Business isn’t easy. Quite often, it involves long hours, high pressures and financial stresses. It may seem clichéd, and you’re probably sick of hearing it. But all great leaders, owners and business people share one thing. They identify their failings and learn from their mistakes.
For recruitment business owners to do this, they need quick and easy access to key statistics, detailed reports and inside knowledge. In addition, successful business leaders must know their downfalls to make intelligent decisions. And substantial progress can be tough without the essential and strategic information that can propel a business forward.
Latest Margin Index
Sector-specific information is vital for recruitment agencies. To understand their market and recognise any potential or past flaws hindering any chance at success. The Simplicity Margin Index is the only detailed quarterly report on the average recruitment margins for each sector. Supported by The Global Recruiter, it is a benchmarking tool used by savvy recruitment owners. Looking for accurate and timely market intelligence to help them stay ahead of the competition. Also, gaining a greater understanding of how well their sectors are performing.
By having a regular and updated snapshot of industries, trends and margins can be monitored and swiftly rectify any mistakes made in a previous quarter.
The latest Margin Index revealed that Construction, Hospitality, Education and driving, for instance, have seen their margins slip over Q1 to 12.60%, 22.57%, 24.65% and 19.64%, respectively. However, without a detailed report, agencies in these sectors are unaware of any decline. Knowledge equals power; without this knowledge, businesses will fail and fail.
On the flip side, however, businesses will thrive, and leaders can excel if they access the correct information at the right time. For example, the Healthcare and Commercial sector has enjoyed improved margins of 28.70% and 25.36%, respectively. Acknowledging this improvement through the Margin Index, those in the centre of these sectors can continue progressing, reaping their rewards.
Talent heats up
As the war on talent heats up, part-time and self-employed workers have increased employment, unemployment gains momentum, and the economy is looking to recover. As a result, recruitment needs to be about forward-thinking and innovation. However, to go forward, we often need to look to the recent past and by comparing and contrasting each sector or industry, those that aren’t performing as well as others can regain their confidence and strive to improve. Remember, it’s only a mistake if you don’t learn from it!
Simplicity is here to help.
With the assistance of Simplicity’s solutions, recruiters start, prosper, and grow. Simplicity offers recruiting technology as well as financial and back-office support.
To learn how we can help you call 01594 888518 or email sales@simplicityinbusiness.com to speak with one of our experts.
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Editors note: This post was originally published on 31st October 2014 and has been completely revamped and updated for accuracy and comprehensiveness.
Read our latest blog, Considerations for Recruitment businesses