Recruitment Funnel Trends by Agency Size

Introduction

Question: what’s really going on in your agency’s recruitment funnel?

Every agency has one - a funnel that turns jobs into revenue. But how efficient is yours, really? And how does performance vary depending on the size of your team?

In this report from OneUp Labs, we’re getting forensic with funnel performance. Using real-world data from over 4,000 recruiters worldwide, we’ve benchmarked each stage of the recruitment funnel - from BD calls and job intake to CVs sent, 1st interviews arranged, placements made and booked revenue generated.

But we’re not just looking at volume. We’re unpacking the ratios that reveal how effectively consultants convert effort into outcomes - and how that efficiency scales (or doesn’t) with headcount.

We’ll also zoom in on key trends like the December slowdown and Q1 rebound, why mid-sized agencies are making the most BD calls but seeing the least return and how small agencies quietly lead the way on CV output and interview consistency. And when it comes to revenue? You might be surprised by who’s growing fast - and who’s just staying afloat.

Whether you’re leading a lean, agile team or managing a global contract engine, this report gives you the insights to measure, optimise, and outperform at every funnel stage.

Let’s get into it...

Monthly Consultant Trends

BD Calls

December Slowdown:

• Significant drop across all sizes
• Largest agencies hit hardest (13.4 avg. calls per consultant)
• Micro, small & mid-sized firms also dipped to ~18–22 calls
• Typical seasonal slowdown + year-end client inertia

Rebound in Early 2025:

• BD activity rose sharply in Jan–Feb
• Mid-sized firms jumped from 19 calls in Dec, to 59 in Jan
• Indicates urgency to re-activate pipelines post-Q4 lull

Market Pressure Drivers:

• Economic uncertainty
    ↳ Consultants ramped up BD calls to hedge against unpredictable demand and pipeline volatility.
• Tighter hiring budgets
    ↳ Fewer inbound roles meant consultants needed to go outbound to generate opportunities.
• Longer sales cycles
    ↳ With deals taking longer to close, consultants increased BD volume to keep pipelines full.
• Greater reliance on new business (in firms with fewer repeat clients)
    ↳ Firms lacking strong client retention leaned heavily on outbound BD to meet targets.

💡 Key Takeaway:

Mid-sized agencies (50–99 consultants) show the strongest BD culture - potentially due to reduced client spend, necessitating an increased client base.

Jobs Added

December Slowdown:

• Jobs dipped across all sizes (typical seasonal lull)
    ↳ Micro: 5→3 | Small: 11→9 | Mid: 7→5 | Large: 18→14 (biggest drop)
• Highest overall performance came from large firms (likely buoyed by long-term client relationships). Micro-agencies demonstrated the most consistency.

Standout Movements:

• Aug 2024: Small agencies (10–49) spiked to 13 jobs—best month of the year
    ↳ At the same time, large firms dropped to just 4 jobs—their lowest point
• Likely causes:
  • Small firms capitalised on short-notice or niche roles
  • Large firms stalled by enterprise hiring freezes or budget reviews

Enterprise Surge in Nov 2024:

• Large firms hit 18 jobs/consultant—highest of the year
• Driven by:
  • Year-end hiring push
  • Delayed plans executed before budget reset
• Followed by a soft December, then strong Q1 rebound (across all sizes)

💡 Key Takeaway:

Large firms dominate in total sourcing volume—but small agencies shine when agility is needed. Nimbleness, client proximity, and the ability to pivot quickly help smaller teams thrive when the broader market stalls. For all firms, syncing sourcing strategy to macro hiring cycles is essential to smooth out seasonal and economic fluctuations.

