August 23rd, 2006, 3:51 pm
QuoteOriginally posted by: DCFCJimmyCarter is right to be supicious. The HH that sent you in won't be awfully impressed since >50% of the value of a HH is who they know, and more importantly how few others know them.The only thing the second HH can do with the name is send other people to compete with you.Our guide has specific sections on "how to spot bad headhunters" and "Names", since this is a very common FAQ.It's very easy for us to say "just say no", but the balance of power and knowledge of the situation doesn't make that easyA good line to use when a HH puts pressure on you is to say "I wouldn't tell the other HH about the contacts you've given me in confidence , so I can't really give you the names he gave me in confidence."We've been in similar situations, and if it's another division, then I can't see that we'd need to know the name of the other manager, though of course we would like to know, because we're pimps.Also there's a messy legal thing, that the first HH may well "own" you for the next 6 months.Our policy is that if we put you into (say) fixed income, and later another HH finds a job in equity derivs, then we will not through our legal toys out of our pram.This happens a bit with newbies, because for your first job you aren't pigeonholed as skilled in one precise area.The market for people is fragmented and strangely primitive. We may be preferred suppliers for a bank, yet a given manager may not ever tell us about vacancies, and some managers only tell us aboutcertain jobs even though their firm has several other "Tier one" suppliers of people. Technology has not made this better. Most of the larger firms are moving towards the sort of IT system you'd think thay've had for a decade.Jobs go up for all apparoved suppliers to see, and HHs submit people. Should save a lot of arguments about who sent in this person first, and of course improve liquidity.Fat chance. The system basically records that this job is being run by a certain HH. One large bank thought "ooh, we can farm this database. Wait 6 months until we don't have to pay the pimps, and we can contact them directly".Sadly they'd outsourced their IT, and their system was such a shambles all they did is annoy people. As an amusing aspect of this, I still get strange random emails from this bank telling me that I'd been consideredfor a given job, but found wanting. I applied there about 5 years ago, so you can imagine the poor sod who has to go through all these CVs again and again.Thanks very much for the detailed explanation. I will definitely re-read your "Paul Dominic Guide 1.5" carefully. Thanks a lot!