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 have one thing in common - 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 from those at the heart of it. A successful business leader needs to know their downfalls in order to make informed intelligent decisions and without the significant and strategic information that can propel a business forward, substantial progress can be very hard to make.
Sector-specific information is vital for recruitment agencies to understand their market and recognise any potential or past flaws that are hindering any chance at success. The Simplicity Margin Index is the only detailed quarterly report on the average recruitment margins within the current year 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, whilst 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 any mistakes made in a previous quarter can be swiftly rectified in the next.
The latest Margin Index revealed that Construction and Engineering, for instance, have seen their margins slip over the course of Q1 by 0.64 to 18.71% and by 0.19 to 15.84% respectively. Without a report with such detail agencies in these sectors are unaware of any decline. Knowledge equals power and without this knowledge, businesses will falter and ultimately fail.
On the flip side however, businesses will thrive and leaders can excel if they access the right information at the right time. The recruiters within the Hospitality, Commercial and Oil & Gas sectors – all of which have seen significant investment earmarked over the next 12 months – have enjoyed improved margins of 23.77 per cent, 19.4 per cent and 21.67 per cent respectively. Given that this improvement is acknowledged through the Margin Index, those in the centre of these sectors can continue to make progress knowing that their rewards are being reaped.
As the war on talent heats up, unemployment gains momentum and the economy continues to strengthen, recruitment needs to be about forward thinking and innovation. However, often to go forward, we 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 are able to regain their confidence and strive to be better. Remember, it’s only a mistake if you don’t learn from it!