The coronavirus pandemic has hard hit every industry, and the USA staffing industry is no exception here. The USA’s staffing industry market size before the COVID-19 pandemic was $152 billion, and now it has taken a massive dip to $112 — the lowest number since 2013. The pandemic has also adversely impacted the annual revenue generated by this industry.
There‘s no rocket science to explain the above effect, as in the USA, there has been a considerable uptick in the downsizing for staffing businesses. As of April 2020, there were 60% reduced job openings throughout the USA, 25% temporarily shutting down on their staff requirements right before the pandemic. According to a March survey, 39% of the United States companies had frozen their staffing due to the virus.
All the above numbers are pretty alarming for the USA staffing industry, but eventually, they’ve to make efforts to survive and then thrive during these challenging times. Here are several strategies and techniques changes that staffing agencies have to implement to make a recovery.
As the COVID-19 pandemic is here to stay for a longer time than we expect it to be, face-to-face interviews are a thing of the past. Now is the time for remote hiring, which demands staffing companies to up their game by deploying dedicated software to source, hire, and manage the talent efficiently.
The software must help your team attract, screen, recruit onboard, train, and create a work routine for every new hire remotely. To recover from the downfall and survive in the volatile staffing market, you need to demonstrate the technological strength to your prospective business clients. This will help prove how you are cut-above other staffing firms and how crucial you consider digital initiatives for seamless remote staffing.
Build a Solid Talent Pipeline
Even if most USA companies follow a conscious approach to hire top-notch talents, it always pays off to create a solid pipeline of talent prospects. It will ensure a smooth rebound when the staffing activities will gain some pace in the coming months. For this, you need to have a powerful employer branding strategy integrated with your staffing strategy to bridge the staffing gaps.
These days, companies rely on video-based software for interviews, follow-up, and onboarding. As a staffing agency, if you take care of everything, right from digital screening candidates, digital hiring to paperless onboarding, you can certainly help your business clients in a big way and turn them into your brand advocates.
You got to invest in reliable, agile digital interviewing & assessment solutions that provide efficiencies & predictive insights for various staffing processes, right from candidate assessment to prioritization. Since the staffing is not done in abundance, your staffing managers have enough time to assess candidates that are most qualified and suited for the job through such powerful staffing software solutions.
Over the last six months, the hiring strategies have taken a massive 180-degree turn. Now, your focus must not be on the employed and passive candidates who are considering a move. Instead, go for the talented individuals who have unfortunately lost their jobs because of the extreme market circumstances.
First of all, capturing all these people over the various professional social networks such as Linkedin and then re-deploying all the proven resources should be your primary focus. These individuals have been tough times, and hiring them for different job profiles could motivate them to give 200% for their respective organizations.
There’s no secret that the COVID-19 pandemic has significantly hindered the typical day-to-day business operations, including the staffing industry. While the market size has decreased notably, there is light at the end of the tunnel. To achieve success, staffing companies have to tweak their staffing strategies to offer their clients the value they deserve.
Did you find these staffing and marketing strategies useful to recover from the COVID-19 outbreak?