Part of driving profits for your staffing firm involves understanding each business segment. If a unit of business can be separated from your firm and remain self-sufficient, you should have financial information on its activities and performance. Regular reviews of each segment provide a basis for decisions regarding the amount of capital to allot during a specific operating period. This can increase profits from the segment.
Here are three ways to increase profits in your staffing firm’s business segments.
Adjust Your Service Delivery Methodology to Each Segment
Your staffing firm’s service delivery methodology defines the practices, procedures, and rules or methods used to deliver a specific service. This lets your firm’s directors and operations managers balance customer expectations and profitability goals. It also shows how your staffing firm’s experience, resources, and best practices differentiate it from the competition. Having a service delivery methodology that differs with each segment provides support for your firm and its customers. Demonstration of your service management system and the ability to execute provides a competitive edge. Having quality systems in place to ensure everyone does things the same way provides a map for customer-specific delivery processes, communication protocols, and workflows. This structure lets staffing executives and account managers maintain control and consistency through established service standards and a foundation for training. It also details core principles and values to guide interactions with clients and candidates in line with a culture of service excellence. Talk with us for more customized information.
Treat Your Skilled Talent as a Rare Commodity
Your employees with specialized skills are a rare commodity. Because industries like IT often require hard-to-find skills, you can charge a premium for placing this type of talent. Be sure you can negotiate a competitive salary and benefits package from each customer to attract highly skilled candidates to your staffing firm. The more value you provide through placements, the more you can charge for them. Also, the more your staffing firm builds a reputation for placing talent with specialized skills, the more customers will want to do business with you regardless of cost.
Minimize Worker’s Compensation Claims
Keep your number of worker’s compensation claims as low as possible. After all, every time an employee gets injured on the job or sustains an injury associated with their job, they need time away from work to recover. This results in lost revenue and increased insurance premiums for your staffing firm. To minimize your number of worker’s compensation claims, make sure that each customer implements a safety program to lower the risk of common workplace accidents. Your employees need to be treated to the same safety programs as every other employee. Also, provide training on the safety program for employees working for the customer. Additionally, routinely visit worksites to look for potential hazards. Direct any concerns to the appropriate staff member.