What does 2020 have in store for your clients – and your staffing firm?
…A lot more of what we’ve seen in previous years.
American companies continue to struggle to attract, engage, hire and retain great people. Every day, you help your clients overcome these challenges, and it’s important to keep your finger on the pulse of staffing and recruiting trends and data that can impact the way your clients will make staffing decisions this year.
Here are five staffing and recruiting stats that matter in 2020.
Millennial Turnover Costs the US Economy $30.5 Billion Per Year
According to data from Gallup, 21% of millennials have changed jobs in the last year compared to just 7% of employees of other generations. Although millennials are growing up, starting families and settling down, they are still far more likely to seek out new opportunities than their counterparts.
The seemingly constant turnover of this generation costs the economy $30.5 billion per year.
What is millennial turnover costing your staffing clients? Right now, the average tenure for employees is 4.2 years and growing smaller thanks to younger employees. Does your staffing firm help boost retention? Do you help your clients cover staff shortages with skilled temporaries or contract workers?
In the new year, show the value you bring to the table in helping your clients overcome this challenge.
45% Of Employers Still Struggle to Find Candidates With The Right Skills
According to a survey conducted by Manpower Group, companies are reporting the highest level of talent shortages since 2006. Businesses in all industries still struggle to locate candidates with the right mix of skills.
If you offer skills training services, position yourself as a company that can help clients train up great candidates . If you offer on-site training, market that service to your clients, as well. Any advantage you can provide in closing skills gaps will help you capture more orders and build lasting relationships.
67% Of Job Seekers Want To See Salary Information in Job Posts
According to Glassdoor, job seekers skim ads looking for information on pay rate and benefits information. Despite the fact that candidates want to know about salary before applying, only 27% of companies disclose salary information publicly.
But why? According to LinkedIn, 34% of employers think that posting salary information can harm their negotiation position with candidates during the hiring process. Another 75% are concerned about causing salary disputes with existing employees.
Convincing clients to post salary information has been an uphill battle for staffing companies. The problem is exacerbated when you have clients who tend to pay at the low end of the market. Do you have data that shows posting salary ranges boosts response? Leverage it to help clients embrace this simple strategy that can improve applicant quality and quantity.
78% of Employers Believe They Set Clear Expectations and Communicate Well During The Hiring Process; Only 47% of Job Seekers Feel The Same
According to CareerBuilder, there is a major discrepancy between the way employers view their hiring process and the way candidates feel. Companies think they are being communicative and that they set clear expectations. Candidates, however, report poor communication and a lack of defined (and adhered to) timelines.
Being in the dark is one of the most frustrating and stressful aspects of a job search. A whopping 83% of candidates say it would improve their overall experience and feelings about a potential employer if those employers set a clear timeline ahead of the process.
This has always been one area that staffing companies can help clients improve. While you can’t force a client to speed up their hiring process, you can take control of communication with your candidates. Make a concerted effort to keep them looped into where things stand. Even if the client is not moving forward at a pace you’d like to see, you can help top candidates stay interested simply by keeping in touch.
Despite Ongoing Legal Confusion, Gig Economy Workers Will Make Up 43% of the Workforce This Year
In 2019, gig economy workers made up 36% of the US workforce and Gallup predicts that number will expand to 43% by the end of this year. This includes people who consider gig work to be either their primary form of income or their secondary means of earning money.
However, gig and temporary worker classifications continue to cause compliance headaches for American companies. Recently, California passed Assembly Bill 5 (AB5) which went into effect January 1 and requires companies to apply a three-pronged test to determine whether workers are contractors or employees. This law has caused significant confusion for employers and other states are closely eyeing the law and its aftermath, and may follow suit in the future.
As more people are choosing to take on short-term assignments as their primary and secondary means of earning money, staffing firms can help companies maintain compliance. Show clients and prospects how your firm can alleviate classification hassles, allowing them to access skilled and enthusiastic workers without feeling burdened by confusing (and potentially costly) legislation.
Let’s Showcase Your Value!
Expert staffing firms can help companies overcome their most vexing staffing and recruiting challenges – but it takes some work to get your message in front of the companies that need you the most. Ready to showcase your value and attract new clients? We can help! Contact the experts at Haley Marketing group today.