How to Collect $25,000 on Placements that
You Have Already Made
Clients are starting to tell us that the economy is picking up, and for the first time is years they are starting to feel optimistic. This is a good thing. I am seeing cash flows improve from debtors as well, so we will all keep our fingers crossed and hope that this positive sign continues.
One of the issues that I have seen a very large increase in is back door hires and conversion. I would be willing to bet that if I had 100 clients go back and check their candidates 25% of our clients would fine that at least one of their candidates were hired over the last 12 month . Yes this is a problem, but it is also a big opportunity if you are willing take the time and spend an afternoon checking LinkedIn I would bet that you could find $15,000- to $45,000 in placements.
The reason I bring this point up is because the economy is improving, and debtors now have more money in their bank accounts. The chances of them paying you once you bring the hiring of your candidate to their attention has greatly increased from a few years ago. Then debtors use to prefer to hold on to their money and prefer that you sue them because it bought them more time. Now with sales increasing and cash flow improving, the debtor will more likely just cut a check vs. having to spend the money on an attorney.
So what should you do if you learn that one of your temps or candidates was hired by your client? The following suggestions may be helpful:
So when should you call me? Call me if or when one of the following two events happens:
It is REALLY important not to waste any more time. Once the debtor says they are not going to pay you on a back door hire, then you need to move forward and call me at 800-452-5287 Ext 6578.
I tell you to call me because the debtor has stolen your candidate. It was not a case of "Gee! We misjudged our cash flow and we do not have the money." This problem is typically a character issue, not a financial one, so as soon as the debtor realizes that the problem is going to become a much bigger problem is when they finally will pay your invoice.
Take a few minutes now. Look up the last 25 candidates that you sent out on a job order that just went cold, you may be surprised at what you'll find.
Wilson Cole is the founder and CEO of Adams, Evens & Ross, the nations largest credit and collection agency design exclusively for the staffing and recruiting industry. In 2008 he was inducted into INC Magazines, “INC 500” for being the CEO of Adams, Evens & Ross, the 307th fastest growing privately held company in America. This exclusive group of other INC 500 CEOs includes Bill Gates of Microsoft and Larry Ellison of Oracle.In 2007 Recruiting & Staffing Solutions Magazine’s Editorial Staff named him “ The Billion Dollar Man” due to the fact that he had collected or helped his clients collect more than 1 Billion dollars in past due debt over his career of almost 20 years as CEO of Adams, Evens & Ross.