Recruitment Lessons from the Car Wash

There’s a big difference between being productive and being efficient… 🚀

In your recruitment or search business, it’s the difference between having a mildly successful business without the freedom you need and having a successful business that comes with all the freedom you want. 💼🌟

There are many examples of this, but none better than your delivery process, especially if you’re a contingency recruiter. 📦📈

Most contingency recruiters completely ignore their fill rate when it comes to delivery, and it’s costing them thousands in lost revenue and profits. 💸❌

They either don’t track it properly at all and have no idea what it is or even if they know it, they don’t do anything to improve it! 🚫📊

Just to make sure we’re on the same page here… 📖

When I say fill rate, I’m talking about the percentage of job orders you work on that end up in a placement. 📋✔️

For example, if you work on 10 job orders and 2 of them result in a placement, then your fill rate is 20%. 🔟➡️2️⃣0️⃣%

Here’s the thing… 🤔

Improving your fill rate from 20% to 30% would mean a 50% increase in revenue. 📈💵

Improving from 20% to 40% would double your business. 🚀💰

And the best part is, since you’re already working on those job orders anyway, it’s no extra work! 👍

No additional delivery costs, no extra salary paid out (except perhaps commission). 💼🤑

So the difference this could make in your profits is astronomical. 🌌📊

You could argue that working any job order is “productive”… ⚙️

But if they go unfilled, it’s not always “efficient”… ⏳❌

Recruitment Lessons from the Car Wash 🚗🧽

Round the corner from where I live, there’s a car washing service that I use quite regularly.

You can get a basic wash for around £10, but you can get a more premium service for around £100.

However, the difference in labor, time taken, resources, etc., to deliver the £100 service is nowhere near 10x more. 🕒🔧

This is something you need to think about when structuring your recruitment or search business for success. You could be making things significantly harder for yourself. 🤔💼

Something you need to understand about your recruitment fees: collecting a certain fee is not proportionally more difficult the higher it is. 💷📈

What I mean by this is, if you take two recruitment/search businesses:

  • One has an average fee of £8K.
  • Another has an average fee of £80K.

The business charging £80K for placement is getting 10x the fee, but they’re not working 10x as hard! 💰⚖️

It’s not 10x harder to sell your services for 10x the fee, even if it means selling it to a different group of people. And it’s certainly not 10x harder to deliver that service, even if it means working in higher salaried roles. 🏢💼

In fact, with very few exceptions, the work involved is the same: the same process used, the same software used, and the same resources put into the search, but for 10x the revenue. 🔄💻

(I’d argue the higher your fee is, the easier it is to sell and the easier it is to deliver, but more on that another time.) 💡📊

For one of these businesses, it’s going to take just 1 placement per month to bill just under £1M per year. For the other, it’s going to take 10-11 placements per month to do the same. 📅💷

You can find examples of this wherever you look. Terry and I spoke about this yesterday during a training we hosted called “The Secret Formula that Recruitment Owners Use to Go from Six-Figure Years to Six-Figure Months.” 📈🔍

Just in case you missed it, you can watch the replay here: ▶️

Delayed Gratification ⏳

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Pay the Price Today to Succeed Tomorrow 💪🌟

🔍 Every week we get the Recruitment and Search Business Owners to share some of their biggest wins…

Here is a selection of our favorites:

  • Four Meetings Booked with Interested Hiring Managers in One Week 📅✨

Four meetings booked with interested hiring managers in one week

  • Shortlisted for a New Role, and the Client is Flying Me to Croatia for the Final Interviews! ✈️🇭🇷

“Shortlisted for a new role, and the client is flying me to Croatia for the final interviews”

🚀 Ready to grow your Recruitment or Search Business? Here are three ways we can help…

  1. Join “Make More Placements for Recruitment and Search Business Owners,” – Our new Facebook community specifically for Recruitment and Search Business Owners. Every week we host a free training about what you need to do to make more placements and scale your business. — Join Here
  2. Listen and Subscribe to the “Make More Placements Podcast” – We’ve created a podcast that reveals the Quick, Dirty & Uncensored Secrets For Your Recruitment, Staffing, and Search Business Success who want to make more placements for higher fees with less work and fewer headaches as told by Terry Edwards and Drew Edwards – Listen Here

Watch the free training – We put together an online workshop that reveals “5 Secrets To Taking Your Recruitment or Search Business From 6 to 7 Figures in Revenue…Without working yourself into an early grave” – Watch it here