According to the American Staffing Association (ASA), Staffing and recruiting industry growth is outpacing economic growth, so the opportunities are there for the taking. Is your staffing agency able to grow, and if not, what is holding you back?
Not only is there room for growth, the results of a recent ASA staffing employee survey reports that nine out of ten staffing agency employees are happy with their agency, and feel that temporary and contract assignments are a helpful way to find a permanent job. The results would therefore suggest that temporary positions are seen as a key stepping stone to permanent work, and not a quick way to make money while searching for a full time position.
Source: ASA
Our economic environment is on the upturn, but during these uncertain times, it is often advantageous for companies to feel the water with temporary staff, rather than hiring full time employees. As a temporary staffing agency, you want to make sure that the most qualified individuals keep coming back to your agency to find temporary positions, or contract work. Not only this, it is vital that your staff are able to put forward the best candidates in your chosen recruitment field, which means that internally you also want to be hiring the best. Keeping your staff motivated is obviously a key component.
The ASA also recently produced a useful factsheet indicating that 35% of staffing employees work in higher skilled occupations. If your temporary staffing agency is working in industries requiring a higher skill level, the remuneration can benefit your company as well as your temporary staff.
All of these factors make it vital to not only hire the correct individuals, but also to ensure timely payment. Meeting payroll each week for a temporary staffing agency can sometimes be a challenge. While your company may have a system that works when it comes to payment from the companies you are helping, there may be times when your customers pay late. Staffing agency financing, in the form of payroll funding, can allow you to consistently make payment on time. It allows you to generate working capital by using your outstanding accounts receivable as collateral. As an added benefit, Bay View Funding offers a payroll advance program enabling access to funds even earlier. This form of business financing can provide the much needed funds to help your staffing agency grow, and take advantage of the rapid growth in the temporary staffing industry overall.
