Staffing Agency Loans

9 Ways to Compare Staffing Agency Factoring Companies

Expertise in recruiting, hiring and placements and customer service sets the best staffing companies apart from their competitors, and the same holds true for the best staffing agency factoring companies. Here are the questions to ask when considering which invoice factoring company to choose.

What the Best Staffing and Temp Employment Factoring Companies Do

The business model of most staffing agencies and temporary employment agencies makes invoice factoring almost a must-have financing tool. With time, money and payroll expenses preceding client payments by weeks (or even longer), factoring staffing invoices can provide an employment agency with improved, more consistent cash flow, the money needed to cover operating expenses and payroll, and funding that can be reinvested more quickly to help the agency grow.

Find out more about invoice factoring for staffing and temporary agencies here.

Evaluate Staffing Agency Factoring Companies by 9 Measures

Companies that factor invoices for temporary employment agencies and staffing agencies have policies and contracts governing the way that they do business. These practices can vary widely and there can be all kinds of hidden fees or potential penalties in the fine print.  It is important to ask questions and read the fine print that resides in the contracts and agreements staffing agency factoring companies require clients to sign.

Depending on which terms are most important to your agency, we can design an agreement for your agency with these types of characteristics:

1. Retain Control: Factor only when it is in the best interests of your staffing agency! You will not be required to factor a minimum number or dollar amount of invoices. Plus, you may have the option of retaining control of sending invoices or delegating the work of generating and mailing invoices to the factoring company, thereby reducing the amount of money and time needed for receivables management in the process.

2. Professional Customer Service: A high level of service and performance earns client patronage and referrals.

3. Competitive staffing agency factoring fees and factoring with low or even no holdbacks.

4. Competitive Advances: Clients often receive up to 95% of the face value of invoices factored (or even higher on large invoices or with volume discounts).

5. No Long Term Contracts: No requirement to sign long term contracts; we  want to earn your repeat business and referrals through performance.

6. No Early Termination Fees or Hidden Auto-Renewal Windows: Check the fine print! Some factors charge hefty early termination fees and hide other penalties in auto-renewal windows that might require as much as 120 days advance notice. Early withdrawal penalties are often as high as 10% of a client’s line of factoring credit, making them almost un-payable.

7. Non-Recourse Factoring: Non-recourse factors assume the credit risk for invoices purchased, which reduces (or completely eliminates) the client’s financial risks from bad debt.

8. Fast funding with no added funding fees.

9. Transparency—No hidden fees: Factoring agreements that are free of application fees, notification fees, reserve release fees, schedule or invoice processing fees, credit check or due diligence fees – any / all of which can drive up the real cost of receivables financing.

We understand that the way a company does business day in and day out is what builds their reputation and long-term success. So we offer staffing agency factoring programs that reflect the clients’ needs and preferences.

When we help you evaluate the pros and cons of staffing agency factoring companies, we work through questions like these so you can decide which agreement is best for your business. Use this checklist to evaluate which staffing agency factoring companies you should consider as a partner who can help you grow:

  • What is the factoring fee structure?
  • Can I get a free quote?
  • Are there costs for setting up my account or doing due diligence?
  • What are the terms?
  • How long does it take to get set up?
  • How quickly will I receive funding on factored invoices?
  • How do you evaluate debtors?
  • Can I retain control of my invoicing?
  • Do you have monthly minimum requirements?
  • Will I have to sign a long term contract?
  • Is there a penalty for early termination?
  • Is there an auto-renewal window?
  • How fast can you process invoices?
  • Can I get fast funding?
  • Do you charge for processing invoices or schedules for payment?
  • Can I get credit checks on my customers?
  • Are you a non-recourse factor?
  • Do you have the capital to grow with me?

How Factoring Benefits Staffing and Temporary Employment Agencies

Let’s say that your agency has been working hard to land a big employer in your area, and they’ve finally given you a chance to earn their business. It is a great opportunity, but one that comes with financial challenges, too.

