Make More Money by Harnessing Your Data

Making money in recruitment is easy enough. But to make serious money, harnessing your data is key.

Sure, these days you can still simply advertise a role and wait for people to come to you; and then send the details on and let everyone else do the work and hope you get lucky. The best approach to a successful career, however, is continually locating people, adding their details to your database, and knowing who is looking, what they are looking for and if they are the best person for any vacancy.

A recruitment company without a database is just a job wall that will make very little money. As an employee, you will only make money based on the company's database and your hard work. With a Talent Map however, you own the data and earn all the revenue from your hard work.

To make more money, you need to have the best tools available, set yourself targets and stick to them! Always allow time to do the tasks you may not like to guarantee that your data is up to date and valuable.

One of the key things to remember about building a database is that as long as you keep the data up to date, it is valuable. After all, you could always sell that data to another recruiter or a company that is looking for data.

Better data and knowing your database

Knowing your best candidates individually and having as much information on them as possible will help in an effort to get them interviews. Keeping in contact and updating candidate data will be the backbone of any recruitment career, but using a Global Talent Map means you will own all of this data so your hard work is beneficial directly to you. There were 1.2 million people out on temporary, contract or interim assignments via a recruiter in 2014/15; up 3.6% from 2013/14. This number translates to approx 30+ candidates placed by any single recruiter per year. With an average 14% margin and an average salary of 24k that generates £3,360 per placed candidate x30 = £100,800. If this is going only to you, not a third party, this is a good salary and this is only for an average recruiter. We expect that people using a Global Talent Map will become exceptional recruiters. 

Organising your database

Organising your database of candidates will make it easier for you to get companies to offer you roles on an exclusive basis, which will mean it's all down to selection. Getting candidates in front of clients before your competitors and knowing them better will undoubtedly increase your billing figures. Senior posts are more time consuming to work and fill, as the candidate pool is smaller, job specifications are often niche and interest from candidates for benefits such as pensions and profit shares can outweigh an increased salary. The main reason to work these roles is that you can bill at a higher rate and the salaries are higher, meaning you could get 20% of a 100k salary for one job. This becomes a much more appealing and easier target as your database grows, and with it, the candidates move up their respective career chains over time. 

Having your Global Talent Map and always adding data to your client information will keep you pole position and will serve you well as time goes by.