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New REC partnership will help members benchmark their businesses

New REC partnership will help members benchmark their businesses 
The REC has announced a major new strategic partnership with Recruitment Industry Benchmarking (RIB). The purpose of this new collaboration is to assist REC members in improving their businesss performance through a proven, measurable system of benchmarking.
The power of benchmarking is widely recognised. It focuses on comparing companies results with those of similar businesses. It enables their leaders to take a detailed look at key metrics and explore how others are performing. This approach leads to a process of continuous improvement.
The REC is offering members the chance to utilise the RIB Index, a web-based management tool into which they input their monthly information and in return receive a suite of industry benchmarks. These up to the minute, detailed reports position your businesss performance against others within your sector. The measurements include turnover, profit margins and employee costs.
By using the RIB Index, REC members can:
Identify improvements within their businesses
Concentrate on specific areas that will drive sales and profit growth
Assist strategic decision-making
Increase their businesss shareholder value
The Recruitment Industry Benchmarking has been trading for eight years and is the only organisation which does real time benchmarking in the recruitment industry.
The partnership is another example of the REC extending its range of research-based products and services to meet the needs of members. 
Already, REC members are reaping the benefits. Lyn Cecil, Managing Director of Secretaries Plus said: Inputting information is simple and quick and we get really crucial information telling us how we have performed against our competition time very well spent. Richard Grace, Gordon Yates Ltds Managing Director, also commented: We saved 250,000 by acting on just one insight provided by our RIB reports.
Commenting on the partnership with RIB, Kevin Green, the RECs Chief Executive, said:  Benchmarking is a highly effective way of obtaining key insights into performance through external comparison. I have been keen to add RIB to the RECs portfolio since the day I arrived. We are delighted to have secured a long term partnership with RIB. This adds real power to a world-class research offering.
Roger Tweedy, the RECs Head of Research, added: The real benefit of this is to give businesses an opportunity to evaluate themselves, measure their effectiveness and subsequently streamline their practices, explore new ways of adding value and raise their own individual standards.
Crawfurd Walker, RIBs Managing Director, commented:
We are delighted to have an opportunity to work closely with the REC as the industrys premier trade organisation and helping its members make rapid informed decisions as a result of their specific data.
In such a dynamic market as recruitment, it is vital that companies can compare their own current performance to those of their closest competitors in areas such as Monthly Gross Profit per Fee Earner, which makes a significant difference to their bottom lines.


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