The 2 Most Overlooked Opportunities in Recruiting
Machine learning and artificial intelligence is making a huge impact in the recruitment Industry, but what most agency recruiters don’t realize is that this new technology has created a huge opportunity to generate more recruitment fees.
This is a simple concept, but it took someone from outside of the recruitment Industry to conceive it, and develop the tool that will put agency recruiters back in control of the recruitment Industry.
How it works
If an employer posted a job vacancy, how many applicants do you believe will apply for that job?
I know it depends on the role, the employer brand and where the job was advertised. But on average – how many resumes do you believe will be generated from one job posting?
For simplicity sake, let’s say that the employer posted a job vacancy and 100 applicants applied. Fair enough?
So, if 100 applicants applied, and at the end of the interview process – only one job offer was extended, what happened to the 99 applicants who were not extended that job offer?
Those resumes will get filed or discarded, right?
If only one sprinter received the gold medal, does it mean that all the others didn’t have world class speed?
If only one beauty contestant became Miss Universe, does it mean that all the others were not beautiful young women?
If only one bachelorette received the final rose, does it mean that the others will never find true love?
If you didn’t get the job offer, does it mean that you are a loser?
The most overlooked opportunity in recruiting is the discarded job applicants. The individuals who did not receive the job offer can be leveraged into a stream of revenue for agency recruiters.
How AI generates new recruitment fees
The first thing that you will do is to export those discarded job applicants into our AI talent pool database.
Here’s what the AI will do.
It will evaluate, score and rank each of the job applicants, based on their inner-qualities.
Then it will determine which role each job applicant will be the most impactful hire, from the job vacancies of other employers. (Most impactful hire (MIH) is where the individual is comfortable in his/her own skin – in the role, in the new environment, the new culture and working with new teammates)
This remarkable concept is called the automated candidate introduction because it produces, warm, qualified and interested leads for employers. In this case, leads are job applicants.
It’s remarkable for three reasons:
- It identifies qualified candidates, even if they did not apply for the employer’s job vacancy.
- It determines the individuals who are most interested in the job opportunity.
- It provides a unique introduction process that will enable each hiring manager to easily develop a personal relationship with each candidate.
And guess how much each employer will pay for each lead?
The price for each lead is only $199.
Employers will view $199 as a drop in the bucket compared to paying 10s of 1000s of dollars in headhunting fees
If you’re finding that it is taking much longer today to make one placement, or if you are living from placement-to-placement – this can be a way to generate additional recruitment fees, between placements.
Every time an employer is introduced to a MIH candidate through this introduction method, the agency recruiter gets paid a percentage of the $199 dollars.
The agency recruiter will be paid 25% of the $199. This is without having to lift one finger – because the entire process is automated – the AI tracks and record every transaction.
Compared to placement fees, $49.75 may not make you jump up and down with excitement, but what if there were multiple introductions taking place on a daily basis, would that make this concept be more compelling?
Let’s take this concept one step further – what if one of those discarded job applicants got introductions requests from three or four different employers?
If that was the case, the agency recruiter will get a piece of the action, every time an introduction takes place!
Plug in your numbers and do the math for yourself
How many discarded resumes would you need to export into the AI database to generate a meaningful daily income, without lifting one finger?
It depends on how many employers you are able to successfully introduce to the artificial intelligence recruitment concept! You can read more about it here.
The second overlooked opportunity is to focus on recruiting employees instead of employers
Wait, what – recruiting employers?
Thats right, it is the employers who are paying the talent acquisition costs and they are also the ones with the need for talented employees. If AI can provide value to employers in the sourcing, screening and the selection of talent – and at the same time, create new opportunities for agency recruiters to generate recruitment fees – then it is the agency recruiters who should be leading this charge.
How will it create new opportunities for agency recruiters?
The new compensation model will compensate the agency recruiter both on the front-end through referral & renewal commissions; and on the back-end through the automated candidate introductions.
There are millions of discarded resumes lost in the “black hole” of millions of resume databases. Any solution that can take a deep dive into the black hole and identify MIH for current job vacancies, is a cost-saver for employers and a more effective hiring process for job seekers.
In the near future, employers will no longer have to recruit talented performers and individuals will no longer have to search for jobs – smart machines and automation will link each individual to the right role, with the right employer, in the right culture and at the right level of compensation. In the meantime, there is a huge opportunity for agency recruiters to generate passive income by placing discarded job applicants into the AI database.
BTW: if you’d like to determine how much you can earn in front-end and back-end fees, you can see an example of the calculations here.