“Everything is cyclical.”
Recruiters and recruitment business owners who have been in the industry for many years understand that no matter how bad the hiring market is, things will get better. This is exactly the approach and mindset of Nick Cabral, our special guest, that enabled them to navigate the 2008-09 recession successfully.
Nick is the Principal of Boston Investment Staffing Group. He specializes in permanent and contract placements within the investment and financial services industry. They focus on working with boutique investment managers and becoming an integral partner in their hiring process.
He has carved out a successful entrepreneurial path, starting his business amidst the challenges of 2009, and weathering the storm of the 2008 recession. Nick’s tales of waiting for the first deal and his survival strategies are packed with priceless insights and advice that a lot of recruitment business owners will find valuable today.
Episode Outline and Highlights
- [02:03] How Nick got into the recruiting industry.
- [07:27] Nick’s significant learnings when working with Boston Networking Group.
- [11:39] What prompted Nick to launch Boston Investment Staffing Group in 2009?
- [14:31] Navigating the uncertainties of the 2008-09 recession.
- [19:11] Nick shares his candidate-centric approach to recruiting and how it led to relationship building.
- [25:43] Discussion on the respect component in a recruitment process.
- [29:17] The art of building professional relationships in a post-pandemic environment.
- [37:36] Understanding and applying the rule of ten.
- [42:58] The significance of asking the right questions to candidates.
Navigating the Uncertainties of the 2008-09 Recession
Being in the industry for more than two decades, Nick has built an outstanding career as a recruiter and a recruitment business owner. In our conversation, he was more than generous and shared the significant learnings he had when he worked with his previous employer. He also gave context on what prompted him to launch his own recruitment firm, during the 2008-09 recession.
His experience resonates well with me as Nick and I had the same experience during those unfavorable market conditions. I admire his mindset and resilience. He believes that everything is cyclical, and eventually, things will start to pick up again. He also emphasized, “So I think my mindset was keep doing the work, keep making sure that you are contacting clients and candidates and staying on their radar. You’re not going anywhere. This is what you’re going to do, and I think because of that kind of never-equipped mentality. It led to all right, 2010 got better, and then 11 was even better, and then 12 was a banner year, and so it was hard but manageable. I think you just got to kind of stay grounded in the fact that if you do the work, it will get where you want it to go.”
I know that 2023 is not like the 2008-09 recession, but it appears to be a weird year for some markets. If you are experiencing a slowdown in the industry you are supporting, Nick’s advice of just staying in the course, keeping doing the work, and focusing on what you can control can help. Remember that this is cyclical.
Building Relationships and Asking Reflective Questions
Nick and I also discussed critical topics on relationship-building which includes the value of meeting in person as well as asking the right questions to your clients and candidates. He also emphasized the importance of the ‘respect component’ in the recruitment process. He shared these three factors that contribute greatly to his success, and it was an astonishing discussion because, in the end, you will find that these are interrelated to one another.
- The importance of meeting in person. He shared how he does virtual preps and trying to get back in person for face-to-face meetings. He shares how he has been able to build relationships further due to the emphasis on “IRL meetings” which is much different than just a quick phone call.
- The respect component goes both ways. Nick elaborated on how he believes respect helps him build a long-term client and candidate base. He specifically mentioned how giving constructive feedback and transparency to candidates is a critical act of respect.
- Asking the right questions. “Do you want this job?” is an effective question that can be a game changer when building candidate relationships. Nick is not just focused on making placement, instead, he assures all candidates that he wants the best for them by focusing on their long-term growth.
Applying the Rule of Ten
Nick also shared his ‘rule of 10’ which helps him to stay on track with his goals and activities. Basically, the premise is that in every ten pieces of activity, you will have one placement. This is how he described it: “In the rule of ten, if you have ten pieces of activity, it’s going to lead to one placement, right, so that could be a candidate, so say it’s your candidate and your client will count that as two, right, but if you have ten pieces of activity, odds are you’re going to, you’re going to have one placement and you could get lucky and hit three or four, you could be unlucky and you don’t hit any. And where it really gets exciting is if you have, say, when you get up to 20 or 25 pieces of activity all at once.”
He uses this goal-oriented way of thinking when training junior recruiters and so far it has been effective in motivating their team to stay on track with activities