CVs Sent

Spikes & Surges:

• Oct 2024: 10–49 consultant agencies hit 28 CVs—nearly double their average
    ↳ Indicates a strong Q4 push to convert pipeline into candidate submissions
• Jan 2025: All cohorts rebounded after December lull
    ↳ Micro: 10→17 | Small: 11→21 | Mid: 11→18 | Large: 8→14

December Dip:

• CV activity dropped across the board
  • Largest drop from large firms: just 8 CVs per consultant (reflects seasonal slowdown + enterprise account inertia)

Conversion Gap:

• Large firms had high job intake (13.7 jobs avg.) but low CV output (12.8 CVs avg.)
    ↳ Slower to act on pipeline, possibly due to stretched hiring processes, paused roles, or delayed client decisions
• Smaller firms showed tighter BD-to-delivery rhythm: steady CV activity following consistent outbound and job flow

💡 Key Takeaway:

High job volumes ≠ high candidate submissions. Agencies with active BD cultures and agile delivery teams (especially in the 10–49 consultant range) convert faster and more consistently. In uncertain markets, speed and consistency in CV activity become a key competitive edge.

1st Interviews Arranged

December Slowdown:

• 1st interview volumes dipped across all sizes (typical holiday/year-end lull).
    ↳ Micro: 7→5 | Small: 7→5 | Mid: 7→5 | Large: 6→4 (lowest monthly avg. across all sizes)

Q1 2025 Rebound & Peaks:

• Strong Recovery: All agency sizes bounced back in Q1 (Jan: 6-7 interviews avg.), aligning with peak hiring season.
• Notable Peaks:
  • Micro (1-9): Hit 8 (Oct, Feb, Mar)
  • Small (10-49): Reached 8 (Oct, Mar)
  • Mid-sized (50-99): Consistently strong at 7 interviews for most months.
  • Large (100+): Maintained ~6 interviews; fewer significant peaks.

Market Dynamics & Influences:

• Inflation, cautious client budgets and political uncertainties (especially in the US) likely tempered overall hiring activity.
• Mid-sized firms notably maintained higher interview volumes despite these market pressures.
    ↳ Likely Reasons: Agility, direct client relationships and a better balance of scalability with individual consultant focus.

💡 Key Takeaway:

Small agencies (10-49 consultants) slightly lead in average 1st interview generation, with micro- and mid-sized firms also showing robust, high-volume performance. Mid-sized agencies particularly stand out for their month-on-month consistency.

Placements

Key Fluctuations & December Impact:

• August '24 Plunge (Large Agencies): Dropped to just 3 placements/consultant.
  ↳ Mirrored their lowest job intake (4 jobs/consultant).
  ↳ Highlights vulnerability to enterprise freezes when smaller firms showed stability.
• December Dip (Placements/Consultant):
  ↳ Micro: 2→2 (no change) | Small: 5→5 (no change) | Mid: 7→4 | Large: 27→22

Enterprise Surge & Recovery:

• November '24 Peak (Large Agencies): Hit 27 placements/consultant.
  ↳ Directly followed their highest job intake (18 jobs/consultant).
  ↳ Driven by year-end enterprise client pushes.
• Q1 2025 Rebound: Strong placement recovery across all agency sizes, aligning with renewed market activity seen in interviews and job sourcing.

Underlying Dynamics:

• Large Firms: Convert high job volumes effectively but are highly sensitive to enterprise client decisions and market shifts (e.g., August dip, November surge).
• Mid-Sized Firms: Translate consistent high BD (54 calls/month) and interview generation (7/month) into steady placement success.
• Small Firms: Agility in sourcing and strong CV output (peaking at 28 in Oct for 10-49 size) contribute to reliable placement numbers.
• Macro Factors: Inflation, cautious budgets and project pauses (impacting August) vs. year-end spending (boosting November) clearly influenced placement volumes, especially for larger agencies.

💡 Key Takeaway:

Large agencies dominate placement volume, but this comes with significant market sensitivity. Mid-sized firms achieve consistent success through proactive BD and strong interview-to-placement pipelines. Smaller agencies leverage agility.

Booked Revenue

Key Revenue Swings & Volatility:

• Large agencies (100+ consultants): Revenue per consultant swung from ~£14.9k (Oct '24) to £35k (Mar '25).
  ↳ Reflects their high placement volume (peak 27 in Nov, low 3 in Aug) and job sourcing (peak 18 in Nov, low 4 in Aug).
  ↳ August '24 job/placement collapse directly impacted potential Q3/Q4 revenue.
• December Revenue (per Consultant):
  ↳ Micro: £14k | Small: £16.8k | Mid: £12.8k | Large : £17.9k

Revenue Peaks & Market Response:

• Large agencies: Highest revenue often followed surges in jobs/placements (e.g. Nov '24 activity leading to strong Q4/Q1 revenue).
  ↳ March '25: £35k/consultant (peak revenue month).
• Smaller agency stability: Micro- and small agencies showed less revenue fluctuation MoM, aligning with their more consistent operational metrics (BD calls, CVs sent, placements).

