2014 Staffing Industry Analysis – SIA Reports Growth For Contingent Workforce

Staffing Industry Analysts recently gave a staffing industry report, including an overview of its 2014 survey of North American contingent labor buyers—companies that utilize contingent workers. Their report was full of compelling staffing industry trends that can offer professional recruiting firms insight as they consider strategies for growth. If you missed the report, don’t worry—I’ll give you highlights and continue the conversation about where the staffing industry is heading.

US Economy News is Mixed But Strong

Jon Osborne, VP of Strategic Research, started the presentation with an overview of key US economic indicators. He said the few areas of bad news could be reflective of a mere first quarter “blip.” That negative news was countered by positive indicators, including low unemployment.

Unfavorable statistics:

Favorable statistics:

Contingent Labor is Growing Overall

staffing-industry-analyst-temporary-help-employment

Source: Staffing Industry Analysts

Osborne says that despite some mixed economic news, the economy is doing OK, and that “every area of staffing is doing very well.” The survey of contingent labor buyers covered current staffing industry trends including:

“I would say a general theme of the webinar was that the staffing industry is in good shape right now,” says Jon Osborne, vice president of strategic research at Staffing Industry Analysts. “BLS and PulseSurvey data indicate that the industry – across most sub-sectors, temporary, place & and search and PEO – is seeing solid growth and, on the demand side, contingent buyers continue to be in expansion mode.”

Staffing companies should reach out to prospective clients now to build relationships and be of value. As those prospective clients become buyers, they’ll already have you in mind as the best source of help to find the talent that they seek.

Contingent Workforce Seen as Valuable

Source: Staffing Industry Analysts

Source: Staffing Industry Analysts

Many companies are strategic in their utilization of contingent workers so they are better able to adapt to the economy and as their business needs ebb and flow. Past concerns about worker loyalty, learning curve, and productivity have lessened over time.

Staffing companies may decide to focus in on larger companies, which are more likely to use contingent labor. Or perhaps you decide to actively seek out more candidates who specialize in SOW projects – that way you have top talent to offer when your clients need talent.

Staffing Firms Can Prove Value in Underserved Areas

Although the staffing industry remains strong, there are areas that tend to be underserved. Savvy staffing agencies might consider working with clients in these ways to grow their companies.

As they say, knowledge is power. Leverage the latest staffing industry trends as you develop growth strategies for your recruiting firm. With jobless rates down and the economy steadying, recruiting firms have a great opportunity to continue to prove their value to clients and position themselves to grow over time.

Learn how recruiting software can give your employees better workflow as you grow your recruiting firm.