Emily Shanks: The TIARA judging process has been designed to evaluate excellence in recruitment through the lenses of employee engagement, client service, innovation, growth and purpose – all in context of stage of scale and differentiation as both a partner and employer of choice. Why do you think it’s important to assess success through these lenses and what do you look for in a winning entry?
Keely Woodley: It’s important to evaluate through these lenses as in a post pandemic world, the pace of change continues to accelerate, the tools available to businesses are numerous, particularly in the business services and recruitment sector. As we incorporate AI into our everyday lives it’s important to consider how businesses can benefit from the use of these tools.
The world is also under the burden of the cost-of-living crisis, very high interest rates, and high levels of inflation. Despite inflation falling to 2% in the UK, the market is facing recovery from the impact of those high rates. As such, a focus on innovation and how to be more efficient and achieve more with the same resources is critical to ensure survival, profitability, and maintaining growth, in what continue to be a challenging economic environment.
When we’ve been thinking about the judging it’s been pleasing to see how businesses in the recruitment sector are adapting to some of these challenges and at the same time not losing their purpose when it comes to things like flexible working, culture, diversity and inclusion – and upholding these key attributes whilst working through a difficult economic climate.
At the heart of this is maintaining a strong service to clients and delivering the best talent into organisations with those attributes in mind. That’s why this criteria has been selected.
The really successful entries have answered the questions specifically and given tangible examples of where they are making a difference through innovation, use of technology to deliver a superior service, innovative thinking to deliver a more diverse workforce to their clients and providing opportunities for growing their people within those organisations.
ES: As a Corporate Finance / M&A Advisor you see growth trends across the sector. What drivers of sustained growth and value creation should judges be looking for in TIARA finalists this year?
KW: Throughout 2023, shifting market conditions, such as rising inflation and interest rates, falling job vacancies and a contracting recruitment market, presented challenges for recruitment businesses. As the economic outlook brightens, it’s exciting to see positive market indicators and growth potential.
Some of the key drivers of growth and value creation which judges should be looking for include the use of technology to manage cost and to focus teams on higher value add services – this is a key driver of sustaining financial performance. Culture in an organisation also continues to be critical to attractive and retaining staff, maintaining performance and growing businesses. Diversification, particularly globally, to mitigate risks in individual markets and unlock higher growth regions is becoming progressively more important to long-term value creation. Also, increasing specialism and having deep sector insight is beginning to feel like the only way that you can truly scale and grow. Being a generalist is less relevant as the increasing use of technology is providing potential clients with their own means to find non-specialist candidates – being a specialist in certain niche fields is essential.
ES: Grant Thornton is once again sponsoring the Specialist Recruitment Company of the Year. Why is it important to be a specialist and what should set the best apart?
KW: We’re delighted to be sponsoring the Specialist Recruitment Company of the Year. It’s key to be a specialist in your field to differentiate with clients and provide the best candidates, also being part of the client community which you serve to provide genuine insight. From a business owner perspective, being a specialist and knowing your market is important to be able to spot opportunities, understand where the market might be moving and where the talent short supply is likely to be.
Having a genuine desire and passion for their industry will set the best apart – but being ethical and principled to ensure that the industry reputation is protected and enhanced, and the business is seen as partners to improving the talent into organisations and not a commoditised service. Also, demonstrating that they have a diverse workforce that reflects the industry that they want to represent and create to ensure they appeal to Gen Z.
ES: We have seen a growing trend toward global expansion to access growth opportunities and capitalise on demand for new workforce solutions. Which growth regions do you expect to see in the shortlists this year, and how is Grant Thorton helping recruitment clients to minimise risk and maximise reward internationally?
KW: In terms of growth regions, we’re seeing a shortlist of Germany, Asia Pacific and a lot of investment going into the US.
Grant Thornton’s specialist advisory services capability is able to comprehensively advise recruitment clients setting up internationally with strategies for employment taxes, multi-jurisdictional tax rules and regulations, employment rights, capital structures to set up tax efficiently, reward-based incentives for executives and international workforce mobility including maximising reward internationally.
We can support recruitment businesses with these strategies effectively because we are a global network that employs over 73,000 people in 150 markets. We offer a joined-up, partner-led service, combined with deep sector expertise – and a real strength advising specialist recruitment businesses internationally. For example, we’re currently advising one of the largest US recruiters on their growth strategy.
ES: What sets the TIARAs apart as an award campaign and ceremony, and why do you and Grant Thornton continue to support it?
KW: Grant Thornton continues to support the TIARA awards because TALiNT is a forward-thinking, progressive organisation who are constantly thinking about what comes next for their members in terms of technology, innovation and change, and approach the sector with energy and drive.
The TIARA awards are valued by the industry – the awards are well attended by seasoned veterans as well as new exciting and entrepreneurial businesses. We really feel it’s important to be embedded in the sector that we’ve worked in for the last 25 years across a range of services, including audit, tax and advisory.
