The Great Resignation has become a major talking point among business leaders. Employers are having trouble keeping their best workers in place. And, as a result, many staffing firms have found themselves in in a tough spot.
However, every challenge also contains an opportunity. The Great Resignation also offers an excellent chance for your staffing firm to provide value to your clients. You just need sufficient resources to take advantage of the moment.
What Is the Great Resignation?
As COVID restrictions took hold in early 2020, the economy tanked. The amount of commerce slowed to the bare essentials, leading unemployment rates to spike into double-digit territory.
However, as businesses started to open again, the economy came rushing back. In fact, the return of activity came so fast that, in many cases, the recovery led to supply chain bottlenecks and shortages.
This process impacted the labor market as well. For various reasons, many workers were reluctant to return to the workforce as COVID restrictions were lifted. As a result, employers found themselves with more open jobs than people willing to fill them.
These dynamics put available workers in an excellent negotiating position. They could demand higher wages and better working conditions. If they didn’t get them, there were plenty of other options out there. As a result, many workers took the opportunity to find new jobs.
The result: quit rates spiked as workers left their current employer for greener pastures. Meanwhile, surveys showed that up to one in four workers were planning to seek out new opportunities. This trend became known as the Great Resignation.
Taking Advantage of the Great Resignation
Any dislocation in the labor market creates complications for staffing firms. However, there are ways to thrive in any environment. With employees stepping up their job-search activity, your services become even more valuable, if you can position yourself right.
Employers Need Help Finding Replacements
The increased pace of departures has left many companies in the lurch. The added churn has made it difficult for them to keep up their operations. At the same time, the tight labor market makes it difficult to replace workers quickly and efficiently.
That’s where you come in. You have the expertise to navigate these difficult times. As such, the dynamics of the Great Resignation create an excellent opportunity to add new clients and work more closely with the ones you have.
Workers Are Looking for Opportunities
Employers aren’t the only ones who need help during the Great Resignation. The unique features of the current labor market have made many workers question their current situations. They will want help understanding their options and guidance as they try to smoothly transition to better career circumstances.
Given this added interest in job-hopping, you become the go-to place for restless workers. You can provide some order to the chaos, providing direction in a time that could easily become the career Wild West.
Getting the Resources You Need
You don’t know how long the current labor market will last. To capture the opportunity, you need sufficient resources. By installing a flexible funding structure, you ensure that you can take advantage of the current moment and set yourself up for long-term success.
Need Help Finding The Right Funding Options
That process starts by finding the right financing partners. A top firm, like Frontline Funding, can give you the flexibility you need to get the most out of a once-in-a-generation labor market.
Contact Frontline Funding today to learn more.