Tips for Increasing Profits in a Staffing Firm

Tips for Increasing Profits in a Staffing FirmWhen approaching each new year, it’s important to evaluate how the company did as far as revenue goes. Did the firm hit it’s expected revenue growth rate? It’s important to track how well the firm is doing and predict profits for the following year. Also, it’s just as important to stay protected with Staffing Insurance.

According to an article in Bullhorn, here are tips for staffing firms looking for revenue growth that can be shared with your clients.

  1. Pay attention to your placement funnel. Your company’s placement funnel data is the highest ROI report you can run. It’s essentially a way to understand the total number of job orders you initially start with that become placements. So, this report will basically show how efficient your firm is at placing candidates or not. Continue to monitor this report for improvement.
  1. Target non-profitable clients. By taking a look at past performance data, you can identify the clients that aren’t profitable. This way, you can focus on clients that are profitable and build high-quality sales.
  1. Take advantage of social media. In this day and age, the best opportunity for staffing and recruiting professionals is accessing candidates via social media. By paying attention to the three big social networks- LinkedIn, Facebook and Twitter- you’ll get a stronger payoff. The recruiters who work on these networks will find that they benefit more than those who don’t.
  1. The power of content. More often than not, potential candidates will not answer your calls or emails because they are busy on a current project. Challenge this by making a connection with high-quality talent by catching their attention with compelling content.
  1. Use job portals. To increase placements and drive revenue, post job orders on a company website or job portals. The best way to promote job orders online is by keeping it all in one central place as this makes it easier for recruiters to find and share on social media or other job boards.

At World Wide Speciality Insurance, we provide professional liability insurance to protect your clients’ staffing firm from any legal liabilities. We are designed to respond to a variety of staffing industry needs and will provide your clients’ company with the right policy. We are proud to offer the best possible coverage available at competitive rates. For more information on how we can ensure your clients’ safety, call us today at 877.256.0468