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The Staffing Firm of the Future

Few, if any, industries have emerged untouched by the impact of the pandemic. Staffing and recruitment is one profession that’s experienced seismic and unprecedented change. 

Now, remote, work-from-anywhere arrangements are the preference and norm for many knowledge workers. Meanwhile, we’re facing a critical skills shortage as people re-evaluate their personal priorities and rethink what “meaningful” work truly looks like. The power to choose for whom they work and from where is firmly in people’s own hands. 

To remain profitable and relevant going forward, staffing organizations need to revisit their strategies to align with these new workplace dynamics.

The Road We’ve Traveled

But before talking about the future, let’s think about the present and the journey we’ve traveled to get here.

For decades, established staffing and recruiting firms flexed their global reach, expansive resources, and local knowledge to quickly and expertly place people in jobs. However, ongoing digitization and the rise of social media have created cracks in this traditional model. 

In the last few years, we’ve seen increasing numbers of asset-light startups with fewer overheads and more streamlined operating models making their moves into the staffing and recruitment space. Today, they can access the same talent pool simply with a LinkedIn recruiter license.

The result? Traditional recruiters’ margins are being squeezed. 

In contemplating how to respond, I believe that staffing firms should look to and learn from the experiences of other large professional services firms that have encountered similar disruptions in their industries – accounting businesses, for example. Many firms have moved beyond simply completing tax returns or basic bookkeeping work into transformation, outsourcing, and advisory. They’re reimagining their business model, enriching their value proposition, and harnessing the power of data and relationships. 

The firm of the future is one that takes advantage of its relationships, resources, knowledge, and data to move its margins upwards by diversifying into other talent-related revenue streams.

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Connecting with the Right Talent Pools Using Data-Driven Techniques

The Next Chapter Unfolds

In the staffing space, recruitment process outsourcing (RPO) is one route that some firms are exploring. In this model, the provider assumes responsibility for some or all of its client’s staffing and recruitment requirements.

But the opportunities don’t end there. Forward-looking firms are moving even further up the value chain. They’re not just helping clients to build their teams and departments – they’re driving wholesale staffing transformation through advisory and the thoughtful use of technology and data. 

When gathered, analyzed, and actioned upon in a timely manner, CRM data is the gold dust that allows you to foster relationships, offer meaningful and timely insights, and connect businesses with the best candidates.

However, data is precisely where many staffing firms are also falling down. In fact, our research indicates that:

  • 91% of companies report having incomplete CRM data
  • 62% of CRM users don’t log all activities (calls, emails meetings, meetings)
  • 88% of CRM users admit to entering incomplete contact information
  • 70% of CRM data decays in a calendar year

What’s the point of investing the time and money into CRM if you can’t even trust its data?

Ultimately, the only thing worse than having no data is having bad data. Poor, out-of-date, or inaccurate data is the enemy of effective relationship building. And we should never forget that staffing and recruiting, at its core, is a sector built on relationships.

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Time to Refocus on Relationships

Fortunately, tools are at hand that allow you to cleanse and enhance your CRM data. These technologies use advanced AI to automate the process of data entry and ensure data sets are always clean, reliable, and up to date.

At Introhive, we’ve seen great success with clients in the staffing and recruitment industry in using relationship intelligence to make sense of data.

Essentially, we help them apply relationship intelligence to granularly track all team and individual activities. This surfaces insights on many levels – for example, they can see who at their firm has connections that could help them deepen an existing relationship or open doors at another firm.

And it’s all visible, in real-time, at the touch of a button on a CRM dashboard.

It’s been exciting for us to see how these firms have been able to double down on their relationships, impact, and reach in ways they never imagined.If you’d like to learn more about how Introhive helps staffing organizations take advantage of revenue diversification opportunities, please get in touch.

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