How long do I need to wait for my placement fee and how can I get my placement fee?

The process is divided into three phases. First you invoice us for the placement fee. We function as a master vendor during the process and we send the invoice to the employer with the candidate’s start date. The last phase is the release of invoice from our side and your fee is released in two phases:
Phase 1: Upon 46 days, you are paid 50% of the fee
Phase 2: Upon 61 days, you are paid the remaining 50% of the fee
We maintain a Client Trust Account and during the rebate period, the placement fee for a candidate is held by us in the same account.

How a vacancy is qualified?

Our client relationship team takes the responsibility to check the quality of any vacancy before its goes live on the marketplace. Our team takes the responsibility to call the employer and collect necessary details from them to develop a complete brief about the potential candidate and timeframe for recruitment.
We ensure employers are fully engaged in the process and makes an effort to fill their vacancy via the potential marketplace. Our client relationship team works to ensure the quality of employers and vacancies is maintained in our marketplace.

Can I know the process that follows when a candidate leaves while in the rebate period?

In such a situation, we first call the employer to get a clear picture of the event and determine the actual cause of the event. We have a very clear rebate period:
• The employer is not required to pay any fee, in case the candidate did not start working
• The employer is given 100% rebate, if the candidate leaves between 0 to 45 days
• The employer is given 50% rebate, if the candidate leaves between 46 to 60 days

What is the most likely scenario that follows when the employer does not pay the placement fee?

We have established clear payment terms and we maintain a rigid collection process. If, in case, a fee is overdue for more than 14 days, we will not only notify you, but will also chase the payment ourselves.
Late payments are considered a serious matter and each case is taken individually. We hold the power to assign debt collection in case the employer fails to clear the payments, however, we do not reach to that point in most cases.

What is the cost of Change Exchange and what are the payment terms?

Change Exchange is free for employers. Recruitment agencies associated with Change Exchange are charged on a monthly basis or pay 20% commission on each placement fee. This is how we provide a free platform for employers.
The employer is however required to pay the recruitment agency that fills in the job position. However, if an employer does not hire a candidate, the employer does not need to pay anything.
The fee set by you will be sent to you in the form of invoice from our side on the candidate’s start date. We maintain a 30-day payment set-up. We have a Client Trust Account where we hold your fee for a 30 day duration. After 30 days, the fee is passed on to the recruitment agency that provided you the potential candidate for the vacancy.

We “qualify” for every vacancy. What does this mean?

When you advertise a job vacancy on the Change Exchange platform, a Relationship Manager is dedicated to you and will call you to retrieve details about your requirements for potential candidate(s). The purpose of the process is to understand your requirements in detail to develop a clear picture for your recruitment agencies to find best suitable candidate for you.
We request you to set aside five minutes when our Relationship Manager calls you, as this call is worthwhile investment and will prevent agencies from asking you the same questions several times.

What should be the placement fee that I set for a vacancy?

If you are trying Change-Exchange for the first time, you are recommended to set the fee broadly equal to what you would pay to the agencies outside of the Change Exchange platform. For instance, if you would pay 12 to 15% fee to any other agency or outside resource, you can set the same with Change Exchange. If you still have questions or concerns, you can call our Relationship Manager to seek answers to your questions. You can call us on: 0203 904 0890 for any ambiguities regarding the placement fee procedure.