Author: SourceBreaker

Positioning yourself as an expert in new markets and understanding how best to diversify into new markets is vital for continued success. In our last article, we explored the 5 key considerations for diversifying into new markets but what’s the next step from there?

Uncovering Your First Client

Once you’ve chosen a market to enter, the next step is to identify your target clients by working out which companies are likely to be hiring right now

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When choosing your market you’ll have to spend time mapping the key businesses within that space and equally important, identify the companies that you want to work with and are currently looking to hire.

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The biggest businesses in the market probably aren’t going to be your best bet at this stage. Their hiring process is almost certainly too lengthy and well-guarded for what you need right now. It’s worth keeping them in your pipeline of companies, but expecting that this will likely be a longer play.

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There will of course be situations where you can break into a larger company quickly, but in most cases, the internal talent teams, stricter PSLs, and longer buying cycles are all reasons why going for the SMEs is often a more productive bet in the short term.

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Instead, focus on discovering the hot sectors where there is a current high demand for top talent. Sectors like Fintech and EdTech are typically a good bet as both tend to be well-funded and have an ongoing need for talent.

Find Low-Barrier Entry Companies

By leveraging data on investment rounds or lists of the ‘fastest growing’ and ‘award-winning’ organisations, you can swiftly pinpoint companies that are experiencing upward growth. Smaller firms that have secured ample funding and are rapidly expanding are more likely to have consistent and substantial recruitment needs, with fewer hurdles to entry.

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These companies also have an alluring reputation, making them a preferred choice for job seekers, as they showcase their potential as budding businesses. What’s more, companies that are under time pressure and seeking to fill a position urgently will generally have fewer steps in their recruitment process, reducing the lag time between placement and remuneration.

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Once you have compiled a list of prospective clients, it’s imperative to position yourself as a specialist in their respective industries to establish the trust necessary to secure their business.

Position Yourself as an Expert In New Markets

Strategise on how to portray yourself as the ideal ally to your prospective client. By inspiring them to view you in this light, your chances of securing them as clients are significantly higher as they’ll trust your ability to secure relevant, high-value talent.

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It’s important to note an uninformed cold call or a generic email lacks finesse and is not a wise approach. Any hiring manager can quickly spot a call that is inadequately prepared or a bland email.

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That’s why it’s crucial to conduct thorough research before engaging with potential clients and tailor your communication to align with their business, as a single opportunity can make all the difference.

Fortifying Your Approach with Company Insights

Before reaching out, arm yourself with thorough knowledge of the company. What recent projects have they undertaken? Have they received any recent accolades? What challenges are they facing? Who are their key rivals or businesses they aspire to emulate? Are there any relevant blog posts you can reference?

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Gaining this information doesn’t have to be a drawn-out process and can often be accomplished with a quick review of the prospect’s website or Twitter page.

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By conducting research and having a well-defined reason for your outreach, your prospective client will be more receptive to your approach as it demonstrates genuine interest and a comprehensive understanding of their business.

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This wealth of knowledge will distinguish you from your competitors, showcase your expertise, and position you as a subject matter expert. Using this approach will facilitate a consultative conversation rather than a mere sales pitch, affording you a stronger position to sell from and leading to more favourable outcomes.

Ready to Reposition?

Expanding into new markets and identifying new clients is essential for the growth and success of any recruitment agency. By positioning yourself as an expert in your field and having a thorough understanding of the companies you wish to partner with, you are better equipped to build relationships and secure business.

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With a thorough understanding of industry trends, average salaries, and funding data, you will be in a stronger position to engage in consultative conversations and ultimately secure more clients.

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That’s because being well-prepared and knowledgeable about your prospects can greatly enhance your chances of success when diversifying into new markets.

TL;DR Key Takeaways

• To enter a new market, identify target clients and focus on hot sectors with high demand for talent.
• Look for smaller firms experiencing upward growth, with ample funding and fewer hurdles to entry.
• Position yourself as an expert in the industry of your prospective clients to establish trust and increase your chances of securing their business.
• Conduct thorough research on the company before engaging with potential clients, and use that knowledge to facilitate a consultative conversation rather than a sales pitch.
• Being well-prepared and knowledgeable about your prospects can greatly enhance your chances of success when diversifying into new markets.

When it comes to the recruitment industry, there are so many metrics and variables at play that it’s possible to get distracted, especially when prioritising aspects such as employee branding.

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It’s a part of the recruitment process that is often overlooked and often becomes bogged down by “business as usual”, standardised processes that can be incredibly costly to implement and maintain if done at all.

Employee branding

Employee branding is about how an organisation’s employees, reputation, and behaviour affect the perception of the business or organisation itself.