Underlying Dynamics:

• Large agencies: High job & placement volumes directly translate to leading revenue, but contract dependency likely creates volatility. Lower BD/CV activity per consultant is offset by deal size/volume.
• Mid-sized agencies: High BD (54 calls) & interview (7/month) activity doesn't yield proportional revenue. Focus may be on permanent roles, or conversion to high-value deals needs optimisation.
• Small  & micro-agencies: Agility and consistent full-funnel activity (BD, CVs, interviews, placements) lead to more predictable, albeit lower, revenue streams.

💡 Key Takeaway:

Large agencies achieve the highest revenue per consultant through scale and high-value deals, but face significant financial volatility: common symptoms of having a strong focus on contract operations, which reflects previous report data that shows over 90% of placements made by large agencies are for contract roles (see The State of Recruitment 2025 for a breakdown of perm vs. contract split by agency size). 

Mid-sized firms show a critical disconnect between high volumes of activity and revenue generation, highlighting a need to optimize deal value. Smaller firms demonstrate revenue stability through consistent, agile operations.

Consultant Benchmarks

So with that in mind, the big question remains: what should consultants be aiming to achieve based on last year’s performance? If you need a data-backed starting point, look no further than the table below.

Using the L365D averages from above, here’s a table summarising what the average recruiter achieved per month according to their agency size:

Large agencies (100+ consultants) stood out across several consultant-level benchmarks, reporting significantly higher monthly outputs than any other group. On average, consultants at large agencies made 19.3 placements and booked £23.9k in revenue each month—figures that far surpass those of smaller firms.

At first glance, these numbers may appear implausibly high, especially to consultants in permanent-focused businesses. But context is key: as highlighted in our previous 2025 State of Recruitment report, 91% of placements made by large agencies were contract roles, which are typically filled faster and more frequently than permanent ones. This high-volume model—often underpinned by long-term enterprise clients and deep contractor benches—enables rapid turnaround and repeatable delivery, which helps explain the lean pipeline ratios and exceptional placement output per consultant.

Other consultant-level metrics like 13.7 jobs sourced and 13.3 CVs sent per month per consultant further underscore the scaled nature of delivery within large agencies. While their BD call volume was the lowest (26.7 per month), this likely reflects stronger existing client relationships and a more account-managed approach—reducing the need for high outbound activity.

Ultimately, while these benchmarks may not reflect traditional full-desk or perm-heavy models, they offer a data-backed view of what’s possible at scale when infrastructure, client volume, and delivery focus align.

Year-on-Year Comparison

This section provides a breakdown of performance metrics for recruitment agencies (categorized by size) for the period of 01 May 2024 - 30 April 2025 in comparison to the same period of the previous year (01 May 2023 - 30 April 2024).

Performance Snapshot: How Agency Size Impacted BD & Revenue

• What happened: Slight dip in BD calls (-2.96%) and jobs added (-8.95%) annually. Monthly: 36.6 BD calls, 4.9 jobs, 15.6 CVs sent, and 6.8 1st interviews.
• Outcome: Maintained revenue (+1.04% to £15,250) with a slight rise in placements (+4.17% to 2.5 avg. monthly).
• Insight: Efficiency and strong relationship management are key. For micro-agencies, their steady full-funnel activity (BD to placements) underpins stable revenue (£15.3k avg. monthly), showing resilience despite lean teams.

Small agencies (10-49 Consultants): More Placements, Less Revenue

• What happened: Reduced BD calls (-8.55%) and jobs added (-10.05%) annually. Monthly: 34.8 BD calls, 11.3 jobs, highest CVs sent (19.2), and top interview performance (6.9).
• Outcome: Impressive placement growth (+21.95% to 5.0 avg. monthly), but revenue per consultant fell (-7.84% to £15,347).
• Insight: There may have been a shift to lower-value placements or fee pressure. Despite leading in CVs (peaking at 28 in Oct '24) and interviews, and showing agility (e.g., job spike in Aug '24 to 13), the average monthly revenue of £15.3k didn't reflect this top-of-funnel strength.

