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Spec CV Activity Directly Correlates to Jobs Created
The number of Spec CVs sent directly correlates to the number of jobs created in the same month.
What is the data telling us?
The clear correlation between Spec CVs sent and jobs created in month demonstrates that this activity is both fast and effective at bringing on new roles. If your agency is struggling to bring new jobs on, this is one activity that you should definitely be focussing on.
But as this activity is so effective, it's worth drilling down deeper and asking how your agency can do it better.
With the Office for National Statistics reporting a massive decrease in the number of job vacancies being created, you could expect to see recruitment agencies struggling to get jobs on their books. In England, job vacancies fell to the lowest level in three years, but while Firefish users experienced a decrease of 5% YoY, this pales in comparison to the 23% decrease experienced nationally.
So why are recruitment agencies more resilient to job shortages and how can your agency boost the number of jobs to target?
Let's explore the data:
One clear correlation that is visible month on month, year on year, is the relationship between Spec CVs (when there is no formal role available) sent and jobs created.
I like to add a snippet of a testimonial from the candidate's manager. This reinforces the positive points you're making about the candidate and provides additional support.
In the current job market, it's easier than it used to be. Explain to the manager that you want to back up the positive things you're saying about the candidate and help them secure more interviews and job offers. They are usually willing to provide the extra information, especially since there are more candidates available than jobs.
What strategies have you used that have maximised the impact of Spec CVs to generate business for your agency?
Antonia Otter
Strativ Group
Part 1:
Increasing Spec CV activity is the fast track to getting more jobs on
Using data from over 700 agencies, we've crunched the numbers to work out exactly where you should be investing your time and effort to achieve sustainable agency growth. The data paints a very clear picture of the three key areas that will make an immediate impact.
Introduction
Data-Driven Development
Increasing multi-channel communications increases candidate conversions
Part 3
Part 1
Increasing Spec CV activity is the fast track to getting more jobs on
Part 2
Increasing placement volume isn't the only way to increase Net Fee Income (NFI)
X
Maximising NFI:
Quality vs Quantity
In the Finance & Accountancy sector NFI was 164% above average in February, while placement volumes were 8% below average. The average value per placement in this sector was particularly high in April.
What is the data telling us?
Whilst making more placements can clearly help to drive up agency revenue, placement volume is certainly not the whole picture.
The value of placements and the margin that you make on placements can have a far bigger impact on your agency's revenue. Spending time to ensure the quality of your placements is high before you commit to increasing the volume of placements can be the difference between sustainable and unsustainable agency growth.
If a recruitment agency wants to increase its revenue, they need to make more placements, right? Well, it's not quite that simple...
Increasing placement volumes will drive up revenue, but not all placements are equal and increasing the value of each placement can have a far more significant impact on agency revenue.
Let's explore the data:
Using a sector average of the last 6-months of 2023 as a baseline, these graphs compare the change in Net Fee Income (NFI) to the change in placement volume each month. If more placements equated to higher NFI, there should be a clear correlation between placement volume and NFI.
In the Technology sector, perm placements increased by 25% from January to February, but NFI didn't increase until March, when it jumped by 97%.
In the Engineering sector the closest correlaton can be seen between NFI and placement volume. However, the variation is still significant and in April NFI increased by 67% vs a placement volume increase of just 21%.
What strategies for success have you used to increase Net Fee Income and increase the quality of jobs you work on?
In the Professional Services sector, perm placement volumes deviated significantly from NFI in both January and April.
In the Construction sector NFI increased by 51% from February to March, despite there being no movement in placement volume. In April, placement volume was at it's highest so far this year, while NRR was at it's lowest.
In the Sales & Digital Marketing sector placement volume has been low in 2024. However, there have been two significant spikes in NFI in both January and April.
Part 2:
Increasing placement volume isn't the only way to increase Net Fee Income (NFI)
Multi-Channel Places More Candidates
3x more permanent candidates
What is the data telling us?
Multi-channel communication is essential for recruitment agencies across all sectors and placement types. Regardless of industry or discipline, those agencies that are utilising all of their communication tools place more candidates.
But where do we see the biggest impact? Agencies that utilise short form messaging to reach candidates by text or WhatsApp see a significantly improved conversion rate 🚀
Recruitment agencies who fully utilise their suite of communication tools will place significantly more candidates than those who don't.
By analysing the data of over 700 recruitment agencies, we are able to see the clear impact that multi-channel communication has on candidate conversion ratios.
Let's explore the data:
Firefish Software users who make full use of their communication tools place:
4x more temporary & contract candidates
How do you use multi-channel communication to stand out from the crowd?
It's very powerful to put in a snippet of a testimonial you've obtained.
Part 3:
Increasing multi-channel communications increases candidate conversion
Playbook
Three Key Areas the Data is Telling Your Agency to Focus On
With insights from
Dom Taujanskas
Quest Personnel
Include the selling points on the CV itself, as it may be forwarded to others.
Brian Fraser
Nine Twenty Recruitment
... pursue the right type of business, not just any business.
Antonia Otter
Strativ Group
Twitter is an underutilised platform. I have a work Twitter account where I engage with target customers and share relevant content.
Messaging people directly on Twitter about roles can cut through the noise and reach candidates who might not be actively looking on LinkedIn or job boards.
The more you tailor the email to the company, the better the results.
Vincent Boeckeler
Baldur Connect
Dom Taujanskas
Quest Personnel
I use a multi-channel approach, but tailor it based on the candidate's experience level. Younger candidates may be more responsive to podcasts, websites, and social media, while more experienced candidates may prefer a phone call.
Always follow up calls with emails, summarising the discussion and outlining the next steps.
Antonia Otter
Strativ Group
I'm a big advocate for using WhatsApp for quick updates, interview scheduling, and debriefing. It's a more informal and familiar channel compared to email or calls.
It's great for sending short messages, photos, or even voicemails. I also offer my personal WhatsApp number to candidates to facilitate communication and build rapport.
Brian Fraser
Nine Twenty Recruitment
I'd suggest looking at the data and identifying which jobs bring value. Taking on low-quality, contingent jobs where you're competing with other recruiters will lead to a lower fill rate. Focus on quality jobs where you can add value, convert shortlists, and truly be a recruitment partner.
It's better to focus on four quality jobs that you can convert than 10 that spread you too thin. Additionally, providing a low-quality service due to being spread thin can harm your reputation, and word of mouth is crucial in this industry.
Gareth Fox
MagniFind
Utilise a high-touch cadence with 10-12 touchpoints across different channels, including LinkedIn InMails, connect requests, emails, cold calls, text messages, and WhatsApp.
Repeat these touchpoints once or twice before moving on, and revisit candidates later if the role remains open.
Dom Taujanskas
Quest Personnel
Follow up with a phone call. Not many people do that, so you will have another opportunity to sell the candidate and handle any rebuttals.
Even if they are not looking for this kind of candidate, they may offer you another role that has just come up or has greater urgency. It also shows your dedication and professionalism, making you stand out from other recruiters.
Adam Garvey
Spencer Riley Ltd
Antonia Otter
Strativ Group
Know your value and avoid discounting your fees. Focus on senior roles and niche markets where you can charge more.
Create a sense of scarcity by mentioning the candidate's availability or their ongoing interview processes. Tailor the email to the company and the specific role, adding relevant details like location or experience with similar companies.
Consider mentioning a referral from a common connection to establish rapport. Avoid adding salary details in the initial email, as it may deter the client if it's outside their budget. Focus on creating curiosity and prompting them to contact you for more information.
Vincent Boeckeler
Baldur Connect