You’ll want to prepare for this.
Anyone familiar with the world of staffing and HR knows that it is a fast-paced market, constantly facing change. And because of this, staffing companies really need to adapt and respond appropriately to these changes in order to stay on top.
With that said, here are four key things you should strive to do in order to ensure your staffing agency’s success through it all:
1. Choose the right professional partners.
It’s incredibly important to ensure that you’re picking your team members wisely, preferably from the very start of your company’s commencement. One way to do this is by outsourcing background checks to a back office support team to make sure your initial hires are as professionally competent and honest as they claim to be. You’ll want to only take on professionals who demonstrate a diligent work ethic during even the busiest and most stressful of times, so you can be sure your team is prepared under any circumstance.
2. Secure the right financial plan.
Payroll, payroll, payroll: it’s a major component of your staffing business – and without a plan in place to ensure you’re able to make payroll every time (as well as pay all other time-sensitive fees), your company will fall behind. The staffing industry commonly deals with many late- paying customers making payments as much as a few months behind – which can make it hard to pay your staff on time. Then there are taxes, with deadlines regularly wavering that you simply cannot forget about.
With that said, bank loans are not the ideal route for small or start-up staffing agencies as they are not a debt-free option, and funding potential is limited. Thankfully however, securing payroll funding or financing with a back office solutions support team will help you to ensure you make payroll on time, every time – because you’ll never run out of the critical funds you need.
3. Hire a back office support team.
Administrative tasks are extremely time-consuming and can be very stressful for any start-up (or established) staffing agency handling everything on their own. To thrive in this ever- changing HR climate, you’re going to need more time to focus on problem solving and building your client network – which means you shouldn’t be dedicating any time to back office responsibilities if you don’t need to. This is why hiring a back office support team to perform tedious tasks like payroll, record keeping, remittances, etc. is a smart choice and will set you up for long-term success.
4. Build a reliable network of connections.
The staffing industry may be constantly changing and difficult to keep up with – but establishing a large network of contacts can help to create a more consistent work flow, and also tends to take on a snowball effect. In other words, it will likely continue to grow on its own once you’ve reached a momentous point.
Every Action Counts…
There are going to be many highs and lows in any business. It’s how you respond to the challenges and how strategically you prepare for them that is going to impact how your staffing agency handles it all. Taking these four important actions into consideration will help you to ensure your recruitment firm survives and thrives amidst the (inevitable) ever-changing industry trends.