Theoretically, recruitment should be an extremely simple business model. Many people want a job, or a better one and most employers are looking for staff, better staff, or increased flexibility in their workforce. You could be forgiven for thinking that there is nothing easier than setting up a recruitment firm – and you’d be right.
Around 9,000 new staffing firms formed in 2018 but with total recruiting firms only increasing slightly towards 37/39,000 over the last five years, you’ll recognise that many don’t stand the test of time – but why?
Business Intelligence – visualising data, gaining an understanding
When it comes to data, bigger isn’t always better. Having too much data and trying to make sense of it all can become a real problem and a very costly one.
The introduction of the GDPR resulted in many agencies struggling to manage their data, but as thousands of agencies scrambled to legitimise and prove their rights to retain it, some took the opportunity to review what they had, where it came from and turn that knowledge into their greatest weapon – becoming more intelligent recruiters.
Getting an intelligent insight into your data sounds like something only large businesses can afford to do, but tools now exist that will allow you to do this for little or no money, and I’d urge recruiters to ensure their CRM has such an offering. Visualising your data, via portals, smartphones and wall-mounted screens in an office, together with ‘business intelligence’ allows recruiters and agency owners to physically see what works best, what needs attention and where efforts need to be focused.
Doesn’t a new recruiter deserve the tools that allow them to call the most active clients first? Shouldn’t your account management team be able to spot the clients going cold, or the jobs not searched?
Whilst not everyone needs to know the calls to interviews ratio or the CVs to interviews, wouldn’t everyone benefit from understanding what success looks like and the level of effort required to attain it?
Some of the basics:
• Where geographically are your freshest candidates are based?
• What jobs are the easiest and quickest to fill?
• What is your pipeline worth?
• Which prospect is most worthy of a phone call?
• What job boards offer the best applicants?
• Which sectors are expanding?
• What job board can you afford to drop?
• What business sectors are expanding?
• What compliance liabilities do you have next week?
Recruitment today is much more about what you know about your data than the amount you have, and the best agencies can visualise that data and turn it to their competitive advantage. Business Intelligence isn’t a new thing, it’s just that now recruiters recognise its value and thanks to suppliers like Voyager is unable to unlock the potential, visualise what works and where effort and enthusiasm are best applied.
Gaining a deep business intelligence about your recruitment operation and sharing it with your team allows you to switch from one sector to another before the bottom falls out of that market. Or alternatively, you can move the focus from temp to perm, advertise in the right areas, reduce spend, increase activity and track conversion ratios at pace, and with ease.
Proactive and intelligent recruitment firms don’t need to be told this, they live by what’s in the recruitment management system but if it’s not recorded, it can’t be reported.
Supported by modern technology partners, recruiters can now put their data first, living a more intelligent and insightful recruiting career, that builds warm relationships, instead of focusing on the cold calling traditions of the past.
Business Intelligence and visual analytics
Around 18 months ago, Voyager Software worked with thousands of recruiters to address the challenges of the GDPR. We helped them unlock hidden and golden data from deep within their databases and then enabled them to re-engage with customers new and old.
The GDPR was a huge opportunity for our customers, as opposed to a threat, and that reinvigorated energy has extended to what we now call Voyager’s Business Intelligence. Something that’s available today to all our cloud-based Infinity SaaS clients for no additional cost.
Today, recruiters need intelligent solutions that facilitate better results and more opportunities and data needs to be presented in a way that’s easy to digest and report upon.
Data doesn’t need to hide behind a personality, so why should your sales pipeline? Visualisation tools today present big data problems with colourful dashboards allowing people to put their best foot forward.
The next time you’re trying to differentiate yourself from another agency, why not actually show them the value you add to your candidates and clients and celebrate your achievements, conversions and activities. If you’re not already able to embrace the changing recruitment landscape and see the opportunities ahead, isn’t now the time?
This article was first published here in Global Recruiter’s 2019 Technology Special.
Voyager Infinity and Voyager Mid-Office are software solutions that make Recruiters’ lives easier. Voyager Infinity is a CRM used by thousands of recruiters globally to source, nurture and maintain the relationships with their clients and candidates, and Mid-Office manages the entire Pay and Bill process (IR35 ready).