HIRING TOP TALENT – HOW TO OVERCOME THIS CHALLENGE AND ATTRACT THE RIGHT PEOPLE TO JOIN YOUR START-UP IN THAILAND?
Thailand has a very competitive labor market and it has become extremely difficult for companies to find qualified talent for their open positions. Moreover, the outlook for the coming years is not any better, which brings uncertainty for companies to a new level. Especially start-ups and SMEs that are planning to expand their business and workforce and need to fill multiple positions are struggling with this challenge. The reasons for this situation are clear:
● Not having enough expertise and resources to run an effective recruitment campaign
● No name recognition to attract job-seekers towards the company’s career website
● Reluctance towards high fees for job search platforms and recruitment agencies
Job search platforms have become quite popular among companies of all sizes as they can quickly reach a large audience. However, the major job search platforms in Thailand require an upfront payment of a few hundred dollars in order to display one single job opening among thousands of other employers, typically for a period of one month, with no guarantee that it will ultimately attract the right candidate.
But even if it does, it will be time-consuming and exhausting for a company with a limited and inexperienced workforce to go through the screening of applications, the related communication, the interviewing process and the background checks in order to qualify the most promising candidate.
Recruitment agencies can therefore be considered as a more promising and effective approach, but at what price? There are generally two fees that recruitment agencies charge for finding the right candidate – Retainer and Contingency fees.
Retainer fees – This arrangement typically involves a non-refundable upfront payment of an overall fee of 30% of the employee’s annual salary, where the final fee becomes payable after a suitable candidate is found and hired. The exact amount is usually determined in individual negotiations and strongly depends on the recruitment agency’s policy, the company’s financial situation, the difficulty to find the right candidate for the open position in question and last but not least on the guarantees of the successful employment, i.e. reimbursement of costs in case the employee leaves the company within a certain period of time. Retainer agreements are common under the following circumstances:
● The job market offers a limited supply of available candidates
● The qualification requirement for the open position is critical and/or urgent
Contingency fees – While retainer fees involve an up-front payment, contingency fees are only paid when a candidate is ultimately hired. The fees for this kind of arrangement can range anywhere between 15% and 25% of the employee’s annual salary. The exact amount is determined based on the circumstances and conditions as already described above. Contingency agreements are common under the following circumstances:
● The job market offers a sound number of available candidates
● The qualification requirement for the open position is neither critical or urgent
At Devaton Consulting we are committed to developing long-term partnerships with our clients by exceeding their expectations in our services. We therefore provide flexible and cost-effective solutions, such as staff outsourcing for short or long term engagements, but also offer the possibility for direct employments.
With thousands of visits on our career website and over a hundred applications received from job seekers every month, unsolicited or for current vacancies, we have built up a large network of talents and additionally offer our clients a promising platform for advertising their open positions on our website, at no costs.
There is no upfront payment, no binding contract or time-consuming discussions when you start working with us and you only pay for our service when we successfully place a suitable and qualified candidate for your open position.
You simply email us the job description and specific details on the open position as a PDF file and we will let you know when a qualified candidate has been identified that matches your requirements. Our service fees are structured as follows:
● Job advertisement on our website = Free of charge
● Staff outsourcing = Employee’s salary + Fifty percent service fee
● Recruitment = One employee’s monthly salary as a one-time service fee
Whenever you need to fill an open position or require a temporary staffing solution for your business – whether it is for an upcoming project, a capacity bottleneck or an unexpected and lasting employee absence – We are here for you and can quickly provide professional support for your business. So don’t miss this opportunity and contact us today.