Podcast Summary
Recruitment industry misconceptions: Candidates don't pay recruiters, companies do. Transparency with employers and a strong support system are crucial for starting a side business during free time.
Candidates don't need to pay recruiters for their services, as companies pay the recruiters instead. This is a common misconception in the recruitment industry. Additionally, starting a side hustle or business during maternity leave or other free time requires transparency with current employers and a strong support system. Colleen Pelley, the founder and CEO of Lynchpin, a full-service recruitment and consulting firm, shared her experience of turning a side hustle into a successful business, even while on maternity leave. She emphasized the importance of being transparent with employers and having a supportive manager. Once she went full-time with Lynchpin, she gained 10 clients almost overnight. Lynchpin offers both contingent and retained recruitment services, with payment coming after a placement is made in the former, and upfront for the latter. The cost is a standard rate of 20% of the base salary of the person being placed.
Networking and Communication: Effective networking and maintaining communication with your contacts can lead to acquiring new clients and growing a business, especially in the recruitment industry where commissions can provide significant income.
Building strong relationships and maintaining communication with your network can lead to successful business growth. This was evident in the speaker's experience when they started their recruitment firm, Lynchman, and were able to acquire their first 10 clients through reaching out to old contacts. LinkedIn can also be an effective tool for expanding your network and potentially gaining new clients. In the recruitment industry specifically, recruiters can earn significant income through commissions, making it a lucrative career path for those who are successful. However, this also comes with the risk of inconsistent income during slow periods. Self-funding a business can be a challenging but rewarding experience, and while there may not be specific grants or opportunities tailored to woman-led companies, persistence and effective networking can lead to success.
Business Grants, Hiring Industry: Applying for multiple business grants can help secure funds for growth without draining personal finances. The hiring industry is booming despite a low unemployment rate. Prioritize expenses, consider all aspects of compensation, and stay updated on industry trends to succeed.
Starting a business can be challenging, but there are resources available to help, such as government grants. The speaker, who runs a recruiting agency, emphasized the importance of prioritizing expenses and applying to multiple grants to increase the chances of success. She shared that she was able to secure grants worth thousands of dollars, which helped her business grow without draining her personal funds. Additionally, she advised that while the unemployment rate is low, the hiring industry is booming, and there are opportunities for both companies and candidates. The speaker also mentioned that while compensation may be a significant factor, other aspects like company culture, opportunity for growth, and work-life balance should also be considered. Furthermore, she noted that the tech industry has seen a decrease in investment due to rising interest rates, but industries like cybersecurity have seen an increase in demand. Lastly, she touched on the trend of employees switching jobs more frequently to secure better pay and opportunities, which can contribute to the busy hiring market.
Clear communication, streamlined processes: Effective communication and efficiency are crucial in recruitment to reduce time to hire and enhance candidate experience. Prioritize authentic connections and understanding client needs to succeed in various industries.
Effective communication and efficiency are key in the recruitment process. Long hiring processes and lack of communication can be major turnoffs for candidates and negatively impact a company's reputation. Linchpin, a recruitment company, prioritizes clear communication and streamlined processes to reduce time to hire and improve the candidate experience. Companies that prioritize authentic connections with purpose-driven people and understand their clients' needs can successfully navigate various industries and differentiate themselves from competitors.
Long-term relationships, mistakes and growth: Successful businesses prioritize long-term relationships with clients by providing personalized attention, caring about teams, and maintaining open communication. Acknowledging and learning from mistakes is crucial for growth. For job applicants, be responsive to recruiters, tailor resumes to job descriptions, focus on metrics and achievements, and prioritize relevant experience and skills.
Successful businesses prioritize building long-term relationships with their clients by providing personalized attention, caring about their teams, and maintaining open communication. Additionally, acknowledging and learning from mistakes is crucial for growth. The speaker shared some of their own mistakes, such as not being clear about pricing and caring too much about pleasing everyone, and emphasized the importance of focusing on facts and making confident decisions. For job applicants, they suggested being responsive to recruiters, tailoring resumes to job descriptions, and focusing on metrics and achievements in applications. The speaker also shared their unpopular opinions on cover letters and reference checks. While college degrees may not be the most important characteristic, the speaker emphasized the importance of relevant experience and skills.
Degree vs Experience: While a degree can be valuable, recruiters prioritize individuals who can demonstrate job-related skills and experience. Understanding industry standards and negotiating effectively are essential for job seekers.
While a degree can be important for certain jobs and industries, it's not the only factor that determines a candidate's value to a company. Recruiters look for individuals who can demonstrate their ability to do the job successfully and have relevant experience. Executive positions often come with large compensation packages that include base salary, bonuses, equity, and other benefits. Companies may offer additional perks like paying off student loans or relocating families to attract top talent. For job seekers, understanding industry standards for compensation and negotiating effectively are essential skills. Free resources like Glassdoor and Indeed can provide some guidance, but individual circumstances and negotiations may vary. Ultimately, being able to speak to past experiences, learnings, and accountability for mistakes can make a candidate stand out to recruiters.
Salary Transparency, Company Culture, Flexibility: Transparency in salary, strong company culture, and flexibility are crucial factors for desirable jobs. Salary transparency laws help ensure competitive offers, while culture fit and flexibility are popular among job seekers. Positive interview attitudes and researching the company increase chances of success.
Transparency in salary and fair compensation, coupled with a strong company culture and flexibility, are key factors in securing a desirable job. Salary transparency laws are being implemented in various places, and recruiters can help advocate for candidates to ensure they receive competitive offers. Companies that prioritize culture fit and offer flexibility are increasingly popular among job seekers. During interviews, it's important to remember that the company wants you to succeed and to avoid speaking negatively about past experiences. Doing research on the company and expressing genuine interest in the opportunity can go a long way. Additionally, networking and referrals can be effective in securing interviews and job offers.
Relationships: Building relationships and creating positive experiences can lead to professional growth and success, even more than money and finances. Focus on gut instinct, energy, and communication skills to build meaningful connections and provide positive experiences.
Building relationships and creating positive experiences, whether it's through making introductions, providing excellent onboarding, or maintaining connections, can lead to significant professional growth and success. While money and finances are important, the intangible factors like gut instinct, energy, and communication skills play a crucial role in hiring and business development. Relationships can turn casual acquaintances into valuable clients or team members, and they can help you navigate the industry and overcome challenges. So, focus on building meaningful connections and providing positive experiences, and the rewards will follow.
Decision making, hell yes or hell no: In decision making, having a clear 'hell yes' or 'hell no' mentality can help eliminate doubt and hesitation, leading to more confident and effective choices in various aspects of life.
When making decisions, whether personal or professional, it's essential to only move forward with a "hell yes" mentality. If there's any doubt or hesitation, it's a "hell no." This principle applies to various aspects of life, including partnerships, work opportunities, and even social engagements. Additionally, Colleen from The Linchpin Co. emphasized the importance of human connection in business. They offer various services, including recruitment, training, consulting, and DEI audits, and can be reached through their website, social media channels, or email. Lastly, for those looking to make passive income, The Linchpin Co. offers a referral program, granting a 10% discount on the first invoice for companies introduced to them.