Case Study - Wave Financial
# of Months
# of Hires
Cost per Hire
Having just raised $5 million dollar series A and a $12 million Series B rounds in short succession Wave was one of the most well-funded and highest-profile startups in Canada.
At the time they were about 20 people and had been working with a couple of contingency agencies and had no internal recruiting function. They needed to scale rapidly and for obvious reasons, the status quo was not the answer.
Wave engaged GuruLink on a contingency basis initially, and we quickly placed several key development resources. They were considering adding an internal resource to help with this scaling entrusted GuruLink to put together a plan to help them scale their hiring for key functions across the company, both technical and non-technical.
GuruLink worked closely with the Wave executive team to create a 12 month hiring plan and heatmap. From here we ranked the various planned hires as High, Medium and Low difficulty and from here projected out which positions Wave could and should conceivably be able to hire directly. We then modelled out a few different scenarios for a cost comparison, which included the “As-is” model, a model with hiring a direct internal resource and using agencies to supplement and a couple different custom GuruLink solutions.
Wave opted for a Guru Onsite model, whereby we had one of our team integrated into Wave and onsite at Wave’s offices 2-3 days per week, and one of the Co-Founders there 1 day per week for key meetings, strategy and roadmap check-ins. The onsite resource managed all inbound (both from postings and referrals), created job descriptions, implemented systems, worked with the team to optimize processes, conducted telephone and in-person interviews, co-ordinated the entire process, negotiated and prepared offers and even helped with onboarding new hires. The GuruLink core team would also help supplement the candidate pipeline for the positions that were scored as high difficulty, as well as those there were scored as medium difficulty after leveraging organic for these for 2-4 weeks depending on urgency. All low difficulty positions were filled organically, and several of the medium difficulty.
The projected cost per hire in this model was just over $6,300 per hire, which is a cost per hire well below what most companies are able to do internally and as you can see below we dramatically outperformed that projection.
GuruLink helped Wave to scale from around 25 people to almost 100, making every single hire along the way. The hires spanned Technology, Accounting, Sales and Operations.
The cost per hire across all of these hires worked out to $4,073. If only 1/3 of these hires had been made on a typical contingency basis this represents a savings of over $200,000.
Additionally, during this process GuruLink requested and was granted an opportunity to invest in Wave as we truly believe that this helps to realign incentives and gives us skin in the game. Wave eventually exited in June 2019 for $537 million, one of the top 5 largest non-IPO tech exits in the last 5-10 years in Canada. Ultimately, a great outcome for all!
“Drew and GuruLink became a very important partner of Wave during a significant growth period. Their personalized approach provided a customized solution that allowed us to scale our company very effectively.
Strong communication created a great working relationship that led to great results and the consistently high level of integrity at every stage made the experience of working with Drew very comfortable and effective. His desire to ensure he was meeting our needs was at the forefront of the service he provided and was the primary reason that we were very satisfied with the overall results we got from the partnership.”
— James Lochrie, Co-Founder
Gavin and Paige were able to find opportunities that aligned with my personal interests for companies that are at the forefront of new technologies and industries. The process was very quick and guidance was given every step of the way. I would recommend them to anyone looking for a job.”
and feeling like I was getting lost in a pile of resumes, GuruLink did the legwork of presenting my skills and experience to the employer for me and helped get me the IT job that I’ve always wanted. They have educated me on the company, prepared me for who I’d be interviewing with, what questions might be asked. They gave me the confidence I needed to go in and rock the interviews, and now the job. In a booming IT job market that can be hard to find valuable and interesting work, GuruLink found the job that’s right for me, at the salary that I wanted.”
Julia and Jibran for the great opportunity that they gave me. As a newcomer to Canada, I wasn’t expecting to get the same job that I have before in my home country. I am unfamiliar with the recruiting process here, and I always hear that we need ‘Canadian Experience’ even if it means taking a job not related to your previous occupation or education. But with the guidance and help of awesome recruiters like Julia and Jibran, I was able to get a job well suited to my qualifications and more than expected compensation. I am very grateful to both of them, and I hope that they can help more newcomers like me to have a great job in Canada and start a new chapter in their lives.”