Capitalize on the Year to Come
As we enter 2019, businesses including staffing firms face a number of challenges and opportunities. While this is always so when contemplating a new year, it seems more important this year, with so many unstable elements regarding the government shutdown, the murky economic outlook, trade practices and so much more. For staffing firms, whether small or large, you will often be on the front lines helping your customers deal with these issues. Let’s look at the ways you can capitalize on the environment.
First, make sure your funding is in order. This year portends some wild hiring swings, and you want to be able to ramp up in good times and scale back in fallow periods. A good funding partner, such as Madison, can help you navigate your financial needs leaving you one step ahead of your competition.
Capitalize on your contingents.
Overall, predictions for the staffing industry are looking good, but we’re specialized. On the other hand, our clients are grappling, or will soon be grappling, with turnover. This issue will continue to prove a thorn for businesses heading into 2019, with monthly turnover hovering just over five million as of August 2018 according to the U.S. Bureau of Labor Statistics (some of the more recent statistics).
This continued “churn” will keep you busy on several fronts. In the forefront is your client, and you need to keep him apprised of what the labor market looks like in his niche, or what’s to come. You are no doubt keeping track of time to fill, and it might be appropriate to show your client how the possible lag in his company compares to competitors or even the economy at large. This should be a proactive, positive conversation where you can advocate your services.
For example, this is an excellent time to build a talent pool. You can build a rapport with your contingent workers, see when they’re free, and start looking for a good match. If there’s a bit of downtime, keep them close for when the jobs in their sector ramp up. This extra effort will pleasantly surprise your clients.
The other group affected by churn is, of course, your contingent workers, or the many out there. In times of a surge in the marketplace, you’re going to have to carefully sort out quality applicants from others. Talent and attitude are values that your recruiters can be trained to detect.
The good news is that business is there for you. In that regard, the other consideration is to keep your own operations efficient, with professional payroll, and accurate, timely billing. This also includes using an up-to-date automatic tracking system, which will further speed up your placements.
Speed and efficiency are the hallmarks of success in the coming year. Let us help you.
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!