Mid-sized agencies (50-99 Consultants): Increased Effort, Negative Returns

• What happened: A massive surge in BD calls (+75.90%) annually, leading monthly averages at 54 calls. Monthly: 6.8 jobs, 15.8 CVs, and 6.8 interviews.
• Outcome: Decreased jobs added (-6.39%), placements (-6.61% to 5.4 avg. monthly), and revenue per consultant (-5.12% to £13,871).
• Insight: High BD activity without effective conversion is detrimental. Despite the strongest BD culture and consistent interview generation, agencies of this size saw the lowest average monthly revenue (£13.9k), indicating a critical gap in converting high activity to monetary gains.

Large agencies (100+ Consultants): Aggressive BD Delivers Significant Growth

• What happened: Substantial increase in BD calls (+26.38%) and jobs added (+89.81%) annually. Monthly: 26.7 BD calls, 13.7 jobs, 13.3 CVs, and 5.8 interviews.
• Outcome: Skyrocketing placements (+329.63% to 19.3 avg. monthly) and a major revenue boost per consultant (+45.98% to £23,918).
• Insight: A well-executed, scaled BD strategy can drive exceptional financial performance. Our 2025 State of Recruitment report revealed that 91% of placements by large agencies in 2024 were contract. While their average perm revenue per agency was higher than contract, this was due to very high value perm placements (£13,030/placement) versus low value contract (£1,170/placement). The current surge in placements and revenue per consultant likely reflects extreme efficiency in this high-volume contract model, even if individual contract margins are slim.

Pipeline Ratios by Agency Size

While raw activity metrics like BD calls, jobs added, and CVs sent tell one side of the story, pipeline ratios offer a different lens: they reveal how effectively consultants convert effort into outcomes. This section breaks down the average number of jobs, CVs and 1st interviews that went into generating a placement during the same 2024/25 period - segmented by agency size.

Larger agencies (100+ consultants) appeared to outperform on several efficiency measures - submitting fewer CVs per job and requiring fewer interviews to land a placement. On paper, the numbers are striking: just 0.7 jobs added per placement and 0.7 CVs per placement, suggesting an extremely lean delivery model.

At first glance, these figures may seem implausibly efficient (especially to consultants at smaller firms) but it’s important to interpret them in context: a major contributing factor is the high volume of contract placements made by large agencies. As revealed in our previous report, 91% of placements made by 100+ consultant agencies were contract roles, often filled rapidly from pre-qualified talent pools or existing contractor networks. This model supports fast turnaround, high-frequency hiring and repeatable placements - resulting in ratios that may not mirror traditional permanent hiring processes.

In contrast, micro- (1–9 consultants), small (10–49 consultants) and mid-sized (50–99 consultants) agencies generally showed more traditional conversion patterns. Their ratios reflect longer sales cycles, deeper candidate engagement, and the nuances of perm recruitment - especially in specialist or niche markets. Where small agencies averaged 2.3 CVs and 1.4 interviews per placement, mid-sized firms posted slightly higher ratios - hinting at delivery friction or client decision delays.

The numbers underscore a broader trend: funnel efficiency often improves with scale - but only when supported by infrastructure, established processes and a high-volume (often contract-led) delivery model. For smaller firms, this data offers a useful benchmark: rather than chasing ultra-lean ratios, the priority should be to tighten conversion points within their unique business models by improving job qualification, strengthening candidate shortlists and aligning CV submissions to client expectations.

💡 Key Takeaway:

Larger agencies achieve standout conversion ratios largely due to their contract-heavy operations and embedded delivery models, where speed and repeatability drive results. While these benchmarks may not be realistic for all, they illustrate what's possible at scale. For firms of all sizes, using funnel ratios to spot drop-offs and optimise each stage - from job intake through to placement - can help unlock greater efficiency and performance, regardless of agency size.

