The world of recruitment is all about solving business problems.
It could be that there’s a deficiency in the business, someone has left leaving a big hole that requires filling, or there is a growth forecast but new skills are required to enable this growth. recruiters find the person, they do their “magic” and find that unicorn in a timely manner.
Everyone is happy. The new starter, the employer and the recruiter.
Then we go and cause another business problem. In accordance with the terms and conditions agreed upon, we send in the invoice for our services.
An invoice of say $15,000 payable within 14 days lands in the CFO’s inbox. I’ve seen them turn white at the realisation that $15,000 is about to be taken out of the budget. Sometimes they haven’t thought that far ahead and haven’t received actual sign off from the authorised people and are wondering how they are going to justify this, or the business is just in a position where the $15,000 as a lump sum payment will hurt initially. This causes a few problems.
A lot of Recruiters work on contingent roles. Meaning that if they aren’t making placements then no invoices are going out and the business is struggling. So when they are successful in making a placement that targeted cash infusion is a life blood for a recruiting company. Herein lies the rub. Most Recruiters want to help out their clients, to forge long term relationships, but they also need to get paid. Everyone has bills. They can negotiate longer terms, delayed payments to help out their clients but this hurts them and their business.
TalentVine is focused on adding value to Recruitment functions and is constantly on the look out for tools and ideas which will uplift the industry. A lot of businesses are doing it tough so we’ve put our thinking caps on and created a Hire Now, Pay Later solution to assist both Recruiters and their clients out in these tough times.
Hire Now, Pay Later works with both Recruiters and businesses to take awkwardness around finances out of the relationship. It works for Recruitment much like the way an AfterPay, ZipCo or Humm or other Buy Now Pay Later (BNPL) companies like that work for the retail sector. TalentVine’s HireNow gives employers the freedom to hire someone NOW and pay your recruitment invoice over a period up to six month. Ensuring you, as a business, receive a solid “return on investment” before the full fee is paid by you, and helps business’ keep a handle on their cash flow. Like “lay-by” for talent. Bringing your Recruitment solution into the rapidly expanding “Buy Now Pay Later” ecosystem. It’s surprising that it has not been more prominent before this. As an employer, it makes sense and will keep the CFO happy.
As a Recruiter, you decrease recalcitrant risk, as you still receive the full fee upfront from TalentVine, securing your cash flow and allowing you to focus on the next placement, not chasing your clients for money. This doesn’t help any relationship.
The win for the Recruiters is the fact that they receive the surety of receiving their invoice paid immediately. It’s a win win. Something that has been a savior for some businesses in this period. It is something that could have a serious impact on Recruiting businesses. Afterpay and their like report an 80% spike in business after business began offering this as a service. Offering this as a Recruiter will, for a little while, be a differentiator, that is until the word gets out.
It is unusual that an offering gives Recruiters and businesses a positive outcome (apart from the talent joining the business of course). Hire Now, Pay Later is a game changer, something that TalentVine is proud to offer our clients and can’t wait to see the real impact this will have on the marketplace.