Core Terminology Flashcards
Memorize core terminology
360 AE
Account executive that handles talent acquisition and business development
Account Executive (AE)
An individual who is responsible for executing all aspects of the placement process with clients and talent. In some offices, a e’s are responsible only for business development (marketing).
Achievement
A specific completed task that’s worthy of recognition and provides proof of a feature. The 2nd element of a FAB statement. This is sometimes referred to as an accomplishment.
Active Talent
Professionals who are already taking steps to find new employment by searching job postings, applying for positions, talking to recruiters, distributing resumes, et cetera. Many active talent may be unemployed.
Annual Salary Calculation
There are 2080 working hours in a year. To turn an annual salary into an hourly rate simply divide the salary by 2080. It is also common to use 2000 as the number.
Behavioral-Based Question
A means to evaluate a talent’s potential effectiveness in a new situation By asking him or her to share an experience that is relevant to a new opportunity. Said to be 55% predictive of future on the job behavior.
Benefit
Is how a feature or achievement will satisfy a personal or organizational need of a client or how a feature or achievement will satisfy a personal or professional need of a talent we represent. The 3rd element of a FAB statement.
Billings
The total monetary value of placements invoiced.
Bill Rate
Hourly rate we bill the client for interim placements.
Brand
Everything companies and people say and do. It is your “reputation.” both companies and people have brands that can be leveraged through inbound marketing to attract clients and talent for business development.
Bullseye Marketing Strategy
The strategy for taking your impact players to market. It is how you determine which clients you should call to help secure a send out for your impact player.
Burden Rate (Take Off Rate)
These are the payroll taxes that we (MRI) are responsible for as the employer. They include FICA (SS Tax), FUTA (Federal unemployment tax), SUTA (state unemployment tax) and WC (worker’s comp tax). Can also include things like state mandated PTO. Please keep in mind, someone Always pays the burden - if the client hires directly, they pay. The burden is included in the MRI service fee we charge the network member.
Burden rate amount = burden rate percent by state × pay rate
Corp to Corp (C2C)
Is an individual who owns a limited liability company or corporation and MRI interim solutions pays their company rather than the individual. The contractor’s corporation is responsible for paying the individual’s salary and all taxes.
Candidate Data Sheet (CDS)
Two forms (direct hire cds and interim cds) used when gathering information about a prospective candidate and his/her expectations. Used to evaluate whether a potential candidate is an impact player, placeable/database candidate, or “can’t help” candidate.
Can’t Help
A project for which a talent adviser is unable to gather enough information, obtain the clients commitment to pay fees, and/or gain the client’s cooperation. May contain illegal or unethical requests, or unrealistic expectations. Expectations. Also can refer to talent who’s considered difficult to place.
CAPS
A recruiting software used in United States offices to record all activities related to the placement process.
Cash-in
The total monetary value received by a placing office from the billing sent to client company’s.
CLAMPS Model
Defines the key factors that affect a talent’s willingness to consider a career move. The letters stand for challenge, location, advancement, money, people, and security.
Certificate of Insurance (COI)
A document that shows the business insurance that we carry on our contractors and our staffing services. Many clients require a COI naming them as the certificate holder before we can place contractors with them. Additionally, we require a COI naming MRI as the certificate holder when we use C2C subcontractors.
Confidential Search
A search in which prospective talent are contacted without using the client company’s name.
Confirmation Letter
A written document that conveys and confirms with a client the talent advisers understanding of the opportunity and communicates expectations of both parties for moving the process forward.
Contingency Fee
A payment method in which the client does not pay for services until an offer is extended to a prospective employee, he/she accepts and begins working. The fee is based on a percentage of the new hire’s realistic 1st year earnings.
Contingent Workforce
Is the collection of contingent workers and organization has at any given time.
Conversion Fee
The fee paid by the client, typically a percentage of the hires 1st year base salary, once the client decides to transition from a contractor to a full time employee of the client.
Counteroffer
Is an incentive or inducement offered to a perspective new hire by his/her current employer to keep him/her from accepting a new opportunity.
