The ‘magic formula’ of success in the recruitment industry

The staffing and recruitment industry is rapidly expanding in 2017 following a few difficult years caused by the economic downturn. The number of placements is increasing and more companies are looking outside their confines for hard-to-find talent. At the same time, the vast majority of staffing companies are hiring more recruiters, specialists and coordinators. This gives rise to an overcrowded market and a tough competition for talent and clients. To deal with this, many agencies are heavily investing in business development and innovative recruitment tools that can give them a competitive advantage.

Some quick facts:

On average, the budget of staffing agencies is expected to grow by 53% (LinkedIn). A large part of this budget will be allocated to branding, and sourcing and recruitment tools. In order to come up on top in the competition for talent, agencies are expected to invest in candidate experience and personalize the contact with candidates. When it comes to increasing their overall competitive power, agencies are advised to invest in tools that help scale up business without growing the team and automate all time-consuming tasks. According to the LinkedIn Global Staffing Trends 2017 Report, industry leaders believe that innovative interviewing tools, candidate CRM tools, and big data are the top 3 technological trends that will shape the staffing and recruitment industry in the next few years.

Video recruitment offers an out-of-the-box solution for success in the coming years. Without having to replace its recruitment system, an agency can add this innovative functionality to their service offering through a simple integration. Agencies use video recruitment to speed up their process and to select better-matching candidates for their clients. A video of a candidate can easily remove the doubts a client may have, as video offers a personal and comprehensive first impression of a candidate. This increases your competitive power and offers a clear service to your candidates.

Here are a number of success factors that shall continue to be important beyond 2017, where video recruitment plays a clear role:

#1: Specialization

The agencies that survived the crisis were mostly the agencies that specialized. Clear focus is important. This enables you to develop your market knowledge and create a stronger network with each placement. Databases become outdated rather quickly. Specialization ensures an updated network where you can find new candidates through your existing ones, because knowledge, people, and networks in a specialized setting are linked to each other. This way, you always have access to talent. Video lowers the threshold for getting- and staying in touch with people. With video, the time investment required to get to know each other is minimal. The scarce candidates don’t have the time to visit every recruiter. But they can do that online!

#2: Speed ​​and efficiency

Many employers would like to find talent themselves. To this end, they invest in building internal capacity and skills. This wish is not new. Many employers find it hard to work with the traditional pricing model where they pay a variable fee for each placement. In part, this demand is being filled by self-employed interim recruiters who work on an hourly basis or for a fixed fee. Agencies are thus activated at a later stage and, therefore, must be able to deliver candidates increasingly faster in a market where they do not get exclusive assignments. Because of this, it’s handy if your candidates have already taken a video or if you are able to facilitate an online video introduction to your client. This can often happen in a short timeframe. And that speed delivers more results!

#3: Innovation

The difficult market until 2015 has led many agencies to make few investments in technology and innovation. At the same time, the market has also developed with, for example, a demand for leased employees, interim recruitment and increased flexibility. As a result, many agencies are revising their proposition, pricing models and technology. With ‘the lowest cost’ no longer being the main argument when considering technology, agencies are revamping their recruitment systems. Added value and the ability to remain successful in the coming years through the use of the newly acquired technology are now decisive factors. In their services, agencies look to the wishes and behavior of their candidates, who have already adopted video en masse.

Here are some concrete examples of how agencies use video in their recruitment process:

»   The specialized Recruitment & Selection Agency Rennecke Consulting in Düsseldorf recruits candidates throughout Europe for sales positions in Germany by using video.

»    The Dutch employment agency Recruit-a-Student focuses exclusively on students and young professionals who can introduce themselves in a video pitch when they register for a job search.

»    The Recruitment Process Outsourcing (RPO) provider EN-HR Solutions successfully selects candidates for T-Mobile by using video interviews.

»    The executive Search agency Odyssey Recruitment in London selects medical personnel from the Middle East for an international career path.

Agencies will have plenty to do in the coming 10 years. A prerequisite, though, is that the proposed processes and technology will fit the needs of the candidates of 2017 … and those of 2027. Video is here to stay! Happy Hiring.


 

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