There have been many questions regarding the state of the U.S. economy over the past year – What direction is it heading in? Is there a recession coming? How should businesses prepare? Unfortunately, the answers to these questions are not crystal clear. We are currently in a slowing economy that continues to change each day, and nothing is certain.
For business leaders, this is an especially challenging time. Many employers don’t know if they should freeze hiring or ramp it up, but recruiters need to be prepared to meet any demand. Unemployment typically rises when the economy slows which makes recruiters’ jobs increasingly difficult and only the best will emerge successfully. 2023 will likely be an interesting year for recruiters to fight and survive, so take the following recruitment tips into consideration as you navigate through this volatile economy.
Tips to Grow Your Recruiting Gross Profit
Recruiters need to focus on improving their gross profit despite this uncertain market; it is not a time to remain stagnant and allow your competition to pass you by. Here’s how you can grow your recruiting gross profit:
1. Enhance Your Market Intelligence
Market intelligence plays a vital role in efficiently sourcing today’s top talent. Simply put, market intelligence stems from collecting data about current market trends, industries, hiring demands, candidates, competitors, etc. Recruiters then analyze this data to create a well-informed talent acquisition strategy to meet the current market demands. Incorporating a recruitment strategy without collecting relevant data first will lead to a scattered, inefficient process.
Focus on which industries are growing versus slowing so you don’t misspend your efforts working in industries lacking potential. The best recruiters know how to shift their resources to adapt to the market. You should strategically target growth opportunities and allocate your resources toward them while taking resources away from slowing industries.
Your market intelligence is also a culmination of every conversation you have with every candidate. When you are talking to a candidate who recently got laid off, for example, inquire about the position they had, what company they worked for, and what industry they worked in. This will give you a realistic insight into what’s happening in the talent market and help you distribute your resources to the areas that will provide the best return.
2. Separate Yourself from the Competition
To be better than your competition as a recruiter, it’s vital to always go the extra mile for every candidate you are working with. Prioritize being your candidates’ biggest advocate – if you realize a candidate is not the best fit for the job at hand, keep them in mind for other positions with the goal of eventually placing them in the right role.
Transparency and honesty are key here. You should never oversell a candidate and push to place them in a role that is not an accurate fit for them, so be open and tell candidates when a job is not right for them. This will build your credibility so they trust your expertise when you do find the best role to fit their skillset.
Another tip to help separate yourself from the recruiter pack is to recognize that you are not the hiring manager. Often times, recruiters will pass over a candidate because they’re not the perfect fit for a role at first glance, but the hiring manager might want to give them a chance. It’s worth giving candidates a call who meet most of a job’s requirements to get more intel to see if it could work out. Then, if you determine that they have enough potential, you should pass them to the hiring manager to make the final decision. This practice ensures that you are not missing out on top talent due to minor oversights.
3. Have a Plan
Time management and the prioritization of tasks are crucial elements of a successful talent acquisition strategy. Successful recruiters consistently make a plan and execute it without giving into distractions or going down rabbit holes.
Here are some preparation tips for recruiters to implement:
- At the end of your workday, plan for the following day – know exactly what you will need and have it ready
- Write a detailed schedule each day of what tasks you’ll be working on at what time
- Get to know every client you are working for to better understand their hiring needs
- Fully understand each req before you start working it – know what type of resumes to look for so you will easily recognize a fitting candidate
These steps will allow you to protect your valuable time and control as much of your day as you can. While some things are inevitably out of your control, you will still be able to get things done as long as you value and prioritize your time.
4. Make One More Call
In recruiting, making one more call can be more effective than it may sound. Before every situation throughout your day, it’s best to make one more call to another candidate before you walk away from your desk. For example, you should call someone before your make a cup of coffee, take a lunch break, send out an email, go for a walk, or end your day. Embracing this mentality will set the pace for your day, keep you motivated, and help you avoid distractions.
A recruiter’s workday is never done; there is always another job they can fill or candidate they can network with. It can be difficult to determine if you are putting in enough work or not, but setting goals like adding ‘one more call’ a few times a day will ensure that you are excelling in your role. Recruiters who accept that their job is never truly finished will outperform others in this slowing economy.
As you endure this challenging hiring market and face an uncertain future, don’t go in afraid. It’s best to accept the situation and take actions to prepare for it. In this economy, there are more recruiters drinking from the same water hole – more companies want to hire top candidates from the talent pool, so a stand-out strategy is required to succeed. If you follow the tips in this blog, you will survive, and maybe even thrive, throughout this volatile hiring market.