For instance, you may need to quickly flood several recruiting channels with new ads and place sponsored content on social networks. With applications coming in, you also need to interview candidates and conduct background and possibly even drug testing of all viable candidates. For those selected and placed, you will then need to meet one or even two payroll runs – all before your client’s first invoice is due!

This dynamic is unique to the temporary employment and staffing industry and makes invoice factoring such a valuable cash flow management tool for staffing agencies. Factoring invoices allows your staffing or temporary employment agency to access the money that is locked down in accounts receivables.

Leveraging assets on the books frees up working capital for faster reinvestment in the agency and ensures your agency will have the money needed to meet payroll and cover expenses such as the advertising and marketing costs incurred to attract new employers or fill your talent pool with qualified candidates. Here’s how it works:

  • Complete services for a client and generate an invoice, then factor the invoice for a small fee.
  • Receive a fast advance of a large percentage of the face amount of the invoice, with any remainder held in reserve (a.k.a. “a holdback”)
  • Your customer remits full payment, then any reserve (or holdback) amount is returned to you.

In addition to the immediate benefit of improving cash flow, your staffing agency also benefits in other ways by factoring invoices. Factoring with a non-recourse factoring company reduces – or even eliminates – your organization’s financial risk from bad debt.

Factoring means less time and resources needed to manage receivables and perform collection-related tasks. Plus, having more money on-hand could allow you to negotiate better terms with your suppliers or extend more favorable payment options to your customers, creating a competitive advantage.  Take the next step and work with one of the best staffing agency factoring companies.

Request a quick quote! This service doesn’t cost you anything, but it will save you time and you can take advantage of our expertise to assist in evaluating proposals.

Marketing ideas for your staffing agency

5 Staffing Agency Marketing Ideas that Add Value

For the past several years staffing employment grew faster than the economy and employment overall. Here are five staffing agency marketing ideas that can help your agency stand out from the rest of the pack – and make it indispensable to your clients.

Add Value for Employers with Five Staffing Industry Marketing Ideas

According to IndustrySelect.com (and despite the negative impacts of COVID-19 on the U.S. jobs market in 2020) the forecast for the staffing industry is projected to be $126.1 billion in 2020. While this represents a 17 percent decline from the previous year, it is still 4 percent higher than the original estimate of $119B.

With the economic recovery of the last decade came opportunities for recruiters, temporary employment and staffing agencies to rebound, big time. Not only were more jobs available overall, but many employers, unsure of how quickly the recovery would happen and whether it would last, were hesitant to hire regular employees, and so opted for temporary workers instead. It is reasonable to expect continued opportunity for temporary employment agencies as the economy comes out of COVID-19 slowdowns and shutdowns, since employers may be uncertain for some time what their “new normal” number of employees and jobs should be, or to hedge against additional short term temporary closures.

5 Ways to Make Your Staffing Agency Indispensable

1. Look for value beyond the skill set

As a staffing agency recruiter, you (or your software) may scan hundreds of resumes relative to the skills, software, and specialties of candidates. Bring candidates to the table for temporary employment or temp-to-hire placement opportunities that have what it takes not only to do the job, but who will enhance the culture of an organization, and who may possess valuable skills beyond those specified in the job description.

The more often you place candidates that produce well, bring additional value to and fit well within an organization, the more likely it is that employers will turn to you when the next hiring opportunity arises.

2. Network to fill your back pocket

Hiring can be an expensive, time consuming process. Temporary employment and staffing agencies that network well can create a pool of individuals who, while they may not be actively looking for a new position, would be open to considering a change for the right opportunity.

Reach out to already-employed people, not just those who are actively looking! 35 percent of workers say they would change their field of work if they lost their job. That means that more than 1 in 3 people currently employed might be interested in changing jobs if they had an opportunity to do something they are more interested in doing, or which represents a better path for professional growth in the future.

Being able to serve up one or two quality candidates for potential openings immediately could easily make your staffing agency more valuable to employers when the need to fill a position quickly is paramount.

3. Write better recruiting copy

When you have an awesome job opportunity to fill or an outstanding employer to recruit for, why would you write boring, cliché, job description-like copy? Set your staffing agency apart by writing recruiting copy that engages top candidates and creates intrigue so that they want to know more. Plus, when you talk up the brand of an employer in creative copy, you are telling candidates that you think the employer’s brand is just as special as they believe it to be!

