The end of the pandemic has sent ripples through the economy. Job openings are up. Employment rates are down. Companies are having trouble finding the workers they need.
In some ways, this should create the ideal conditions for a staffing firm. Your services have never seemed more important. One problem: you face the same tough labor market as your clients.
As a result, finding workers has become a challenge. You’ll need to adapt to your processes (and your expectations) to deal with the realities of the current economy.
Four Tips to Help your Staffing Firm Adapt to the Current Talent Market:
There’s only one sure-fire approach to a competitive market: keep competing. When the labor market gets tight, you can’t get shy about chasing talent. You need to take a more aggressive approach to recruiting:
- Work with clients to increase pay. The wages you offer your candidates need to keep up with the current market. Do what you can to offer enticing compensation.
- Upgrade your technology backbone. Improve your productivity and automate as much of the recruiting process as possible. By getting more efficient, you’ll create value for candidates and clients alike.
- Don’t just wait for applicants to come to you. Search out potential candidates. Contact people you’ve worked with in the past. At the same time, head to social media to start recruiting directly.
Offer Enhanced Career Development Services
Give candidates a reason to make contact with you, even if they aren’t immediately interested in a recruiter. Basically, you’re creating loss-leader services — offerings that will attract a candidate, even if they already have a position and haven’t considered a staffing agency.
Here are a few examples to consider:
- Resume reviews
- Interview prep
- Training courses
- Career counseling
Yes, these efforts will require an investment on your part. But you’ll distinguish yourself from the competition. At the same time, you’ll make contact with a large number of candidates that you wouldn’t otherwise meet. You can use this introduction to build longer-term relationships.
Once these connections are made, you can steer candidates towards your recruiting services. You can connect them with clients and perhaps make a match. At the very least, you can nurture a bond that could pay off down the line, once the labor market normalizes.
Use Your Network
As a recruiter, you understand the value of networking for job seekers. Turn that power to your advantage. Use your web of connections to find great candidates.
Increase Focus on Your Brand
The soft drink market is competitive. How do Coke and Pepsi stay on top? By building recognizable brands.
Leverage the same techniques during a tight labor market. Use marketing to differentiate yourself from the competition. Make your staffing firm the first thing job seekers think of when it’s time to start their search.
Here are a few steps to consider:
- Improve your website.
- Step up your social media game.
- Attend job fairs and other recruiting events.
- Increase your spending on marketing aimed at candidates.
Need Help Adapting? Frontline Funding Can Help!
Competing in a tight market can be difficult. Having the right invoice factoring and financing partner, like Frontline Funding, will give you the cash you need to thrive.
Contact Frontline today to learn more.