Staffing agency

N

NasdaqTrader

I went on an interview a few days ago for a staffing agency in NYC that places accountants, financial executives, and lawyers. They charge a fee to the client of 25% of the first year starting salary of the candidate they place. For example, if they place someone into a $100k per year salaried job, they would get a one time fee of $25k from the client. The company would only pay me 5% for any placements that I do, which is horrible, and no salary. So if I bill $200k for the year, I would only keep $10k. That is about $5 per hour. I would also have to find my own clients and candidates. They don't pay for candidate advertising. The owner says that they provide a phone and a computer for me though, like no one has that at home nowadays.

My question is...should I take the job, work there for a few months, learn the business, and then just leave and start my own firm? You have to be out of your mind to stay there for the long term to make a measly 5% cut of the total fee. Talk about getting screwed.
 
So sad to know there are "agencies" taking advantage of people like this in a depression. (No, I didn't say recession. This is a depression.)

Don't do it bro! You'll be sorry later imo.
 
Quote from NasdaqTrader:

I went on an interview a few days ago for a staffing agency in NYC that places accountants, financial executives, and lawyers. They charge a fee to the client of 25% of the first year starting salary of the candidate they place. For example, if they place someone into a $100k per year salaried job, they would get a one time fee of $25k from the client. The company would only pay me 5% for any placements that I do, which is horrible, and no salary. So if I bill $200k for the year, I would only keep $10k. That is about $5 per hour. I would also have to find my own clients and candidates. They don't pay for candidate advertising. The owner says that they provide a phone and a computer for me though, like no one has that at home nowadays.

My question is...should I take the job, work there for a few months, learn the business, and then just leave and start my own firm? You have to be out of your mind to stay there for the long term to make a measly 5% cut of the total fee. Talk about getting screwed.
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How do they get around not paying you a salary? Isn't that illegal? Prop firms get around not paying a salary by making all traders 'partners' in the firm and giving them k-1s.
 
Quote from LEAPup:

So sad to know there are "agencies" taking advantage of people like this in a depression. (No, I didn't say recession. This is a depression.)

Don't do it bro! You'll be sorry later imo.
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I am totally agreeing with your view these types of agencies trap the candidate and they did not provide any job to them. There real motto to take the money from these people and run away.

Regards John
 
Quote from NasdaqTrader:


My question is...should I take the job, work there for a few months, learn the business, and then just leave and start my own firm? You have to be out of your mind to stay there for the long term to make a measly 5% cut of the total fee. Talk about getting screwed.
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If you're single and can afford a couple of years of simple living you should go for it. Don't underestimate humble beginnings. If you go start your own firm in a few years and the economy starts picking up again and you have the tools and know-how about finding jobs for people, it could be you taking the 95%.

For that to happen you need the skills, the know-how, the team and the infrastructure and the networking. Build this for yourself in 3 years and I guarantee that you'll be a happy man afterwards.

You only get as much out of it as you put in.
 
Quote from thesniper:

How do they get around not paying you a salary? Isn't that illegal? Prop firms get around not paying a salary by making all traders 'partners' in the firm and giving them k-1s.
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There are plenty of commission only jobs around, realtors and many stockbrokers to name a few.
 
Quote from soldsoldsold:

If you're single and can afford a couple of years of simple living you should go for it. Don't underestimate humble beginnings. If you go start your own firm in a few years and the economy starts picking up again and you have the tools and know-how about finding jobs for people, it could be you taking the 95%.

For that to happen you need the skills, the know-how, the team and the infrastructure and the networking. Build this for yourself in 3 years and I guarantee that you'll be a happy man afterwards.

You only get as much out of it as you put in.
More...


Yes i am totally agree with opinion "@sold"...

@NasdaqTrader if you want the start up then you you follow what the "sold" said because starting your own in household firm its not the easy task it requires managerial skills as well as knoweledge

Regards John
 
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