{"id":76209,"date":"2022-12-05T09:00:01","date_gmt":"2022-12-05T09:00:01","guid":{"rendered":"https:\/\/www.bullhorn.com\/uk\/?p=76209"},"modified":"2022-12-02T21:21:29","modified_gmt":"2022-12-02T21:21:29","slug":"is-your-recruitment-agency-recession-ready","status":"publish","type":"post","link":"https:\/\/www.bullhorn.com\/uk\/blog\/is-your-recruitment-agency-recession-ready\/","title":{"rendered":"Is Your Recruitment Agency Recession-Ready?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Are we in a recession? Are we in a boom? It\u2019s hard to know for sure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On one hand, we have two quarters of a declining GDP, soaring inflation, skyrocketing costs, and steadily rising interest rates\u2014the very definition of a recession. On the other hand, unemployment has dropped to a 50-year low, and the demand for labour continues to be incredibly high\u2014indicating no recession.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But smart recruitment agencies won\u2019t wait for an official announcement. They\u2019ll batten down the hatches\u2014and be ready for anything.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">No matter what\u2019s going on in the world, an effective risk management strategy can pay off for your recruitment agency. Taking action is easier when you have time to consider your options, so here are four strategies to help your firm weather tough times.<\/span><\/p>\n<ul>\n<li><b>Audit expenses.<\/b><span style=\"font-weight: 400;\"> One of the easiest things to do is to cut costs. Examine where you\u2019re spending the most money. Review your profit and loss statements. Look at your credit accounts. Are you spending money on things that are nice to have but not essential to your business? Do you have recurring charges that are no longer needed? Audit your expenses to ensure you get the highest return on every dollar you spend.<\/span><\/li>\n<li><b>Get work done without adding to payroll.<\/b><span style=\"font-weight: 400;\"> For most recruitment companies, internal payroll is the second biggest expense. Are you doing everything you can to maximise your employees\u2019 productivity? Consider investing in automation, offshoring, and outsourcing so that your recruiters can focus on revenue-generating tasks. If you can find ways to get work done without adding to the fixed expense of additional payroll, you\u2019ll save money and set your firm up for growth.<\/span><\/li>\n<li><b>Increase efficiency.<\/b><span style=\"font-weight: 400;\"> Examine your processes to eliminate wasted time and resources. Training, better targeting, and integrating marketing with sales can help increase productivity on your sales team. Automating repetitive tasks can give your recruiters more time to spend building relationships with clients and candidates. Closely tracking KPIs can help you discover which activities drive the most value\u2014and where your team is struggling to hit their numbers.<\/span><\/li>\n<li><b>Review contracts.<\/b><span style=\"font-weight: 400;\"> Reviewing supplier contracts will help you identify opportunities to lock in your current rates and protect your firm from future price increases. On the client side, a longer-term contract can prove advantageous to both parties. Your recruitment agency is assured revenue for a longer period of time, and your client knows their rate won\u2019t increase as well.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Taking these steps can protect your recruitment agency\u2019s bottom line from rocky economic weather, but it won\u2019t necessarily help you reach your business goals. Growing your business often means leveraging opportunities\u2014even during periods of uncertainty.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Creating a proactive plan to strengthen your business during tough times may sound like a tall order, but it\u2019s an investment in the future of your recruitment agency. How can your firm take advantage of opportunities\u2014and sail full steam ahead through a possible recession?\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Focus on customer service.<\/b><span style=\"font-weight: 400;\"> Selling recruitment becomes more challenging during a recession, so you need to find ways to prove your value to your clients. Consider going on-site, leveraging technology, exploring new product solutions, and digging into clients\u2019 pain points to see how you can help them succeed. If you can help your customers improve their businesses, then they will remain loyal to you.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Stay visible. <\/b><span style=\"font-weight: 400;\">It\u2019s tempting to decrease your marketing spend during tough times, but you\u2019re not going to get any new clients or candidates if they don\u2019t know you exist. The worst thing you can do is become invisible. The public will think you\u2019ve closed your doors and may take their business to your competitors. The best strategy is to maintain\u2014or increase\u2014the amount you spend on marketing to help you stay top-of-mind with clients and candidates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Maintain your price structure.<\/b><span style=\"font-weight: 400;\"> Slashing prices can jeopardise future profits\u2014and lessen the perceived value of your services. If your clients are struggling to pay invoices, think of ways you can work with them to make it easier. Perhaps you can offer them a one-time payment extension or a short-term discount, but cutting prices now will make it difficult to raise them later.