Every sale involves a transaction — a good or service exchanged for cash. However, something deeper is involved as well. Conducting business also requires a relationship, mutual trust, and understanding. To drive your recruiting business forward, you should embrace this fact.
Your staffing firm will benefit by orienting yourself towards the relationship economy. This concept refers to the way interpersonal connections apply to business. For companies, it means that the process of developing a connection with customers can lead to improved loyalty, a better brand, and accelerated profit growth.
Just as an example, a survey conducted by Gallup showed that companies that use behavioral economics as part of their business outperform their less-enlightened competitors by 85% in sales growth. That’s a significant boost from understanding how people make decisions and by taking steps to integrate that knowledge into your operations.
Need more details? Here are some ways you can embrace the relationship economy as a recruiter:
The Power of the New Relationship Economy
Appreciate Your Prime Position
As a staffing firm, you are well-positioned to thrive in the relationship economy. After all, that represents the central role of your organization. You build bonds with candidates and clients, as well as spark connections between these two groups.
Think of yourself as a network booster. Your service accelerates the process that candidates and HR managers do anyway. You help them find contacts looking for either career opportunities or ideal fits for their open positions.
This means you have a prime position in the relationship economy. Anyone looking to leverage this critical strategy will benefit by working with your staffing firm. Your job is communicating this upside and taking advantage of this natural edge.
How do you turn the idea of the relationship economy into a reality? That process requires communication. A back-and-forth dialog helps build bonds, either with clients or candidates. At the same time, you establish a process for delivering and receiving information.
To get the most out of this strategy, develop a robust communication network. This means having multiple methods for stakeholders to contact you, including email and text, as well as phone and video calls.
At the same time, stay proactive about staying connected to both candidates and clients. If you haven’t heard from someone in a while, reach out. Solicit feedback. Learn what you can do to provide a better service for both groups.
Nurture Long-Term Relationships
Take the long view of the relationship economy. As a staffing firm, this strategy applies to both clients and candidates. You want to develop bonds that will last years. Here are a few techniques you can consider
- Stay in contact with former clients and inactive candidates
- Look for ways to add incremental value to your services
- Use social media and your website to build a passive audience
- Build an online community
- Host events, like mixers, job fairs, and conferences (these can be in-person or virtual)
Make the Relationship Economy Part of Your Culture
Engaging in the relationship economy means getting everyone involved. Building connections between people should represent an organization-wide effort. As such, you should make it a central part of your staffing firm’s culture.
Communicate to your employees that you want to focus on relationships. Beyond this, provide resources to make this possible, giving your staff the time and budgets they need to nurture bonds.
At the same time, encourage strong relationships within your organization. Actively encourage collaboration and personal connections. This will bring the relationship economy home.
Searching for Ways Your Organization Can Thrive?
Look for robust relationships in every aspect of your staffing business. That includes financing. By partnering with Frontline Funding, you’ll give your firm the flexibility and stability it needs to thrive.
Contact Frontline today to learn more.