Exciting and diverse, the staffing industry has transformed into a major industry that tends to provide for virtually every type of business and employer with a full range of human resource services. In fact, what used to be known as a provider of office personnel in a fairly narrow sector to fill in for sick or vacationing workers has blossomed into a larger industry which now comprises of several distinct sectors and niches.
Indeed, the staffing industry has now become a major industry which is responsible for employing a wide variety and number of professionals in operations, human resources, finance, sales and marketing jobs, as well as top management executives. Today, staffing operates a network of nearly 80,000 locations and contributes to payroll in excess of $90 billion. While generating revenues of about $125 billion, staffing is responsible for employing close to 3 million people.
If you think the information above is not enough, here are 7 more things your boss needs to know about the staffing industry right now.
Competition Is Rising In The Staffing Industry
The staffing industry has been experiencing a high rate of employment growth which has been driving demand ever since. Unarguably, the competition in the industry is inevitably increasing just as the industry becomes more popular. Constantly, new staffing agencies are springing up, of which you may likely have some to be part of your direct competition in your location. In order to stay ahead of the competition, you may just have to consider rebranding your agency. Some agencies seem to compete more successfully because they tend to have less competition while specializing in a specific industry or job function.
Compliance Is Getting More Complex
In the staffing industry, there are some set rules and regulations that must be adhered to. Your staffing firm must strive to comply with every single rule and regulation that pertains to your business ranging from worker classification, human resources, occupational health and safety, payroll and taxes, to every other thing in between. Unfortunately, these things cannot be easily achieved as they seem to be easier said than done.
Although compliance may seem to be complex and unstable because it is constantly changing, it is, however, a critical function to abide with. Day by day, the staffing industry is becoming stricter as new regulations are always being introduced which makes it quite difficult to keep up with. However, it is important to make necessary changes to ensure ongoing compliance. Compliance is required to take a top spot on your priority list especially if you want to succeed in the staffing industry today.
The game is drastically being affected by the internet
In order for a staffing firm to remain ahead of the competition, it needs to keep up with recruiting, as well as internet trends that can affect the business. Your business can be adversely affected when you run it with antiquated technologies, search and marketing and recruiting tools. Do well to evolve with the changing times. No doubt the game of staffing is experiencing transformation as a result of the influence of the internet and you have no other option but to keep up with it.
To this end, you must ensure that you are using social media for both marketing and recruiting while ensuring that your website and messaging is mobile friendly. Also, among other changes, you should start considering video for your online messaging and interviewing.
Contingent Staff is Saving Employers Huge Money Worldwide
Unarguably, the nine-to-five job is fading out. Most companies are now taking charge with contingent staff. Employers are beginning to enjoy lots of benefits by employing temp workers, some of which include lower costs, increased flexibility, and specialized skills. Rather than hire more permanent staff (employees) who end up costing more, employers are beginning to put their money towards employing non-permanent workers.
Consider drifting toward employing temporary workers too, especially if you are only focusing on providing staffing services for permanent placements. By diversifying your portfolio to effectively meet the needs of clients, you stand a chance of increasing your sales opportunities.
For Better Decision Making Take Advantage of Big Data
The most effective way of finding top talent in today’s world is through database recruiting. You can make the best recruitment decisions for your clients when you take advantage of big data. Through applicant tracking software, your website, social media and other productive channels, you stand to get a wealth of essential information, thanks to technology. Out of the equation, you can now freely take intuition and gut feeling out when you use this data to be able to make more informed decisions without bias.
Gain Access to Hidden Business Opportunities
One of the biggest changes in the staffing industry is that you stand to get access to hidden business opportunities in the market. Most of these opportunities are not publicly advertised or publicized; they are available exclusively to staffing companies. So if you are tired of the old way of doing things, why not save time and money today and invest in the staffing industry to get better hires needed for efficiency in your organization. You need a reliable workforce to make waves in the business world.
Get More Productive
When client companies receive pressure from their customers to reduce costs despite all the growth, the pressure is inevitably passed onto their vendors which also include staffing firms. In a bid to drive a harder bargain, employers are keeping a closer eye on how mcuh they are paying for contingent workers to reduce spending and get more productive.
Did we miss anything? Did you learn something? For some more information about staffing agencies, read our article about the benefits of using a staffing agency.