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How Many Names?
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I get asked quite often, “How many names do I need to order to make this work?” The answer is deceptively simple: “Usually 30 to 50 names will effect ONE immediate hire,” I warn.
It’s a big “usually” because it depends on the veracity of the names sourced, of course; but it also depends on the skill level of the recruiter. I can only bring you the names; what you do with them is entirely up to you.
In most fields, though, 30 to 50 names of the truly passive candidate (the one insulated between the walls of a company doing the work you need him to do for you) will result in a hire if you are an average skilled recruiter. I know I have my detractors in this space, and to give them due credit, I acquiesce that there are some fields where this general rule of thumb doesn’t work.
It doesn’t usually work in pharma or bio or in defense; it is challenged in sourcing out of the “Final Four.” It may be a little on the high side for positions in call centers or inside sales.
But for the most part, 30 to 50 names can do it, and the formula works amazingly well. Following is an up-to-date assessment of what I believe it takes these days to accomplish ONE immediate hire out of telephone-sourced names.
Keep in mind, this does not speak to how many Internet-sourced names you need to accomplish the same thing. I have seen estimates from esteemed Internet sourcers who place these numbers at about twice the numbers of telephone-sourced names.
These numbers come from what my customers report back to me, my own experience in the sourcing process, the size of my average jobs, and my intuition. Nothing scientific, mind you.
The industry is also very important. In general, the hotter the industry, the more people you’re going to need. Location is important. You’re going to need less people upfront if you’re not going to have to move them. If you do have to move them, be prepared to see your names need estimate numbers double, maybe even triple depending on the desirability of the location. Warm climates attract more people than cold, so if your job location is cold, you’ll probably need more if you have to move them in. It’s a common-sense thing. You have that, right?
Remember, these “telephone-sourced names” are coming out of specific companies that you choose. It is a given here that you know what companies contain the types of employees you covet most. I tell my customers that choosing an appropriate target list is half the battle of any search.
I remind you, and I can’t stress this enough, these estimates are entirely predicated on what industry you’re working in. The more highly paid the individual, the more implanted (stock-optioned) he/she is in the company, the brainier the candidate needs to be?all these things impact your sourcing needs.
If I had to pick a number, I tell people 50 names, nine times out of 10, if worked properly, should produce a hire. The “if worked” caveat is important. Make sure the names you source get called! It’s amazing to me that some names just seem to fade away because the recruiter never gets around to calling! I can’t understand this thinking, so I’m at a loss to explain it.
To work the metrics into this, very simply, to hire not-so-easy-to-find Business Development Managers at a per-name rate of $42 per name for 50 names:
*For $2100, an HR department can put 50 on-target real-life summaries of individuals into their stream of savings for their future hiring needs. These 50 names will, in all likelihood:
Remember, you’re pipelining these folks, staying in touch with them, and most important, cultivating them effectively. This is the real challenge in most staffing organizations that experience high turnover.
For $2,100 original, raw cost? What CFO wouldn’t do back flips over that?
*These returns are predicated on a harder-than-usual position to fill.