By 2030, older people will make up 21% of America’s population, and while this may not be a cause for alarm, it accounts for a rise in healthcare demand and caregiving. Full-time employees may not be able to meet this increase in healthcare needs, especially with the recent shortage in medical professionals. Because the U.S. […]
Businesses exist to make money, and staffing agencies are no exception. Running a successful staffing agency requires the agency to make enough money to manage business expenses and generate enough profit to stay afloat. The staffing industry generated about $497 billion in 2020 and has an estimated growth of over $650 billion for 2022 across […]
Even with an advancing economy, and substantial availability of work opportunities, employers have a hard time finding the right talent, and job-seekers have a hard time finding the right jobs. While predicted to be a $653 billion industry in 2022 by Statista, staffing agencies have become increasingly vital to the business world because they help […]
Hiring and retaining employees has been a challenge for employers across the US as the staffing industry and hiring expectations have shifted during and after the pandemic. According to Robert Half, over half of hiring managers have said that quitting at their company has increased, and 78% are concerned that more employees will leave. As […]
In the staffing industry, agencies heavily depend on prompt invoice payments to fulfill weekly payroll obligations. Unfortunately, you often need to wait weeks or even months for customers to pay, creating a cycle of negative cash flow and mounting debt. To grow your staffing agency and compete with other companies, you need cash to make […]
Staffing and recruitment agencies trying to place the best candidate in the right position need to ask specific questions. With behavioral interview questions, recruiters and staffing agency owners can readily determine if a candidate will excel in a new job. Behavioral interviewing involves specific questions that get at the heart of a candidate’s previous work […]
Are you planning to start your own staffing agency? There are some documents you need to prepare to start one legally. Read on for a list of all the paperwork you need to start a new staffing agency. What Is Required to Open a Staffing Agency? You need various pieces of documentation to legally open […]
Like in any other business, starting and running a successful staffing agency is easier said than done. Though there are several obstacles you will encounter in this field, one of the most significant challenges is a hyper-competitive staffing and recruiting industry. According to the American Staffing Association, there are currently about 25,000 staffing agencies, and […]
When it comes to marketing, most companies jump right to the tactics and skip the necessary preparation and planning required to realize the best return on investment. While some rush to calculate ad spend budgets or work on billboard designs, the most successful staffing companies understand marketing plans are like building a house. You must […]
Staffing agencies are firms that promote recruitment services. They serve as the foundation for the workforce. They are sometimes called job centers. When there is a vacancy in a company or firm, they can contact a staffing agency to publicize this opening. The agency can carry out the whole recruitment flow, up to selection. It […]
You’ve been thinking about using a managed services provider (MSP) to help expand your staffing agency. But like with any investment, you don’t want to make a rash decision. Taking the time to do your due diligence in research and asking questions is important to you. Although there isn’t a “one size fits all” approach […]
If you’ve heard about vendor management systems or VMS, you may be wondering if they’re right for your staffing firm. You’re looking to grow your staffing business and recruit more workers and employers to keep in your pipeline. However, letting a software application help you manage recruitment and talent acquisition brings up a lot of […]
Running a staffing agency can be an extremely lucrative venture if you know how to attract clients. Finding clients is one of the single most significant and most essential factors in a staffing agency’s success. Without clients, businesses fail; the same rule applies to staffing agencies. Here’s a guide to help you learn how to […]
Running a staffing agency requires some insight and several skills in addition to planning and attention to detail. Each part of the company needs to be fine-tuned to produce positive results and steady growth. The company’s success requires a solid business plan designed to handle multiple accounts and fluctuation in growth over time effectively. Although […]
Finding the right workers can be a hassle. Companies can spend months vetting a potential candidate only to discover that they weren’t the top choice for a job. Nothing is more frustrating than hiring an employee, onboarding them, and then having it not work out. This common struggle is one reason why staffing agencies have […]
When you start a staffing company, you need to know the proper amount to charge for your services. You don’t want to charge too little and lose money for your time and effort, and you also don’t want to aim too high and scare off potential customers. So, how do you achieve the right balance? […]
Hiring employees can sometimes feel impossible. Lately, finding reliable employees can be more difficult than it has been in the past. But there is technology available that can help make the hiring process easier for staffing companies. Staffing agencies can utilize mobile apps to help bridge the gap between hiring companies and eligible employees. This […]
Payroll funding is a type of invoice factoring specific to the staffing industry. Just like invoice factoring, payroll funding turns a business’s outstanding invoices into cash by selling them to a third party. Staffing companies often fall victim to long invoice terms and slow-paying customers. At the same time, they’re forced to make payroll and […]
Staffing companies face unique working capital challenges. Nearly all staffing firms face cash crunches. This is primarily the result of the payment terms that the staffing firm’s customers require at the outset of a relationship. However, long payment terms in itself is not necessarily the issue. Nor is it the cash intensive nature of supplying […]
Running a successful staffing company requires managing multiple priorities, relationships and partnerships. This balance often presents a tough challenge even for seasoned staffing professionals. Staffing companies that find the right employees and reliable partners stand to enjoy greater profitability and growth. In this article, we’ll address key points related to financing for staffing companies, including: […]
Before beginning a financing relationship with a funding partner, understand the steps required to terminate the relationship if needed before the end of the term. Complex structure and lengthy verbiage make contracts difficult to decipher, particularly payroll funding agreements. Transparency and clarity are “must haves” in your payroll funding relationship. Why You May Want to […]
