Achieving success as a recruiter has always taken hard work, time, and dedication. However, the Covid-19 pandemic has shaken up the traditional framework of the recruiting industry.
It’s never been a better time to re-evaluate your agency’s commission structure and explore your options to streamline your workload and increase your earnings. As the job market and economic instability worsen worldwide, it’s time to take control of your career and set your sights on financial success/stability.
The highest estimated annual earning for a recruiter stands at $200k. By getting savvy about your approach to your clients and agency, you can secure that figure for yourself.
Find out below how recruiters can earn more:
Understand your agency’s values
While it may sound rudimentary, the benefits of getting to know the ins-and-outs of a company are often overlooked by recruiters. A common misconception among recruiters is that the majority of agencies are vying for the same outcome; therefore, they must abide by the same recruitment processes.
The fact of the matter is that different things are important to different companies.
Take a look at some of the commonplace overriding goals seen among recruitment agencies:
- Bringing in more business
- Maximising profits
- Upscaling – fast growth
- Recurring revenue
- Developing major client accounts
And the list goes on. While they may all fall under the same umbrella, not every recruitment agency is interested in them all. In fact, you may find that your agency only focuses on one or two. So, it’s worth figuring out what your companies priorities and visions are before wasting time and energy on fruitless endeavours.
Undertake an inter-office deal
By studying what makes your agency tick, you may also discover that they handle their fees in a specific way. Some agencies allocate a large part of their budget towards onboarding clients while setting apart little money for the act of filling the role and vice versa.
Therefore, while the work share may have been equal, the remuneration between the ‘onboarder’ and allocator may be skewed. For some agencies, the extent of this unequal payout may be considerably large. Consequently, deals between co-workers from different sections of the same company are becoming more frequent in the recruitment industry.
Gain access to more job listings
Due to the economic fallout brought on by the pandemic, up to 15.9 million American’s lost their jobs, according to the Commonwealth Fund. That’s a lot of job-seekers to have back on an already burgeoning employee market.
Moreover, as the vaccine rollout continues unabated, it’s expected that we’ll see an uptick in the economy and thus the upscaling of businesses countrywide. This means that the vacancies left behind by those who lost their job during the pandemic will be bolstered by new vacancies in growing companies.
Naturally, companies and organisations will be on the lookout for experienced, well-connected, and on-the-ball recruiters. Make sure that’s you by searching for new talent pools to draw from. Many recruiters tend to stick to their well-trodden tactics, which, while they may have worked before, might not perform to standard during unprecedented times.
Aim for higher job positions
Executive level posts are often tricky to recruit for. Many factors go into selecting the right person for the position due to job specifications being relatively niche and ‘pinched.’ Moreover, the candidate pool is smaller than it is for mid-level roles.
One of the biggest obstacles a recruiter will run into while recruiting for a high-level post is varying interests. While most candidates will usually have a higher salary in mind, things can be different in the workforce’s upper echelons. You may hear inquiries about benefits such as pensions and profit shares, which can far outweigh the prospect of an increased salary for some
However, what makes these roles worth the effort are the fees. The time and effort spent landing a client for an executive role certainly pays. In fact, the average figure for one candidate is expected to be $20,000 – that’s immense.
Pick your clients wisely
During these unsure times, it can be tempting to jump on any opportunity that arises or lower your professional standards. However, while perhaps boosting your revenue in the short-term, it can leave a mark on your credentials in the long-term which could potentially scare away valuable clients.
So, it has never been a better time to keep your image as a professional recruiter in mind during each decision you make for work.
Bonus: Clients who value your work are more likely to find ways to share their appreciation and approval. If your agency allows it, consider setting up a self-branded website where these stellar reviews can be logged and showcased to future potential clients.
Leverage your LinkedIn contacts
Speaking of cultivating an online presence, there’s no better place to focus on than LinkedIn. With 414 million users spanning across 200 countries and territories, having an optimised and far-reaching LinkedIn profile is indispensable.
But as a recruiter, you already know this. What you might not know is that things are just about to heat up. With more people than ever working from home, online presence has become vital to job success.
Don’t just use it when you’re actively recruiting talent; use it during off-peak times, too, and engage with your connections’ activity. This builds good-will and stable business relationships between you and your clients. And when your clients warm to you, they’re more likely to keep working with you. This is where recurring revenue arises, so focus on this step if that’s one of your agency’s priorities.
Plus, now, considering the instability of the job market, clients will be searching for stability and familiarity on their recruiters – make sure that’s you.
And finally, it could be time to ask for a raise
It’s more than well known among the recruitment industry that the hiring process is where most companies end up bleeding money. High employee turn-around can often lead to the demise of what otherwise would have been a prosperous company, especially during these trying times. Consider some of the loses a company could accrue by losing a valued worker:
- Potential productive hours lost
- Risks associated with new employee
- Lost knowledge
- The average cost of the hiring process to fill one role is $4,129
- according to a study by the Society for Human Resource Management
If you suspect your company is not suffering financially, asking for a well-deserved raise could be an opportunity to boost your annual earnings.
The job market is currently in an unstable state but that doesn’t mean you have to suffer as a recruiter. If you follow certain strategic steps and play your professional cards right, you could even witness a significant career boost. Take the advice above to heart and you’ll be on the right track to earning more and achieving unprecedented success in unprecedented times.
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