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Consider mergers and acquisitions.<\/b><span style=\"font-weight: 400;\"> Times are tough for your competitors, too. If you have the capital, you may be able to acquire a struggling competitor at a lower price, giving you access to valuable talent, technology, or process improvements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Recruit talent. <\/b><span style=\"font-weight: 400;\">Your competitors may be hanging onto their businesses, but they may have to let some of their best people go. Now is the time to be opportunistic and snap up high-performing talent. An influx of new people and new ideas could help your firm expand into new markets, create new service offerings, add new products\u2014and emerge stronger than ever after challenging economic times.<\/span><\/li>\n<\/ul>\n<p><b>Want more great ideas to accelerate growth and get more job orders filled in today\u2019s economy?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Find free resources (eBooks, webinars articles and more) to prepare for anything\u2014even a recession\u2014by visiting Haley Marketing\u2019s <\/span><a href=\"https:\/\/www.haleymarketing.com\/brainfuel\/?utm_source=PR_Bullhorn&amp;utm_medium=Referral&amp;utm_campaign=2022_Q4\"><span style=\"font-weight: 400;\">Staffing Brain Fuel<\/span><\/a><span style=\"font-weight: 400;\"> today.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<a href=\"https:\/\/www.surveymonkey.com\/r\/GRID2023ADSUK\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-76195\" src=\"https:\/\/www.bullhorn.com\/uk\/wp-content\/uploads\/sites\/2\/2022\/11\/GRID_Survey_Launch_2023_NA_BlogAd_1200x200_A_V1-1.png\" alt=\"\" width=\"5001\" height=\"834\" srcset=\"https:\/\/www.bullhorn.com\/uk\/wp-content\/uploads\/sites\/2\/2022\/11\/GRID_Survey_Launch_2023_NA_BlogAd_1200x200_A_V1-1.png 5001w, https:\/\/www.bullhorn.com\/uk\/wp-content\/uploads\/sites\/2\/2022\/11\/GRID_Survey_Launch_2023_NA_BlogAd_1200x200_A_V1-1-768x128.png 768w, https:\/\/www.bullhorn.com\/uk\/wp-content\/uploads\/sites\/2\/2022\/11\/GRID_Survey_Launch_2023_NA_BlogAd_1200x200_A_V1-1-1536x256.png 1536w, https:\/\/www.bullhorn.com\/uk\/wp-content\/uploads\/sites\/2\/2022\/11\/GRID_Survey_Launch_2023_NA_BlogAd_1200x200_A_V1-1-2048x342.png 2048w, https:\/\/www.bullhorn.com\/uk\/wp-content\/uploads\/sites\/2\/2022\/11\/GRID_Survey_Launch_2023_NA_BlogAd_1200x200_A_V1-1-300x50.png 300w, https:\/\/www.bullhorn.com\/uk\/wp-content\/uploads\/sites\/2\/2022\/11\/GRID_Survey_Launch_2023_NA_BlogAd_1200x200_A_V1-1-1440x240.png 1440w\" sizes=\"auto, (max-width: 5001px) 100vw, 5001px\" \/><\/a>\n","protected":false},"excerpt":{"rendered":"<p>Are we in a recession? Are we in a boom? It\u2019s hard to know for sure. On one hand, we have two quarters of a declining GDP, soaring inflation, skyrocketing costs, and steadily rising interest rates\u2014the very definition of a recession. On the other hand, unemployment has dropped to a 50-year low, and the demand [&hellip;]<\/p>\n","protected":false},"author":182,"featured_media":74197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[584],"tags":[],"class_list":["post-76209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-trends-and-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is Your Recruitment Agency Recession-Ready? - Bullhorn UK<\/title>\n<meta name=\"description\" content=\"Here are four strategies to help your agency weather a potential recession from Bullhorn Marketplace partner Haley Marketing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bullhorn.com\/uk\/blog\/is-your-recruitment-agency-recession-ready\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Your Recruitment Agency Recession-Ready? - Bullhorn UK\" \/>\n<meta property=\"og:description\" content=\"Here are four strategies to help your agency weather a potential recession from Bullhorn Marketplace partner Haley Marketing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bullhorn.com\/uk\/blog\/is-your-recruitment-agency-recession-ready\/\" \/>\n<meta property=\"og:site_name\" content=\"Bullhorn UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Bullhorn\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-05T09:00:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bullhorn.com\/uk\/wp-content\/uploads\/sites\/2\/2021\/04\/Bobs-Copy-Overlay-16.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1360\" \/>\n\t<meta property=\"og:image:height\" content=\"710\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"David Searns\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Searns\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bullhorn.com\/uk\/blog\/is-your-recruitment-agency-recession-ready\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bullhorn.com\/uk\/blog\/is-your-recruitment-agency-recession-ready\/\"},\"author\":{\"name\":\"David Searns\",\"@id\":\"https:\/\/www.bullhorn.com\/uk\/#\/schema\/person\/d2a89dd9c3fee3a5b642513fb24e7006\"},\"headline\":\"Is Your Recruitment Agency Recession-Ready?\",\"datePublished\":\"2022-12-05T09:00:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.bullhorn.com\/uk\/blog\/is-your-recruitment-agency-recession-ready\/\"},\"wordCount\":853,\"publisher\":{\"@id\":\"https:\/\/www.bullhorn.com\/uk\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.bullhorn.com\/uk\/blog\/is-your-recruitment-agency-recession-ready\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.bullhorn.com\/uk\/wp-content\/uploads\/sites\/2\/2021\/04\/Bobs-Copy-Overlay-16.png\",\"articleSection\":[\"Industry Trends &amp; 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