4. Soften your approach

If you only reach out to employers with sales calls and emails, you are doing it wrong. You might get lucky by hitting someone up at the moment they need to fill a position once in a while, but you may well turn off the vast number of contacts on your list.

Soften your approach with employers and think about nurturing relationships instead of pursuing accounts. Reach out with information that people can use to build their businesses – interesting articles about their industries, information about their competitors they might not be aware of, and so on. Become so interesting and helpful that your clients will welcome your phone calls and open your emails and will keep you top of mind when opportunity arises.

5. Specialize

Instead of casting a wide net, carve out a name and a niche for your staffing agency by identifying industries which are emerging or evolving, which are underserved, or even better understanding which industries your own firm’s expertise is best-suited to serve. When you become the “go-to” for certain industries or certain types of temporary job openings, you build top of mind brand awareness that is invaluable in providing your staffing agency with opportunity to get the first shot at filling opportunities.

Many past temporary hires turned into regular employees as employers developed more confidence in the economy. While the job market rebounds, competition will also increase among staffing and temporary employment agencies as well.

For staffing and temporary employment services firms, competition can be a good thing! Not only does it reflect more opportunity overall, but competition can light a fire when it comes to continuous improvement within a staffing agency. For temp services and staffing firms that want to create a competitive advantage, it is vital to identify areas where they can become indispensable to their most valuable clients.

You might also like: Benefits of Factoring Staffing

 

7 Ways Staffing Agencies Can Cultivate a Niche and Grow

7 Ways Staffing Agencies Can Cultivate a Niche and Grow

While it might seem counter-intuitive, staffing agencies that narrow their marketing focus could spur faster growth. Here are seven ways to carve out a staffing agency niche to grow your staffing, recruiting or temporary employment agency.

A Niche for Staffing Agencies – Narrow Your Focus to Expand Your Client Base

With a super-competitive staffing industry and double-digit growth projected in 2021, it’s more important than ever that staffing agencies carve out a niche where they can excel and thrive. With that in mind, here are seven ways that temporary employment services firms or staffing agencies can identify a niche where they can make a name for themselves and grow.

7 Ways to Cultivate a Staffing Agency Niche and Grow

Grow with seasonal staffing opportunities

Look for businesses that have seasonal ebbs and flows. These are the types of businesses that may also benefit from outsourcing to staffing agencies or using temporary workers instead of hiring their own employees.

Seed the market with PR

You can play a part in strengthening your own agency’s reputation by using PR tactics strategically. Publishing press releases helps to position your agency as an expert resource in a given employment niche. Likewise, placing ads and advertorial articles or writing general interest articles for publication in trade magazines can help to reinforce your agency’s reputation in industries where you want to carve out a niche for your staffing services.

Put your ear to the ground

Many of the most successful businesses became so because they were able to identify and act on emerging trends early on. Make sure that you are on the look-out for emerging new industries or industries that are evolving where your staffing agency can gain ground before competitors become aware.

COVID-19 might have put a damper on staffing industry growth in 2020, but there are several industries that are growing now and which are set to grow post COVID-19, such as:

  • Technology of all kinds – online meeting platforms, online e-education, online and remote work apps, etc.
  • Medical and healthcare staffing
  • Cloud computing and storage
  • Web and app development
  • E-commerce
  • Cybersecurity
  • Logistics, transportation and supply chain

Plant new locations for future growth

Communities and neighborhoods zoned for industrial and commercial development, or which may be expanding with tech companies may also represent locations where having a physical office for your staffing agency would give you a leg-up in booking new business.

Attract and engage with digital content

Just like consumers in general, B2B buyers often start their buying journey online and many even expect to be able to complete the buying process online in a digital self-service environment. Cater to digital B2B shoppers and buyers in the industries you most want to serve with a website that is optimized for search and blog articles that attract search and social media traffic and shares among those niche target audience members.

