I’m a huge hockey fan, and the big news in the NHL right now is the league’s newest team, the Las Vegas Golden Knights. The Vegas Golden Knights are the league’s first expansion franchise in nearly two decades, and they will begin play this upcoming season. Because the team is brand new, the league is holding an expansion draft, where the team selects at least one player from each of the other 30 teams in the NHL in order to fill their roster.
What does this have to do with recruiting? Well, it got me thinking. When a recruiting firm has more job orders than they can fill, it might be time to expand. But just like a new hockey team, it can be a challenge for a recruiting firm to start a new branch / office with no “players.”
In the old days, only large-scale recruiting firms with multiple offices were able to nab job orders from big clients with multiple or international locations, while smaller firms and independent recruiters may have had to refer or turn away work because they didn’t have the resources. But expansion is within reach for any recruiter, and it doesn’t necessarily mean having to open another office.
So how do you expand your recruiting business?
Hold your own “expansion draft” by finding trading partners within a recruitment network. With a recruitment network, it’s easier than ever to collaborate and develop trading partnerships with other recruiters around the world, enabling recruiters to work outside their niche and geographic area. And in terms of international work, having someone on the ground in that area who already knows the market and the regulations of that country is invaluable.
Yes, you will have to share fees when you do a split placement with another recruiter, but you save on the overhead it would’ve taken to open an office to serve a new location, find and hire a new employee, etc. Trading partners all over the globe are just a phone call away, ready to help on your job orders when you need them. And, you can market your “leftover” candidates from your searches to other partners who can place them!
Split placements can help boost your bottom line and expand your recruiting business. It takes time to find the right trading partners, build trust, and create lasting working relationships. The first step is to build your network — from utilizing social media like LinkedIn, to picking up the phone and reaching out to your current candidates and clients, to joining a formal recruiting network.
Have you considered expanding your business? Scope out our checklist on Evaluating Split Placement Networks: