The recession has brought about a much needed rationalisation of the recruitment marketplace. The true specialists have thrived and find themselves in a much smaller pool of suppliers, while there have also been a number of high profile casualties.
Staffing levels at many of the banking divisions of the major international recruiters have dropped significantly. The problem with oversupply of financial recruiters has been solved in a very brutal way.
The days of easy money are long gone and will hopefully remain that way, the buoyancy in the financial markets that had largely driven profits for any recruiter no longer in existence. We are down to the basics, the fundamentals of providing exceptional recruitment services as standard. Knowledge, longevity, experience and quality will be the drivers of income going forward.
The best recruiters will thrive in spite of the market and not because of it; those who remain and do not recognise this will be short-lived. This does not mean competition for the financial institutions’ pound will be any less fierce, but the standards set by those suppliers will need to be raised significantly, particularly in order to restrict the ease with which part-time suppliers enter and leave our markets, but also to ensure that the general profile and standing of those suppliers surpasses current perceptions.
The cleansing of the recruitment marketplace is a true opportunity for resourcers to take advantage of this and raise the benchmark significantly for those who remain. They need to rigorously review their preferred supplier lists and take a strong stance on de- selecting recruiters.
They need to ensure uniformity within their businesses to remain consistent in their selection of recruiters. The remaining players are here for a reason.
Phil Tomlinson, a director of CRS Ltd, a leasing recruitment company