Dig in deep by increasing numbers of followers and subscribers

While some organizations that need temporary workers or staffing services may engage in short or only occasional buying cycles, others may need to be convinced of the benefits of outsourcing over time or may need a consistent stream of temporary employees. Gain and maintain top of mind brand awareness for your staffing or temporary employment services by constantly increasing the number of social followers and subscribers you have within your desired niche industries.

One way to do this is by consistently providing followers with added value in the form of email newsletters and social status updates that pertain to their industries. You may also be able to build your networks quickly using tactics that require online registration, such as contests and whitepapers.

Pre-seed the marketplace

Universities, colleges, vocational and trade schools, unions and even high schools are all representative of organizations where you can build your reputation within a staffing niche by pre-seeding the marketplace; i.e., introducing yourself to the people who represent the candidates and employers of the future, as well as the present.

You might also like: Benefits of Factoring Staffing

Staffing Industry Analysts say that while 2020 staffing is down from 2019 (due mainly to temporary job losses because of COVID-19) the forecast for 2021 is bright. SIA projects 11% growth in temporary staffing revenue and 19% expansion in place & search in 2021. With increased demand for temporary workers comes an influx of new agencies among temporary employment and staffing services.

In a more competitive landscape, temporary employment service firms and staffing agencies must develop strategies that help them grow, and they must be on top of their game. One way to become more profitable is by finding a staffing agency niche that allows them to successfully attract the best candidates for placement so they can build a strong reputation among employers.

 

7 Low-Cost Staffing Marketing Ideas Can Put Your Agency on Top

7 Low-Cost Staffing Marketing Ideas Can Put Your Agency on Top

As the job market rebounds, competition will heat up among staffing and temporary employment agencies, too. Here are seven low-cost staffing marketing ideas that can help you put your staffing agency ahead of the competition.

Land More Leads with 7 Low-Cost Promotion Ideas for Staffing Agencies

It should not come as a big surprise that the staffing industry is a fiercely competitive marketplace at present, given the rebound in the job market of the past several years. In fact, the U.S. Bureau of Labor Statistics has predicted that the staffing industry will grow faster, and add more jobs than nearly any other industry over the next decade. With competition high for landing easily place-able candidates as well as employer job listings, here are seven staffing marketing ideas that can help develop competitive advantages for your staffing agency, temporary services firm or professional recruiting services.

7 Low-Cost Staffing Marketing Ideas for Employment Agencies

Maximize Free Marketing Channels

Web content optimized to attract your ideal candidates or employers, social media, and good old-fashioned in-person networking with local business groups, Chambers of Commerce and other civic organizations can go a long way to building relationships with employers that put position openings on your books. Likewise, they can connect you with executives and other individuals whose skills are in high demand, so that when they are ready to make a move, they already know who to call.

Fill the Pipeline – Get As Many Subscribers As Possible

Every phone, web or email inquiry is an opportunity to add a new contact to your database. Every business card collected at a networking event represents a potential new subscriber. You can also use contests or gated web content such as white papers, videos and reports to bolster the size of your contact database over time.

Cultivate Relationships with Influencers

Formal influencers like HR staff and executives aren’t the only way that you can source listings. Thanks to social media, it’s never been so easy to find people who are willing to share social posts they feel might interest their own networks. Make sure your social posts reference cities or geographical areas and encourage people to share them with their own networks.

Reinforce social shares with a thank you, retweet, tag or mention (which will also increase their reach). If influencers produce real business with you, thank them with a gift card or some other small gesture — reward behavior you want more of!

Survey Client Satisfaction

It’s vital that you take the temperature from time to time when it comes to client satisfaction. Even long-term client relationships can go south quickly with a bad placement or failure to deliver fast enough. Clients may have new leaders who want to work with other agencies. Even if you do everything right, there could be client discontent brewing for many different reasons.

Be Present in the Community

If you are waiting for business to come to you, chances are you are being out-hustled by recruiters who are willing to roll up their sleeves and participate in community events, networking groups, churches, schools, charitable endeavors, Chambers of Commerce, and other activities in order to give back and build a strong network in the process.

