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The Secret Power of The (Job Stock) Strategy
Posted by Nicky Coffin
Over the past 18 years or so, I have worked with literally hundreds of recruitment and staffing organisations across the globe.
During this time, I have identified 7 ‘set’ moves they all make that guarantee their success.
I’m going to share one with you today.
The thing is, even if you have just one that you are playing consistently you will get an instant return.
I am going to share a specific ‘set’ move today that will totally change your trajectory-guaranteed.
It’s called the ‘Job Stock’ set move and it’s a game changer
Why is job stock important?
One of the biggest time wasters for you and your consultants, is working jobs that you are never going to place a candidate into.
Think it through, recruiting takes work; from taking a brief, sourcing the candidates, interviewing them, arranging the interview ……..and the list goes on and on. It takes time, doesn’t it? Which means you need to be rewarded financially for all your hard work.
What we have found, when we start working with companies, is that they are placing between 4% – 8% of the jobs they take…… yes, I know it’s low isn’t it?
Which means that out of 10 jobs they are working – they are placing less than one. It’s an easy calculation! 9 jobs are going unfilled and yet they have all been worked in some way even if it’s a 10-minute call with the client to discuss the role. What a waste of time and opportunity…
The good news
If you are placing less than 50% of your jobs – you have a massive opportunity to make some significant returns with this set move I am teaching you here.
Here’s some fascinating data from a top performing recruitment business who twigged the power of ‘job stock’ and the huge potential when you get it right.
This company tracked all their jobs using the criteria: A, B and C jobs:
- A jobs = top quality
- B jobs = good to average quality
- C jobs =OK – low-quality
What they found from their analysis over a 12 month period was that they had filled jobs in the following revealing order:
- 72% of A Jobs
- B 18% and …………….
- Only 6% of C jobs
In total, they only filled 15% of the roles they had registered – so it was well below the 50% is should have been.
Light bulb moments
They knew if they got an A job that they were 72% likely to fill it – so if they could increase commitment from their clients from the B & C jobs, their number of placements would go up and up.
This business then changed their entire recruitment process so that they could increase the commitment with the client from the get go.
Simple when you read it like that isn’t it?
Let me share with you how one of my clients, Tom used this set move to add an extra £300k to his bottom line in 3 months. As a first start, after hearing about the move, Tom went back to his team of 5 and carried out a job audit.
He found that they had 100 jobs live. Then with his team he looked through every single job and decided – should we be working this job at all?
He did this by asking several killer questions, we share on one of our programmes and I will give you a general overview here.
These questions range from:
- How long had the job been live
- How sellable was the role,
- Did they have a connection with the decision maker,
- Was there a detailed plan in place,
- how detailed was the brief…….. etc.?
From this they cut their live jobs down to 60. Said goodbye to 40 low quality, low fee, non-niche roles and a lot of unproductive work.
Then for the remaining 50, Tom drilled down to specific details using a range of questions. Here is an example of the areas they explored:
- Current state of play and actions
- How ‘sellable’ is the role and company
- Volume opportunities
- Specific timeframes
- How ‘good’ is the client on responding to requests CVs etc…. and how flexible on salary
From these questions, they cut the 60 jobs down to 40 – so each consultant was now only working on 8 jobs rather than 20 jobs.
Each consultant then made a priority list of their jobs and a plan of how they were going to close off these 8 roles and moved into action.
Over the next 6 weeks – they placed 50% of those jobs, while freeing up their time. 50% in fact, which meant they could find more good quality roles they could fill with their new-found knowledge.
This was all great; but then Tom needed a system in place so that he would not have to go through this each time someone took on a job – to save both himself and the team time.
He sat down with his consultants and brainstormed what specific criteria needed to be in place for them to be able to work the job. And came up with a Gold, Silver and Bronze job criteria system.
- A Gold job – 8 of the 10 criteria needed to be met
- A Silver job – 6 of the 10 criteria needed to be met
- Bronze was anything less than 6
Tom used a range of criteria based on the questions and ideas we shared earlier.
Now it’s not to say they wouldn’t work a silver or bronze job at all – it’s just that they would prioritise their gold jobs first and when they had covered that job, then they would move onto the silver jobs; make sense?
Whenever a job was taken, the consultant needed to complete the criteria and put the job up on a white board in the office – so everyone could see the gold and silver jobs that were being worked.
He got one of his senior consultants to manage the board and each week they would have jobs meeting to see if they could brainstorm any gaps and cascade knowledge between the team.
Tom then up skilled and trained his consultants to become masters at taking on gold jobs and as they say the rest is history!
[IMPORTANT:If you would like to read Tom’s full case study about how he transformed his recruitment company email here and put ‘Tom’s case study’ in the title.
Show me the money Nicky!
OK here you go: This is the impact our job stock strategy could make for just one of your consultants.
If they are currently only placing 10% of jobs and are working on 12 jobs a month, with an average placement fee of £5k, if you could increase this to 20% of jobs filled, meaning they are making 2 placements a month rather than 1; then the figures become quite different.
- £5k extra a month
- £60k extra a year
- £300k extra over 5 years
What if you have 5 consultants in your team? Got your calculator at the ready?…………………
If you want to know more about how to make more profit in your recruitment organisation this is what we go into on our Millionaire Blueprint Programme, where we give you the exact formula to implement them all and explode your success.
To find out more, get in touch fill out our contact form here.
High performing consultants are the lifeblood of any successful recruitment organisation. The challenge starts when your recruiters underperform. There is a solution and I cover it in-depth in my latest ebook; How to Convert Your under Performers to Consistent Billers in 14 Days or less. You can download it here.