How much does Change Exchange cost to use and what are the payment terms?
Nothing, it’s is free for employers. Change Exchange makes its money by charging recruitment agencies a monthly subscription or 20% commission on placement fee, which allows us to keep the platform free for employers to use.
You do, however, have to pay the recruitment agency that fills your job the fee you set when you uploaded the vacancy (don’t worry, if you don’t hire a candidate you don’t have to pay anything).
We’ll invoice you for the fee you set on the candidate’s start date. Our payment terms are 30-days. Your fee is held in a Client Trust Account for the duration of the candidate’s rebate period (60 days) before it is passed on to the recruitment agency that filled your vacancy.
What is the rebate policy and Terms of Business?
The terms of business can be found here. They cover all parties: you, the recruitment agency and Change Exchange, and have been designed to be universal and transparent.
Our no quibble rebate policy covers you for 60 days should a candidate not work out: you get 100% of your fee back during the first 45 days; and 50% of your fee between 46-60 days.
If you’re unsure about anything in the terms of business, or have a specific question, just give us a call, tel: 0203 904 0890 or email us
What placement fee should I set?
For a fair test, the first time you try Change-Exchange we recommend you set your fee broadly in-line with what you pay agencies outside of Change Exchange. So if you pay a 12-15% fee outside of Change Exchange, post your job and set the fee at 12-15% (of the candidate’s starting salary). If you’re unsure, call us and speak to your Relationship Manager.
When you upload your job and are asked to set the placement fee, it requires you to input a cash value. So if the vacancy has a £36,000 salary and you wish to upload it with a 12.5% fee, input £4,500. If you’re uploading a job with a salary range of, say, £40k-£50k, we recommend setting the fee at the midpoint of the range (£45k), so in this case: £5,625 = 12.5%.
Remember, Change Exchange is a competitive marketplace, so to ensure your vacancy receives attention from recruitment agencies in our community, and they invest their time and resources into conducting a full candidate search, we recommend you set a realistic fee. That said, agencies in our community are smaller, independent boutiques so you don’t have to pay the 20% fees imposed by the big High Street brands that deliver a commoditised service.
If you’re still unsure where to set your fee, call us on: 0203 904 0890.
Is there a minimum fee I can set?
Yes, there is a minimum fee of £1500. This is to ensure fees are realistic, and drive engagement from our recruitment agency community. Beyond this level recruitment agencies will not invest their time or full resources into conducting a comprehensive candidate search.
Agencies incur costs beyond their time and fixed office overheads, too. Such as paying to access CV databases, LinkedIn Talent access, etc. If it takes them days to conduct a full search, a fee lower than 10% simply won’t motivate them – some won’t be able to work on jobs at that fee level.
If you’re still unsure where to set your fee, call us on: 0203 904 0890.
What do you mean when you say you “qualify” every vacancy?
Your dedicated Relationship Manager will brief recruitment agencies on your behalf, to save you having the same conversation five times. So, once you’ve uploaded your job on Change-Exchange, your Relationship Manager will call you to understand the role in a bit more detail. They will have a list of questions to run through, and aim to understand every last detail of the vacancy in order to give our recruitment agencies the best chance of finding suitable candidates for you.
Please set aside five minutes to complete the call, which is a worthwhile investment as going through the qualification process will dramatically increase your chances of filling your role on the marketplace, and prevent agencies asking you questions that they could ask us.
How does Change Exchange vet recruitment agencies to ensure quality?
We speak to every recruiter that wishes to join our community to find out more about them, and to give them some insight into how we work and what we expect from them. Provided we believe they are entering into the relationship with the right mindset, their company information is aligned with that on Companies House, and a credit check raises no red flags, we will usually let them on.
Once an agency is approved, Change-Exchange tracks their performance (how many jobs do they work on, how many CVs do they submit per job, how many of those candidates get to first interview, second interview, offer stage, etc.)This activity, married to any verified marketplace reviews they collect from employers and/or candidates, influences their profile score.
Once they become an active member of our agency community, thanks to data and customer reviews, the marketplace self-polices itself. We do, however, always have the ability to suspend a recruitment agency’s account should they breach our terms of business. This is at our discretion and used only as a last resort.
Can all the recruitment agencies see my vacancy and contact details?
No. Only the recruitment agencies you approve to work on your vacancy can view the full job description and brief.
When you upload a job to the marketplace, agencies can only see limited information (job title, location, sector, salary, fee) and your details are anonymous.
Agencies can review this basic information and those that want to work on your role will contact you. If you reject their request to work on the role, they won’t find out who you are. If you accept their request they’ll get access to the full brief, and will be able to contact you via the Hub.
What types of vacancies can I advertise on Change-Exchange?
You can advertise vacancies in any sector, at any level, but generally it’s aimed at specialist/technical vacancies that carry salaries between £25k to £100k. Within our community of recruitment agencies we have those that specialise in everything from Healthcare to IT, Finance to Sales, Engineering to Accountancy, Construction to Renewable Energy. So it doesn’t matter if you’re looking for a new Finance Director or a Software Developer, Change-Exchange will help you find and work with specialist recruitment agencies that will find you candidates, faster.