Beat Your Competitors When it Comes to Following Through and Following Up

Placing your star candidate or putting the right person on the job for an employer isn’t enough; it’s simply meeting expectations. Go the extra mile in your process by doing more (whether that means prepping candidates better, completing the employer’s side of the paperwork, etc.) than competitors are doing. Don’t be afraid to come right out and ask your clients what else you can do to add value to the process. And once the placement is made, follow up as though your job depends on it, because the next job listing just might!

Thank you notes, “how did we do?” type of inquiries, solicitation of feedback by email initially and a few weeks later can all be invaluable relationship builders that let the client know you truly care about whether you provided a solution that brought them the success they wanted.

Stay in Touch Longer (Well, Forever)

Candidate placement and closing of the job ticket isn’t the end of the staffing marketing process; hopefully, it’s just the beginning of a long-term relationship with both the candidate and the employer. Stay in touch by moving contacts to a staffing marketing list that will put helpful tips, cartoons, entertaining stories, items of interest or added value into their inbox every few weeks over time.

The candidate you placed today may be looking for a new opportunity a few years down the road. The employer who hired them may not have other openings now, but 6, 9, 12, or 36 months later, they might be growing so fast that they can’t keep pace. Transitioning from a sales-oriented to a relationship-building staffing marketing plan is essential for clients or candidates “after the sale.”

Whether you are looking to attract job candidates or want to land more employers onto your staffing agency list of clients, these staffing marketing ideas can help. Add these staffing marketing ideas to your agency’s strategy to grow your temporary services firm, staffing agency or recruiting services.

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As a top staffing factoring company we are pleased to offer low staffing factoring rates, high advances and fast funding for staffing payroll loans and to help you grow your employment agency more quickly. Get a free staffing factoring or payroll funding quote:

5 Ways Staffing Agencies Can Cash In On Seasonal Holiday Hiring

5 Ways Staffing Agencies Can Cash In On Seasonal Holiday Hiring

The coming holiday season promises another increase in consumer spending, and staffing and recruiting agencies can benefit as well as retailers. Here are five ways recruiters, staffing and temp employment agencies can get a piece of the holiday hiring pie.

‘Tis the Season for Holiday Hiring

Retailers, distributors and shipping companies are about to beef up staff, big time, in anticipation of another banner year for holiday ecommerce sales and many of them are going to turn to staffing and temporary employment agencies to get the job done. Amazon, Target and UPS will be hiring hundreds of thousands of seasonal workers this year.

And job seekers are interested, too. RetailDive reported “according to a recent Indeed holiday hiring survey, holiday job searches per million job seekers rose 11% in August from the year-ago period.” While some companies will create their own hiring systems, others will turn to temporary employment, staffing and recruiting agencies for help filling seasonal jobs.

5 Ways to Help Your Staffing Agency Grow by Satisfying Holiday Hiring Demand

1. Build a large pool of potential seasonal workers ahead of time.

Any of your current and past contacts could be looking to make a change or willing to take on a second job during the holidays, even if they are not technically looking for a new job. Reach out to your contacts now and ask for referrals as well.

Set up an online form just for people interested in seasonal work with a short application and create an expedited version of your normal recruiting and hiring process so that when opportunity knocks, you have a long list of potential seasonal workers who are ready to hit the shop floor – or warehouse floor – running.

2. Use invoice factoring to finance expanded recruiting and hiring activities.

Having a list of candidates who have already been vetted could give your agency a competitive advantage during the holidays that extends into repeat business next year. Job ads, background checks, time spent interviewing candidates and checking references – it all takes time. You might even need to hire your own seasonal help just to handle the increased workload it will take to build a large pool of seasonal workers.

Invoice factoring speeds up cash flow and gives you access to working capital that is tied up in client invoices; this is working capital that you can then deploy to ramp up recruiting efforts and develop a pool of seasonal workers who are ready to go to work immediately. Even if you are already factoring, we would be happy to provide you with a quote for staffing invoice factoring to ensure that you have the best cash flow solution in place for your agency.

