Freelancers contributed £119 billion to the UK economy in 2016, up from £109 billion in 2015. And with two million more people now freelancing, a 43% growth since 2008, contract recruitment has never been more lucrative for agencies.
With the contract recruitment market consistently growing, agencies who specialise in perm are looking to add this to their business offering. We’ve highlighted four things you need to know before expanding your portfolio.
Time is of the Essence
The adage of “time kills deals” is never truer in contract recruitment. Timeframes are shorter and requirements need to be filled immediately. To stay on top and not miss out, you need to have all the vital information ready:
Know your pool of contractors inside out, so you can make suggestions when you initially speak to a client about a role:
- What is their availability?
- Do you have an up-to-date CV?
- Do you have their references ready?
- What is their pay rate?
- How far are they prepared to commute? (know TFL like the back of your hand!)
Stay Ahead of the Curve
If you were put on the spot now and asked what sectors are growing the fastest at the moment, could you answer it?
“The way of success is the way of continuous pursuit of knowledge.”
Napoleon Hill, Author
To successfully recruit into the best roles, and to work with the most reputable companies, you need to know who is hiring, before they begin the process.
How? Monitor your networks, reach out to businesses, follow the latest trends in your specialist industries. You can also download our QuickViews, which highlight businesses and industries you should have on your radar.
Candidate Relationships are Key
Bearing in mind that time is of the essence in contract recruitment, it’s essential to have a pool of talented contractors who can meet client demand.
Lars Schmidt, the founder of AmplifyTalent, said: “The goal of your social channels is to build community, and you do that by providing value. Think about how you can provide value to your audience that’s going to get them more engaged.”
And he’s right. Build your audience, and your relationships, on your social media channels. Don’t just connect with candidates. Share valuable, insightful content that highlights you as a knowledgeable individual.
Tip: Your social profiles represent not only you, but the business you work for. You must maintain a high level of professionalism in the way you conduct yourself online, as this will affect who will want to connect with you (so no Game of Thrones spoilers).
It’s up to you to do the legwork and source them. Think outside of the box. The go-to place for recruiters to connect with candidates is LinkedIn, however, is it the best place? To gain access to the best of the best, be strategic so you don’t just become “another recruiter”. An important part of this is speaking to your current base of contractors for recommendations and referrals.
“Obviously, engaging and recruiting people are closer to you achieving your desired goals, but you can’t do that until you have found them in the first place. Sourcing and finding people is the most important. You can’t recruit, message, or network with someone you haven’t found.”
Glen Cathey, SVP Talent And Innovation at Kforce
Click here to discover Twitter feeds that will help you grow your pool of contractors.
A Different Approach to Candidate Acquisition
Companies often offer a broad range of fantastic perks for their employees, but there’s little point selling them as benefits to a contractor. There’s a strong chance they won’t be in the position long enough to get to enjoy them, and they may not be eligible to receive them anyway.
With more and more people choosing to freelance, you should sell on the elements of the role that will appeal to their needs: flexibility of the role, immediate perks they will benefit from, e.g. work culture, improved lifestyle and variety in their day-to-day life.
And, most importantly, you should focus on selling the role to them. Freelancers are going to be more interested in how the role will appeal to their interests and advance their skillset. So you must reflect this in the proposition and job spec.
There Will Always Be Room for Contract Recruitment
When Theresa May said “Brexit means Brexit”, concerns of the effect this will have on the economy and UK businesses billowed. So what have we seen since Article 50 was issued?
The contract recruitment business has grown, as businesses are choosing to hire temps amidst this uncertainty. There are still roles to be filled, and still people ready to fill them.
Today, more than three-quarters of the recruitment industry consists of contract recruitment.
Click here to read about the growth of the uk recruitment industry.
Obviously there is more to think about if you’re considering adding contract recruitment to your business. As the UK’s number one provider of contract recruitment finance and back office technology, we can help you get set up.
Click here to book your demo and see how Sonovate can help you launch yourself into the world of contract recruitment.