In the business world, you’re generally either growing or shrinking. Recruiting firms are no exception to this principle. To stay at the cutting edge of the field, you need to direct your efforts toward not just holding the status quo but moving upward and onward. What can you do as a recruiter to encourage the kind of growth you need to thrive? That’s the Million Dollar Question, and, while there is no simple answer, there are some strategies that can significantly increase your chances of success.
Calculate the ROI on New Hires – As the scope of your business operations expands—and with it the size of your client list and your talent pipeline—it will probably be necessary to hire new team members. Here’s where a lot of organizations go awry, by going on a hiring spree that outpaces the actual need for more staff. As a result, your gains are siphoned away due to the costs of salary and other expenses associated with added employees.
You can avoid this common problem by performing a Return on Investment (ROI) analysis for each employee you plan to hire. To accomplish this, you’ll have to quantify the benefits you can reasonably expect the new hire to bring to the company and compare this figure with the total expenses (salary, payroll taxes, etc.) involved with keeping them on board. Also, you may wish to consider using contractors—but, be careful: There are rules that must be followed to avoid scrutiny from the IRS.
Share Your Successes – How does your firm go about finding great talent? That’s a question that any company you’re hiring for would love to know before they do business with you. Put together a few case studies showing the step-by-step recruiting process, from initial contact to onboarding, so you can show clients concrete examples of your methods. Similarly, you should have a testimonials section on your website where past clients can sing your praises.
Keep Finding New Clients – As we’ve said, you need to keep moving. That means reaching out to clients, developing relationships, and maintaining a connection with them—even if it takes years before your efforts begin to pay off.
Stay Technologically Up to Date – There are countless problems, large and small, that can be avoided or minimized simply by having the right ATS software to manage the broad range of tasks that recruiters must manage.