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TRANCHED: Life after CDOs, Week 10


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own experience of HH's is mixed; some (or shall I say a very few) are very polite, straight-forward and honest. Others are simply vultures.  Read all comments »

Just when I thought I had seen every dirty trick in the murky world of recruitment, it seems we have now begun to plunge to new depths. A lot of this is supposition and I can’t verify a word of it, but if my suspicions are correct then we have entered a very dark period indeed.

If you are sitting comfortably, then I will begin. Our story revolves around one of the headhunting firms that has displayed a number of high-profile roles through their own website and elsewhere. My involvement with the firm came through an ex-colleague, who gave me the name of a headhunter she recommended at this firm. I made the call, sent over my CV and gave a brief introduction to the consultant who had been recommended.

Over a period of a number of weeks I chased the consultant I’d sent my details to and heard nothing. Given how busy headhunters are, this has become a common occurrence, part of the new reality that I have come to accept and deal with. This week, out of the blue, two consultants from the firm, who I hadn’t spoken to before, called and left urgent messages for me to contact them.

I made the call and expected the usual polite invitation to come into their offices, walk through my CV and discuss roles they have on at the moment – putting a name to the face. Instead, I got a barrage of questions as to where I’d been interviewing and the names of the hiring managers I’d spoken to at these firms.

Their excuse was that they needed to ensure that I don’t get my CV sent through to the same people from multiple headhunters. This is normally a sound policy and one that protects against embarrassing overlap.

I may be being intensely paranoid (redundancy can have strange effects on one’s psyche), but I am almost convinced that this group of crooks are using potential candidates to scope out potential recruiters. The heavy insistence on knowing the names of the people who are recruiting, combined with an apparent lack of desire to get me into their own offices to outline my position, are very suspicious.

Unless I am much mistaken, the recruitment model works as follows: headhunter retained by employer to find suitable candidates, suitable candidates approach headhunter and ultimately headhunter matches candidate with employer to earn a fee. The idea that headhunters are now using candidates to find recruiters breaks this simple paradigm.

I appreciate that for many of you hardened bankers this will come as no surprise and may even prompt a smirk as just another demonstration of the dog eat dog nature of the financial sector. However, even as someone who until recently sold CDOs for a living, I think this behaviour shows a level of morality on a parallel with that of stealing gold teeth from corpses.

Driven by my long-held natural cynicism about the headhunting profession, I made up a few names and sent them through, and if my suspicions are correct these consultants will waste a few precious hours trying to track down non-existent hedge funds and people at bulge-bracket banks with mildly comic names.

What if I am wrong about this? I have been wrong before, and after this extended rant (even by my own standards) a large amount of hat eating would be required. On balance, though, my instinct tells me that shady practices are afoot and that the motto of the City, caveat emptor, now applies in spades to the field of recruitment.

On a slightly more positive note, friends and contacts have been brilliant this week – nuggets of hope are beginning to appear amongst the sediment left by the credit crunch. More about these next week. Until then, I urge vigilance.

COMMENTS

last in first out, Derivatives,  Tue 15 Jul 08

Same experience here, i wasted a lot of time, money and efforts trying to get a job with these HHs, they never get back to you, few of hem reply to emails and Yes I had the same questions from HHs: which firm have you interviewed with? who is the person responsible and what was the outcome? After answering those questions, I have never heard from these guys again,,,,it is sad that we the people who studied hard at Uni, worked hard and being unlucky to be made redundant to fall in the hands of these HHs who play a game with us.

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joker, Capital Markets,  Tue 15 Jul 08

Is it Foxtons?

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me, Corporate Banking,  Tue 15 Jul 08

Oh my God! the lack of manners is going to kill us all!.  If someone is working in HH has to be polite, has to be nice and has to come back to the candidate with the truth of what didn't work.  But HH are indeed a bunch of liars, and people who mostly don't have a degree and didn't manage to sell houses (of course there are exceptions thanks God).  And you are being recruited for a nice senior job.  Imagine what you find if you are looking for a junior position or a secretarial job 'know w'a mean?' ... Bless. Wherever you look there is this bunch of 'wanna be' anything but educated people.  Sad future.

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Aussie, Information Technology,  Tue 15 Jul 08

Unfortunately, I think this is more widespread than people realise. Some reputable agencies have tried "tapping" me up for details and I now just refuse to help them. One agency phoned and described this great job they had, spent 15 minutes talking to me on the phone about the role and then right at the end asked if I was interviewing elsewhere. They claimed they wanted to know names to make sure it wasn't the same company as the job they had on offer. Of course when I said to them to tell me the company name for the role they had, they refused to and said they would send through the spec. Surprise surprise, it never arrived.

Sorry but recruitment agents/HHs deserve their reputation and with the market tightening up I am sure we will see even more desperate and underhanded tactics from them.

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Hector, Investment Banking / M & A,  Tue 15 Jul 08

Headhunters :- Some good ones. The rest are like cockroaches in need of eradication.

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pimpjui, Trading,  Tue 15 Jul 08

It's like any other profession. Some HH are good, and don't need to be shady. And they will have genuine information that you won't. Others are flunky parasites, who could not do anything else except broker in fear. Either way, if you are a good candiadate, you won't need them. Find the company you want to work for directly, even if it means weeks of your own research. Then figure out how to get to the decision maker.

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Recruitment Consultant, HR & Recruitment,  Tue 15 Jul 08

One will always tell more people of a bad experience than a good experience and this is a simple rule of business, hence the bad reputation of recruitment consultants.
  There are a lot of cowboys in all industries including recruitment and they tar us all with the same brush.  At my company we do indeed ask people who they've worked with in the past, references etc to build up our databases, we then cold call these people and introduce ourselves, however we are not underhand about what we do and if people don't want to give us the names they don't.

My advice would be to find a good recruitment consultant and stick with them, there are a lot out there and it is just detrimental to yourself to be so paranoid about the whole process.

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duh, Investment Banking / M & A,  Tue 15 Jul 08

ChasDarwin: try tightening up your syntax / spelling and you might have more luck in the job market.

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Matt, Private Banking / Wealth Management,  Tue 15 Jul 08

Dog eat dog hit it on the mark. These are tough times, so expect people to have the knives out looking for their steak.

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honest headhunter, HR & Recruitment,  Tue 15 Jul 08

Sadly this happens far too often in the industry with shady recruiters. But it is not really these bottom-feeders who are to blame. Ultimately, they could never exist in business unless the banks accepted CV's sent in on spec by firms they have no relationship with.

Those of us who do work in reputable firms, value client relationships and put in time and effort are always aghast and astonished when a CV spec'd in from some never heard of cowboy outfit gets the job and all our efforts are for nought.

Very simply - Banks just want candidates and don't really care who provides them. If they did - these sharks would find closed doors at the banks and be out of business in days.

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