Staffing firms may grow by double digits over the next year and are slowly rebuilding themselves and producing more opportunities. Anybody who works in recruiting knows that there are plenty of open positions to fill. Likewise, you’ve ever wondered, what is the future of the staffing industry? More importantly, you want to know if the staffing industry is growing. The sheer number of job vacancies might provide a clue.
Staffing Firms and the Growth Expectations
Indeed, there are few signs that the national labor shortage might slow down, so it’s no surprise that the growth of staffing firms isn’t either. This growth might not reach double digits. Agencies will need to prepare for expansion, and the following four tips can help.
Develop New Recruiting Strategies
The labor shortage has been worsening for a while. Thus, despite valiant efforts, many staffing agencies have struggled to remedy the issue. It illuminates the need for a new approach. The staffing industry must develop new strategies to recruit promising talent and retain top employees. Old methods are no longer working, and the demand for new hires is poised to increase. The time for innovation is now.
Address Any New Liabilities
As staffing firms may see exponential growth — and implement new recruiting strategies — there will likely be new liabilities that emerge, too. These liabilities are difficult to predict, but that doesn’t mean that staffing firms can’t invest in protection against them. A staffing business insurance policy can provide coverage for a wide range of liabilities associated with staffing, including recruitment methods, EPLI, and labor law compliance. Ensure that your staffing firm clients have the right coverage by checking in with them and assessing the general level of risk that they face.
Assess the Needs of Clients
Staffing firms will need to hone in on their clients’ needs, too. They should never take growth for granted. Also, agencies that overlook client needs will see losses rather than gains. Clients’ needs are likely to shift along with the industry as a whole. Many staffing firms are finding that their clients are increasingly interested in hiring candidates for remote work positions. For example, recruiters must be equipped to meet this need by sourcing candidates through online channels and conducting interviews virtually.
Consider the Needs of Workers
Of course, the only thing more important than clients’ needs is workers’ needs. Without satisfying the latter, you cannot meet the former. Staffing firms that are facing rapid growth must be careful to prioritize new hires by investing in training, competitive wages, and desirable benefits. All of these features can contribute to a culture of loyalty that ultimately helps to boost retainment and satisfaction amongst employees and clients alike. You can help your insureds achieve this by protecting them against liability with the right staffing business insurance policy.
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.