71% of staffing firms expect the industry to come back stronger than before.
– The 2020 State of Staffing Industry Growth
The staffing companies are set to emerge as stronger than before post-COVID-19 pandemic- the pandemic that is closely synonymous with crisis and uncertainties. While most of the verticals within are experiencing decreasing revenue and profitability, staffing companies from the legal, healthcare and education are experiencing better growth.
Despite the fact, COVID-19 has thrown many challenges for the staffing industry to tackle throughout this year, it has mostly catalyzed functional, structural, and operational transformations across the sectors, bringing in staffing trends that initiated the transformation and transitions within the processes.
These trends and transformation are not limited to the COVID-19 phase. Apart from extensive staffing data management, robust communication, and contingent worker expansion, there are a few other trends that the staffing industry can expect to witness post-COVID-19 pandemic:
- Remote Working
To cope with the financial loss due to the economic slowdown, staffing businesses gradually started considering remote working with a motive to save the operational costs and adhere to the stringent social distancing norms.
The fluctuating employment market will be demanding these staffing companies to follow the remote working trend post-COVID-19 as well to hire exceptionally skilled employees beyond geographies and ensure sustainable staffing business. Technological advancements and better Work From Home (WFH) policies are inevitable for staffing businesses to do away with all sorts of working barriers and get the maximum advantage out of this emerging work culture trend.
- Digital Timesheet, Hiring, and Onboarding
Digitalization has already played a vital role in better managing the COVID-19 crisis by ensuring task management through just a few taps and better heath safety of the on-site workers.
Moving ahead, the importance of the digitalization and automation of various staffing processes such as timesheet, hiring, onboarding, etc., appears to be increasing through the deployment of AI-based and Saas-based staffing solutions. Whether it is digital timesheet management through geofencing technology or digital onboarding through video interviewing, staffing companies, technological solutions have been providing the staffing companies a digital-edge and will be playing a pivotal role post-pandemic as well.
Staffing companies not eliminating the conventional approaches will be facing a myriad of challenges in enduring the crisis and survive in the market.
- Gig Economy
With so many employees laid off globally due to the increasing staffing business uncertainty and COVID-19 economic crisis, the global market is flooded with talented and skilled workers with negligible full-time opportunities.
Until the job market gets better and businesses start gaining profits to afford full-time staff like before, the staffing companies will be heavily focusing on hiring independent workers for short-term commitments through project-based hiring platforms like Upwork, Freelancer, Pay Per Hour, etc. This trend will be helping the staffing business to get their ball rolling while also managing the costs well to get the business back on track.
Many businesses have already embarked on their journey to embrace these trends fully and incorporate the required transformation to thrive in the post-COVID-19 future. Have you?