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Research shows that 70% of employees surveyed believe their work experiences are a critical factor in whether they take up a new position or not.

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A stellar recruitment agency website or a freshly-designed recruitment video on YouTube doesn’t guarantee an employee’s interest in taking up a new position, but what can be done in the pursuit of employee brand?

The Key to Improving Employee Brand

Keep an eye on employee branding, and if you’re already good at it, it’s important to leverage that as much as possible, but don’t forget about the hidden piece of the employee brand puzzle. That is, how your organisation’s role in developing your employees’ skills and understanding of the industry they are in enhances that employee’s likelihood of loyalty.

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Without a doubt, the most powerful way to align an employee’s experience with your organisation’s brand values is to offer development opportunities. Not only are companies needing to secure a return on investment, but they must also be ready to develop the skills of their employees in a way that will ultimately make the most impact in helping the business grow.

Effective Management

Employees work for an organisation to further develop their skills and learn new knowledge to help them succeed in the industry, and the best way to facilitate this growth is by ensuring they have access to the best of the best. By positioning skilled, inspiring, and experienced staff in management roles, you’re likely to see a beneficial impact on your employee brand.

Transparency & Communication

Developing their employees’ skills is not just about education – it is about keeping them well-informed and engaged at every step. An engaged workforce is vital to employee brand – how employees feel about their jobs is a leading indicator of what will happen in their new role, so they need to have involvement from the beginning.

Encouragement & Praise

Creating a competitive offer, investing in your staff, nurturing their development and providing competitive bonuses will leave them with an incredible feeling of achievement and, more importantly, the motivation to perform. Through motivation, praise and the facilitation of growth, you’ll cultivate an employee brand competitors could only hope to achieve.

Employee Wellbeing Initiatives

A variation of employee well-being and development initiatives enable businesses to work with a range of people from various departments and levels who can develop their skills in an environment conducive to learning and growth.

Sandbox Development

Workplace ‘sandbox’ development, in which employees are brought into an office environment and given a chance to work on projects of their choice, is a great way to develop a broader range of skills without being part of a more structured, traditional training environment.

The Importance of Employee Brand

When employees feel valued, engaged and responsible for the overall success of the organisation, loyalty is returned three-fold, reducing the risk of recruitment, attrition and turnover as well as promoting job satisfaction.

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Employee brands can also provide insight into how your organisation is performing when it comes to prioritising people and doing what’s suitable for the company and the wider community.

How can you use employee branding to improve your brand’s reach?

The principles of employee brand development are universal and apply to any business that wishes to improve its engagement with customers, workers and the broader community.

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There are several companies out there that use some of these practices already. The best practices when it comes to employee branding are:

Employee Brand in the Recruitment Industry

Much of the focus in the recruitment industry has been on ensuring that candidates, employees and employers are in lockstep; this is especially relevant in the last couple of years as it relates to getting great talent into organisations.

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The key to building a great employer brand is understanding what makes a great company and being very clear about what makes your business great. Once your strategy is in place, you need to build your employer brand as you move forward to attract the best talent, promote your brand, and set your organisation apart from your competitors.

What does that mean for recruiters?

Companies are looking to improve the team dynamic to reflect the company’s values, and ideally, they want to attract the best candidates to join. This focus on employee brand allows recruiters to guarantee the best cultural fit for candidates and ensure they’re working with the candidate’s interests in mind.

Employee Brands Humanise Your Business

In a world where young people have a growing need for fulfilment from their careers, there are significant shortcomings in many of today’s employer brand campaigns. Many companies don’t seem to understand the direct correlation between their employee brand and their company’s long-term sustainability.

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By encouraging the workforce to feel emotionally invested in the company’s success rather than a short-term reward, these companies will find they will continue to flourish. Perhaps most importantly, failing to understand employee brand development has an overall impact on the workforce’s well-being.

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When employees are not engaged and excited by the work they are doing, they start to question the direction of the organisation and the direction of the company’s long-term goals. Not only does this lack of involvement lead to a disengaged workforce, but it can also affect productivity and, ultimately, profitability.

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Millennials and Generation Z employees want work to have meaning and purpose and are increasingly demanding a unique, personalised and fulfilling experience. By investing in their human capital through employee branding, an employer can create a unique and desirable working environment that attracts new staff.

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In turn, these employees will look to bring their own experience and enthusiasm to the table, helping to grow the company and, improve the employee brand as well. Ultimately, this improves their engagement levels with the organisation and promotes loyalty.

