Expand Your Recruiting Business – Consulting (Part 3 of 3)
If your primary approach as a recruiter is to scout for job openings and rush to fill the role with any viable candidate, in the quickest time possible, for a salary dictated by your client, you’re leaving business on the table.
A consultative approach achieves better results for your clients. Instead of promoting a one-size-fits-all candidate fishing solution, a consultative recruiter takes a more holistic, client-centered approach. This includes thoroughly understanding the needs and processes of an organization and adding your expertise to achieve the best possible hiring results.
It’s a helping hand for hiring managers wanting to get from A to B with a clearer idea of the outcome and access to the right resources and support. Developing a good reputation for talent acquisition consulting will help grow your recruiting firm.
What Does a ‘Consultative Approach’ Look Like for a Recruiter?
Consultancy can be thought of as a business partner. Rather than filling a role with any viable candidate in the quickest time possible as may work for entry-level jobs and high-volume hiring, a consultative approach empowers recruiters to consider the needs of both clients and candidates more holistically. It requires obtaining a thorough understanding of the hiring context. But more importantly, you add clarity to how the goals and vision of a particular business align with potential candidates.
Consulting requires far more communication with clients than other recruitment methods. Over time, this communication enables recruiters to build a strong rapport with clients and to dig deeper into the client's needs beyond just filling open vacancies. Consultative recruitment is far more likely to result in long-term, successful client relationships.
What Must a Recruiting Consultant Do?
A consultative approach requires recruiters to do the following:
1. Understand Economic and Industry Trends
Recruiting consultants must understand the environment their candidates are up against. They do this by acquiring a thorough knowledge of current economic and industry trends and understanding how they impact the supply and demand for labor. However, this just scratches the surface. Any recruiter can understand these trends, but a consultative recruiter will strategically align their research to fit the specific needs of their clients.
2. Educate Clients and Candidates
Recruiting consultants use their know-how to educate their clients about what it will take to get the candidate(s) they need. They’ll also manage candidates’ expectations about their market value. This enables candidates and clients to enter their new relationship with a transparent understanding of what the role and compensation should entail. The consultative recruiter provides data-driven recommendations to help clients make the right decisions for their business rather than just trying to sell them on a specific pre-set process.
3. Achieve Expected Outcomes
Once the recruitment process begins, a recruiting consultant will continue to hold the reins and guide their client and candidates through the process from beginning to end. They’ll stay on top of the process, from providing updates to conducting follow-up calls until both parties are satisfied with the outcome.
4. Advise and Provide Recommendations for Improvement
Instead of closing the deal when the hiring is done, a recruiting consultant commits to quality assurance — including reporting any notable successes and failures to their clients as well as recommendations for improvement. They should also be open to receiving feedback themselves — this goes a long way toward maintaining client satisfaction and improving your quality of service.
Establishing a Competitive Advantage
We don’t need to tell you competition is at the heart of recruitment. You need access to the most up-to-date data across all the metrics you need to keep your services at the forefront. This is critical for giving your organization the edge it needs to succeed.
The first set of data is business benchmarking, for which you and your firm must consistently collect the data and analyze it. This process will provide business metrics that enable you to make sound decisions about which clients and types of roles provide the best business outcome. Metrics for each step of the recruiting process can include:
• Time spent with the client for intake and research.
• Time spent developing the job description and competitive compensation range.
• Time spent sourcing appropriate candidates.
• Time to interview.
• Time to hire (and invoice).
• Placement outcome.
With this data in hand, you can see what you and your clients are doing well, and more importantly, where there’s room for improvement. Leveraging these business benchmarks can be a time-consuming process but one that will pay huge dividends to your consulting success over time.
The second type of benchmarking that will increase your consulting value involves employee pay: understanding today's market-rate compensation for your client’s employees versus their current pay.
This time-consuming process involves searching for salary information from various salary surveys and other sources to compare against client records. However, it is an essential part of setting client expectations, attracting top candidates for your client, and decreasing the risk of employee turnover.
Thankfully, recruiters can use advanced technology to streamline this process and quickly gather essential metrics. For example the LaborIQ® talent intelligence solution can help by providing instant, market-driven annual and variable compensation answers for more than 20,000 jobs with brandable client-ready reports to support client hiring decisions.
In addition to compensation answers for a single job title, LaborIQ compensation software also includes company-wide benchmarking data required to advise on headcount planning, which includes incumbent talent costs against the market, individual and total cost-to-correct, and proactive identification of retention risks.
LaborIQ leverages its proprietary ATILA™ methodology to calculate accurate, current competitive salaries for cities across the U.S. It combines machine intelligence with expert curation of 18 trillion data points from state and national employment surveys on wage growth, job gains, unemployment, turnover and geographic-based economic performance factors, verified against actual payrolls.
These results, available in dashboards and downloadable, company-brandable reports, provide up-to-date answers for today — and up to six years out that you need to inform your client recommendations, from salaries to candidate profiles to compensation and economic forecasting. It’s the perfect solution for any recruiter looking to provide a quicker and more accurate consultative approach.
Advise Clients and Prospects to Succeed
In today’s competitive job market, success hinges on up-to-date knowledge and an understanding of all the variables impacting employment and retention rates and, of course, the supply and demand of labor.
With fast, reliable access, you can harness data on the state of the current market and easily share this information with your clients and prospects and justify your recommendations. With these figures to back you up, you’ll soon become a reputable, value-added partner for your clients, giving your business the edge to stand out from the crowd.