Great People + Great Processes + Great Technology = Great Success
Want to run a more profitable staffing firm?
Of course you do. But it’s generally easier said than done, right? If there was a magic formula for success, everyone would already use it.
Or would they?
You’d think so, but there is a lot of money being left on the table in the staffing industry right now. While it isn’t magic, there actually is a tried-and-true formula for success that many are overlooking. In fact, it’s a formula with which you may very well already be familiar.
You might know it as “The Business Triangle”, a part of “Leavitt’s Diamond Model” or more likely, by no name at all. You simply know its premise: That business success can often be attributed to having the right people, process and technology in place.
“People, process, technology”: Three words that have guided business leaders seeking transformation for decades. But are they really still applicable? We get it… this “success model” sounds a lot like a piece of information you might memorize for a test and promptly forget until you find yourself needing to fill a PowerPoint slide with something that will elicit head nods from your audience years later. But we also get the power this model has to turn good staffing firms into great ones. It’s a model we believe in and which you should believe in, too, if you want to achieve greater results.
Great People Yield Great Bottom-Line Results
As a member of the staffing industry, you know just how valuable great talent can be to your firm’s success. They’re the people who have earned your trust, earned rave reviews from clients and earned your firm a positive reputation. They make your company good money, and they save you money in the process by minimizing the amount of time and effort you have to spend constantly bringing new candidates in the door and convincing clients that the talent you’re referring will work out.
These “great people” are a key component of your staffing firm’s success model. And that means you should be asking yourself, “Are we doing enough to keep our top talent happy? And for that matter, are we doing enough to multiply the ranks of top talent in our pool?”
It’s a mistake to take great people for granted. You rely on them as much as they rely on you, and they’ll only continue to be your “cash cows” as long as you’re providing a positive experience. And doing that relies on the next pillar of success.
Great Processes Make Everyone’s Lives Better
Providing a positive experience means making life easier on job candidates who can relax a bit during the stressful time between jobs, knowing there’s a clear path ahead for them. It means offering a simple-to-follow process from job board navigation to application to interview to onboarding to first day on the job. It means providing constant communications about the next step in the process, reassuring candidates about their status in your system. And it means never dropping the ball on candidate engagement, bringing great people back for more work through your company because your “great processes” were so intuitive and pleasant to manage for everyone involved.
That includes your recruiters and other members of your internal team. Great processes should make their lives easier, too, minimizing the amount of work they need to put into follow-up, scheduling, communications and so forth. Which brings us to the third side of our triangle.
Great Technology Brings It All Together
A great technology platform enables the sort of great processes that keep great people working with your firm long-term. It allows for easy-to-navigate, mobile interfaces for your job boards and applications. It automates communication, scheduling functionality and solicitation of feedback to candidates. It makes them feel valued by wishing them good luck on their first day, and making it feel like your firm is never far away if they want to connect no matter where they are in the hiring or working process. Great technology is what enables great bottom-line results for your company.
And what do those results look like?
- Better Retention. We’ve all heard the saying, “Good help is hard to find”, and working in the staffing industry, we know it to be true. When you have those good people in your pool, you want to retain them ensuring you have strong, proven candidates to recommend to clients moving forward. With great processes and great technology keeping them happy, you’ll keep great people from walking out the door after the first assignment.
- Better Redeployments. Good retention leads to better deployments. Many staffing firms unfortunately don’t measure this redeployment rate or simply focus on having a candidate only fill one position no matter how stellar they are. However, having a high redeployment rate of your best candidates saves you time and money on vetting and processing while saving your clients from headaches that can come with untested candidates. Keep your best candidates engaged and have processes in place to make sure they’re considered for more than one deployment.
- Better Referrals. When you provide a great experience for candidates, you not only create opportunities to retain and redeploy proven personnel… You also encourage them to refer their friends to you. Word of mouth goes a long way, and hiring research has shown that referred candidates are often faster and cheaper to hire, onboard more quickly, stick around longer and encourage those that referred them to stick around, too. Referrals keep your pipeline full, save you time tracking down new applicants and give you a better chance to service your clients’ needs well.
In the end, the “new” secret to staffing success is hardly a secret at all: “Great people + great processes + great technology = great success”. And you can see that success in the form of better retention, redeployments and referrals that add up to a better bottom-line for your firm.
Ready to put this model to work for your company? Contact us to get started.