COVID-19 has negatively impacted almost every business vertical around the globe. Unemployment numbers remain high, but finding qualified employees continues to be difficult. Businesses are relying on the expertise of staffing firms now more than ever as we await the influx of the estimated 40 million unemployed Americans to flood the market and look to staffing firms for work. One recommendation we offer our staffing firm clients is to begin the work now to rethink how you do business to be more productive now and in the future.
An investment in technology is an investment in the future.
Staffing firms are working harder than ever to find fewer qualified candidates. Technology is increasingly your best friend. Look for new ways to work faster and smarter. Take a critical look top to bottom at how you do business – your employment practices, workflows, and vendor relations, etc.- to ensure you are working as efficiently as possible.
Have a plan for higher wages.
There is a growing pressure on wages that all employers are feeling. Some clients will baulk at this new reality as you try to recruit quality talent. Have a plan for how you will address this. Perhaps there are other ways to attract quality employees without higher wages like by offering childcare, more time off, etc.
Invest in your employees.
Now is the time to reward your best employees. An investment in their development, training and retention will pay off exponentially. Consider new employee incentive programs that will be attractive to your top employees.
Focus on what you have, not what you don’t have.
As a staffing firm, you have a database of talent. This has always been a valuable asset; it’s even more so now. Spend time figuring out how you can engage and motivate this talent pool.
Broaden your horizons and become more diverse.
Embrace the fact your talent community is becoming more diverse out of necessity. This is a good thing. Make sure all points of contact with your talent are inclusive and welcoming. Use this time to engage and train candidates from diverse backgrounds who show potential.
The value proposition for temporary and contingent staffing is changing, and staffing firms must not just keep pace – they must out pace. Staffing firms leveraging the right technology and addressing the key areas of their business outlined above will be in a better position for growth now and once the economy rebounds.
If you are interested in learning more about how we can design a business approach to help you start a staffing agency or grow an existing one, download a free copy of our Staffing Company Solutions guide. Inside this guide you will learn more about what Employers Logic has to offer you to meet your unique business objectives to start quick and grow even quicker.