Workplace

The Workplace

BY GUY HAYWARD

MODERN PROGRESSIVE WORKPLACES… an exciting destination for us all.

Th ese are organisations that are constantly challenging how things have always been done. How conventional wisdom is replaced with more adventurous entrepreneurial thinking. Doing the same ‘things’ time and time again lead to the same outcome – no progression, no boundaries pushed and, most importantly, no permanent change.

Flexible working has been challenged by agile working. Th ere is now widespread recognition that work and life have increasingly merged. Th e gender conversation found a home on the boardroom agenda 10 years ago; although there’s some way to go, there has been some strong work addressing gender inequality.

But if we are to create real modern progressive workplaces, then racial inequality should become a priority for us all.

It is the stated ambition of our Board that we are going to change Goodman Masson the for the better, with a commitment to ensuring that diversity, inclusion and respect lie at the centre of everything we do – fundamentally changing the way we are behaving, and the way we understand and think about equality. Others have, too… Imagine if we all did.

How can we remove the barriers for increased participation from underrepresented groups. How as a sector can we achieve this ambition?

KPMG’s recent article, ‘How to start talking about workplace racism’, is such a good read. It reminds you just how far we all must go but also of the positive start that many organsisations have made in addressing inequalities. KPMG’s underpinning message of holding regular discussions about race, managing our own biases and ensuring management are comfortable with the conversations about race are all actions we can implement.

We have ensured that everyone can identify with their own unconscious bias through participation in Harvard’s Project Implicit test. If you haven’t done so, give it a go. A wonderful starting point for change. ‘Partnering for Racial Justice in Business’, launched by the World Economic Forum, has well laid out objectives in helping design racially and ethnically just workplaces, by asking companies to address racism at all levels. ‘Tackling racism in the workplace’, the hub developed by CIPD, is crammed full of information and resources and supported by an excellent range of webinars.

We have an opportunity to deliver a lasting programme of change in the sector we know and love by providing the landscape of opportunity for all ethnicities. We sit at the centre of how organisations grow by fi nding great talent – we are the key pathway of how people fi nd great opportunities. As a sector, we can be instrumental in leading the way and changing the landscape of opportunity. And driven by a purpose we can achieve greater diversity for UK business by helping our clients with their sourcing and attraction strategies.

“If we are to create real modern, progressive workplaces, then racial inequality should become a priority for us all”

GUY HAYWARD – redefining the modern workplace CEO, Goodman Masson

How do we do this? Starting with a real commitment to changing the diversity profi le of people entering our sector.

Over the past year there has been much discussion. I believe it is now time to deliver meaningful change that challenges systemic racism, bias and redefi nes equal opportunity within the recruitment sector.

We all should work in a modern, progressive sector. ●

EXPLORE ANNUITY REVENUES

THE AVERAGE RECRUITER is spending 1,300 hours per year on literally producing nothing: zilch, zip, nada!

With average fi ll rates in the traditional contingency recruitment model sitting at about 46%, your teams are spending over half their energy devoted to zero success.

Recruiters hate comparisons, but other than used car and double glazing sales, which industry actually tolerates this? However, always the competitive type, not to be outdone, recruiters don’t just tolerate it, we actually seek to scale it – as if we’ll suddenly get better at it if we have more people doing the same things!

Th e industry is better than this. So perhaps it’s time to explore additional off erings in your service proposition.

How about a predictable, contractual and profi table revenue stream? One that creates and supports loyal customers, and presents the opportunity to further embed and upsell your service off ering? If that sounds about as likely as a pink unicorn in the current climate, read on…

Annuity revenues, sometimes known as recurring revenue, are the holy grail for recruiters. It’s about moving away from the transactional ‘one hit wonders’ of recruitment, and instead moving to revenue streams enhanced by contractual obligations and longer-term visibility. Annuity revenues can take many forms: ● Managed services (MSP/RPO) ● Exclusivity ● Retained ● Statement of Work – own the projects and timelines ● On-site ● Preferred supplier status.

When your relationships with your clients are service-focused and deep, it’s a natural extension to provide these key clients with even more value-added service, presenting it in one of these defi ned forms of annuity revenues. Th ese could include off erings such as: ● Management reporting ● End-to-end control of the recruitment process ● Critical data analysis ● Market intelligence ● Salary and benefi ts benchmarking ● Internal mobility ● Raising brand awareness and reputation for candidates ● People reviews ● Project management ● Management of additional suppliers ● Remote onboarding

As with any ambition to diversify service off erings, we must understand the ‘why’. How are these new approaches going to enhance the depth of client relationships or my revenue stream? ● Solution selling ● Value-added services can become a competitive lockout diff erentiator ● Lower cost of sale – if the prospect is already a client, this extension of service is way more cost-eff ective ● Total revenue stream becomes signifi cantly more consistent and therefore forecastable ● Moving your client relationship to a higher level of spend.

But this doesn’t happen overnight. You need to plan it strategically. 1.Make sure you have a culture of off ering clear value-added services and products to clients. 2.Really defi ne your service proposition and articulate that clearly in your marketing collateral. 3.Research and understand the technology required. MSP is one of the most highly serviced areas. 4.Audit your clients, identify potential buyers of an annuity revenues-type service via your knowledge of their buying behaviours, business fl ow, current quality and visibility of processes and fi nancials – choose wisely!

Annuity revenue, however that may look in your business, generates sustainable, predictable revenue, and profi t. Clients are crying out for increased value, which will in turn drive them to purchase more from you. Th is motivates and inspires colleagues. So, the question really is – why wouldn’t you be doing this?

Tara Ricks

COO of Elite Leaders

TARA RICKS is a NED to the recruitment sector and also COO of Elite Leaders, the advisory and consultancy game changers