TL;DR Key Takeaways

Key Takeaways – Employee Brand, Its Impact, and Importance for Recruitment Agencies:

• Employee branding is about how an organization’s employees, reputation, and behavior affect the perception of the business or organization itself.
• 70% of employees surveyed believe their work experiences are a critical factor in whether they take up a new position or not.
• Developing employees’ skills and understanding of the industry they are in enhances that employee’s likelihood of loyalty and is the most powerful way to align an employee’s experience with the organization’s brand values.
• By positioning skilled, inspiring, and experienced staff in management roles, you’re likely to see a beneficial impact on your employee brand.
• Developing employees’ skills is not just about education – it is about keeping them well-informed and engaged at every step.
• Creating a competitive offer, investing in your staff, nurturing their development, and providing competitive bonuses will leave them with an incredible feeling of achievement and the motivation to perform.
• Employee well-being and development initiatives enable businesses to work with a range of people from various departments and levels who can develop their skills in an environment conducive to learning and growth.
• Workplace ‘sandbox’ development, in which employees are brought into an office environment and given a chance to work on projects of their choice, is a great way to develop a broader range of skills.
• When employees feel valued, engaged, and responsible for the overall success of the organization, loyalty is returned three-fold, reducing the risk of recruitment, attrition, and turnover as well as promoting job satisfaction.
• Employee brand development is universal and applies to any business that wishes to improve its engagement with customers, workers, and the broader community.
• Companies are looking to improve the team dynamic to reflect the company’s values, and ideally, they want to attract the best candidates to join. This focus on employee brand allows recruiters to guarantee the best cultural fit for candidates and ensure they’re working with the candidate’s interests in mind.

Diversifying into new markets not only boosts growth potential but also minimises the impact of a potential market downturn.

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As a flexible and low-cost industry, recruitment provides ample opportunities for new market entry, but also heightened competition, and quick market saturation makes prompt action a crucial advantage.

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Although core recruitment skills remain the same regardless of the market, knowledge of the market and its unique demands is essential.

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With over 45,000 registered recruitment agencies in the UK, competition is fierce. To stand out, consider these five key areas when venturing into a new market:

Candidate Volumes vs. Jobs

As you dive into exploring a new market, it’s important to consider the candidate landscape. Think about what competitive advantage you can bring to a particular market. Why will you succeed ahead of existing suppliers?

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Typically, the most profitable markets to enter and win big are niche markets with a shortage of quality candidates. Recent big success stories such as the Frank Recruitment Group have achieved rapid growth by focusing on candidate short markets where their ability to identify hard-to-find talent has seen them win significant market share.

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A market with a shortage of quality candidates presents an opportunity for a specialist recruitment agency to thrive and differentiate itself by being able to identify hard-to-find talent that competitors cannot. In such markets, it’s crucial to have confidence in your ability to source and attract top talent, and to have a strategy in place to stand out from other recruiters.

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On the other hand, in markets with an abundant supply of candidates, you’ll need to focus on speed to market and delivering results faster than your competition. While cutting fees to win business may seem like an option, this strategy is difficult to scale and leaves little room for error in an economic downturn.

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Instead, consider offering value-added services that set you apart, such as video interviewing or advanced automation tools to streamline your recruitment process.

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By offering a complete and innovative solution, you’ll be better positioned to compete and win business in a highly competitive market.

Average Fees in the New Market

Before entering a new market, it’s important to understand the fee levels. What are the fee levels in the market you are looking to enter? Are high fees the norm among niche agencies or are lower fees the standard set by large players?

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Both models can work, as long as you know the fee levels and how to differentiate yourself with a unique value proposition.

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Setting the wrong fees can lead to loss of potential customers so to succeed and scale, avoid pricing lower than the competition just to win business. Instead, aim for high margins like successful companies in the industry that offer better products and justify their prices with added value.

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For example, when transitioning from high volume recruitment to niche, average fees will likely be higher so don’t leave money on the table by pricing too low.

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Conversely, attempting to charge high fees in a market with a high supply without offering a distinct advantage may result in difficulty winning business.

The Best Companies to Partner With

When entering a new market, it’s important to identify the companies that have a high demand for talent and can pay a premium price. Seek out companies that are hiring not only for current needs, but also to fulfil a long-term strategy that requires multiple hires in the coming years.

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Focus on the emerging companies, especially those that have private equity or venture funding, as they offer a wide pool of clients with money and the need for talent without high barriers to entry in established markets.

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Look for large enterprises that don’t have strict recruitment processes and internal talent teams. FTSE 100 FMCG companies, for example, may not have the stringent processes as perceived, and they can offer a good opportunity to win exclusive contracts.

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While it’s crucial to establish a healthy client relationship from the start, you must also value your time and avoid working with companies that don’t prioritise hiring and have a poor brand, as they may end up wasting your time and resources.

