Through the Visus Group RoundTable program, we have had the pleasure of getting to know a diverse group of staffing company owners and leaders. One thing they all have in common is their focus on growth for the coming year.
In a year where the temporary labor industry is down, the emphasis on growth becomes even more crucial. McKinsey’s extensive research into growth and leadership has yielded some fascinating insights. They’ve outlined a “leader’s blueprint” which emphasizes asking essential questions:
- “Am I setting the right aspiration, mindset, and culture to encourage growth? Are my ambitions high enough, and how can I ensure my organization has the full potential to achieve it?
- Do I have the right operating model and resource allocation to achieve my growth ambitions?
- And am I investing in the right functional capabilities?” (Source: https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/choosing-to-grow-the-leaders-blueprint
As staffing leaders in an industry that is certainly different than a products business and has uniqueness within the services industry as well, where do you go for relevant answers or brainstorming? Peer-to-peer networking is where the real value lies. A well-curated peer network brings depth and breadth to your professional support system.
Let’s dive into three key ways in which peer networking can contribute to your revenue growth:
1. Sharing best practices and insights: By connecting with industry leaders, you gain access to a wealth of knowledge and expertise. You can share challenges, discuss strategies, and learn from each other’s successes and failures. By tapping into this collective wisdom, you can uncover innovative approaches and improve your revenue-generating capabilities. One of our members recently said, “You cannot know everything about growing a staffing business, but with a great peer group, you can come close”.
2. Benchmarking: Comparing internal statistics to external industry information provides a more objective view of your company’s performance. It helps identify gaps and opportunities that might not be apparent otherwise.
Benchmarking is a powerful tool for staffing leaders to evaluate their company’s performance against industry standards. By comparing key metrics such as time-to-fill, client satisfaction, and employee retention rates, leaders can gain valuable insights into their strengths and weaknesses. This external perspective allows for a more accurate assessment of operational efficiency and effectiveness.
One key problem of trying to benchmark at the industry conferences is that a staffing leader really does not know who is telling the truth. If that staffing leader is in a small intimate peer group of trusting business owners, he or she knows they are getting the real story.
3. Accountability: Engaging with a peer network creates a sense of responsibility and commitment to achieving set goals. Regular check-ins and discussions with peers provide an opportunity to assess progress, discuss challenges, and receive constructive feedback.
Accountability within a peer network serves as a catalyst for action. It transforms growth aspirations from mere intentions into tangible results by fostering a culture of shared responsibility and continuous improvement. No one wants to come back to a peer group saying, “I just didn’t get this initiative completed.” It is sort of a natural accountability factor that operates in such peer groups.
As staffing leaders navigate the challenges of a down temporary labor market, the role of peer-to-peer networking becomes increasingly pivotal. Embracing peer-to-peer networking not only facilitates the exchange of knowledge and expertise but also ensures that staffing leaders remain agile, adaptable, and focused on driving results in an ever-evolving market. These topics, those outlined as the “growth leaders blueprint” by McKinsey, are the very topics we discuss in our industry Round Tables.
This passion for growth is just one of the things we love about our Visus Group members. Reach out to firstname.lastname@example.org to learn how to join upcoming events and be part of this vibrant community!