3. Keep quality standards high.

Yes, you want to have a pool of candidates large enough to quickly meet employer’s demands for temporary workers during the holidays, but that doesn’t mean low-quality seasonal workers should get through the door. Your value as a temporary employer, staffing agency or recruiter lies in saving your clients time and money after the worker hits the floor. Any time a client has to deal with a less-than-stellar placement, the cost of using your services goes up, and your value to the client goes down. Don’t skimp on quality of candidates even during the holiday seasonal hiring rush.

4. Point out the value of getting a foot in the door.

If your initial call for seasonal workers doesn’t produce the number of potential placements you envisioned or you are looking to get a few really stellar candidates to consider seasonal work, remind contacts that the road to getting their dream job at their dream company might start by getting their foot in the door as a seasonal holiday worker.

5. Send out a packet of potential seasonal worker resumes.

You’ve got a pool of seasonal holiday hires ready to place; now what? In addition to reaching out by phone and email to clients, put together a marketing packet that highlights the number and quality of candidates that you have who are ready to rock and roll, by speaking to candidates backgrounds and experience, and using testimonials from their references – think of it as a holiday staffing catalog and design it accordingly as collateral that you can use throughout the holidays online and off.

4 Ways Staffing Agencies Can Attract Top Talent Online - Infographic

4 Ways Staffing Agencies Can Attract Top Talent Online – Infographic

It’s not what you know or who you know, any longer, that gives job candidates the best chance of landing a dream job. Since job seekers say the internet is their most important resource, staffing agencies that want to attract top talent need to master the digital channels candidates are using today.

Internet, Not “Who You Know,” Best Resources for Job Seekers

Several years ago a Jobvite.com infographic featured by The Undercover Recruiter claimed that employee referrals dominated when it came to the channels job seekers found most effective in landing a new job. While career websites made the list of top five, twice as many attributed hires to referrals than career sites, and nearly three times as many said that having someone on the inside was more effective than job boards.

Staffing Agencies –  Master Digital Hiring Strategies to Attract Top Talent Online

More recent data published by The Boston Consulting Group and Recruit Works Institute on staffingindustry.com says those numbers have flip-flopped, as more candidates not only use the internet to find new jobs, but rank it as the most effective job search channel as well. When asked which channels they used to find a new job, candidates listed the following:

  • 55% – Internet job sites
  • 36% – Paper media
  • 33% – Referrals from people they know
  • 24% – Direct inquiry
  • 20% – Public services
  • 17% – Permanent placement employment agencies
  • 17% – Temporary placement employment agencies
  • 9% – Alumni networks
  • 7% – Job training programs

It’s no secret that people who are serious about finding a new job or just casually looking around to see what type of opportunities are available use the internet to discover position listings. While having someone on the inside who is willing to recommend you to a hiring manager is certainly a plus, data shows that a majority of candidates are uncovering and landing new jobs on their own. In the U.S., candidates said that the most effective channels in helping them obtain a new job as:

  • 35% – Internet job sites
  • 20% – Direct inquiry
  • 19% – Referrals from people they know
  • 9% – Paper media
  • 4% – Temporary placement employment agencies
  • 3% – Permanent placement employment agencies
  • 3% – Public services
  • 1% – Job training programs
  • 4% – Alumni networks

When it comes to getting a job, it turns out that it’s not who you know, it’s what a talented candidate knows how to find online that matters most. Staffing agencies can improve their ability to land the talented candidates they need to compete and grow by reaching the passive talent pool as well as those actively seeking new opportunities and by mastering use of the same digital channels job seekers are using to uncover job openings online.

Looking for Top Talent in All the Wrong Places?

While fewer than 20 percent of those in the job market (either currently employed or looking for a job) are engaged in a proactive job search, the real size of the talent pool is much, much larger. Jobvite’s 2018 Job Seeker Nation Study indicated that as many as 82 percent of employed workers were open to new job opportunities.

Presumably, the internet will continue to be main a go-to resource for candidates, and especially for candidates who are just exploring the job market in a more passive way, and who might not want colleagues to know that they are considering other opportunities. Not only will they use the internet to uncover open positions, they will also use the internet to research companies where they want to work or who have listed job openings that interest them.