Strategic Takeaways

Micro-Agencies (1-9 Consultants)

Continue to capitalize on agility, specialization and strong client relationships. Agencies of this size see steady monthly performance across BD calls (36.6), jobs (4.9), CVs (15.6), interviews (6.8) and placements (2.5), which translates to stable revenue (£15.3k). This model of consistent, efficient full-funnel activity is a strength. Micro-agencies looking for greater success should focus on deepening niche expertise and leveraging client satisfaction for sustained, predictable revenue in a market where larger firms experience more volatility.

Key Lesson: Efficiency Sustains
Micro-agencies demonstrated that consistent (albeit less) full-funnel activity (from 36.6 BD calls to 2.5 placements/month) can sustain revenue through efficiency and strong client retention.

Small Agencies (10-49 Consultants)

Small agencies should strive to align strong top-funnel activity with higher revenue generation. Their leading CV output (19.2/month, peaking at 28 in Oct '24) and interview generation (6.9/month) alongside nimble job sourcing (11.3/month, spiking to 13 in Aug '24) are commendable. However, the -7.84% annual revenue drop despite a 21.95% placement increase indicates a need to review client portfolio, fee structures and top-of-funnel targeting to secure higher-margin opportunities that reflect their operational strengths.

Key Lesson: Value of Placements Matters
Small agencies, despite being an "outbound machine" for CVs (19.2/month) and leading in 1st interviews (6.9/month), saw revenue fall - emphasizing the need to secure higher-value business.

Mid-Sized Agencies (50-99 Consultants)

In the months and years to come, mid-sized agencies urgently need to reassess BD strategy to bridge the activity-revenue disconnect. The highest monthly BD call volume (54) and strong 1st interview consistency (6.8-7/month) are not yielding proportional revenue (£13.9k avg., lowest). For better results, focus on converting this high activity into higher-value placements. Optimize deal value, refine targeting towards more profitable sectors/roles and enhance sales skills to improve conversion of BD efforts into booked revenue, rather than just volume.

Key Lesson: Activity vs. Outcome
For mid-sized agencies, the highest average BD call volume (54/month) and consistent interviews (around 7/month) did not translate into proportional revenue, signaling inefficiencies in converting effort to high-value deals.

Large Agencies (100+ Consultants)

Large agencies should continue to leverage scale for aggressive, profitable growth but actively manage revenue volatility. Their model of lower individual BD/CV activity (26.7 calls, 13.3 CVs/month) suggests two things: (1) large agencies are performing better with existing clients over other agency sizes, which are having to find more clients due to reduced existing client spend; (2) low BD activity is offset by high-value enterprise deals and job volume (13.7/month) thanks to pre-qualified talent pools or existing contractor networks. 

The significant placement swings (from 3 in Aug '24, to 27 in Nov '24) and reliance on contract roles (as noted in previous findings) make it paramount for agencies of this size to execute robust pipeline forecasting and client diversification in order to stabilise revenue. A key area of improvement would be addressing the CV conversion gap from high job intake.

Key Lesson: Big Results for the Biggest Firms
For large agencies, high job intake and placement volumes directly fuelled massive (though volatile) revenue growth. This growth was frequently connected to surges in contract work from large corporate clients, as seen with the peak in November ‘24.

Methodology

This report is based on data collected from 4,112 recruiters between 01 May 2024 - 30 Apr 2025, except for data looking at the 2023/24 period which is based on data collected from 4,551 recruitment agencies between 01 May 2023 - 30 Apr 2024.

Please note:

• This report’s financial benchmarks take into consideration the following currencies: AED, ARS, AUD, BGN, BMD, BRL, CAD, CHF, COP, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, JPY, KWD, KYD, MAD, MXN, MYR, NOK, NZD, OMR, PLN, QAR, SAR, SEK, SGD, TRY, TWD, USD and ZAR.
  
  • For consistency, all revenue figures have been converted to GBP by using average historical conversion rates for each month covered by the dataset. 
• Sample size is subject to fluctuations throughout the year as customers onboard/offboard the OneUp Sales platform.
• Data exceeding 3 standard deviations from the mean of any metric (e.g. jobs added, placements, etc.) was classified as anomalous and excluded from analysis.

Thanks for reading and we hope you enjoyed this content!

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