Were you planning and/or hoping for growth or expansion of your staffing company this year? Are you feeling completely stunted by the global pandemic and economic crisis? We get it. It’s a bit of a mystery what will happen in the next few months. But, we do know one thing: We can (and will) survive this, and many will thrive.
In our 10th episode of Journey Up, we had an opportunity to touch base with Rod McDermott, CEO, and Co-Founder of McDermott and Bull Executive Search. Recognized by Forbes as one of the “best recruiters in executive search” in 2019, Rod has many pieces of valuable insight and guidance to share with the staffing industry. When asked about his strategy for organic growth and investment, Rod explained:
“We want to bring more people into our company, continue to grow the business. If anything, we have plans to maybe start creating some liquidity for some of the senior folks and actually bringing in the employees as a shareholder plus.”
Staffing leaders often dismiss the idea of investing more time and energy in their employees, particularly during time of economic unknown. They instead choose to shoulder the weight and run the show all on their own. However, for the most successful companies, there’s power in numbers. According to Rod, here are three major elements of his company’s growth blueprint:
Bring your people along for the ride.
When it comes to laying the foundation for success, the quality of talent you bring on board is vital. The people whom you surround yourself with will play a crucial role in determining how much you’re able to grow your business and build a strong employer reputation. As Rod explains, “One of the things I’ve found over the last four or five years is that if you hire excellent people and you get out of their way and let them do their jobs, they’ll do amazing work and you can actually scale your business.” Involving talent in your company’s operations means taking a step back and releasing some of the control. While it may seem like a power struggle at first, hiring the right people to fulfill various roles within your company will allow your leadership team to “stay out of the weeds” of marketing, recruitment, administrative, and other ongoing responsibilities. By engaging your talent from the start, you can naturally fuel your company’s growth while empowering your entire team to be part of this process.
Develop a lean growth strategy.
While no company is downturn- (or crisis-) proof, there are many ways to invest in the growth of your recruitment or staffing company and implement plans for expansion. When strategizing your expansion or growth plan, Rod recommends grooming members of your team in the areas in which they excel most. In discussing his company’s growth strategy in the Vancouver, Texas, and New York markets, he explains that his employees all have an “area of expertise that they brought to our firm that we’re trying to fill in blanks around them. In some cases, they’ll be leaders or want an opportunity to lead a new office. And, if they don’t, that’s okay. We want to build critical mass in certain markets.” Utilizing your talent and resources in the most efficient and effective ways will allow your company to grow at a healthy pace. Because each market is a different climate, it’s essential to evaluate your goals and resources for each expansion opportunity and plan your leadership and talent acquisition accordingly.
Expand your talent reach and embrace a shared vision.
As you expand your company into new markets, you’ll inevitably need to broaden employment opportunities to a wider net of candidates. In today’s quarantined workforce, hiring and nurturing remote workers has become a necessity for keeping your employee safe. But, it is this practice that will also keep your company competitive while achieving optimal talent acquisition outcomes long into the future.
“Because one person alone can’t build a $20 million company, you need a team of people to do it,” he explains. When people are your top priority, your staffing company’s growth will automatically follow suit and propel exponentially greater levels of success.
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