Guest Comment: My life as a parasite

3 July 2008

3 minute read

As a headhunter, I am a parasite who will be first up against the wall when the revolution comes. I know this to be true, since Geraint Anderson, the former Dresdner analyst now known to be City Boy, says so.

It's the latest of many attacks upon my profession. Are we really that bad?

Yes.

How do I know? Well, at the Global Derivatives & Risk Management conference in Paris, our group ended up in a bar arguing about latency for algorithmic trading (which is what I did when I had a real job). In a momentary lapse of judgement, I let slip that I was now a headhunter. The guy sitting next to me jerked as if I'd stuck a pin in him, and flatly refused to rejoin the conversation, such was his loathing.

Over on Wilmott.com we read about someone whose career was capsized by a headhunter who "accidentally" sent his CV to his boss, and who is now sidelined.

One evening recently, I met with a senior manager at a bulge bracket who had been emailed so many CVs from one agency that day that it had taken down his inbox, causing real pain. So much for 'search and selection'.

Why is it that bad?

Here's the answer I gave him whilst pouring the wine: "You know that XX carpet bombs CVs, you know they lie, and change CVs, yet you still do business with them."

Apparently they also regularly tried to take out staff they had put in, in straight violation of their contract, and since they are an entrenched supplier, "nothing can be done".

But that is exactly why you hate me - even though we've never met, and I don't actually work for one of the carpet bombers.

The same issue applies to candidates. Because I openly offer careers advice I get correspondence of this sort: "Is X bank really hiring an entry-level quant?" Of course not! Its headhunter is simply trying to get you to go for the interview in order to collect information.

Some deceit is done with cunning and secrecy, but if you can't be bothered to research the firm you're trusting with your career, then frankly you deserve what you get.

Repeat business in financial recruitment is the exception, not the rule - at least from the point of view of the candidate - and staff turnover at some agencies is at Indian call centre levels. Thus the agent cares only about getting bums onto chairs. The concept of a long-term relationship is alien to someone with a monthly target and no knowledge of the business.

I've done the CQF, but apparently most headhunters think Bloomberg is a skiing resort and that Black Scholes is some kind of upmarket shoe.

HR has a real opportunity to make this better: after each hire, ask about the quality of service the hiring manager got - some simple scale of 1-10 is enough. Then circulate the results. Bad agencies will feel pain very quickly.

Candidates can do the same: simply say, "I've read about you, goodbye", when they ring.

Until you do these simple things, stop complaining.

Dominic Connor is a director of P&D Quant Recruitment.

AUTHORDominic Connor

Insider Comment

PE
PE_recruiter
4 June 2010
if any recruiters want to be on any big4 PSL, its easy.
step 1: call up a female in HR department
step 2: be nice (hard for most recruiters) and ask her how her day has been etc
step 3: say you want to discuss a project your working on la la la
step 4: invite her out to the coffee shop of her choice (or for lunch if your company allowance extends that far)
step 5: flirt on ur 'date'
step 6: hey, guess what, ur on the PSL
thanks,
tomorrow we will go through how to approach potential clients in the middle east :)
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Di
Disgruntled
2 August 2008
there are places like Greenwich Partners who absolutely ruin the reputation of good firms. carpet bombing cvs around without consent. a nightmare!
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sm
smizit
11 July 2008
Funny thing Christopher, everything you said about Headhunters can be said about Bankers. In fact here is what you wrote, put into a banking context....Wow applies perfectly to every trading desk I ever worked on.
"Nothing is above board in these big banks. I work for a huge bank and we do everything that is not above board and if we get caught , we pretend to make a huge hoo haa , when internally we do nothing. Let us not pretend we are angels at big banks. We may have a huge brand and money but we are as dodgy as hell in terms of fake adverts, lying to get leads. We even get training on how to do this regularly. I cannot comment on what you said about working at a boutique firm as I have never worked at one but I have 2 years in the industry and as a large firm, we try to work with everyone and we poach from everyone. There is no military precision involved. Until we get caught, we continue to do this. The main aim is to hit targets, make money and it does not matter how much we lie or write fake adverts or steal from people with whom we have signed contracts with. I have been trained from day one that this is what banking is..."
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sm
smizit
11 July 2008
Reading this, the only conclusion I can come to is that Bankers seem to be sore losers when the shoe is on the other foot and someone else is making just as much - if not more - money by putting their own interests before their clients and doing whatever it takes to close a deal with no regard for a client's well-being. In fact disdain and disregard for a client's well-being seems to be a pre-requisite for success for both Bankers and Headhunters. As Bankers, let's stop having this air of moral superiority and stop pretending guys: We bankers care just as little about our clients by recommending dodgy investments, and silly mergers opportunities just to get some P&L.
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Te
Teds
10 July 2008
Blah blah blah....
I hate this stuff, there are tons of rubbish recruitment consultancies and if your company is too lazy to have a proper preferred suppliers list, or you as a candidate are too stupid to have a handle on the type of person you are willing to represent you, that is your own fault. Dolphins and sharks both have fins, but you still know which is the predator.
I am sure you will be shocked to discover I am a headhunter. Not a recruitment consultant, but a real headhunter. For over 10 years companies have come to me and retain my services, I go out an approach the best in the market. I get around 85% of my business through repeat and referral. So am I a parasite, maybe... but coming from bankers and brokers, its a bit rich. What do you make, what value do you add?
Last year I helped 15 people make moves that increased their earnings by an average of 25%, do you think they're upset? Like jilted ex's the only people who really hate recruiters are the rejects.
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