Staffing Market size of US is expected to reach a total revenue of $145.1 Bn, according to a research by Staffing Industry Analysts. The industry has been steadily growing with a rise of 3% each year. As per SIA, the forecast is a little dim due to the maturity of this expansion cycle and a sluggish GDP growth. However, some of the reforms are expected to give the industry the push it needs.
The numbers may not sound impressive, but the there is a paradigm shift that the industry is going through, which is going to bear great results in a few years.
The industry has fought back the stigma associated with inhouse hiring and many organizations- big or small are realizing the benefits of engaging a staffing partner. This has given the industry a constant support. Some of the highest demand jobs will be in the healthcare sector , as predicted by the Atlantic. Other promising jobs will engineers, biomedical professionals, and analysts. Hence, staffing agencies should start developing the candidate pool for these jobs.
Candidate Experience will matter
As per Kelly Global Index, positive candidate experience leads to 95% of unsuccessful candidates reapplying, 97% referring others to the organization, 88% increasing their purchases with the company and 50% of them tell social networks about it. With a lack of talent pool, staffing agencies will have to start focusing on how to engage candidates happily and productively. Candidates will join the organization based on how well they were treated in all of the interactions they had.
Some perks will be nice to have
Millennial workforce is all about a little more and like the above point, they also need the offering to be more attractive. The workplace experience, benefits, office culture, perks will decide whether a right candidate will take up the job or not, and not just a higher pay. So, staffing agencies, do nudge your clients to showcase their workplace, sprinkle some attractive things in the package offered to the candidates and your clients will appreciate the returns.
Some organizations even boast about mindfulness initiatives at their organizations to mitigate work stress and strike work-life harmony.
Regulations may take a hit
With the new Trump government in place, there will be many more changes expected in the coming years. Staffing agencies were taken by surprise by Bill 148, Fair Workplaces, Better Jobs Act, 2017 of Ontario.
Staffing agencies should focus on strengthening their back office operations so that they are prepared to cater to any strong changes in regulations.
Big data and Socials impact
This is something that is affecting every industry and is nothing new for staffing. Digital marketing, growing importance of websites like LinkedIn will change the way hiring and business happen in future. Rise in big data analytics and data driven decision making will compel recruiters to take recruitment decisions in light of data and solidify majority of their processes.
Last but not the least, Diversity is the talk of the town
With Sheryl Sandberg, Oprah Winfrey and many top notch women talking about how women are underrepresented at all levels in workplaces, there is an increasing focus on hiring women as well as moms in organizations. Most of the organizations like Salesforce have diversity goals in place and some even have a Chief Diversity Officer recruited for the same.
So, all the staffing agencies should start stacking resumes of talent women and moms. They can even partner with initiatives like Mom Relaunch to get access to the talent pool.