The COVID-19 pandemic has forced many companies to implement hiring freezes in order to weather the economic downturn. For recruiting firms this presents a unique challenge, and many have been struggling to keep their businesses afloat.
However, there are still opportunities for recruiting firms to survive and even thrive during these tough times. In this blog post, we will provide tips and strategies for recruiting firms to navigate hiring freezes, adapt to changing circumstances, and emerge stronger on the other side. Whether you’re a seasoned recruiter or just starting out, these tips will help you stay ahead of the curve and ensure the continued success of your business.
So what can recruiting firms do to navigate hiring freezes and continue generating revenue? Let’s dive in.
Focus on retaining existing clients
While new business may be hard to come by during a hiring freeze, recruiting firms should focus on retaining their existing clients. This means providing excellent service, staying in regular communication, and being responsive to their needs. Here are some tips for keeping clients happy and engaged:
- Be proactive
- Don’t wait for clients to contact you with questions or concerns. Be proactive in communicating with them, providing updates, and offering solutions to potential problems.
- Be responsive
- Be responsive to clients’ needs and requests, whether it’s providing candidate feedback or answering questions. Respond promptly to emails and phone calls, and be available to them when they need you.
- Offer value-added services
- Offer additional services that add value to the client relationship, such as market intelligence, or salary benchmarking. These services can help clients make more informed decisions and improve their hiring outcomes.
- Provide ongoing support
- Provide ongoing support to clients even after a placement is made. Check in with them regularly to ensure their satisfaction and offer solutions to any challenges that arise.
- Build strong relationships
- Build strong relationships with clients by getting to know them on a personal level. Understand their goals, preferences, and pain points, and tailor your services to meet their needs.
Technology can help recruiting firms streamline their processes and reduce costs. For example, using applicant tracking software can help automate the hiring process and make it more efficient. Or platforms like Betterleap can help automate follow-ups with candidates, find candidates’ personal email addresses instantly, or update your ATS with the latest candidate info.
An outreach automation platform like Betterleap can be an effective tool for recruiting firms to streamline their processes and reduce costs in several ways:
- Automating outreach
- An outreach automation platform can automate outreach to potential candidates, freeing up recruiters’ time to focus on more strategic tasks such as interviewing and closing deals. This can increase your efficiency and reduce the need for additional staff.
- Customizing messaging
- Betterleap allows recruiters to customize messages to specific candidates based on their skills, experience, and interests. This helps to increase the chances of a response and reduces the likelihood of sending irrelevant messages.
- Tracking results
- Betterleap helps you track the results of outreach campaigns, providing valuable insights into the effectiveness of different messages, channels, and candidate segments. This information can be used to optimize future campaigns and improve overall recruitment outcomes.
- Reducing errors
- Automation can help you reduce errors and inconsistencies in the recruiting process. Outreach automation platforms like Betterleap can ensure that messages are sent to the right candidates at the right time, reducing the likelihood of errors or missed opportunities.
Overall, automation helps recruiting firms streamline their processes, reduce costs, and increase efficiency, while also improving the quality of candidate outreach and engagement. This can help firms to stay competitive and succeed in the highly competitive tech industry.
Diversify your offerings
Recruiting firms should consider expanding their services to offer more than just recruiting. You could provide consulting, training, or other services that companies may need during a hiring freeze. When you think through diversifying your offerings, pricing can be a challenge. Companies may have limited budgets or specific hiring needs. Recruiting firms should be flexible and willing to work with their clients to find creative solutions that meet their needs and budget. Here are some factors to consider when determining pricing for new services:
- Value: Consider the value that the service provides to the client. If the service solves a critical business problem or saves the client money, then it may be priced higher than a service that is more of a nice-to-have.
- Cost: Understand the costs associated with delivering the service, including any technology, staffing, or other resources required. Ensure that the pricing covers all of these costs, as well as a reasonable profit margin.
- Market: Research the market to understand what competitors are charging for similar services. Pricing should be competitive but also reflect the unique value proposition of the new service.
- Customer willingness to pay: Talk to clients to understand how much they are willing to pay for the new service. This can help set pricing that is both competitive and meets client needs.
- Pricing strategy: Decide on a pricing strategy, such as flat fee, hourly rate, or commission-based. Each strategy has its pros and cons, so it’s important to choose the one that works best for the new service.
Ultimately, pricing for new services should be based on a combination of these factors, with the goal of providing value to clients while also ensuring the profitability of the recruiting firm. It’s important to monitor pricing regularly and make adjustments as needed to remain competitive and profitable.
Build a strong network
A strong network can be invaluable during a hiring freeze. Recruiting firms should focus on building relationships with industry professionals, attending events, and leveraging social media to connect with potential clients and candidates. Here are some tips on how to start building a network:
- Attend industry events
- Attend industry events, conferences, and meetups to meet professionals in the targeted industries and companies. These events provide opportunities to network with potential clients, hiring managers, and other recruiters.
- Use social media
- Social media platforms like LinkedIn, Twitter, and Facebook can be powerful tools for building a network. Recruiting firms can use these platforms to connect with professionals in their target industries, share relevant content, and build relationships with potential clients.
- Partner with other firms
- Partnering with other recruiting firms that have complementary specialties can expand the recruiting firm’s network and provide access to additional clients and candidates.
- Provide value
- Building a strong network requires more than just making connections. Recruiting firms must provide value to their network by offering insights, resources, and support that can help their clients and candidates achieve their goals.
- Build relationships
- Building strong relationships with clients, candidates, and industry professionals is key to building a successful network. Every recruiter should focus on building long-term relationships by providing exceptional service, being responsive, and maintaining open lines of communication.
By following these steps, recruiting firms can build a strong network that can provide a steady stream of clients and candidates. It takes time and effort to build a strong network, but the benefits are well worth the investment.
Stay up to date with industry trends
During a hiring freeze, it’s important to stay informed about the latest industry trends and developments. This includes understanding which companies are still hiring, which industries are growing, and what skills are in high demand. LinkedIn, AngelList, and Crunchbase are all good platforms to research which companies are still hiring and connect with hiring managers.
In conclusion, hiring freezes can be challenging for recruiting firms, but they don’t have to be the end of the road. By following the tips and strategies we’ve outlined in this blog post, you can adapt to the current environment and continue to grow your business. Remember to stay flexible, be creative, and stay positive. As the economy continues to recover, there will be new opportunities for recruiting firms to thrive. By implementing these tips and strategies, you’ll be well-positioned to take advantage of those opportunities and come out on top. Best of luck to all recruiting firms out there!