{"id":75975,"date":"2023-02-16T09:00:30","date_gmt":"2023-02-16T09:00:30","guid":{"rendered":"https:\/\/www.bullhorn.com\/uk\/?p=75975"},"modified":"2023-02-15T15:39:03","modified_gmt":"2023-02-15T15:39:03","slug":"optimising-the-four-assets-of-your-recruitment-agency-for-growth","status":"publish","type":"post","link":"https:\/\/www.bullhorn.com\/uk\/blog\/optimising-the-four-assets-of-your-recruitment-agency-for-growth\/","title":{"rendered":"Optimising the four assets of your recruitment agency for growth"},"content":{"rendered":"

Over the past year, I\u2019ve spoken with over 150 recruitment CEOs across the world to ask, how do you grow a successful recruitment agency? Despite them working across vastly different industries, it was universally accepted that success hinges on four primary assets: your consultants, the clients you work with, the jobs you work, and the candidates you place into them.<\/p>\n

Unlocking real growth means targeting all four assets, and agencies are achieving this by investing in data-driven technology.<\/p>\n

Your consultants<\/h2>\n

Attracting and retaining talented consultants is a challenge that almost every recruiting owner is currently facing. However, agencies should be looking to improve the performance of their existing hires before they direct their budgets to bring in new hires.<\/p>\n

Optimising, attracting, and retaining talent are all connected, and by improving the performance of your consultants, you will increase retention and encourage attraction in turn.<\/p>\n

If you\u2019re partnering with technology that enables your consultants to earn more, you\u2019re providing them with a concrete reason to stay. By coupling better winning opportunities with a good retention rate, you then put your agency on the map as an attractive place to work.<\/p>\n

A successful brand, earning potential, and ongoing development will carry more attraction to talent than bean bags and a pingpong table.<\/p>\n

The real question is how do you optimise your team\u2019s performance, and are recruitment agencies approaching this in the right way?<\/p>\n

Setting targets for consultants<\/strong><\/h3>\n

Recruitment is a target-driven industry that\u2019s relied on key performance indicators to drive results forward. Often used as a whipping stick by management, KPIs have been a long-standing measurement tool that maps activity against objectives.<\/p>\n

They\u2019re usually anchored to previous successful activity and determine the number of calls, resumes sent, jobs worked, and interviews conducted to secure a placement.<\/p>\n

Target: $1m
\n10 x consultants = $100,000 billing each year
\n= $8,333 per month per consultant
\nPlacement fee = $8-10k
\n= 1 placement per consultant each month
\nNumber of jobs to placement ratio
\n= 5:1
\nResume to interview ratio
\n= 3:1
\nInterview to placement ratio
\n= 3:1
\nCould KPIs be better constructed to improve performance rather than being used as an enforcement tool by management?<\/p>\n

KPIs need to be mapped with more consideration to allow consultants to identify where they can optimize their performance.<\/p>\n

Your consultants will have different approaches to delivery \u2013 which is why the KPIs you attach need to reflect the activity that best suits the individual.<\/p>\n

Before you prescribe an activity, ask yourself if your consultants are:<\/p>\n