Contract Hires
This term is used interchangeably with the contingent workers. Contract hires are similarly hired to work for a company for a set period and are not employees of the company. They may be freelancers or employees of a recruitment agency and work on a project basis or during the busy season.
Contractor/Temporary Employee
A person who is engaged to perform a job for an end client but who is employed and paid by a staffing company..
Contract-to-Hire
Employing a worker for a role on a trial basis. This lets employers see whether someone will excel in the day-to-day responsibilities of the responsibilities of a position before offering them the job permanently. This approach can save money on hard to fill rolls and reduce employee turnover.
Credit Approval
Prior to starting a contractor, the franchisee will need to complete a credit check request form. This is internal and your client does not/should not be involved. This is the amount up to which the franchise would be protected should the client declare insolvency and not be able to pay their open invoices.
CSM/CSAM/CSPC
Certified senior manager/certified senior account manager/certified senior project coordinator. A title awarded to managers, consultants, or talent advisers/project coordinators who meet tenure, career production, education, and other requirements, and have passed the CSM/CSAM/CSPC examination given by corporate.
Desk Specialty
The industry, positions, and geographic location in which a talent adviser chooses to focus his/her marketing and recruiting efforts.
DIG Model
The model that defines the discipline (specific skills, departments, functions, or roles), industry and geography of a talent advisor’s marketplace, niche, or desk specialty.
Direct Margin
The value of a deal before the service fee is deducted. It is the difference between the bill rate and the total labor cost.
Direct margin = bill rate - total labor cost
Direct Presentation Method
A recruiting method in which the talent adviser presents an opportunity to a person who could potentially be placed and asks if it is of interest to him/her.
Discipline
The titles or rolls that you place within your DIG. One element of the DIG model.
Employer of Record (EOR)
The business entity who is the legal employer for our contractors. As the EOR, the entity has all legal and financial obligations relating to the contractor, including withholding taxes, paying unemployment claims, and covering workers compensation incidents.
Engagement Fee
A payment method in which a client pays a portion of the total fee at the start of a search. Signifies a financial commitment between the talent adviser and client to making the search a priority. The balance of the fee is paid when a perspective employee is placed and begins work.
Exempt Status Questionnaire (ESQ)
Exempt status questionnaire. This is the form we use to determine the classification of the contractor. This is important because it will determine whether or not we have to pay an OT premium to our contractor. ESQ does not apply to C2C workers.
Falloff
Is a situation in which an individual accepts an offer but fails to report to work or starts work but does not remain employed through the guarantee period.
FAB Statement
A feature, achievement, linking statement, and 2 benefits. An effective means of describing the positive attributes of talent and clients.
Feature
Is a positive attribute of a prospective employee or opportunity. The 1st element of a FAB statement.
Fee Agreement/Terms of Business (TOB)
A document sent to potential clients that describes the terms and conditions of a talent advisor’s services. Includes the office’s service fees, any guarantee period provided, and other items specific to the TOB.
Five-Point Candidate Data Sheet
The initial questions asked on the 1st page of the candidate data sheet (CDS). Used to gather information when making an initial recruiting call to determine whether to complete the full candidate a sheet. NO LONGER A STAND ALONE DOCUMENT.
Five-Point Company Profile
The 1st page of the needs analysis profile (NAP) which is used to record the answers to 5 initial questions asked to qualify an opportunity with a client and to begin gaining an understanding of that client’s needs. The answers indicate whether to proceed with the remainder of the needs analysis profile (NAP). NO LONGER A STAND ALONE DOCUMENT.
Flip a Call
When you begin a call as a recruiting call to a perspective new hire and flip the call to a business development call where the individual could be a hiring manager. Or, when you begin a call as a business development call/impact player call to a possible hiring manager and flip the call to a recruiting call with the individual as a potential prospect for job opportunities.
Gatekeeper
An individual who screens calls.
Geography
The physical limitation placed on a talent adviser to ensure market penetration. One element of the DIG model.
