2016 is almost upon us, and staffing firms are starting to realize that challenges come with good times as well as lean times. Every firm’s challenges may be different – and in many cases they may be good kinds of problems to have – but nevertheless, they require preparation and alertness on the part of staffing firms that are committed to success.
Let’s take a look at some top trends we’re seeing for 2016, and what staffing firms can do to seize the moment.
The Big Picture in Staffing
First off, the big picture looks good. In fact, it’s a great time to be in the staffing industry. Staffing Industry Analysts predicts five percent growth in temporary staffing in the U.S. in 2016, bringing the market to an all-time high of $131 billion.
What does this mean for you, as a staffing firm? You’ve got be poised for growth. This means working on the client side and the candidate side simultaneously. On the macro level, this might be a great time to expand your business and take on larger clients. This will require growth capital
Broaden Your Firm’s Horizons
It may also be time to think about expanding into another staffing segment. Sometimes this comes when a client asks you to take on additional services, other times it may come as you see opportunities in your own market. According to Staffing Industry Analysts, hot staffing segments today and going forward include locum tenens (or physician) and travel nurse staﬃng, information technology, and industrial, engineering, marketing/creative and clinical/ scientiﬁc segments. Do any of these sound like a value-driven move?
Keep Your Clients in Mind
Pursuing the client side still further: Just because they need workers more than ever, it doesn’t mean that they are going to have lower expectations. Quite the reverse. We predict that clients will want more transparency on the part of staffing firms, and speedier turnaround. Here again, technology can help. While clients of staffing firms will be leery of picking up the tab you may spend on increased recruiting costs, staffing firms can save that money by streamlining their processes. You can save money and time – which is another way to say money – in almost every aspect of your business, from sales to recruiting or back-office operations. For instance, at Madison Resources, among our many services, we provide cloud-based applicant tracking and CRM systems, payroll processing, and our performance analytics tool, which allows you to drill down into your business in all sorts of helpful and easy-to-use ways.
Keep Your Candidates in Mind
Now let’s look at the other, equally important side of the coin: your candidates. Again, there are opportunities and challenges. The talent gap is increasing, and you’ll need to maintain or increase an edge with your candidate pool. You can do this by quick turnaround and response time, finding good matches, and building out your recruiting capabilities. Here, technology can help as well.
The good news for staffing firms is that we are seeing the rise of the millennials in the job market: As of this year, this demographic became the largest segment of the U.S. workforce.
It’s hard to generalize about a generation, but in broad strokes, millennials say they want flexibility, opportunity, and work-life balance, all of which are in many ways a perfect fit for staffing firms. Also, some studies indicate that millennials are interested in working somewhere for a few years and then moving to a different job; an ideal match for staffing firms who can target these candidates and help plot out their career paths and placements with them.
Use the Right Tools
As to finding these candidates in the first place, technology can help differentiate you here as well. According to a recent survey by CareerBuilder, 73 percent of potential talent will navigate away from a non-mobile-friendly site, and 38 percent will view your site negatively. And these are the tech-savvy candidates that you want! Simple fact: Digital recruiting requires an investment in technology.
Consider 2016 a year of opportunity. Added capital can help you with growth, recruiting, and technology. While it is true that a rising tide lifts all boats, some boats navigate the waters better.
This Article Brought to You By Madison Resources
Our goal is to make your staffing firm more profitable. With our back office solutions, use of technology, and expertise in the staffing industry, we can set your firm up to succeed. To learn more on how to drive profits, and how to hit the ground running in 2016, contact Madison Resources today.