With almost 40,000 recruitment agencies registered in the UK, the recruitment industry is booming like never before. This intense growth rate has created fierce competition, which means now is a good time for recruitment agencies to focus on growth strategies, improve their business operations, and take advantage of any help available for strengthening their market positions.
If growing your business your recruitment agency is your priority, here are eight ways you can increase your recruitment agency’s profits:
1. Recruit on a global scale
It’s an increasingly small world nowadays, and as a result, it’s a good idea to think outside the box and recruit globally. Look at where the talent is and don’t be afraid to go far afield to pursue it. Understand the legal regulations, cultural practices and visa processes associating with hiring talents from abroad, because if you can position yourself as the expert in hiring international talents, you’ll have definite appeal to your clients.
2. Expand into emerging industries
Recruitment agencies tend to specialise in certain sectors, but after a while, this can exhaust your opportunities for growth. Branch out into new sectors and explore what is profitable. The benefit of working in emerging industries is that the competition is still scarce, so if you act fast enough you can build a reputation for yourself before other market players join in.
3. Embrace technology
In a crowded and competitive market, using the right tech can provide the edge you need to stand out. Knowing what the trends are and learning how to exploit them will allow you to respond efficiently to constant technological advancements, which more often than not determines whether entrepreneurs rise or fall.
4. Automate your paperwork
Cloud accounting is becoming increasingly important, especially with Making Tax Digital just around the corner, so now is the time to streamline your processes and do away with the paper trail. For example, a cloud accounting program such as Xero is great for business owners who don’t have strong accounting knowledge. At Berley, we have Xero-certified advisors who can help you to get the most of the accounting software.
5. Create efficiency in process and testing
Time is money. If you’re a recruiter who has to screen big piles of resumes, planning out procedures with each process having a checklist will help. Consider investing in assessment testing as well, which includes hard-skill tests, cognitive ability tests, personality tests, among others, as they help you to better profile a candidate.
6. Invest in your database
Your database is the heart of your agency. If you’re still using a dated database that is not user-friendly, consider upgrading to HR software with a host of capabilities like sourcing and applicant tracking, job dashboard and job analytics.
7. Get social
As you might have expected, Generation Z and Millennials tend to search for jobs using social media and on their mobile device, but most traditional companies don’t consider advertising on social media. As a recruitment agency, you can bridge that gap by having a strong social recruiting strategy.
8. Outsource what you can
Let’s be honest; you started a recruitment agency because you were good at recruiting, not because you were a talented web designer or a gifted accountant. Focus your time and efforts on what you’re good at, and when it comes to specialist tasks like accounting and tax returns, contact specialist recruitment accountants at Berley.
Specialist accountants for recruitment agencies
To be a successful recruitment agency, you need to have a solid growth plan but remain flexible enough to adapt to the changing world. At Berley, our team of chartered accountants and business growth specialists can help you with business strategies with the aim to improve your marketing competitiveness and new revenue opportunities.
Get in touch today on 020 7788 8261 to find out more about how our team can help you.
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