How to Be A Profitable Recruiter: The 8 Pillars of Success
I’m often asked what are the top skills that a Recruiter has to get right to become truly profitable – in money, in time and in happiness. I’ve boiled this down to 8 areas which, if done correctly and consistently, makes it inevitable for you to be abundant in all 3 profit pockets!
1. Time Is More Important than Money
The moment you realise that Time is more important than Money, is the moment you can become richer in both. Money is infinite and there really is no limit to how much of it you can have; it all comes down to how you spend your time to make your money. Because we all have the same amount of time – you, me, Richard Branson and Mark Zuckerberg. Making the right decisions on how you use this time is the only difference between the highly successful and the not so successful.
2. There’s Riches in them Niches
About 99% of the Recruiters I work with who are truly profitable in finance, time and happiness have found a Niche and worked it – and nothing but. Becoming an Expert in just ONE area has so many benefits it would be impossible to list them all here. Efficiency, Expertise and Ease of Job are just the highlights. If you’re not Niching, then the likelihood is that you’re not as profitable as those that are. And the reason Recruiters don’t move into a niche? Fear. Fear of missing out, of getting it wrong or of not having enough jobs to work. And thats such a shame because profitability is just on the other side of that fear.
3. A Graders
Working roles that give you little to no return is exhausting, poorly paid and frustrating. Do you know how many jobs you need to work to get to the finish line? Industry average is under 20% – so you need to work 5 roles to get 1 placement. What a complete waste of everyones time! Now, if you were to work only your A Grade jobs (you know the ones – the ones that you can fill that don’t have a high risk of other recruiters filling and a client who trusts you!) did you know you can increase your fill rate to over 80%? And how nice would that be for everyone involved?
4. Take Control
Recruiters who are able to truly ‘Consult’ are able to take the reigns and work each vacancy like a well oiled project. From the get-go, both you and the client understand what the SLA’s are and why action and urgency is important if they want the best candidate in their business. If you feel like you’ve become a Shepherd trying to herd a group of sheep because your client isn’t providing you with timely feedback and decisions and your candidates are starting to wander off, then taking control will be your answer. For me, this had to happen right at the start of the relationship with the client and I called this a Launch Meeting. Get this in, get the commitment and you’re 95% there.
5. Candidate Led Recruiting
Working a VIP Candidate Model is key to increasing the revenue on your desk. It will increase your reputation in your market niche, it is fun and gives you a real sense of ‘doing the right thing’ and as a result of that you’ll see a massive influx of profit as you place exceptional candidates with grateful clients. However, most recruiters I meet aren’t doing this, or not doing it enough or not doing it correctly. There is an art to working a VIP model and once you learn it, and execute it, recruiting becomes a whole new ballgame.
6. A Client Converter
If your Business Development is a bit haphazard, then your billing will be too. Having a clear plan on how to Onboard your clients from the moment you identify them is absolutely key to your success as a recruiter. Winning new business isn’t luck or tenacity. It’s about creating a model that works and doing it again and again. It’s about Pipeline management, influence techniques and understanding the power of language both written and spoken. It’s about finding a need, digging into that need and creating a solution which your clients will love. And if you’ve nailed points 1-5, this part is easy!
7. Your L’Oreal Moment
Yes we’d all love to charge 35% but unless you absolutely believe you’re worth it, no other bugger will! Knowing your service is 10X better than anyone else’s is the most important thing you can believe in. The MOMENT you do, then they will. So really figuring out how much you’re worth to a client is the golden ticket to successful value driven fees. Because you deserve it – don’t you?
8. There is no such thing as Failure, just Feedback
Making mistakes is an important part of our growth. When did you last see a toddler who, at his first attempt at walking, fell down, hot his head and said to himself ‘walkings over-rated. I quit.’ ? Like learning to walk, being successful means we have to take the knocks. But what’s more important is that you see these as feedback – so next time you try it differently and learn from the experience. As Einstein succinctly said ‘Insanity is doing the same thing over and over and expecting different results’. All profitable recruiters have their setbacks – the trick is to grow from them and not to be scared of them.
I hope these ideas have given you something to think about. If you’d like to find out more, here’s a link to our recruitment learning platform which covers all of these areas in detail. Click the link below.