How many recruitment agencies should I let work on my vacancy, and which ones?
It’s up to you, but we recommend at least three but no more than five to ensure their commitment. Speak to your account manager if you’re unsure. They’re also a great outlet to discuss which agencies to approve, but of course you can use the agency’s profile, performance stats, and reviews from other employers to give you a steer on which agencies to work with.
If I upload a vacancy will I be inundated with CVs from agencies?
No, Change Exchange is much more sophisticated than that: you can decide how many CVs each recruitment agency you engage with is able to submit. So you can approve, say, five recruitment agencies to work on your vacancy, but only let them submit two candidates each. So you’ll get a maximum shortlist of 10 candidates.
In addition, each recruitment agency has to request your authorisation before they can begin submitting them, and should you be dissatisfied with the quantity or quality of a recruitment agency’s submissions you can prevent them from submitting more. Just click ‘disengage recruiter’.
How long will it be until I start to see candidates?
Usually not very long at all, although this does depend largely on the vacancy. Once you’ve uploaded your job a notification email will be sent to relevant recruitment agencies that specialise in your sector, this breeds competition between agencies, who are keen to submit their best candidates first. Therefore, you should see results quickly, usually within hours.
However, it will also depend on the job’s location, the salary you are offering, and the placement fee you are willing to pay a recruitment agency. We recommend you set a realistic fee to motivate a recruitment agency to source and submit their best candidates quickly. If you’re unsure, just ask, your Change-Exchange account manager, who has a really good overview of the UK’s recruitment market, so they can advise on fee level, salaries, etc. Call: 0203 904 0890.
Can I add more than one user to my Change-Exchange account?
Yes, you can add unlimited users to your company’s account. This can centralise your company’s recruitment activity, allowing hiring managers to view and review CVs, too.
If you need any help setting it up, call our support team: 0203 904 0890 or use the website’s Live Chat support function (at the bottom right-hand corner of your dashboard), which will connect you straight to us so we can help.
Once I have received CVs can I approach a candidate directly?
You can certainly talk to the candidate(s), yes. However, recruitment agencies often submit a CV with the candidate’s contact details removed to prevent them (the agency) being circumnavigated. In order to progress with a particular candidate, you should ask to interview them by sending an interview request through your Hub. This will be received by the agency, who can arrange for a telephone interview, face-to-face meeting, etc.
Can I cancel my subscription at any time?
After the first 90 days, you can cancel your subscription at any time on 30 days notice. To do so you must email your Relationship Manager.
During the first 90 days, however, you cannot unsubscribe. We do this to help get you successful on the marketplace and it usually takes a three-month investment on your part to start seeing results (although many agencies prove us wrong and make placements in month one!).
How and when do I get my placement fee?
You invoice us for the placement fee. To simplify payment for the employer we act as a master vendor, so we’ll take care of invoicing them on the candidate’s start date. You raise an invoice for your fee on the candidate’s start date too, and we’ll release your fee in two stages linked to the candidate’s 60-day rebate period:
- Stage one: 50% of the fee is paid to you upon 46 days.
- Stage two: 50% of the fee is paid to you upon 61 days.
During the rebate period your placement fee is held by us in a Client Trust Account that is completely separate from our current account, and thus placement fees are never used by us as cash flow.
How do you qualify a vacancy?
Before any vacancy goes live on the marketplace it has to be qualified by our client relationship team. They’ll call the employer to get additional details to produce a full brief, and confirm their commitment and likely candidate feedback timescales.
We do this to ensure employers are engaged on the platform and committed to filling their vacancy via the marketplace. We are very clear that they must provide candidate feedback as promptly as possible and if it is likely to take longer than expected they’re asked to communicate this with us so we can pass this onto you, and you can manage your candidate’s expectations.
We do everything we can to maintain the quality of employers and vacancies on our marketplace.
What happens if a candidate leaves or loses their job during the rebate period?
Argh, it hurts doesn’t it?! After we’ve all had a little weep, we’ll get feedback from the employer to determine what’s happened. Our rebate period is super-transparent:
- If the candidate doesn’t start, no fee is due from the employer.
- If the candidate leaves between 0-45 days, the employer gets a 100% rebate.
- If the candidate leaves between 46-60 days the employer gets a 50% rebate.
What happens if an employer doesn’t pay the placement fee?
Our payment terms are clear and we have a rigid collection process. If, however, a fee becomes more than 14 days overdue we will notify you, but continue to chase the payment ourselves.
Each case of late payment is taken individually and we will keep you up-to-date with progress. Ultimately, we do have the power to assign debt collection over to you, but it is unlikely to ever come to this point.
What happens if I get a bad review from an employer?
Let us know if you feel an employer has left an unfair review, or a review that breaches our review guidelines, and we’ll investigate further.
We will remove a review that breaches our policy as quickly as we can but it can take up to 3 working days, so please bear with us during this period.
Can I add more than one user to my Change Exchange account?
Yes, you can add multiple users to your Change Exchange account. To do this, click ‘account’ in the right hand corner of your dashboard and follow the steps. If you’re unsure, call: 0203 904 0890.