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As tempting as it is to work every job in a new market, you can end up being sucked into wasting a huge amount of time on clients where you will either never fill their roles, or you spend so much time getting them filled that you’d have been better off spending your time finding better opportunities.

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Before accepting a job offer, assess the client’s hiring process, communication, and commitment to filling the role. Also, make sure that the role and company culture align with your values and goals as a recruiter.

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Having a clear understanding of the client’s expectations and requirements can help you save time and avoid frustration in the long run.

Permanent vs. Contract

When entering a new market, it’s important to assess the demand for both permanent and contract roles, and align your focus and resources accordingly.

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Consider the market trends, clients’ preferences and the competition, and weigh the benefits and drawbacks of each approach. For example, permanent recruitment offers stability and steady income compared to contractor placements which can be volatile.

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In permanent recruitment, the focus is on building relationships with both clients and candidates and providing a high level of service to both.

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Contract roles, on the other hand, require a deep understanding of the market, the current demand for specific skills and the ability to market and sell those skills to clients effectively.

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With that in mind, it’s essential to be flexible and adaptable as the market evolves, and be able to switch gears when necessary — as the market shifts, so will its needs.

Start diversifying into new markets today!

The advice above should hopefully give you a comprehensive understanding of how to choose your new market and set yourself up for success.

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Here are a few additional tips to help you turn your knowledge into results:

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By following these tips, you can increase your chances of success in any new market and make a lasting impact in the recruitment industry.

TL;DR Key Takeaways

• Recruitment is a low-cost, flexible industry that offers ample opportunities for new market entry, but prompt action is a crucial advantage due to heightened competition and quick market saturation.
• Knowledge of the market and its unique demands is essential, although core recruitment skills remain the same regardless of the market.
• The five key areas to consider when venturing into a new market are: Candidate Volumes vs. Job Openings, Average Fees, Ideal Partner Companies, In-Demand Skill Sets, and Contract Vs. Permanent Placements.
• To succeed in a market with a shortage of quality candidates, it is crucial to have confidence in your ability to source and attract top talent and to have a strategy in place to stand out from other recruiters.
• Offering value-added services that set you apart, such as video interviewing or advanced automation tools to streamline your recruitment process, can help you compete in markets with an abundant supply of candidates.
• Understanding the fee levels in the new market and setting the right fees can help avoid loss of potential customers and help succeed and scale.
• Identifying the companies with high demand for talent and can pay a premium price is important when entering a new market. Look for emerging companies, large enterprises that do not have strict recruitment processes and internal talent teams, and establish a healthy client relationship from the start.
• Assess the demand for both permanent and contract roles, and align your focus and resources accordingly when entering a new market. Be flexible and adaptable as the market evolves.

Being able to spot flight-risk employees or rather employees who might be thinking of leaving your company, is hugely beneficial for you. If you know that someone could be about to leave, you can create a plan to persuade them to stay or prepare to replace them when they go.

Identifying flight-risk employees and red flags during interviews is not only beneficial but essential for maintaining a successful and productive team. By recognising the signs that an employee may be considering leaving your company, you can take proactive steps to retain their talent and expertise.

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Managers can achieve this by offering new challenges and opportunities, addressing their concerns, or increasing their compensation and benefits. On the other hand, if it becomes clear that an employee is not a good fit or may be considering leaving, it’s important to be prepared to replace them.

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By taking action early on, you can minimise disruptions and ensure that your team continues to operate smoothly as failing to identify and address these red flags can result in high turnover, decreased productivity, and ultimately, reduced profitability. It’s for these reasons that it becomes crucial for managers to be proactive in identifying and addressing potential flight risks and red flags during the hiring process.

What are some common signs of a flight-risk employee?

Sometimes it’s obvious when someone is getting ready to move on, but there are other times when you need to pay a bit more attention if you don’t want to miss the signs. With a little bit of vigilance, you can spot when someone is thinking about leaving before everything falls apart.

1. They’re No Longer Motivated

Maintaining a motivated and engaged team is critical for a company’s success, and identifying employees who are feeling unmotivated or disengaged is essential for managers.

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There are several tell-tale signs that an employee may be losing motivation, such as a lack of enthusiasm, a decline in productivity, or a decrease in attendance at social events. In addition, an unmotivated employee may stop offering to collaborate on projects or providing constructive feedback, become more withdrawn or less communicative, and may show less initiative or interest in their work.

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One way to spot an unmotivated employee is to pay attention to changes in their behaviour, such as a sudden drop in performance or a change in attitude. If an employee who was previously eager to advance in their role suddenly loses interest or stops taking on new challenges, this could be a sign of waning motivation.

