Want to future-proof your recruitment agency in 2023? With job growth slowing and economic tides turning, it’s a great time to prepare your agency for the future.
We recently partnered with recruitment expert and thought leader Barb Bruno to discover her top 25 strategies to future-proof any recruitment agency.
Below, we’ve included a snippet of these strategies with five tips to protect yourself and your business, no matter how the market shifts.
1. Personally generate less than 30% of the revenue of your company
Barb emphasises the importance of replacing yourself as your agency’s top producer, focusing instead on growing your business.
She states that recruitment agency owners and leaders should teach others what they know to make them more productive, upskilling their consultants and placing less pressure on leaders to generate revenue.
This frees you up to focus on long-term planning and strategy, client development and business development, ensuring that you have a strong relationship with every key account.
2. Know the 20% that provides you with 80% of your results
Barb also says that agency owners and senior leaders need to determine their greatest strengths.
Ask yourself: “Is this the best use of my time?”
To tackle this, conduct a time study and delegate tasks that are not the best use of your time to consultants in your agency.
This empowers you to focus your time and efforts on the 20% of your work that yields the best results and value.
3. Embrace that the worldwide economy is cyclical
While many experts are predicting an upcoming recession, it’s crucial for agency owners to stay informed, anticipate trends and make adjustments where needed, while not panicking (I know that’s easier said than done!).
Barb says that the best way to weather economic shifts is to implement repeatable recruiting and sales systems and develop strong client relationships with key accounts.
Always keep in mind that the economy is cyclical and tough times won’t last forever. Examine how you can set up firm foundations so that your agency can navigate any terrain.
4.Create a blended model staffing and recruiting firm
Barb also suggests that recruitment agency owners should increase the value of their companies by offering direct hire, as well as flexible staffing.
“Over 50% of the world’s workforce is not working the traditional 40-hour week anymore, so you need to move with the times.”
5.Conduct revenue modeling to determine your best business
It’s always important to use data-driven decision making when assessing and rethinking your agency’s performance.
Review the business you filled in the past few months and target 95% of your sales and recruiting efforts at those titles. Additionally, review what percentage of your profit is generated by each client and see how your strategy aligns with these results.
To discover more exclusive strategies from Barb Bruno, download the eBook now: 25 strategies to future-proof your recruitment business.