Challenges that stop the growth of your recruitment business
As a business owner, you may occasionally come to a point where you notice your business is stable but, unfortunately, not growing. We all know growing your business is difficult, let alone with all the current climate challenges. Therefore, we have compiled a list of challenges you may face that stop the growth of your recruitment business and how to overcome them.
Finances
Whether you are the owner of a recruitment agency or any other business, finances are usually the primary challenge everyone will face at some point in the growth journey. Looking at recruitment agencies, it typically takes 60 (or more) days to receive payment after placing candidates. Therefore, if you don't have any money set aside before hiring, your company will only be able to operate for more than a few weeks (or until your money runs out), especially if you hire applicants weekly. With no certainty that cash will be available each week to pay placed candidates, the consequences for your business might be severe. A business like Simplicity that supplies you with your financial needs will help overcome this challenge and support growth. Partnering with a financier will help your business overcome financial hurdles.
Moving with the times
Time is tricky; it can work in your favour at points and against you at others. However, if your business doesn't move with the times, it certainly won't support growth. Being behind and outdated on technology/software, branding, news, and trends can have serious knock-on effects, such as losing prospects and clients to competitors. Additionally, you risk encountering security threats or leaks when using old, outdated software.
Reviewing your technology systems annually and exploring all options will ensure you are always on top of the latest recruitment trends. Additionally, joining recruitment pages and groups on social media will guarantee that you're constantly up-to-date on trends within the recruitment sector.
Non-efficient recruitment processes
Moreover, regarding time, the vast majority of a recruiter's time is consumed by inefficient administration processes and duplication of effort, such as spending hours (if not days) sourcing applicants and analysing CVs and profiles. Therefore, creating and implementing an efficient recruitment process is critical. To do this, we suggest investing in a recruitment management system. There are many systems where you can perform all admin tasks in a single platform, easily view jobs and candidates suitable for appropriate jobs and many other features, streamlining all processes.
Finding the best candidates
It will always be a challenge to find and secure the best candidates, regardless of the status of the market. Therefore, use social media, develop talent pools, and cultivate true connections to find suitable candidates. This will take time, but it will be worthwhile as you're developing a skill you will never lose and always use. Even though this skill will support business growth, as a recruiter, you may find yourself frequently weighed down by lots of admin performing this process manually, causing you to be unable to focus on sourcing candidates. Therefore, such a specialist outsourced admin/back-office partner, such as Simplicity, will give you that precious time back to focus on the all-important recruiting and eliminate a number of challenges.
Simplicity is here to help.
With over 19 years in the recruitment sector, Simplicity will support the growth of your recruitment business. Simplicity's solutions include full back-office support, 100% finance and FREE recruitment technology. To find out more about how Simplicity can support your growth today, contact us at 01594 888518 or email Sales@simplicityinbusiness.com.
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