How a Leader in Private Credit Filled Mid-Level Roles 3.5x Faster While Saving $147k Annually

Percent, a pioneering force in the modern private credit market, has been instrumental in reshaping the landscape for investors, borrowers, and underwriters. With their innovative technology, they've not only increased transaction speed and efficiency but have also achieved this at a fraction of the cost.

Since its establishment in 2018, Percent has rapidly risen to prominence, setting the standard in asset-backed and corporate lending. Their platform has powered over $1 billion in transaction volume in a multi-trillion-dollar private credit industry. Moreover, they recently became a part of the 2023 Inc. 5000 annual list of the fastest-growing private companies in America.

Summary

• Problem: Percent is a leading firm in the private credit market. They had important roles to add to their headcount, but finding the right talent was time-consuming and expensive in the US.
• Challenge: Percent struggled to make strong, A-level hires for their junior and mid-level roles (such as analysts and specialists) while keeping costs in check, especially considering the lofty salary expectations in New York City.
• Roles Hired: Customer Success Analyst, Email and Webinar Marketing Specialist, and Operations Analyst.
• Why Percent Chose Near: Percent turned to Near for a solution based on a strong recommendation from their Head of Corporate Strategy. They felt confident that Near could help them find cost-effective talent without compromising on quality or ability.
• Solution: Near's streamlined recruitment process allowed Percent to explore hiring Latin American talent effectively and without risk. They initially made two hires, but added a third soon after due to the high caliber of the talent pool that Near provided. 
• Hiring just 3 Latin American professionals is helping Percent save $147k in payroll annually, about 72% compared to hiring US-based talent.‍
• Percent hired top-tier talent 3.5x faster than it normally takes them.‍
• Partnering with Near cuts out 75% of their sourcing, screening, and recruiting time.

Challenge

Percent's growth strategy hit a roadblock: it was challenging to find skilled junior to mid-level talent they could hire affordably. The salaries expected by talent within commuting distance of New York City strained their budget. Inge Beintrexler, VP of People at Percent, noted that even considering hires from other states didn't adequately ease their financial constraints.

The Problem (High Salary Expectations From US-based Talent)

Percent had been open to filling roles for the Engineering department with remote members. However, they were still wary of hiring internationally for other core teams, such as Marketing and Operations, as they wondered how well they would perform without being near their headquarters in New York. 

They were concerned with the speed at which junior or mid-level remote hires would adapt. Inge noted that such roles often needed closer guidance. 

But as the quest for top candidates to fill new positions posed a formidable challenge due to the high salary expectations from workers based in the US, Percent needed to find a solution that would allow them to find talent ready to hit the ground running without draining their resources. 

Why Percent Chose Near

To overcome this problem, Percent turned to Near for a comprehensive solution. The main factors behind their decision include:

• Near came highly recommended by their Head of Corporate Strategy, who had a deep knowledge of Latin America and had heard positive feedback about Near from a colleague. This recommendation instilled confidence in partnering with Near.
• Percent was eager to explore talent options outside of the US that would offer cost savings without compromising on quality, especially since they had never hired for these roles remotely. They sought to strike a balance between talent excellence and budget considerations.

Solution

Before kicking off the search, our recruiting team met with Percent’s hiring manager to finalize job descriptions and define what the hiring process would look like for them. Furthermore, Near’s recruiter provided guidance on appropriate compensation levels. The salary offerings had to be competitive enough to attract the region’s top talent while ensuring considerable savings vs. comparable US-based hires. 

Percent wanted to test what LatAm talent was like in terms of skills, experience, and English proficiency with two roles: Customer Success Analyst and Email and Webinar Marketing Specialist.

After receiving the first batch of screened candidates, Percent was amazed by the caliber of talent they received. They felt confident enough to open an additional talent search with Near, this time for the role of Operations Analyst.

We were pleasantly surprised with all the candidates we interviewed, especially about how well-rounded they were and how much experience they had. We were blown away by the talent that existed that we just kind of weren't aware of.

Inge Beintrexler

VP of People at Percent

‍

Near delivered great candidates consistently, exceeding expectations, and supporting the hiring process to make it low effort on Percent’s side. 

Moreover, the use of video responses by candidates added depth to the initial screening process, offering insights that weren't readily apparent from a resume. This process allowed Percent to make more informed hiring decisions in a more efficient manner, which ensured that the candidates progressing to the interview stage were not only technically proficient but also culturally aligned.

What Onboarding Looked Like

After filling the three open positions, Near guided Percent through the intricacies of contractor status in Latin America, specifically on how this status would be reflected on their payroll management platform, Deel. In line with this, Near’s Operations Manager provided a detailed guide encompassing all essential steps for onboarding a Latin American contractor on Deel.

Simultaneously, Near's recruitment team helped Percent craft the offer letters. The assigned recruiter provided a convenient template; the hiring manager only needed to complete essential details, such as the start date and allocated vacation days.

Each of the placements signed three different contracts:

• Deel's Country-Contingent Contract: To accommodate the diverse employment rules and regulations across Latin American countries, Percent leveraged Deel's pre-populated contract, which is meticulously tailored to be country-contingent. 
• Customized Offer Letter: Percent also provided candidates with a personalized offer letter. This offer letter included crucial details such as vacation days and sick leave, ensuring that the terms were aligned with the company's standards and reflected a fair and equitable employment relationship.
• Confidentiality and Privacy Agreement: As an integral part of the onboarding process, Percent ensured that all employees consented to their standard confidentiality and privacy agreement. This step was crucial for safeguarding data security and privacy, aligning with industry best practices.

Lastly, Near provided supplementary guidance to new hires. This included an in-depth understanding of contractor status complexities and a thorough walkthrough of the payment process and how to receive their compensation in their home countries.

Results & ROI

The collaboration between Percent and Near delivered substantial results:

• By hiring Latin American talent, Percent is saving approximately $147k annually. A 72% reduction in overhead costs compared to hiring similar US-based professionals.
• The entire process, from kick-off to onboarding, was 3.5 times faster than their typical hiring time of 3 to 4 months. 
• By partnering with Near, Percent is saving 75% of its sourcing and screening time, significantly reducing the recruiting time. Near’s proven accelerated hiring process allowed Percent to onboard talent more swiftly and address critical staffing needs promptly.

Takeaways

By partnering with Near, Percent witnessed firsthand how nearshore hiring can benefit US companies seeking growth and high-performance teams. Some of the key takeaways are:

• Strategic Cost-Efficiency: Percent's partnership with Near exemplifies how forward-thinking companies can strategically access top-tier Latin American talent, achieving significant cost savings while building high-performing teams.

• Precise Talent Selection: Near's proven hiring process unveiled top-tier talent whose communication skills and cultural alignment exceeded expectations. This precise selection process empowers companies to make swift, well-informed hiring decisions.

• Astounding Time Benefits: The hiring process is considerably faster with the help and support of a partner with a robust pipeline of top pre-vetted talent. Beyond that, working with a partner can enable companies to cut down 75% of their sourcing and recruiting time, allowing executives to spend their time on other value-creating activities, and enhancing their competitive edge.

Are you a part of a remote-friendly organization looking to scale efficiently? If you'd like to learn more about hiring top talent while saving hundreds of thousands of dollars every year, book a complimentary consultation.

To learn more about Percent, visit Percent’s website.