Staffing Insurance: Signs of a Prosperous 2015?
New research from the U.S. Bureau of Labor Statistics (BLS) indicates that prices for employment and staffing services are on the rise in America. The US Producer Price Index for employment services rose 2.2% percent in October 2014 compared to levels from the same time last year. The current price index has reached a level of 106.5, according to the BLA data. The Producer Price Index measures the average change over time in the selling prices received by domestic businesses for their goods and services.
This rise in employment service prices could be attributed to the increased prevalence of staffing and employment eservices providers. The modern employment services industry includes employment placement agencies, temporary help services, executive search services and professional employer organizations. Currently, US staffing companies employed an average of 3.26 million temporary and contract workers per week according to third quarter reports. Staffing employment is up 6.1 percent from the third quarter of 2013 reaching pre-recession levels, according to data recently released by the American Staffing Association.
Furthermore, the current market conditions would suggest that this is a fantastic opportunities for small businesses and staffing service to prosper and grow, especially when diversifying into non-traditional employment specialties. There is heavy competition in some of the more traditional IT, professional services, and manufacturing employment sectors, however a recent YourStory article suggests that specialty staffing services are harder to come by. Tapping into a niche and nuanced market might help give smaller staffing firms an edge in the industry over the next few years.
At World Wide Specialty Programs we understand the unique and volatile nature of the temporary staffing industry. That’s why we specialize in ensuring that staffing industry members attain the coverage they need to succeed. We proudly offer a comprehensive portfolio of staffing insurance solutions to help brokers secure everything from EPL to professional liability coverage for their clients. Give our temp staffing insurance specialists a call today at (877) 256-0468 to learn more about all our staffing agency solutions.