General Data Protection Regulation (GDPR)
The GDPR 2016/679 is a regulation in EU law covering data protection and privacy for all individuals within the European Union and the european economic area. In addition, it covers the ‘export’ of data outside the EU and the EEA. All offices and employees working with candidates and companies located within the EU and EEA must adhere to the regulation irrespective of where the office is located.
Guarantee
A period of time during which a replacement talent is offered to a client at no additional charge if an existing new hire leaves or is not satisfactory. Recommend at 30 days but can extend to 90 days from a new hire’s start date. Please note International offices may work under different guarantee amounts.
Hashtag
A word or phrase preceded by the symbol # that classifies or categorizes the accompanying text (such as a tweet).
Hiring Authority
The person who makes the final decision on hiring someone to fill a position within a company. May also be the individual who is authorized to pay a talent adviser’s fee. Sometimes called a decision maker.
Impact Players (IP)
20% of employees who are responsible for 80% of the impact on a business. These are the individuals we focus on locating and placing. Impact players are often utilized as a part of our marketing presentation too but in presentation to demonstrate the value we bring and open the dialog. Formally referred to as most placeable candidate (MPC).
Inbound Marketing
Consistently create and distribute relevant content content i.e. posts, videos, blogs et cetera, through social media and other digital platforms to create warm call opportunities.
Indirect Presentation Method
A recruiting method in which a talent adviser presents an opportunity to a potential candidate and asks if he/she would refer others for the position. The expectation is that the candidate may express interest in the opportunity.
Industry
The range of businesses involved in a specific branch of manufacturing, trade, or service. One element of The Dig model.
Inter-office Referral (IOR)
Is the acceptance, either orally or electronically, followed in writing or electronically, of job order(s) or talent by one office from another office. Sometimes known as split business.
Internet Researcher (IR)
Is someone who works with AE, PC, managers, and managing partners.
Job Order
A project that has most of the elements of the the S. U. R. E. model. Consultants do not actively search on job orders but will attempt to match match (MAPPING) talent to such projects when and as talent becomes available.
L&TD
Learning and Talent Development department.
Linking Statement
A phrase that is used to ‘link’ factual features and achievements to benefits in a FAB statement.
Managed Service Provider (MSP)
A common interim model in which the client selects a (typically) very large global staffing company to be the funnel and primary point of contact for all interim business. MRI would be set up as an approved vendor under the MSP. We will get all requisitions through the MSP, bill the MSP, and be paid by the MSP.
Matching and Presenting (MAPPING)
Activities of identifying, qualifying, and matching talents’ needs to existing search assignments or job orders. The goal is to produce a send-out and advance your relationship with existing clients and talent.
Market Company
Companies we call to talk to hiring managers with a goal of securing search assignments and job orders.
Mark-up
The percent of the pay rate is increased to reach the bill rate.
Mark-up = (bill rate - pay rate) / pay rate
MRI Interim Solutions Service Fee
The amount charged to the office for the back - office support provided by MRI interim solutions and includes the burden rate. Service fee is also known as service charge.
MRINetwork Way
A blueprint for performing a high-touch process in an expedient, consistent manner, and for establishing a standard of quality throughout the organization.
Most Placeable Candidate (MPC)
The old term for an impact player.
Needs Analysis Profile (NAP)
Is a form used to record information about a client’s or prospect’s hiring needs. Allows a talent advisor to determine if a project is a search assignment, job order, or “can’t help.”
Net Cash/Net Commission
The amount of cash the office receives per hour worked for a specific entire assignment. It is the net amount after deducting the total cost of labor.
Net cash/net commission = bill rate - total cost of labor
Passive Talent
The professionals who, although typically currently employed and not actively seeking your employment, may consider making a change if the right opportunity ‘came to them.’ Passive talent are the most desirable professionals to employers.
Pay Rate
Hourly rate we pay to the contractor.
Payrolling
The provisioning of long term temporary workers to a customer wherein the workers have been recruited (interviewed, tested and approved) by the customer, however, in reality are employees of the supplier providing the payroll services.
Project Coordinator (PC)
Someone who identifies, qualifies, recruits individuals; works with AE.
