Staffing agencies have plenty to look forward to as the year continues and marches on. If current patterns persist, staffing agencies can expect to see an emphasis on employee satisfaction and increased concern surrounding employers’ reputations. Most importantly, more agencies will likely be enrolling in staffing liability insurance programs. These trends come after years of a nationwide labor shortage, so it’s a welcome change for many agencies.
The Top Things for Staffing Agencies to Look Forward To
Learn more about 2023’s top trends and how they may affect your clients.
More Agencies Will Invest in Staffing Liability Insurance
Staffing agencies must continually solve challenging problems. When unplanned absences or unfilled positions emerge, staffing agencies swoop in with solutions and qualified employees. Many agencies are realizing, though, that they need solutions for their challenges and liability coverage. Staffing general liability insurance offers this coverage and allows staffing agencies to minimize the risk they incur during daily operations.
Employers Will Invest in Employee Satisfaction
Many experts are also predicting that 2023 will bring a renewed focus on the satisfaction and well-being of employees. Companies that consistently invest in their staff report higher productivity rates, lower turnover, and more satisfied customers. These benefits indicate that an employee wellness revolution is likely on the horizon. Companies that overlook this trend may see job candidates opting for positions at other companies instead of theirs. Sometimes, unsatisfied employees can even cause a staffing liability insurance claim.
Job Seekers Will Pay Attention to Employer Reputations
Employer reputations are yet another major factor seeing renewed interest in 2023. According to statistics, 50% of job seekers say they wouldn’t take a position with an employer with a bad reputation — even if the position offered increased pay. Additionally, sites such as Glassdoor and Fishbowl have become increasingly popular as employees publish honest reviews about their experiences. It pressures employers to invest in their reputation and cultivate a positive workplace environment. Failure to do so could be costly.
More Companies Will Jumpstart DE&I Initiatives
Launching a DE&I initiative is one of the most effective ways staffing agencies can improve their reputation. DE&I stands for diversity, equity, and inclusion, which refers to an employer’s effort to integrate these values into the workplace. Emphasizing DE&I can make employees feel welcome and comfortable, but more importantly, it can prevent a costly staffing liability insurance claim. Workplaces that lack diversity and equity may violate the EEOC’s standards.
Staffing Liability Insurance Claims Will Decrease
Finally, staffing companies may see a decline in the staffing liability insurance claims they file in 2023. As the economy stabilizes and the labor shortage wanes, fewer risk factors may affect operations. As a result, employers are likely to see fewer liabilities and insurance claims. You can help your clients reduce the likelihood of claims by developing a strategy to identify and minimize staffing-related risks. In conjunction with investing in diversity and employee wellness, it will set your clients up to thrive.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (877) 256-0468 to speak with one of our representatives.