Since its launch in October, www.SplitFee.org, the new ‘eBay for recruiters’, has attracted over 200 recruitment agencies from across the globe – all looking to collaborate (risk-free) on split fee assignments.
The platform aims to become the one-stop destination for recruiters who want to work together to place candidates, but unlike traditional split fee arrangements, splitfee.org offers a clever ‘CashOut’ system, which removes the risk of non-payment. All members are protected by a legal agreement, enforceable by law, making it a safer place to do business.
The CashOut feature is powered by Simplicity – an award winning finance and back office provider to the recruitment industry. David Thornhill, Managing Director at the company is delighted to be involved, stating, “With more than 200 recruiters from all over the world signing up to within the first two weeks, the demand for collaboration is clear.”
“We speak to recruiters every day – we understand the issues they face and skills shortages are becoming increasingly more concerning. Split Fee provides an option for recruiters to find candidates or vacancies which would otherwise be out of their reach. CashOut then removes any risk normally associated with Split Fee agreements as the recruiter is paid as soon as the candidate is placed; we take care of the debt and any necessary legal costs are covered.”
Azmat Mohammed, Director General at the IOR said, “The immediate popularity of Split Fee signifies an extremely buoyant future for recruiters who are looking to protect their money, collaborate both nationally and internationally and generate revenue.”
Boosted by the 3 month free trial currently available on the website, both Simplicity and the IOR predict that by the end of 2014, many more recruiters will choose sign up – further strengthening the platform as recruiters look to loosen the grip of the skills shortage.