Redmond: Cost savings calculator

Costs Benefits ROI of Recruiting, Recruitment Outsourcing, Search

Weighing the costs and benefits of your options for engaging a Recruiting partner? Good! You’re a smart cookie, and we’re glad you’ve got your thinking cap on. Here’s a little tool we hope helps.

This calculator was inspired by one of our most successful global clients who once shared with us his “startling insight” that at the end of the day, what you really need to think about as an internal corporate recruiter is what you’re paying, not just for Search, but for successful Search vs less than stellar search. (Thanks, Pete!)

His conclusion? The difference in Cash Out for a successful search isn’t that great, regardless of approach. When speed to hire, leadership and innovation are of the essence, the real costs are incurred by the high number of Executive Searches that are outright unsuccessful or short of wildly successful.

Salary:

Bonus:

Total:

a to b:

c to d:

e to f:

g to h:

i to j:

What will a successful Search cost?

 

Instructions:

  1. Enter the anticipated compensation
  2. Click "Submit"
  3. Compare the scenarios below

Target salary:
First year bonus:
CALCULATE CASH OUT!

 

Ideal search target

Typical Executive Search

Officers, Board, and C-level

Redmond Retained**

Mission-critical senior hires

Contingency Search

Mid-level, non-critical positions

Retainer fees

30 - 33.33%

Fixed Fee

None

Placement fee

None

None

20 - 30%

Repeat search risk*

2 - 3 times

Low to None

2 - 3 times

Cash Out

Typical Search
Total

Redmond Retained**

Contingency Search
Total

 

*Did you know? The average Redmond client has unsuccessfully searched to fill a critical position two to three times before finding the answer to Search in Redmond!

**Seeking Even more Value? A great majority of Redmond clients realize even greater savings through our most popular product, Redmond Research.

What will a less than stellar Search cost?

Oh, good. Someone out there suspects that Cash Out isn’t the only cost that matters when evaluating one’s investments in Search. There’s hope for our national and global economy!

Before you let your Recruiting team jump to the lowest cost option to save a buck, or err on the most expensive option and pay too much for too little, please: make sure your colleagues understand the costs you’re likely to incur in areas such as these...

What’s the cost to your organization of these Top 10 risks of less than stellar Executive Search?

Risks to Your Organization

1.Impact of poor positioning on company brand as an Employer.

2.Caliber of candidates only what anyone would discover.

3.Candidate preparedness issues.

4.Speed to interview that’s slow or bumpy.

5.Impact of inefficient utilization of internal resources.

6.Advantage afforded to the competition in the process.

7.Letting the confidential “cat out of the bag” in any way.

8.Having to repeat the search, for any reason.

9.Not having a definable, repeatable sourcing strategy for talent pipeline development.

10.Impact on Careers and well-being of individuals, including yours.

Plus cost of the initial Search.

BOTTOM LINE COST OF LESS THAN STELLAR SEARCH?

Cost To Your Organization

REVEAL ANSWERS

 

In my experience, most search firms tend to leave the cost/value discussion until last... 

Instead the conversations are filled with past experiences, industry specialties, and confidence fillers.  However, from my view, there are very few purchasing decisions in life or business where the cost/value proposition is not an upfront consideration. I like to have that discussion first! To me, the Redmond value is not because they are the cheapest, but instead their ability to allow me to buy what I need, and keep/own what I don't need.  

The formula is simple, any professional responsible for bringing the best and the brightest into an organization must look at their end to end search process as a business. There are things you should build yourself, there are core competencies you should own, and there are things you should buy. Each of these considerations have a very distinct cost/value tradeoffs, and as a CEO of search, you need to think in these terms.    
 
The Redmond Research product supercharges the front end of your talent pipeline, lets you buy the focus of Retained Search for a fraction cost, while letting your own team drive as many as the pieces of the overall search process that they are capable of handling.
 
Redmond provides a very efficient, high ROI, scalable suite of tools that can easily plug in to your existing team.