If you are a hiring manager in the pharmaceutical industry, you’re probably seeing pressure on product pipelines on both the R&D side of the house and in terms of sales. Hiring to meet these needs can be a constant challenge for the pharmaceutical hiring manager or HR professional. Many of these professionals elect to work with specialist recruiters to help them find and hire the right people for the team.
A common fee structure for recruiting is the contingency fee that is paid only when a candidate is hired. It might be a flat fee or a percentage of the employee’s salary (usually the latter). Contingency recruiters usually guarantee that an employee they find will remain with the employer for a minimum number of days, and will waive part or all of the fee if the employee leaves before that time.
But contingency arrangements aren’t the only way to work with a recruiter. The pay per candidate model involves paying a standard fee for each candidate that is interviewed. As with the contingency model, there is zero risk for the employer with pay per candidate if they don’t end up interviewing anyone, but there are other benefits to the pay per candidate model that make it worth exploring to the pharmaceutical hiring manager. Here are 4 of them.
It’s Efficient for Both Recruiter and Employer
The pay per candidate recruiting model is efficient for all parties concerned. The client can be selective in terms of candidates they choose to interview, keeping total cost under control. At the same time, the recruiter has every reason not to waste time on candidates that the client may not be interested in interviewing. The end results can be a classic triumph of quality over quantity, as well as time savings for both the recruiter and the client employer.
Recruiters Are Not Compensated Based on Candidate Salary
When a specialty recruiter is compensated based on the pay per candidate model, the fee is not based on the salary of the candidate hired. In industries where competition for talent is intense, recruiters who are paid based on a contingency fee may find themselves in the ethically challenging situation of promoting higher candidate salaries to boost their profits at the expense of the client. With pay per candidate, this issue does not arise.
Better Reflection of Value the Employer Is Paying For
A pay per candidate fee structure accurately reflects the value recruiters deliver and clients receive.
While the contingency fee structure minimizes client risk, the pay per candidate fee model keeps client costs down while more accurately reflecting the effort that the recruiter invests in a candidate search and the results of that effort. With the pay per candidate fee model, you could conceivably hire a candidate after a single interview, which could be outstandingly efficient and a tremendous value to your company.
Payment Flexibility Is Built In
Many employers like the flexibility of the contingency payment model. When a candidate is hired, they may make the contingency fee over time, and of course if nobody is hired, there’s no fee. The pay per candidate fee structure builds flexibility right into itself. The recruiter qualifies and forwards a select number of resumes to clients, and the client chooses how many (if any) to approve for moving forward with an interview, so costs are easy to track at every step.
Don’t Make Hiring More Challenging Than It Already Is
In specialized industries like pharmaceuticals and biotech, competition for talent is constant. The PR professional in pharmaceuticals has an especially full plate because the industry is heavily regulated. Finding and hiring outstanding job candidates can easily fall through the cracks. That’s why hiring managers in industries where talent is challenging to find and hire work with specialty recruiters who have the experience, skill, and networks necessary to locate only the most promising job candidates to minimize time wasted on marginally qualified applicants.
The pay per candidate fee structure is straightforward, and even in cases where there is a premium for hard-to-find candidates, it offers several advantages over the traditional contingency fee model. We invite you to explore our recruiting options and payment models and get in touch at your soonest convenience. We are every bit as excited about your finding and hiring that ideal job candidate as you are.