A new year is here, and the prognosticators are out with their trends and ideas for what the future may hold, from industry to industry, business practices, and the overall economy.
Staffing is no exception, and it definitely helps articulate your strategy if you know what trends will likely affect your business in the coming year. Remember: Uncertainty is the #1 driver of the staffing industry, current conditions are ideal for growth. These trends are also very useful in reaching out or communicating to clients; after all, if you’re not their only staffing vendor, it would help them and add to your reputation if you could – or can – tell them what’s down the road.
What can we say about 2019? With security issues, a worrisome economy, and the Internet of Things, this coming year might be a culmination of trends and influences that will greatly affect your business. Let’s take a look.
The Big Picture
The big picture, of course, begins with the overall economy. In this regard, the state of the economy seems fundamentally sound, but there is a lot of “noise” out there. The stock market appears to be chaotic but the stock market does not track with the fundamentals of the economy. Stock traders make a living taking advantage of “gaps” in the policies – such as low or no interest rates, that is changing and needs to have changed.. Some economists warn about a coming recession, there will always be naysayers but you know what they say: even a blind squirrel will find a nut once in a while.. The Fed who is in charge of a significant portion of our economic policy but now finds itself in open conflict with the President; warnings about immigrants; and a trade policy that has proven to be controversial at best. Ignore the “noise” stay focused on the fundamentals
What can you do? You can educate yourself and your staff. You may want to talk to veterans about their experiences in “interesting times,” although perhaps their times were not as interesting as ours.
That said, in a year of such potential economic volatility your key guide will be flexibility. Having good funding and payroll support, such as we provide at Madison, will help you ramp up and ramp down. The goal is to ride the economy’s wave but do so with strategies in place. With Madison’s long and valued history with staffing firms, our trusted advisors are something you want to take advantage of as well.
What About Staffing?
OK, let’s narrow the focus. In terms of staffing, the numbers remain strong. According to Staffing Industry Analysts, the total U.S. staffing market will rise 3% in 2019 to reach $152 billion. And as staffing firms have learned, and if the dire predictions are true, your firm can do just as well in a downturn by helping manage churn.
But overall the most major trend in staffing is with your candidates. Basically, the candidate pool is shrinking, and it’s up to you to find top talent.
One way to do this is by making sure your brand precedes you. An employer brand, culture and mission make it easy for your recruiters to get an audience. It will definitely make a difference in your hires.
Indeed, research by LinkedIn has proven that more than 75% of job seekers research a company’s reputation and employer brand before submitting an application. Companies with a bad reputation not only struggle to attract candidates but without follow-through on your mission and culture, you’ll see retention figures drop.
The other must-do is building a deep candidate pool. You can do this if you have a good rapport with an associate you’ve previously placed, or someone who is great but not a match for what you have available, or simply resumes you’ve gleaned from networking sites. You can keep this up-to-date by having a finely tuned database.
Which brings us to technology, which in this up-and-down world, we are talking specifically about technology that will improve communication. You should use all available channels — from websites to social media to email — to tell all customers and users everything you’re doing to help them find people and deliver great candidates.
A trend that brings together technology and communication revolves around interviews done via text and not by phone or in person. In many cases, this is purely what the candidate wants anyway.
The benefits are many. You can connect with multiple clients simultaneously and give your candidate more options, including handling interviews and job seeking when they are currently working. This last part is crucial for that “passive” worker who is going “active.” You don’t want to miss out on that!
All of this assists recruiters in finding the most qualified candidates for the role, and texting is going to be welcomed by your candidates.
Are you looking for the best funding partner possible in 2019?
There you have it. It’s going to be a busy and at times almost overwhelming year. But by remaining flexible, partnering with a company like Madison for support, thinking about your brand, and giving your recruiters the tools they need to succeed, you can foster success. Contact us today to see how you can benefit from a partnership with us!