PCR
Recruiting software used in some offices to record all activities related to the placement process. Also called PCRecruiter.
Presentation on an existing job order (POEJO)
Also known as E-POEJO and C-POEJO for Employer and candidate presentations. This is the old term for matching and presenting calls - MAPPING.
Post-acceptance Activities
Steps taken by consultant after a candidate accepts an offer and begins employment. Includes resignation, guarantee period, and future client needs.
PTWeb+
A Web based metrics software tool that gathers recruiting productivity for office goals, placements, cash in, rankings and reports.
Reverse Bill (RB)
Very common in a managed services provider (MSP) arrangement, whereby we do not invoice the m, they pay us off of approved timesheets.
Red Flag
Anything that raises a question about the placement potential of an individual or the validity of a search assignment. This may require further clarification before any decision can be made to move forward.
Retainer Fee
A payment that is made in stages, agreed upon by the talent adviser and client. Retained fees can be paid in a variety of ways but all involve an upfront payment from the client before work on the assignment is started. Historically, a client pays 1/3 of a talent adviser’s total fee before the start of the search, 1/3 when a list of prospective talent has been submitted and the balance upon completion of the search. Expenses related to the search also may be included .
Reverse spin of the dial (SOD)
Flipping a recruiting call into a business development call by extracting information about potential job leads.
Rollup List
A list of 25 to 30 hiring managers to whom you can market your impact player. This is done daily to maintain a list of potential clients from which to create new business development call plans.
Search Assignment
A project that has all the elements of the S.U.R.E. model and is most likely to lead to a placement. Talent advisers actively search for talent and clear planning time on their desks for search assignments.
Senior Business Executive (SBE)
Is someone who manages a number of franchises.
Send Out
An interview of a prospective employee by a client via telephone, virtually, or in person.
Sign-on Bonus
A payment made by a client is often used as a ‘sweetener’ to convince the candidate to join where the salary may fall slightly short of expectations. Often fees can be charged on these payments provided it has been covered in the fee agreement or terms of business.
Source Company
Companies or departments from which we actively source and recruit their employees as talent because we do not have a relationship with them in placing prospective employees (they have not paid us a fee in the last 12 months).
Statement of Work (SOW)
Outlines the parameters of the individual interim assignment, including job description, bill rate, and voice frequency.
S.T.A.R. Model
An effective approach for asking and answering behavioral based interviewing questions. Stands for situation or task, action taken, and results of that action.
Strategy Call
The conversation that occurs between the account executive and client before the interview with the prospective employee. This call ensures that all parties are on the same page with expectations and that the account executive can assist the client with any last minute details about the individual. This call was previously known as a client prep call.
Storytelling
The art of using relevant, timely stories to engage your clients, talent, and prospects to join the conversation and experience the benefits and value of partnering with a talent adviser.
S.U.R.E. Model
Used to evaluate a project and classify it as a search assignment, job order, future need, or can’t help. Stands for specifications of the job, urgency to fill the position, relationship between talent adviser and employer, and the excitement the consultant can convey about the position.
Talent
A candidate who is qualified for and interested in the services of a talent adviser.
Talent Advisor
The next evolution of recruiter. They know the industry they serve - inside and out. They work at a more strategic level than the average recruiter by looking beyond a current job opening and seeing the big picture of the organizational strategy and how a role impacts the company.
Talent Comparison Matrix
A concise compilation of several individuals’ comparable key matches, criteria, and qualifications. Allows clients to more efficiently analyze and weigh a ‘short list’ of potential talent we represent against the requirements of a position.
Total Labor Cost
The sum of the pay rate and the service fee (which includes the burden rate).
Total labor cost = pay rate + service fee
Turndown
A prospective new hire’s refusal of an offer extended by a client.
Vendor Management System (VMS)
A tool used by a large volume interim users to disperse requisitions and track candidates for contract staffing rolls.
Working Together Globally (WTG)
The new name for split fee project whereby MRI network offices, both in the US and globally, can work together to fill positions for clients by pooling their talent, resources, and expertise.