Recruiters, staffing agencies and temporary placement firms that get top talent on-board – whether they are actively looking for a new job or just testing the waters – have an advantage when it comes to persuading hiring managers to take a look at their candidates instead of conducting their own recruiting and hiring process. Here are four digital channels your staffing agency should master in order to engage active and passive candidates, earlier in the job search process.

4 Ways Staffing Agencies Can Attract Top Talent Online

1. Optimize Your Agency’s Position Listings for Online Search

Staffing agencies should optimize their own position listings just as if they were web pages designed to get found in local search. Instead of thinking about the listing in terms of the position’s responsibilities or candidate skills and abilities desired, content should be written to make it more likely for the listing to be discovered by potential candidates in an online search.

  • Include keywords and phrases that job candidates would be likely to type into a search browser
  • Use keywords in meta titles and descriptions
  • Use headlines with keywords to help get found in search and draw the site visitor in when they land on the listing

2. Write Like Marketers, not Hiring Managers

Be interesting!  Candidates might read hundreds of position descriptions in the course of a job search. Write your online content so that it is engaging and memorable – or even entertaining. Send the message that the company you are representing is a great place to work and build a career. Talk about the organizational values that would make candidates a good fit for the employer. Create intrigue and interest.

3. Think Long Term Instead of One-and-Done

Build for the long term and get the opt-in.  Make sure there’s a way for site visitors to subscribe to updates about a position, even if they are not ready to submit an application. Keep it short and simple so that you can build your contact database and engage with local talent via email so that when they are ready, they turn to your staffing agency for help.

4. Use Social Media to Expand Reach

Social networks like LinkedIn are not just great channels where staffing agencies can publicize openings, they can also be used to network with both active and passive candidates. Building reach on social networks comes down to increasing numbers of social followers for recruiting and staffing agencies as well as individual recruiting professionals themselves. In addition to posting engaging content, staffing and temp employers can also sponsor posts and social media ads to increase their ability to attract talented workers.

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Where job seekers are looking for jobs online - infographic

 

4 Ws of Staffing Marketing Plans that Foster Faster Agency Growth

Attract Talent and Clients with the 4 W’s of Staffing Marketing

You might be familiar with the 4 P’s of Marketing (product, price, placement and promotion), but these four W’s of staffing agency marketing can help you grow even faster.

Is Your Staffing Agency Marketing Plan Creating Competitive Advantages?

With an economy humming along at virtually full employment, many hiring managers are turning to staffing agencies to help fill the talent gap. Fast growth rates in any industry tend to make them attractive for entrepreneurs and startups, which only means more competition for staffing agencies.

Traditional staffing marketing plans might be built around the 4 Ps of Marketing – product, pricing, placement and promotions. However, competing on these alone might not be enough for staffing agencies to create competitive advantages for their firms, let alone grow temporary placement services in light of an influx of new staffing and recruiting startups.

We came up with 4 Ws of staffing agency marketing that can breathe new life into your staffing marketing strategies and accelerate agency growth.

4 Ws of Staffing Marketing Plans that Foster Faster Agency Growth

Whitepapers

For B2B companies like agencies that provide staffing, temporary employment and recruiting services, whitepapers might provide a lot of bang for the buck. A survey of B2B marketing leaders in North America reported that whitepapers produced the most content marketing ROI.

Whitepapers and other types of content that can be downloaded does not just provide staffing marketers with an opportunity talk about their brand or agency services.  They can also act as long-term lead generating machines by driving the constant addition of new database contacts when some type of registration is required to download the content.  White papers might be especially effective for staffing agencies since content can be leveraged to generate leads by attracting either prospective clients or prospective new hires (talent).

Some of the types of content that can fulfill this dual-marketing role in helping to build both brand awareness and fuel a staffing agency’s email marketing database include:

  • whitepapers
  • industry reports
  • infographics
  • slideshows
  • videos
  • presentations
  • guides and how-to publications
  • case studies
  • ebooks

Webinars

Like whitepapers, hosting webinars and podcasts can provide your staffing agency with an opportunity to introduce itself to new prospects or help candidates and employers who are exploring options for temporary employment services decide which staffing agency they would most like to work with.

