A few weeks ago we wrote an article about innovative recruitment companies. After it was published, the founder of another innovative recruitment agency got in touch to tell us about what they were doing.
Launched in January this year, Playfair & Noble is challenging the traditional agency model with what they term an ‘ethical business model’. Ethical in this sense is less about recycling or donations to the 3rd world and more about restructuring the relationships between employers, candidates, the agency and even referrers.
“Our mission is to break the status quo, introducing trust, transparency, control and financial benefits for both Employers and Professionals.
Playfair & Noble removes the restrictions imposed by traditional recruitment, by providing a platform which allows employers and professionals to communicate directly and discreetly, without the burden and prohibitive cost of a ‘middle man’ …”
So what does that mean in practical terms? In the first instance it means that the Playfair & Noble platform allows employers and candidates to communicate directly. Unlike many sites, employers details are publicly available and potential candidates can communicate with them discreetly (i.e. without tipping off their existing employers).
Rewarding a New Approach to Recruitment
Recruitment fees are fixed at just 7% of the employee’s annual salary – a fraction of the cost when compared to ‘traditional’ industry rates that can be as high as 15-25% – with a full money-back guarantee.
Perhaps the most interesting aspect of the model is that 50% of P&N’s fees are paid directly to successful candidate as a ‘golden handshake’ – creating a clear incentive for candidates to search via the site. Similarly, 10% of their fees are paid to referrers who utilise their own social networks (both online and off) to help headhunt the best possible candidates.
Although the site is currently in a ‘soft launch’ phase, Playfair & Noble’s innovative model has already helped them attract their first few clients and a growing list of candidates.
Successful businesses are often launched in response to what the founders see as inefficiencies or injustices in the status quo. Playfair & Noble have created a business model that not only encourages, but also rewards, greater participation and transparency in the market.
Rather nicely, it also reintroduces an element of personality and personal relationships that is so often missing the cattle market of the recruitment business. As one candidate commented: “I’m impressed. Of all the websites and recruitment agencies I have discovered or reviewed I have never had such personal feedback.”
Site: www.playfairandnoble.com
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What a fantastic idea. Spot a huge market which is marred by poor service and high costs, then introduce a new business mdel which will actually make a difference. Have they thought of moving into estate agency?
It’s about time there was a better choice of recruitment agency for both employers and candidates. When (almost) everyone in an industry is crap, it becomes the norm and people tend to put up with it. I can’t believe it has taken so long to come up with a better solution.
Sorry about my rant, this is a subject I feel strongly about. Well done to Playfair and Noble, I wish you very good luck.
That’s a great idea in itself Nigel!
I think that’s one of the strengths of really good ideas – they can be applied to multiple industries and even outside the world of business.