Temporary Staffing Insurance: Exploring Impact of Temp Workers
Temporary staffing firms and personnel have seen a huge spike in their workloads over the last few years as the economy struggles to recover from the recession. Reports indicate that for the fourth consecutive month of 2014, the U.S. economy has created over 200,000 new job opportunities. As a result, the amount of jobs available has finally been restored to their pre-recession heights. While the economic climate and job market appears to be looking up, many critics are concerned about employment quality and the effects of low paying positions on the economy in the long run.
Over half of the new positions available to workers are in hospitality, food services, social work and temporary work fields which offer low paying work opportunities with few benefits if any, long hours and little financial stability. Economists are concerned that the increased prevalence of these types of positions will actually stall economic progress due to lack of consumer spending. These new positions typically pay three-quarters or less of the average hourly wages across the U.S. which critics argue will not generate nearly enough financial stability or place sufficient spending power in the hands of many Americans.
Consumer spending accounts for roughly 70% of annual U.S. economic activity. As such it is essential that American have expendable income in order to further drive economic success. Economists assert that the problem with an economy heavily reliant on low-wage and temporary work is that, for the most part, these positions do not offer workers enough financial stability to regularly engage in an abundance of consumer activity. Some analysts believe this could result in halted or stunted economic growth and create even greater hurdles for America’s economic stability.
While debate over the impact of temporary workers will likely continue, their demand is steadily increasing, creating profitable opportunities for the temporary staffing industry. At World Wide Specialty Programs we offer a wide variety of temporary staffing Insurance coverage for your industry clients. In addition to our General Liability coverage, we also offer your client and array services adaptable to your client’s needs. For more information, please call (877) 256-0468 or email us today.