This is my fifth column posting and I want to change things up a bit. During my first month I discussed issues related to Cash Flow.
The following are titles of my first articles:
1. Why you should increase your advertising and marketing budgets in a...
2. Increase your quality of service or wither away
3. Innovation will breed sustainable success - are you too late?
4. Be wary of Emotional Decisions
All are suggestions for getting job orders or minimizing costs; all are related to your cash flow.
Cash flow is incredibly important during a recession - it pays your bills and reduces your blood pressure. Yet there are other forces going on in the economy right now that have opened up opportunities not directly related to cash flow. They are opportunities to build lasting value in your recruiting organization - and they should not be overlooked.
Three "building value" opportunities include:
1. Re-tool your processes.
Just as the auto industry is about to be forced to re-tool their manufacturing processes to create more energy efficient cars, now is a wonderful opportunity to explore how you can re-tool your recruiting business. How are you running your company, your office or your desk? How are you managing those who work around you? Is what you have always done, going to continue to get you the same results?
2. Develop partnerships.
The advent and popularity of social networking has largely eliminated the concept of geography. Now is a great time to develop relationships with other recruiters and recruiting organizations that can be mutually beneficial. Plus, working together in tough times is not only a great way to survive, but to develop new relationships that will position you for success when things turn around.
3. Build your candidate database.
There are 6.5 million unemployed people in the United States as of December 2008
- an unemployment rate of 7.2%. Understandably, the short term need for most recruiters is job orders not candidates, but don't neglect the value these candidates can bring to your organization in the future. Many high quality candidates are unemployed right now and if you can successfully attract the top talent, you can build serious value going forward.
I understand that there is a large push for marketing and landing job orders (I even wrote 4 articles related to it :), but as I have claimed before, recruiting is a business, not a job. Successful, sustainable and profitable businesses balance the need to build both cash flow and value.
The recession is forcing change, and some of that change might very well force you out of your comfort zone. Simply stated, those who can adapt will succeed.