What is the NEDworker Initiative?

This initiative from Russam GMS recognises that many SME business owner/managers need – now more than ever – close support particularly in difficult times but also when times are easier – if, indeed, these times exist - ideally outside the line management structure. It recognises the huge wealth of talent available to Russam GMS, as a leading UK Interim Management Provider, to service these needs. The “interview” process relies on the preferred candidate from the shortlisted of, usually, three candidates offering 1 day’s work completely free of charge to the Client - except
for travelling expenses which shall be agreed separately.

Why have we established the NEDworker Initiative?

Many say that there is not a market here. Certainly, it is difficult to find any Recruiters who specialise in this market sector who we think make a good living out of it. Recognising this, we have other reasons for establishing this initiative. The first reason is that we have, probably, the best supply in the UK. Our supply-side database contains about 11,000 senior executives operating on an independent basis. Many of these do this sort of work and many others want to and have ideal professional profiles. The second reason is that as a sector leader, we at Russam GMS have always seen ourselves as a strong supporter of the senior executives registered with us. We established The Associates’ Programme many years ago for this purpose. We see this Programme not so much as a business cost but as an investment that is wholly aligned to our RIOT core values – Reliable, Innovative, Open, Thorough. This initiative is integral to our business philosophy. Also, all of us at Russam GMS do not like to see huge management talent not being properly and fully utilised.

So what are the snags?

The time and effort involved in finding the assignments, the need to keep the fees low and the absolute need to maintain high levels of delivery quality keep most recruiters out of this market. Also, some argue, there is a greater challenge in matching skill-set, experience and personality fit than elsewhere.

The reality is that there is a huge supply – and we at Russam GMS are in pole-position here – but it is difficult to find the demand at these SME levels – and even when you find it, it is difficult to convert into a deal. This is because many SME’s have not fully concluded that bringing in an NED lookalike is what they want to do and, secondly they see huge difficulties in identifying the right person for the role. The business relationship between SME client and NED is a very close one, requiring the highest levels of trust, confidentiality and mutual reliance. These relationships take time to firm up – hence the NEDWorker offer of 1 free day without obligation. Don’t forget that the NEDworker also needs to form a professional opinion about the viability of the potential business relationship.

Fees

All fees for introducing a senior executive through our NEDworker Initiative are negotiable but our standard fee is £7,500, payable in two equal tranches – one when the contract is agreed and the second at the end of the first three months, assuming the arrangement is still live there is a commitment fee of £500 chargeable to the client before work commences and which is refundable against the first tranch of £3750 chargeable when the assignment starts. If the arrangement does not work within three months, we will submit a new shortlist free of charge or return 30% of the fee charged. The standard fee varies depending on a number of factors including the size of the client’s business and is negotiable.

Our recommendation is that the daily rate agreed between Client and NEDworker should not be less than £500 per day.

Based on experience to date, our expectation is that much of our business will continue to arise through referrals from their parties and we handle this as a commercial arrangement in each case.

Back Office Matters

As part of the process of agreeing the brief, we cover all major aspects in our Standard Confirmation letter. This covers our understanding of our client’s business, the needs, the ideal profile of the NEDworker being sought, timescale of shortlist delivery and negotiated fee arrangements. No client incurs any fee or cost commitment until an engagement contract is operative – no placement, no fee. We also recommend to both Client and NEDworker what they should include in their written Agreement.