can you go around the headhunters?
I read that post the other day that said MF pays headhunters 30% of your salary for "sourcing". From what I understand the headhunters aren't even the ones interviewing you - they just do some preliminary screening and put you into the process run by the firm itself.
Can you just go around the headhunters? Reach out directly to team members and express interest? Or reach out directly to HR? From my point of view, this is a benefit to the firm because if they hire you they don't have to pay and they also don't have to rely on the hEaDhUntErS.
Anyone have experience with this for Oncycle?
No. This is all prohibited in the contracts between HH and funds.
Interesting, makes sense.
How can you get on the radar of headhunters? I'm at MS/GS/JPM but not sure I'm in the "right" group to get the best opportunities.
If you're in coverage/m&a they'll find you. If you're in ECM or DCM you simply aren't going to be high on the list of priorities for on cycle.
It depends on the firm’s contract. In most cases the headhunter gets paid regardless, but at my current firm we have list of candidates that we sourced that are carved out of our agreement.
very helpful to know, thank you
Worth clarifying that a headhunter's fee isn't subtracted from your salary, it's just calculated using it (you lose nothing).
A bad HH will scrape your CV and send it to every fund on the street, and then be pretty hands-off throughout. A good HH will discuss what you're looking for, how that matches what they have available, and manage you & the fund throughout the process - including in preparing you for interview. HH's only make money if you get a job, and the more you make the more they make, so it's not really something worth "going around", usually.
Good HH’s are absolutely worth the money both for candidates and for firms. And it’s a nice bonus that they are incentivized to fight for higher comp for you (usually get ~30% of base).
Speaking from experience, my HH was awesome, although it was for an industry strategy gig at the time, rather than PE.
Some PE firms give their employees bonuses for anyone they hire without the use of a headhunter and they may be incentivized to help you for that reason, but I don’t believe that’s very common
depends on that agreement they negotiated. my fund doesn’t have to pay our HH if we source the candidate. we’re smaller and they care less about us than say New Mountain, however. YMMV, but a lot of funds hired the HH because they don’t want to deal with the logistics of recruiting.
Same here at both my prior shop and current shop - candidates sourced independently don't require payment to HHs. Prior shop paid out referral bonuses to employees.
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