The COVID-19 pandemic brought our economy to a screeching halt, and with that came unprecedented panic and uncertainty. It’s completely changed the way we think, behave, and work.
In May and June 2020, Haley Marketing conducted an online survey of staffing industry professionals to find out how our industry has been impacted by the pandemic. Today’s post is a continuation of a series that will share data from that survey, ultimately working to provide you with practical information and tips your staffing firm can use.
For more information on the survey, click here for the introduction to this series:
2020 Staffing Industry Outlook Survey, Part 1: Entering the Economic Rebound
Let’s dive into the next section of data.
It’s no secret: the pandemic delivered a blow to the U.S. Staffing Industry.
Most staffing firms were hard hit:
- 93% of agencies reported a decrease in revenue.
- Nearly 6 in 10 (59%) dropped more than 30%.
But the news isn’t all grim:
- Despite revenue loss, more than half (52%) reported no change in their internal staff levels.
- More than 7 in 10 (71%) have applied for – and received – a PPP loan.
Q: How has the COVID-19 pandemic impacted your revenue?
Q: Have you had to lay off or furlough any of your internal employees?
Q: Did your company apply for a PPP loan?
Creating Your Recovery Plan
If your firm is like most commercial staffing and recruiting agencies, you’re feeling the pain this recession has created:
- Temporary staffing immediately took a big hit.
- Key industries like hospitality saw demand almost entirely drop overnight. Even healthcare took a downturn, with elective procedures put on hold.
- Sharp decreases in revenue have shuttered agencies across the country – and threatened others’ survival.
Prepare yourself for what’s happening now – and what’s coming next. Get your free copy of “Strategies for a Changed World” to create your firm’s playbook for success, and make this recession “the other guy’s problem.”
Up Next: Course-Correcting: Adjusting Strategies
Our next post will explore the shifts in how staffing firms sell, recruit and serve clients. If you can’t wait until then, download the full, FREE eBook “2020 Entering the Economic Rebound Staffing Industry Outlook” here.