How to Manage a Successful Placement Project
In the world of Project Management, there are three elements that you have to be concerned with. The first is Time. The amount of time that it takes to complete a project can be equated to a value; i.e., projected revenue. The second is scope; this concept views the project’s size and complexity. Scope creep is a term that you will hear in project management, which simply means that a Project is growing outside your capability to manage effectively. This is a common error in Project Management and if you cannot keep an accurate pulse on your project’s size and complexity; failure can result. The final is cost. This is where the money comes in. In economics there is a simple formula when calculating profit; it goes: TR-TC=π, which translates as Total Revenue – Total Cost equates to Profit. Total costs is divided into two categories, Fixed Costs, and Varied Costs. Fixed Cost on all expenses that are consist month by month, and does not very through time. While varied costs are expenses that arise; that may not have been projected into calculated costs.
Every Project has a cost, and this is does not always equated to money. Human Capital, resources, and product/service innovation can be a price to expanding your business. Now all the varied factors mentioned can be equated to a money value, but the point here is that you need to adopt a more encompassing viewpoint when managing your projects. These cost can also be associated with Opportunity Cost; values that you forego when going with an alternate decision. In the Recruiting Industry; placement projects fall into this Project Management paradigm, and effective Client Managers know this all too well. I will cover some helpful points that will assist you in managing your placement projects more effectively. Here are some things to consider:
Time: This is where you can set milestones. These help you track the overall success of the project. For example, if your Client needs to fill 145 engineer positions by the end of the year; you break it up into Milestones. So if I received the placement project in the beginning of the year; this would rough equate to 12 placements a month. Now, this is where a good project manager will set up calibration meetings. I suggest these are done weekly. With the time element of the project management tool, you need to set boundaries and expectations to the client. Here are some things to consider; 72 hour feedback after an interview is completed. I push for 24 hours, however, in the real world with busy schedules and overwhelmed staff this can be difficult. Make sure you schedule a launch meeting, this will include hiring managers and decision makers. This is where you will lay out the project guidelines, and schedule. Clients will appreciate this organized approach.
Scope: Now using the example of the 145 engineering roles, the scope will detail the exact type of engineer candidates they are looking for. I have seen more placement projects fail because the client manager did not take the time to calibrate the Client’s “Ideal Candidate.” This will affect the time element of the project, because if these engineers are in short supply; you need to consult your client on this, as well as adjust you schedule (time). Scope creep in the Recruiting world comes from a hiring manager being unrealistic about the candidate(s) they desire. This usually comes from them not understanding the Employment Market; you are the professional recruiting consultant, be that to your client.
Cost: This is the piece that I think many neglect. This is where you set the expectation of your invoicing process. Be clear, remember your recruiting team is motivated by the money they earn, and it is your role to communicate the invoicing to payment expectations. This is where you also make sure that your client does not have any special vendor requirements; i.e., Vendor application process, accounting documentation, or specified payment method.
These are just some ideas that can help you raise the bar in your placement project management. Take the time to conduct your research and always be learning. The most successful people are always evolving with their ever-changing environments.