What Does It Mean to Run Your Firm Start to Finish?
Running a staffing firm is no easy task, and it’s only getting more complicated. Making matters worse, many firms suffer from poor collaboration between their sales and recruiting teams. This leads to incorrect billing and unhappy clients. There’s no quicker way to lose a customer or candidate than by getting their pay and bill wrong–accuracy and timeliness are paramount. These inefficient processes drive added cost and inaccuracies and can leave your sales and recruiting teams in the dark.
Imagine if you could run your recruiting, business development, accounting, and financial teams as one, with the same operational and financial information. A start-to-finish solution will allow your clients to power their entire business efficiently through one unified workflow. Here’s what it means to run your firm from start to finish.
1) You’re collaborating with your WHOLE team
How well does your team work together? Does everyone have access to the same data? A Global Recruitment Insights and Data (GRID) survey of 1,000 global recruitment professionals revealed that one in four respondents give themselves a failing score on interdepartmental collaboration. And half of staffing professionals don’t know who their most profitable clients are.
Running your firm from start to finish means you can break down growth-stunting siloes across teams, departments, branches, and technology to unify your business. With a complete start-to-finish solution, you can improve collaboration, streamline processes, and grow revenue.
2) You’re building relationships that last
Can you provide a seamless candidate experience from beginning to end? The talent shortage is still the number one challenge for staffing firms; if you can deliver a painless experience that is consistent through the application process, onboarding, and time and pay management, you’ll have a leg up on the competition.
Providing a seamless experience for your candidates and clients has shown to reduce candidate onboarding time by 15 percent and increased fill rate by 60 percent.
Candidate acquisition and experience are the top two priorities for firms in 2019, so it’s important to get it right. Firms that run from start to finish have also seen their candidate pipelines double and save on average 8.3 hours per week. It’s clear: providing an incredibly efficient experience will ultimately help your firm with the talent war.
3) You’re streamlining operations
With a start-to-finish solution, your firm will have access to complete margin, revenue, and pay information from one unified system. This enables you to make informed business decisions AND eliminate mistakes. With one system, your sales and recruiters will have access to gross margin performance in real-time.This is a major leg up, as 60 percent of staffing professionals don’t have visibility into their real-time gross margin.
Twenty-seven percent of staffing professionals have made an error in pay or bill management in the last year. Imagine if this number was zero. If you can replace vexing middle office processes with an automated pay and bill functionality, your team can streamline operations and drastically cut costs.
Another way to streamline operations is to focus on your most profitable clients, but half of staffing professionals don’t have a clear knowledge of which clients are driving the most revenue. A solution that enables you to identify your most profitable clients means you can make more strategic decisions about your firm’s present and future.
So, what does it mean to run your firm from start to finish? Ultimately, it means a more profitable, efficient firm. Running your firm unified under one solution can lead to a 233 percent growth in revenue. Manage all of the complexities of a modern recruitment business in one place with one solution and you’ll be in an incredible position to meet evolving staffing, recruiting, sales, and operational needs.