly, I think we’re going to be a lot better. What I mean by that is precise. Our platform is about “less is more.” Our company is about matching a small subset of recruiters that have the available candidates with companies looking to fill open positions, and we’re doing that.
Brin and Peter discuss the types of candidates that RecruitiFi recruiters submit:
Peter – Would you say the candidates that recruiters submit are passive, meaning they already have jobs?
Brin – The vast majority. Definitely. The recruiters are talking to the passive candidates, because the good recruiters know their field and want to make a placement. They’ll often pry loose candidates that are in jobs who are relatively satisfied or not even looking. That’s what is so important about that human element that RecruitiFi provides.
Click here to listen to Brin's previous interview on TotalPicture Radio.