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5 Myths about charging deposits for your recruiting services

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Please comment or ask your specific questions about the above video. I will be answering your questions and commenting too!

21 COMMENTS
  1. Mike Palumbo Mike Palumbo says:

    I would love to hear about your experiences with obtaining deposits for your recruiting – good or bad? What is holding you back?

    Mike Palumbo

    1. Brian Michael says:

      I just never really asked and was willing to walk away if the company refused. I am very interested in learning more about your presentation. I did a retained search some years ago when the company approached me to do a search because they heard of me when I recruited a candidate away from them.

      1. Mike Palumbo Mike Palumbo says:

        Hi Brian,

        Those are the best! “Hey, you recruited our VP away” that has a retainer deposit written all over it! Let me know if you have any questions or need help with anything. Good luck!

        Mike

  2. Renee Small says:

    I’ve had no experience doing this yet but would love to start getting deposits.

    1. Mike Palumbo Mike Palumbo says:

      I think you should! Why not? It’s expensive and takes a lot of time to find candidates for clients, why shouldn’t you get paid upfront to do that work? The answer is, you should! And, the big secret is, if you ask you will receive! Keep me posted on your experiences and let me know if you need any help. Good luck to you!

  3. Alain Levy says:

    document controller training needed to get a job or any other training which will match employers requirements or needs

    1. Mike Palumbo Mike Palumbo says:

      What do you mean? I don’t understand the question or comment you are making…

  4. Mark Way says:

    The more and more I think about asking clients for a deposit the more and more I LOVE!!!! the concept.

    Why should we be expected to take ALL the risk and work for FREE until they get the person and even then they want to negotiate on my 12 week rebate scale or even worse
    want to negotiate on my 30 days payment terms so effectively a lot of clients want to have there cake and eat it to

    This has to stop!!!!

    1. Mike Palumbo Mike Palumbo says:

      You’re right Mark! Now start getting deposits for your recruiting!

  5. Sharjeel says:

    Mike excellently done, I am on my way to start a new company doing staffing for first time.
    Your videos are lifelines for me.
    Thx

    1. Mike Palumbo Mike Palumbo says:

      Sounds good Sharjeel! You may want to go to https://www.BestRecruitingStrategies.com for more training programs and eBook, etc. to help you with your new venture. Good luck!

  6. Darenda Mason says:

    Hi Mike,
    This is absolutely great!! I have not used this approach. Guess what? it’s starting now!
    I’ll keep you posted as we grow.

    Sincere thanks,
    Darenda

    1. Mike Palumbo Mike Palumbo says:

      Glad to hear! It will change your life! Good luck to you!

  7. Larry Dickson says:

    Hi Mike, great video!!!!

    1. Mike Palumbo Mike Palumbo says:

      Thanks Larry! Good luck to you! If you need anything or have additional questions, let me know.

      Mike

  8. Juan Ruiz says:

    Mike thank you for those tips. Looking forward to the next one. Funny I have heard that from my partner… about companies not paying retainer fees. So he was upset when I asked for one at a client. We just left the firm that we worked for and started our own. I wil keep you posted on our growth.

    Thank you again.

    1. Mike Palumbo Mike Palumbo says:

      Hi Juan,

      They pay them – all the time! It’s kind of a secret in the professional recruiting business, but I hope it won’t be much longer!

      1. Mike SANTIAGO says:

        So how do you navigate HR when the hiring manager has them call you and say..gee we do not do upfront $? Since they are procedure based and do not really have skin in the game.

        1. Mike Palumbo Mike Palumbo says:

          HR departments typically out-of-the-loop when it comes to paying deposits for recruiting. Most of the time HR doesn’t even know we have been hired. Not all of the time, but some of the time. I see this for the most part with large corporations. But, as I explain the videos, we get retainer deposits all the time, even when the company has an in-house recruiting department. The main thing you need to do is, stay away from HR as much as possible, especially in the beginning. Don’t get me wrong, I have had HR departments pay deposits as well, it just depends on the firm. Recruiting 101 says, don’t do business development calls with HR. Always start your calls with the CEO then, President, Vice President, and down the line. You will have much greater success this way.

  9. Tom says:

    Hi Mike
    What are you doing when you have 3-5 other companies knocking the same Customer and they will no ask for deposit?

    1. Mike Palumbo Mike Palumbo says:

      That happens all the time, Tom! Most of the clients (and I explain this in the full course) that we are recruiting for at our firm get contacted all the time by other recruiting firms. Before, during, and after, we start recruiting for them. It’s all in your presentation. If you sound like all the other firms, you will be grouped with all the other firms. That’s why it’s important to separate yourself from the others. Not so sound like a broken record, but that’s what I go into in the full course. Good luck to you! If you have any other questions, please contact me.

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