Welcome to The Fordyce Letter:

The Fordyce Letter

Straight Talk for the Recruiting Profession


Business

For Managers, Motivation

Does Your Office Have A Scorecard?



horse race illus-vectorolie-free

So it’s tax time again. While I don’t have much to offer in the area of taxes (I’ll leave that to the accountants), I will tell you this: While none of us likes paying taxes, in a weird convoluted way, I’m much happier when I pay a lot in taxes. It means I’m making a lot of money. When you think about it, what we pay in taxes becomes the ultimate scorecard for how we’re doing  —  and that’s a subject worth talking about.

True champions have one basic quality in common — they love competition and they love keeping score. Personally, I love horse races. The thrill of watching the thoroughbreds cross the finish line is exhilarating. True racing fans tingle through the entire process — the starting gun, jockeying for position, the push to cross the line, and of course the smell of roses at the end isn’t bad either.

It’s no different in our business. We want measurable results and we want to know how our results rank against our peers and the rest of the field. Of course there are those who become obsessed with winning at all costs and cross the lines of good judgment and ethics. I’m not talking about those people. But at the end of the day, a good healthy dose of competitive drive

Business

Need Money? Know the Basics Before You Borrow



borrowing

borrowingHave you ever found yourself strapped for cash and wondering what your best options are for borrowing money? And did you find that in our business it is sometimes difficult to borrow?

The first option for borrowing is “unsecured.” If you have solid personal credit, unsecured debt is usually the easiest to obtain and involves the least amount of risk to you. Because the debt is not backed by some form of asset or collateral, lenders consider this type of debt more risky to them so it usually comes at a higher cost as compared to secured lending. Unsecured debt will also be limited by lenders, the amount of risk they are willing to take on an unsecured basis will normally be below $50,000 and in many cases below $20,000.

Business

Bullhorn Survey: Agency Growth May Be Slowing After Strong 2014



Bullhorn-revenue by recruiter type

Bullhorn-Comp by agency typeIndependent recruiting firms of all types and size had a good 2014 and 9 out of 10 of them expect an even better year in 2015.

On average, 77% of the firms participating in Bullhorn’s annual North American Staffing and Recruiting Trends Report said they met or exceeded their 2014 goals; 89% expect to increase revenue this year.

Yet, says Bullhorn, there are signs that the rapid growth of the last two or three years may be leveling off. Pointing to the 79% of agencies that reported more than half their income coming from repeat business, Bullhorn wondered if the rise from last year’s 61% who said that might “signal a reduced focus on expanding the client base.”

For Managers, The Business of Recruiting

Here’s How to Turn Performance Reviews From a Negative to a Positive



Performance review - free

Performance reviews. Are there any two other words in the English language that cause more anxiety and resentment on the part of employees, and more fear and loathing on the part of managers?

I admit it; I hate performance reviews mostly because they tend to take place only when there are performance issues. That casts the manager as the bad guy who’s delivering bad news.

One of the biggest traps we fall into in the recruiting industry is that the immediate always takes precedence. We react quickly, because it is in our nature, and a part of our business; a hot new job order, a great new lead. Gotta close the deal now, now, now! But that can lead to now, now, POW, if we manage reviews the same way. If we are to be effective managers and owners, we must revisit the entire concept of performance reviews, understand their value, and recast these otherwise unpleasant formalities as an opportunity for growth and improvement.

Business, How-To

Be Positive and Outsource the Busy Work



2 minute recruiting new

This regularly appearing column gives you quick, easy-to-implement ideas on various subjects. Today’s topics have to do with hiring virtual assistants and the power of questions.

Hire a Personal Assistant

I conducted an experiment recently to see how much it would cost to hire people for various tasks in my business via Elance versus what I was actually paying my staff of contractors.

Business, The Business of Recruiting

Do You Have What It Takes To Be A Recruiter?



Best candidates - jscreationzs - free

I’ve been in the recruiting industry for more than 20 years. During that time, I’ve seen dozens of people come and go, and I’ve noticed patterns in the recruiters who thrive and have lasting careers. Recruiting can be a difficult occupation but also rewarding and gratifying. Considering a career in recruiting? Review my list of the crucial qualities, and see if you have what it takes.

Resilience

The most important characteristic of a good recruiter is the ability to bounce back from disappointment or failure. Nothing is more

For Managers

Get Rid of These 10 Undercover Time-Wasting Over-Workers



Placements and the law logo

Recruiters are always wondering how we’re able to respond so quickly on a national basis. Believe it or not, we work regular hours. I learned the techniques when I was managing a recruiting office.

You can too, if you:

  • Understand where your non-productive time is spent and;
  • Overhaul your procedures.

All the time-management seminars, workshops, books, calendars, timers, alarms, buzzers and electronic voices in the world won’t help you. They’re just pea-shooters in the war against time. Your problem isn’t on the battlefield, it’s in the war room — right there in your office.

Here are the 10 biggest undercover over-workers:

Business Development, Industry News

Jobs Follow Angel Investments



Venture capital investments

Venture capital investmentsSearch firms looking for growth markets might take a look at where angel investors are betting their money. In the first half of the year, over half the new investments went to three sectors: software, healthcare and retail.

Two of those three are among the most competitive when it comes to hiring. Especially for tech startups, the competition for talent is not just against other like-sized firms, but against giants like Apple and Microsoft and Google.

In a post more than two years ago discussing how to recruit for startups, Robert Woo said, “If a stellar developer even comes within the vicinity of the office, he/she will be snatched up faster than an intern can be stuffed in the server room to make space.”

According to the Center for Venture Research at the University of New Hampshire, software got the largest share of investments with 37% of total angel investments in the first half of this year. Healthcare services/medical devices and equipment and retail each got 10% of the total investment dollars. Biotech was close behind with 9% of the total. IT services and Industrial/Energy got 7% each to round out the Center’s list of the top 6 largest sectors. Smaller percentages went to a variety of other startups and young firms in other sectors.
For Managers, How-To, The Business of Recruiting

Here’s How to Plan Your ‘Grand Vision’ For 2015



Target Plan

Year-end is a great time. We get to reflect over what we have accomplished and what we have yet to do. We get to celebrate what we did right and we get to write off our failures as part of the past. And we get to redirect our efforts in a new campaign. It’s a cleansing of sort and if done properly will provide energy and direction going into the New Year.

When I look at year end planning, I believe it begins with the overall Vision Statement. This Vision Statement should describe the “grand, overall” destination of where you want to be. I learned from the great Mike Gionta, that a good Vision Statement is a one-page statement that tells a story as if it had already happened. Basically, write a one page statement as if you were 5, 10, 20 years in the future describing what your life has accomplished. Revisit this statement annually and modify it as you deem appropriate.

With the Vision Statement in place there are certain “Big Bucket” plans that will need to be addressed. They all must work together to support the Vision Statement and the execution of these plans will allow your Vision to become reality. The Big Bucket items that I believe fit our industry are:

Ask Barb, For Managers

Forget Control. Think Rapport



Ask Barb

Dear Barb:

I’ve owned my business for over 25 years and have always been successful at developing client and candidate control. That has not been the case recently. Our candidates and clients are changing their minds more than ever before. It’s become impossible to control their actions.

Sylia D.
San Jose, CA

Dear Sylia:

I have never believed that we can control clients or candidates. What is effective is your ability to develop rapport based on trust. Technology and the availability of information and networking has made it easier for our candidates to find other opportunities and our clients to identify other resources.