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Industry Insights: Staffing

Industry Insights   |  April 22, 2022  |  3 minutes read

Welcome to our resource page for Staffing Hiring!

“According to a survey conducted by the Kaiser Family Foundation, almost 9 in 10 large employers offer an employee wellness program. What can staffing companies, and the organizations they partner with, gain from implementing a financial wellness program? This often overlooked, and easy-to-implement- employee benefit is the perfect way to gain that competitive edge your staffing company needs to retain and attract employees in today’s ultra-competitive market.

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Staffing Industry Facts

  • A recent Korn Ferry survey of professionals finds the number one reason workers quit, at 30%, stems from a reevaluation of their priorities in light of the COVID-19 pandemic.
  • Nearly one in four workers are leaving their current position for better pay/benefits, Korn Ferry reported.
  • Virtual recruiting accelerated into the primary method for business to not only search, but also to interview and onboard. Without a virtual process, recruiters miss out on the faster, simpler and streamlined approach that will only become more prevalent this year.
  • Savvy staffing executives must leverage social media platforms to attract a younger pool of workers. 78% of recruiters responding to a Recruiter Nation Report find that going beyond common hiring websites leads to proactive connections with the right talent.
  • 45% of HR executives surveyed by Gartner say building the strength of the current and future leadership bench is a top priority. This holds true inside staffing firms that need to invest in both their own employees and network of gig workers.

It's a Candidate-Driven Market

Candidates hold all the cards right now. If your staffing firm is not focused on creating the best experience possible for candidates, they will take their business elsewhere.

  • Ghosting has become a big and costly problem for staffing firms, so try to match your candidates’ expectations and job experience.
  • “Speed to candidate” is critical for staffing firms. While you might have the latest database, lately it is more about how fast you can get the candidate qualified and accepted for work.
  • Job candidates are looking for organizations that truly understand their lives and valued their commitment and loyalty. The top three things hourly workers want more than money is:
    1. Flexible, Predictable Schedules
    2. Early Access to Pay
    3. Paid Time Off and Leave
  • Read more about what hourly workers want.
Unprecedented Hiring

3 out of 4 Companies are Hiring

In the midst of The Great Resignation, businesses are want to both retain their teams and grow them. Recruiters and HR professionals are bogged down with backfilling roles in addition to locking in key members to exiting teams.

A recent report revealed 73% of companies planned to hire more than 100 people. Leadership and teams have extraordinary gaps that call for innovative solutions to attract the necessary staff.
Staffing-Graph-CompanyHiring
Staffing Fact

Candidates Call the Shots

A Recruiter Nation Report, published by Jobvites, finds recruiters and HR professionals believe that providing substantial benefits and perks are essential to hook prospective staff who now shop around in this area.

Staffing-PieGraph

Source: Precision Global Consulting: US Staffing Industry Trend to Watch 2022

Enhance the Employee Experience

Staffing firms need to reconsider the benefits that they and the companies for which they recruit offer to employees post-COVID in order to align with new budgetary constraints, a changing workforce dynamic and different employee needs.

Staffing-Graph-EmployeeFixing

What Staffing Company Workers are Looking For

With “The Great Resignation” in full swing and candidates demanding more benefits, raising pay has swiftly become a standard requirement. As a result, employers will need to look at implementing other benefits to attract and retain talent and stand out among the competition:

Calendar

Offer alternative workdays between their homes and a physical site.

Invest

Part-time benefits

Transporation

Transportation to and from work for employees who may need it

Phone

A mobile communication platform to digitize the employee experience for gig, temporary and direct-hire workers

Shield

Ensure workplaces and office spaces are safe

Career advancement opportunities

When Can a Return to Growth Be Expected?

The American Staffing Association found a better post-holiday start in staffing employment with almost 14% more staffing jobs reported in mid-January 2022, compared with the same period in 2021.
An ongoing pain point for recruiters is ensuring a robust compensation package can be offered to candidates every level, paying particularly close attention to healthcare benefits, earned wage access, and other solutions that are attractive perks of the job.

The Big Picture

  • The “employee-centric market” reigns. Be sure to flip your thinking and design are candidates and employees.
  • Strengthen the leadership bench. Great bosses make a difference. If your employees are engaged by a leader they trust, it can take a pay raise of more than 20% to poach them (Gallup).
  • Make mobile central to the employee experience—especially for Millenials and Gen Z who are digital natives. Be sure benefits and other HR systems are accessible through apps.
  • Attract and retain top talent by giving them more control. Help make their daily and financial lives more predictable by offering early access to pay, flexible scheduling, healthcare assistance, benefits where possible, and paid leave options.
  • Social media springs up candidates.

Get Payactiv for your business

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Get Payactiv for your business

Learn how thousands of companies have improved their retention, recruitment, and engagement by offering Payactiv.
Request a Demo