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Additionally, if an employee is no longer offering to help or contribute to team projects, this could be an indication that they are feeling disengaged or uninterested in their work. To keep employees motivated, managers should focus on providing regular feedback, opportunities for growth and development, and fostering a positive work culture.

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By addressing any concerns early on and taking proactive steps to maintain engagement and motivation, managers can ensure that their team continues to operate at peak performance and that their best employees stay committed and loyal to the company.

2. They’re Only Doing the Minimum Required

A healthy work/life balance is an essential aspect of employee well-being, and it’s not always a bad thing if an employee is no longer going above and beyond to complete their job. However, it’s important to ensure that employees are still productive and efficient during their scheduled work hours.

For example, if an employee who was previously putting in extra effort to complete projects on time or taking on additional responsibilities suddenly becomes complacent and starts arriving and leaving on time, or only doing the minimum required work, it could be a sign that they are disengaged or lacking motivation.

To ensure that employees are maintaining a healthy work/life balance without sacrificing productivity, managers should encourage open communication and set clear expectations around workload and performance.

By regularly checking in with employees and providing opportunities for feedback and development, managers can help maintain employee motivation and engagement while ensuring that everyone is operating efficiently and effectively during their scheduled work hours.

3. Their Communication Has Changed

When someone’s communication style suddenly changes, it could mean that they’re thinking of leaving. Perhaps an employee who is usually upfront about sharing their opinion is now quiet and withdrawn. Or someone who is ordinarily perfectly pleasant and friendly is now confrontational and looking for an argument all the time. Watch out for employees who have stopped sharing in meetings or no longer want to eat lunch with their colleagues.

4. They’re Taking Extra Time Off

If an employee suddenly takes extra sick leave or personal days, it could be a sign that they’re getting ready to leave. Their time off could be to allow them to attend interviews or even spend time conducting their job search. However, don’t assume that any time off is an indication of an employee about to jump ship; they could be ill or dealing with family problems, so don’t take this sign on its own.

5. Their Friends Are Leaving

Have several of your employees left recently? Or perhaps a few who are part of a friend group have slowly been leaving over time? Friends at work help people enjoy their work more, and can even help them to be more productive. If an employee is feeling lonely, they could be looking for a new job.

While these signs could indicate dissatisfaction at work, they could also be signs of something wrong at home. Creating a work culture where employees are able to be open about these things can help to differentiate between the two. Make sure you don’t rely on only one of these signs to determine if an employee might be getting ready to leave.

Red flags during the interview process

When conducting a candidate interview, be it a phone screening or in person, it’s important to look out for any red flags that the candidate may not be the right fit for the role at hand. Here are a few things to watch out for.

1. Turning up Unprepared

This could be something as simple as not bringing along a pen and paper to take notes, a copy of their CV or even forgetting to learn about the organisation. Showing up unprepared can be an indication that the candidate will approach the job in the same way.

2. Arriving late

This is an obvious error, but should not be overlooked unless there is an extenuating circumstance. If a candidate can’t make the effort to show up on time for a first meeting, why would they be expected to arrive on time for work?

3. Giving vague answers

A job interview’s main purpose is to understand a candidate’s qualifications in greater detail. If they provide ambiguous responses to straightforward questioning techniques, then they are either unable to express their thoughts coherently or they are trying to hide something. Both of these are not characteristics of a good future employee.

4. Not asking any questions

By not engaging in the opportunity to ask questions at the end of the interview it demonstrates a lack of interest or understanding of the job/organisation or a lack of preparation.

5. Poor Body language

Body language is an important component of our day-to-day interactions and should therefore be factored in when conducting an interview. If a candidate is leaning back in their chair, slouching or displaying any other forms of poor body language this could be a sign that they are not fully focused or perhaps lack confidence.

TL;DR Key Takeaways

• Identifying flight-risk employees and red flags during interviews is essential for maintaining a successful and productive team.
• Being proactive in identifying and addressing potential flight risks and red flags during the hiring process is crucial for managers.
• Some common signs of a flight-risk employee include lack of motivation, only doing the minimum required, changes in communication style, taking extra time off, and friends leaving.
• To keep employees motivated, managers should focus on providing regular feedback, opportunities for growth and development, and fostering a positive work culture.
• Managers should encourage open communication and set clear expectations around workload and performance to ensure that employees are maintaining a healthy work/life balance without sacrificing productivity.
• By addressing any concerns early on and taking proactive steps to maintain engagement and motivation, managers can ensure that their team continues to operate at peak performance and that their best employees stay committed and loyal to the company.

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