Waltier Chance who we are and why we exist!
In our first blog we explain who we are and why we exist! Read On . . . Waltier Chance offers an exciting and fresh approach to 'sourcing exceptional talent' within the Insurance & Risk, Financial Services & Wealth Management and Accountancy & Finance Sectors.
Our company is led by two exceptionally experienced individuals in Richard Waltier, a vastly experienced senior executive with a background in insurance and risk and Jon Chance a leading recruiter from our chosen sectors whom between them have over 50 years' experience. We see the current recruitment agency market place as oversubscribed, poorly serviced and managed. There is an opportunity to add greater value and make our clients more successful. To demonstrate the environment that exists in the current marketplace we have republished an article titled: Why 'agency recruitment' is totally screwed' By Greg Savage on March 11, 2014 in Candidate care, Client Skills, Coaching recruiters, customer service, Recruiter coaching, Recruitment, Recruitment Trends, Selling value as follows:
It is broken.
Yes. It. Is.
Certainly for permanent recruitment.
We are just so used to it, have it so imbued in our psyche, that we don't appreciated how farcical and damaging it is.
Multi-listed, contingent job-orders benefit no-one.
Clients, naively thinking they get a better service because they get agencies to compete, actually get a far worse service because they are actively encouraging recruiters to work on speed, instead of quality.
Recruiters suffer because even if we want to, we can't really 'partner' or 'consult', or 'value-add', and in the end we only fill one out of five jobs, if we are lucky, destroying profit in many cases, and the careers of recruiters too, who simply burn out, chasing rainbows.
And, the often ignored fact, candidates suffer the most because they do not get service or due care from third party recruiters, who are too busy chasing mythical job orders in competition with five other recruiters, to actually focus on the candidates needs. That's right. If recruitment worked like accountants, or lawyers, or doctors, or even real estate agents, where the service provider is not working on each case in competition...our recruiters would work on 20% of the orders they currently do, but fill 300% more! And who would benefit the most? Candidates! Yes candidates, who would no longer be treated like cattle, but rather like crucial partners, as they should.
No wonder candidates are increasingly avoiding job-boards, and recruiters, and transferring their job search energy to web-searching, social media, and other tactics.
Yes, thats a screwed system all right.
But it is getting worse as recruitment evolves.
Have a look at my wizz-bang chart below (Yes, agreed, I am not a PowerPoint expert. But I did this at my desk at home, late at night after my third bottle of Boags, and trust me, it may not look pretty - but what it represents is uglier still.)
Look at the left circle. It represents all the candidates available for recruiters to place in jobs. Look at the little segment on the right of that circle. That shows the tiny proportion of suitable candidates that recruiters actually access. To this day, most recruiters focus on so called 'active' candidates, those that come from job boards, or who are already on the database. There is nothing wrong with these candidates per se, except that they represent only a tiny percentage of the available people. What is more, because they are actively job-searching, they will in all likelihood be working with other recruiters already, or possibly well down another recruitment process.
Which means that you are not likely to place them. You understand that don't you? It's not only jobs that are 'in competition'. It's candidates too. And in a candidate tight market, a good talent that you have exclusively is a walk-in placement. Do you even think like that? Do you know who you have exclusively? Do you ask? Do you seek to find these people? Look on my chart at the massive pool of candidates most recruiters do not access. There is your opportunity!
Now look at the right circle. This represents the majority of clients' commitment to actually filling the job. We all know that most clients do not give their agency recruiter full commitment. That is what the shaded segment represents. Tiny commitment. In fact, many use third-party recruiters as an afterthought, or in competition. The vast majority of the commitment clients give to filling roles, goes somewhere else, such as the internal recruitment team, or using LinkedIn, or their own recruitment strategies.
So right there you have an incredibly dysfunctional situation. The majority of recruiters access only a tiny percentage of the good candidates, and what's more, secure only a fraction of the clients' commitment to filling the job.
What other professional would deal with the customers on such a flimsy premise? Who else would invest the time and resources that we recruiters do, on the tiny off-chance that a fee might be generated? But it gets a lot worse.
Not only do most recruiters run their businesses on the same basis as someone playing a lottery, they do it in competition with five other agencies. This is ridiculous. Some very significant recruitment companies with massive turnover, still can't make any profit because such a huge percentage of their staff time is spent on fruitless work that results in no return. In fact many such businesses are now going bust. Their cost base is too high for their income generation ability. And this is why! Their business model is screwed.
And it's a vicious cycle of discontent. Clients get increasingly irritated because they are dealing with low-level recruiters, who don't do a thorough job. Ironically the fault for this lies with the client, who asks recruiters to compete on the same job, thereby dumbing down the process. Recruiters get disillusioned, desperate, burnt-out, and take shortcuts, which continues the cycle.
And of course worst of all, candidates suffer.
But it's not all doom and gloom. In the chart above lies tremendous opportunity, if you look for it. The prize goes to the recruiter who can develop strategies to access those candidates in the segment of the circle that are not active. The skill of bringing top hidden talent, that clients can't find themselves, to the hiring table. That is the Nirvana we should all be seeking. That is where the fun and the money is. And of course those recruiters who can blend technology with the craft of recruitment, and who can secure a greater percentage of the clients commitment, via retainers, exclusivity, or other partnership arrangements, will differentiate right now, and into the future.
So, the winners will be those recruiters who recognise that the way we work now is terminally dysfunctional, and who act to access the parts of my circles that most recruiters do not.
About Greg Savage
Over a career spanning thirty years, Greg Savage has established himself as an undisputed global recruitment leader. Greg is a regular keynote speaker at staffing and recruitment conferences around the world.
Waltier Chance is designed to operate within the outer circles!! So contact us to see how we can support you either as a client with our bespoke solutions or as a candidate benefiting from our unique Career Management Programme.