Welcome to The Fordyce Letter:

The Fordyce Letter

Straight Talk for the Recruiting Profession


Business

Business

Don’t Miss Out On Your Marketing Deductions



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IRSBefore you file that tax return today take a second look at the deductions for marketing and promotion. Did you take all the deductions you’re entitled to?

Surprisingly, 43% of small business owners are entering zeros on that line of their business return or on their Schedule C. What’s more remarkable is that 27% of owners aren’t even aware that the IRS allows them to write off legitimate marketing expenses.

Not taking those expenses is like volunteering to pay more taxes than you have to, which makes about as much sense as ignoring a job order from a valued client. You wouldn’t do that, so why would you skip something as valuable as writing off what you spent on things like business cards, your website (and the hosting fees), holiday gift cards to clients, advertising, and those slick brochures you had printed.

Business, Viewpoint

It’s Not Easy Building the Perfect Recruitment Company, But Your Future Depends On It



Achievement cloud - free

Achievement cloud - freeA while ago, I wrote an article that was posted on ERE.net (“Why Recruiters Will Be at the Heart of Our Corporate Future”) trying to explain my concept of what of “good recruitment” was and why recruiters will therefore be at the very heart of our corporate future. I received a lot of great feedback on the post but also some negative comments about how employers and candidates felt after interacting with recruiters. There were also some strong feelings about the impending demise of our industry due to technology improvements and in house recruiting teams.

Consequently, I thought I could extend my opinion yet further to outline another opinion of the structure of “the perfect recruitment company” in today’s world and highlight how recruiters can learn and improve using technology, learn lessons from Silicon Valley and out-compete in house teams for high margin business.

There are five key common principals to the mind-set and success of Silicon Valley companies:

Business, For Managers

Success Is In the Numbers. But Which Ones?



Dart board - free

Dart board - freeWe all have heard and most believe, “Knowing your numbers is critical in this business.” Also known as metrics, what are the most important metrics to follow? Tough question since all are important and all build upon each other. Without the desk-builder metrics of job order and candidate presentations there would be no sendouts, and without sendouts there would be no placements.

As a double bred numbers guy (CPA and banker) I have lived my life believing and analyzing numbers. After eight years as owner of an executive search firm — $8,570,487 in collections, 300,982 attempted calls, 33,523 SMP connects, 1,640 first time sendouts, 313 placements, and more falloffs than I want to remember — I am now more than ever convinced the numbers in our business never lie.

Business Development, Webinars

Webinar: Secrets for Growing Your Business From Neil Lebovits



Neil Lebovits

trinet logoWith an always exciting and fresh perspective on the recruiting industry, well-known industry trainer and recruiting professional Neil Lebovits explores tactics and shares secrets to help you grow your business when he presents the first Fordyce Letter webinar of the year.

Spend one hour on April 22nd and you’ll discover how to calculate and maximize your gross margin dollars, learn the different ways to price contract positions, and what it takes to add temp to your perm business. The webinar is free and sponsored by TriNet.

For Managers, Motivation

Good Leaders Are Made, Not Born



Demanding Boss

TeamLeadWhy won’t my employees just do what I tell them?

Why am I struggling to motivate my team?

Why aren’t they giving me the performance I need?

If any of these questions sound familiar to you, you’re not alone.

You were probably promoted because you’re a competent technical professional. You know how to build a bridge, negotiate a deal, or justify a capital expenditure. But whether you’re a team leader or a branch manager, your technical skills usually won’t help you be a better leader.

Effective leadership has an undeniable business value. In one study, Jack Zenger and colleagues (“How Extraordinary Leaders Double Profits”) examined the best (top 10%) and worst (bottom 10%) leaders at a large commercial bank. On average, the worst leaders’ departments experienced net losses of $1.2 million, while the best leaders boasted profits of $4.5 million.

Business Development

How to Tell When You Need a Sales Specialist Recruiter



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salesperson wantedRecruiting successful sales people is one of the biggest challenges facing employers today.

As the economy continues to improve, sales professionals are more in demand than ever. So working with a specialist sales recruiter is one of the most effective ways of competing for the top talent.

But don’t take our word for it. Here are six signs that you may benefit from working with a specialist agency for your next sales vacancy:

Business, Celebrating Successes, Viewpoint

Independent Recruiters: Riding a Rising Tide



Revenue for exec and contingent search 2013

Revenue for exec and contingent search 2013Business reporters need a new angle when they write about the economy. As they search for any bright spots in the market, they revisit the same stories and the same sectors over and over again: the housing sector might be heating up again (or maybe it’s down), Obamacare is helping (or killing) jobs in healthcare, the unemployment numbers are out and the consensus is… blah, blah, blah.

Here’s a new angle: how about writing about the third party recruiting industry? This story has three plot lines any writer would kill for: an industry that’s growing like crazy, nimble small businesses taking share from the dinosaurs, and best of all, a sector that wins after nearly everyone counted them out.

Business Development, The Business of Recruiting

7 Steps To Saying Yes When They Ask “But Can You Deliver?”



Stairway up - freedigital

Stairway up - freedigitalIn the press to take advantage of the slowly improving economy, a growing number of recruiting and staffing firms find themselves over-selling and under-delivering. Consequently, clients are receiving inconsistent results and the quality of service standard for our industry is falling.

In response, prospects as well as clients are increasingly asking, “But can you deliver?”

You must carefully consider your response to this question. Companies are frustrated by sophisticated sales presentations that have little real relevance to the actual delivery of services. With minor modifications, they have already heard most of these presentations from your competitors. Therefore, you must ask yourself, “Can we deliver every time, on time, without exception?”

The answer can be “Yes.”

Business

What To Do When Your Office Is In A Malaise



Bored businesswoman - freedigital

Bored businesswoman - freedigitalYou got into this business years ago. You listened and learned and you became successful. Over the years your billings grew. Some of you decided to add people to your operation and your operation grew, and was also successful.

And then it happened. It seemed to come out of nowhere. First one recruiter went into a slump and then another and then the whole office seemed to be in a funk. Even your production, your ‘money in the bank’ desk, started to suffer. What happened and how do you get out from under this wet blanket of recruitment misery?

In this article, I am going to give you a six-step remodeling plan. This plan will work for those of you who work alone and for those of you who have an office of recruiters. Here are the steps:

Ask Barb, Business

Have You Tried Calling Your Own Office After Hours?



Ask Barb

Dear Barb:

Many of my IT clients and candidates call me after hours just to avoid a conversation. Then they complain that it’s too difficult to leave me a message. Do you believe in giving out your cell phone to both clients and candidates?

George W.

Victor, NY
Dear George:

I do believe in giving out my cell phone to clients. It is a personal decision if you give