For many of us, the New Year is a time to reflect and dedicate ourselves to our personal growth. The same is true for your staffing agency.
Where do you see your business going in 2023, and what steps do you need to take to get there?
Whether you are improving your recruitment efforts, strengthening your security measures, or securing funding, resolutions require actionable plans and measurable outcomes.
At TempWorks, we have the tools, services, and expertise to help you reach your goals. Here are five resolutions to help your staffing agency grow in 2023.
1. Support transitioning workers to improve the candidate journey
How will you support your workers as they wrap up assignments throughout the year?
When a job assignment is expiring
For many workers, the end of the holiday season means the end of a work assignment. You can help them avoid gaps in employment using your TempWorks software.
Take advantage of our Resume Matching feature in Beyond to line up a new position for your candidate. Resume Matching uses AI to match candidates with open job orders (and vice versa). Once your integration is active, you can click “Job Matching” in the employee record to get started.
When an employee is hired permanently by your customer
On the other hand, one of your employees may be offered a permanent position with your customer. When that happens, it’s a win for your agency: your customer will be more likely to work with you in the future, and you might earn a conversion fee (depending on your contract).
Double-check that the employee has all required certifications and background checks, and be sure to communicate with them about how their new salary will compare to their current wage. For example, does their hourly rate go up, or will it be lower to factor in benefits such as health care? This helps them avoid unforeseen challenges in their transition to their permanent position.
Being proactive about your employee needs can increase retention, boost your recruitment, and improve your credibility with your candidates and customers.
2. Beef up your cyber security
No matter the size of your business, cyber security is a primary concern. This is true for all industries, but especially for the staffing industry because we are trusted with customer and employee information Look for our upcoming two-part cyber security series later this month. Here are a few steps you can take to help protect your company’s data:
- Use two-factor authentication whenever possible.
- Encourage your employees to use a password manager, such as LastPass.
- Don’t choose a password you’ve used elsewhere. Each password should be unique to prevent security breaches.
- Provide training to help your employees identify phishing attempts, one of the most common sources of data breaches.
- Make sure to secure sensitive information (e.g., paperwork, credit cards) where they are not visible to others.
- Partner with a staffing software company that holds a strong reputation for security.
3. Watch out for operational drift
Operational drift refers to when a business deviates from best practices over time, resulting in costly inefficiencies. This process occurs slowly, so it’s difficult to notice. It’s also often the result of several factors rather than one cause.
The New Year is a great opportunity to take a step back and look at your tools and processes.
- Does your team use consistent methods for completing tasks, such as onboarding new employees?
- Is your team taking advantage of the full functionality of your ATS?
- Are there other areas in which your team can save time and optimize your tools and processes?
Of course, identifying and addressing operational drift is easier said than done—especially in staffing, where we are often moving a mile a minute. Sometimes an outside helping hand can be just what you need to improve your team’s efficiency and save your business valuable resources.
The TempWorks Consulting division brings 200+ combined years of staffing expertise to create customized solutions for your agency’s needs. To learn more, contact your account manager or fill out the interest forum on the TempWorks Consulting page.
4. Evaluate employee wages among rising inflation
The New Year is an opportune time for re-evaluating employee pay. Last year, we saw drastic changes to cost of living and increased wages from major corporations. To maintain quality candidates, increase recruitment, and improve retention, consider whether it’s time to raise your employee wages.
In 2022, the United States hit a record inflation rate of 7%—the highest it’s been since 1982. On top of this, the light industrial industry has been experiencing a labor shortage for many years. Offering competitive wages can support staffing agencies in attracting and retaining candidates, help fill much-needed gaps in the labor market, and boost the economy.
To get an idea about what a living wage is based on your location, check out the Living Wage calculator from MIT.
Members of the American Staffing Association can use their wage tool to view wage estimates for 800 occupations nationwide.
5. Secure payroll funding to improve your agency’s cashflow
For start-up staffing agencies and smaller companies, revenue can be one of the biggest obstacles to growth. If your business is new, how do you meet payroll needs while waiting on customer invoices? How do you deliver on accounts receivable management, tax management, payroll processing, and other back-office services when you’re still a small team?
One solution can be to utilize a payroll funding service. Payroll funding supplies your business with the funding necessary to pay your employees and address additional operating costs. It can also help with payroll processing and tax management, saving your business time and money.
Learn more about how a funding service such as LoneOak Payroll can finance your growth, improve your company’ efficiency, and maximize your profitability.