If you secure a new job via the Hug agency, we gift 100% of our net profits to you and society. We gift yours in the form of a "Hug Balance" which you can access after two years. When you consider the average recruitment agency introduction fee equates to a significant percentage of an annual salary, this can be a meaningful amount. Your Hug Balance is credited in 24 equal payments, every month for up to two years (or less if you leave the employer).
Exactly how much will be gifted into my Hug balance?
It will vary and depend on the following factors:
a) The commercial introductory terms we have agreed with your new employer and your offered remuneration.
b) The type of job you are offered.
c) How long you remain with your new employer (up to 2 years).
When you are successful in obtaining a job via Hug Agency, you will be informed of what the total gift value will be.
What are commercial introductory terms?
When a recruitment agency finds their clients a new employee, the industry standard arrangement is that the agency will receive a fee based upon an agreed percentage of your offered salary. In the case of contractors or temporary workers, the agency receives a percentage of the daily or hourly rate the employer has agreed to pay. It is from these fees that we gift you our profits.
What are agency rebate terms?
Every employer will expect a recruitment agency to agree a fee rebate period in case a new hire does not remain in employment for a minimum period. Typically rebate terms cover the first three months of employment and no longer than six months.
If I leave the employer before their agreed agency rebate period, do I receive a gift?
Unfortunately not. However, after a rebate term expires, the first credit into your hug balance will be equal to the accrued value you would have been gifted during that rebate period. When you are successful in obtaining a job via Hug Agency, you will be informed of what rebate terms we have agreed with your new employer.
If I leave the employer before the end of 24 months, do I get my gift?
Yes after 24 months from your start date. However, you do not receive any extra monthly payments once the employer notifies us that you have left their employment.
Is my gift safe for 24 months?
We separate our business bank account from our customer bank account. Therefore, our business cannot access the money we have allocated to gift to you.
Do I have to withdraw my Hug Balance at the end of the 24 month payment period?
No you don't. You can keep funds in your Hug Balance for as long as you like
Do I have to pay tax on the gift?
This depends on your country of residence. We are working with governments or legislation to make the gift as tax efficient as possible. However, in locations that we cannot, you may be liable for additional income or capital gains tax.
Why are you giving me your profits?
We are a social impact fintech. We want to recapitalise society and make the economy stronger for everyone. We are sustainable because we deduct our costs before giving you our profits.
You say you gift some of your profits into society. What does that mean?
We are a social impact organisation, designed to be sustainable. Therefore, as well as doing huge societal good we also need to generate investor returns. Those returns would be used to buy assets which will naturally appreciate for our investors. In tandem they will generate yield to be directed back to society as charitable donations.
Can you recommend how I manage my gift?
Yes, but we only educate you about the principles of finance, we never make specific recommendations.
What will the financial guidance involve?
We believe more should be taught in school about good financial governance. We will provide basic courses so everyone can understand them, as well as more advanced topics. Our hope is you learn how to build assets and your wealth, so you don't need to rely on some forms of debt.
Do you offer any other type of guidance?
Yes, we want you to be safe from sharp practice, scams, and online fraud. We will explain what to look out for and how to protect yourself and your wealth.
I would like to work for the Hug Agency. How do I get in contact with you?
We are expecting to grow rapidly and are glad you are keen to be part our mission to disrupt the global recruitment market and make it do good for society. Please send your CV to firstname.lastname@example.org and someone will be in touch should a suitable role become available. You can of course also register your CV on our website.
What type of roles can you support us with?
We can supply permanent or contract staff.
Can we outsource all our recruitment to you?
Yes. One or more of our trained staff can manage all your recruitment needs.
How do we know you can find the top talent?
If you were looking for your next career move and you were aware of an organisation that gifted as much of their profits back to you, wouldn't you at least ensure your up-to-date CV was registered with them?
Due to the benefits we offer new hires, our candidate database is vast and continuously fresh, so we will be able to access the best available permanent, temporary or contract staff you need.
All our dedicated and professional recruitment agents are proud and excited to be part of our mission to disrupt a $400B annual global market and make it do good for society. They are also committed to providing the most professional, hardworking, ethical, and personable service they can, to clients and candidates alike.
How much are your introductory fees?
Our fees are in line with industry standards and our business team will agree those with you. It is important to know our offering to candidates is not achieved at an additional expense for our clients, and we remain commercially competitive within the market. We reassign our net profits to achieve our goal and in doing so we unlock further benefits for our clients.
Can we advertise directly on your website and search your database?
In the future we may offer this service, however currently we are operating an agent only service. Please contact us at email@example.com if you feel this would be a service you would be interested in.
If an employee found by Hug Agency leaves my company's employment within their first 2 years we are eligible for a rebate equivalent to 50% of the profits the Hug Agency would have gifted to that employee. Who is responsible for notifying the Hug agency if this happens?
The employer must notify the Hug agency when the employee's last day will be and as soon as you are aware the employee is leaving. It is not possible for the Hug Agency to track every employee's tenure with its clients. If we are not notified that an employee has left your company, the employee will continue to receive their monthly instalments until the end of their allocated 24 months and you will not be eligible for your 50% rebate. The rebate will be calculated either from the employee's last day of employment or from the day we are notified; if notification is given after the employee has left.
How do you evidence our CSR commitment?
It is becoming increasingly important for employers to demonstrate their CSR commitment to their employees and customers alike. By working together, we can inject so much more value back into society, complimenting your employer branding initiatives.
We can advertise or give you empirical metrics as to the value you are placing back into the local, domestic or international economies. We believe working with us, raises your social capital and builds customer loyalty.
What are your standard terms and conditions?
Contact our team at firstname.lastname@example.org and they will arrange an introductory call to discuss your needs and our terms and conditions.