Your secret weapon for candidate retention & redeployment
Diminishing candidate pools. Rising resourcing costs. Talent shortages. Together with increased demand for short-term staff (REC/KPMG Report on Jobs), these are the challenges recruitment businesses are up against.
The current tight labour market is driving many recruitment agencies to reframe their strategy and prioritise candidate retention and redeployment.
There’s no doubt that redeployment is a winning formula in terms of revenue. Though it differs by industry and region, the cost to onboard new talent is an agency’s biggest outlay. Advertising vacancies, sourcing candidates, interviewing, ID and DBS checks, screening references…the list goes on, and it all adds up fast.
In an ideal world, the moment a worker comes off one assignment, you’d already have another job lined up for them – redeploying all your contractors as soon as they are available for work.
The money definitely talks; recruitment agencies who double their contractor redeployment rate can increase their gross revenue by 20%*
But how to get there?
Measuring redeployment rate
Interestingly, less than 6% of agencies who place temporary workers actively track redeployment rate.* This is the ratio of contractors placed on a new assignment once their current assignment ends.
As Liquid Friday’s CEO, Colin Gunnell, reflects, it can be a difficult metric to pin down, for various reasons.
“The priority for agencies is to solve their clients’ resourcing needs immediately, so they put a lot of energy into deploying new people who they know are readily available. The challenge with redeploying candidates is that frequently agencies just don’t know when the worker has dropped off an assignment, or there is a time lag before they find out. This varies between sectors; in some industries the line of communication between client and agency is quite proactive but there are plenty of actors where this doesn’t happen. So measuring redeployment rate can be very tricky as there is no standardised approach or standalone tool that captures the trigger point when the worker becomes available for a new assignment.”
Once you understand how candidate redeployment impacts business growth and value, recruitment businesses need the right tools to implement an effective redeployment strategy.
Knowing when to reach out to workers is critical in the redeployment process. Candidates won’t wait around for a call once they’ve finished an assignment – they want the next job lined up.
Where Liquid Stride comes in
The use of data-driven tools is on the rise across the recruitment sector, and in order to track and optimise redeployment rate, agencies need a mechanism that notifies them when candidates are coming off one assignment, so that they can be deployed effectively and efficiently.
At Liquid Friday we are passionate about providing our agency partners with innovative tech-based solutions that have positive, measurable commercial impact.
We also firmly believe that better data allows recruitment businesses to make better decisions.
We have developed Liquid Stride, a unique tech solution that works by analysing millions of contractor assignments across multiple sectors to deliver agencies a predicted indication of when their contractor’s assignments are statistically likely to end based on live, real-world behaviours.
With this technology agencies can save significant time on resourcing new candidates due to being better informed of the likelihood of losing existing ones.
Recruitment businesses will be able to leverage these unique data insights to make faster repeat placements and accelerate redeployment rate exponentially, driving efficiencies and giving you the power to focus on other key strategic areas for growth.
*Research by CareerBuilder
**Research by Sense HQ