2012 was an interesting year to say the least. For most agencies, it started off strong then everyone got a bit nervous in the second half of the year, culminating in some redundancies and uncertainty in the industry. So what does 2013 have in store for us?
The end of a year is always a good time to reflect on what has happened and look forward to a brighter, better future.
My prediction is that the industry must become more flexible if it is to prosper. We must look at how we can package our services to provide the client with exactly what he/she requires rather than offering a “one size fits all” solution. We must become better at sourcing talent and we must also stop allowing clients to multi-list and move into a more honest, relationship based rather than a transactional recruitment model with our clients. No wonder we have the turnover in our industry that we do. Speed has become the way to do business for the last few years – clients list a job, we do a quick database search and submit any resumes that look remotely suitable because if we don’t, maybe our competitor will and we lose the fee.
I believe that your success moving forward will be in direct proportion to how successfully you build your networks. Spending time building your client and candidate networks will be one of the keys to success. Tools such as social networking will become more mainstream in sourcing clients and candidates in the next year or two.
Success will mean working with fewer clients, taking time to search for the “right” candidate and getting a better quality result. Those that know me and my team and have attended any of our training know that I believe very strongly in exclusive and retained business AND headhunting techniques to locate the talent required. I believe that these will be the two key skills that successful recruiters will need to build over the next few years.
Reflect on 2012
1. Review your jobs listed –
○ How many were listed
What percentage were contingent?
What percentage were exclusive or retained?
○ How many did you fill?
○ Of those you didn’t fill, reflect on why not. Could you have managed the process better? Could you have developed a stronger relationship? Could you have asked for exclusivity? Was the job “real?”
What was your average fee/margin? (was it what you expected?)
What were your key performance indicators for the year and how did they impact on your results?
Were you happy with your result?
If not, what could you have done differently to get a different result?
Review your client and prospect lists. Firstly, allocate your portion of the database into the following categories:
a) Client companies – those that you (or your company) has placed candidates with in the last 12 months.
b) Prospective companies – those companies that are currently in your sales funnel and you are actively working on.
c) Source companies – those companies that you are actively sourcing candidates from.
Be ruthless with your prospects. Will you make higher levels of profit placing into or sourcing from that company? Many of us believe that organizations that list lots of jobs with us are potential gold clients. However, if you are one of ten recruiters briefed and there appears no opportunity for exclusivity, then the opportunity cost in working the jobs may be too high. Perhaps this company would be a more profitable source of candidates.
Once this is done, you are ready to start setting some goals for 2013. We'll cover this part of the process next week.
Until next time, be the best you can be - Gaynor