CEO Jonas Prising of ManpowerGroup Inc. (MAN) says that when the economic recovery began in 2011, his company laid out a roadmap to help them navigate the slow-growth environment while still delivering profitable growth.
“When we began to see the global economic recovery take hold in 2011, we could sense that this recovery was going to be atypical of the recoveries that ordinarily follow a downturn. It was more drawn out, and growth was much slower than in the past,” Prising said.
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Prising says ManpowerGroup recalibrated its business in 2013. At the time, its EBITA margin was 2.4%; now it is at 3.6% on a trailing 12-month basis. Prising says ManpowerGroup is currently on a journey to 4% operating margin.
“We have improved our leverage by 120 basis points, and almost 100 basis points are from simplification and cost recalibration, and 20 basis points came through our improved GP mix. Our goal is to reach 4% operating margin, and the remaining 40 basis points will come from improved productivity and efficiency on incremental revenue growth. It is a path we laid out in February 2013, and we are making very good progress on that plan,” Prising said.
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