Rewind to when we were in the midst of a recession. Unemployment was escalating and investment hit rock bottom, triggering seemingly endless months of bad news for the recruitment industry. There was a dark and gloomy cloud hanging over agencies up and down the country and you could be forgiven for believing that there was no light at the end of the tunnel.
But, fast forward and just like the recent British weather, the clouds over the industry have cleared; the sun is blazing and everybody in recruitment seems to be sporting a very large grin.
Even during the dark days of 2012/13 the REC reported that 617,000 vacancies were filled by recruitment agencies in the UK – bringing in some £1.6bn in commission. According to REC’s latest Recruitment Industry Trends report, the recruitment industry as a whole has an estimated value of over 26.5 billion, which will crest it’s pre-recession level this year, with an additional 9% further growth expected in 2015/16.
With this in mind, it is prime-time for recruitment business owners to take advantage of a changing marketplace – so what 5 keys things can new recruitment agencies do to ensure their own success?
1. It’s an agency’s responsibility to keep up to date with laws that could affect your business and its services. Recruitment business owners must understand legislation such as Onshore Employment Intermediaries and make themselves aware of the Agency Workers Regulations to avoid landing in hot (legal) water.
2. Technology will undoubtedly play a major part in the future of recruitment. With it advancing at such a rapid speed, UK recruiters will be able to offer their expertise to companies in any location. The more niche the service, the more appealing, no matter where a recruiter is based. An agency must understand that recruitment is going mobile. For a successful agency, this means that sites must be responsive and jobs must be simple to apply for from a mobile device.
3. Successful agencies are aware that their intrinsic value lies in making the client’s job easier. This means that an agency that takes time to understand their clients’ exact needs and requirements won’t waste their time by sending candidates that don’t fit the bill – making sure they don’t waste their clients time and money. A good relationship between a consultant and a client is the difference between success and failure for all parties involved and has to be built upon trust.
4. Use your available funds to invest wisely in innovative solutions and technology which will make your jobs easier. This will not only streamline your activity and processes, but can lower overheads and reduce time inefficiencies.
5. Stop wasting time on administration tasks which are easily outsourced. A solid back-office support system accompanied by sound cash flow really does separate the wheat from the agency chaff. Cash flow is king and the biggest show-stopper for agencies but solutions are available which will help business owners to focus on spending their time growing their business, rather than wasting it in areas that will never make them money.
With business confidence doubled since last year and now at a 22 year high, the time is ripe for growth and success. If you want to be a part of that, you can request a call back from Simplicity today.
You’re literally a conversation away from making your dream a reality.