And like whitepapers, since registration is required, temporary agency marketers also reap the benefits of adding to their email marketing database.  After the webinar has occurred, marketers should have a plan in place for contacting registrants with an offer that motivates them to take the next step.

Workshops

Staffing agency-hosted workshops can be held in person at a physical location but may also be held as a virtual event.  Examples of workshops that might help attract more talent for potential placement include topics like resume writing, interviewing skills, leadership development, career advancement strategies, and so on.

Examples of workshops that can help an agency attract more potential temporary employers include topics such as current HR trends, ideas for new employee on-boarding, conducting performance reviews, enhancing employee engagement, creating career paths for budding leaders, and more.

Wisdom

Both candidates and employers have multiple options for finding job openings or attracting top talent.  Ultimately, what will set a staffing agency apart is the unique wisdom that its ambassadors have to offer.

Recruiters and staffing placement specialists need to get in the habit of reaching out via email and social networks with their wisdom – tips and advice they can provide that can help employers or job candidates be more successful.

It should be noted that this is usually going to be in the form of non-promotional communications and networking rather than in selling activities. It might be as simple as sending an interesting article or piece of news by email to a potential employer that gives them competitive insight or alerts them to a new industry trend.

Agencies that realize the power of long-term email marketing that is non-promotional in nature stand to gain top of mind brand awareness with both candidates and employers, so that when the need arises, they are the first to be contacted.

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We offer staffing factoring services that expedite cash flow. With improved cash flow from invoice factoring, staffing agencies and temporary service firms can reinvest in their business more quickly in order to:

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  • Take on larger client accounts
  • Have money on hand to meet temp worker payroll and expenses
  • Offset opportunities lost due to slow-paying customers

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Why Legal Staffing Agencies Might be the Next Big Thing

Why Legal Staffing Agencies Might be the Next Big Thing

Over the next 10 years, new jobs in the legal industry are expected to outpace many other industries.  Legal staffing agencies that master the art of filling emerging job opportunities in the legal field can grow more quickly than the rest.

Paralegal Jobs Outlook – 15 Percent Growth Expected from 2016 to 2026

The US Bureau of Labor Statistics predicts that more than 41K new jobs for paralegals will emerge between 2016 and 2026, resulting in industry growth of nearly 15 percent. The increasingly complex nature of contracts, copyright, ownership, the idea of intellectual property in a virtual world, and other legal agreements as well as the need for expertise in forming or disentangling unions of all types ensures that the services legal firms provide will be in demand for a long time to come.

Indeed, the very complexity of laws and regulations, the erasure of easy-to-define borders inherent in a digital world and many other factors are practically creating new jobs in the legal industry. As new legal specialties emerge so will firms, lawyers and a myriad of legal support roles. While some legal firms will elect to do their own hiring, some will turn to legal staffing agencies to fill open positions on an occasional or an on-going basis.

Emerging Non-Lawyer Legal Jobs Provide Even More Opportunities for Staffing Agencies

Legalcareers.about.com published a list of ten non-lawyer jobs that already exist in the legal field, and which they describe as “thriving.” Included on this list are:

  • E-discovery personnel (electronic discovery) staff who do research online and preserve and manage electronically stored information
  • Legal nurse consultants
  • Litigation support staff
  • Paralegals, both those that work in support of lawyers and who provide lawyer-alternative services
  • Trial consultants
  • Mediators
  • Jury consultants
  • Legal secretaries
  • Compliance Specialists
  • Court reporters

Related both to the legal field as well as law enforcement, forensic science techs, researchers and detectives also fall close to this list. In large firms, HR (human resources) directors often come from a legal background, or even possess law degrees themselves. The diversity of professional and support roles relative to these types of jobs is immense. Since demand for workers in these jobs can be expected to increase, staffing agencies that form divisions that specialize in staffing for these types of roles will be well-positioned to grow as well.

4 Ways Legal Staffing Agencies Can Increase Market Share

1. Become a helpful resource for legal firms and professionals before you start to sell.

Legal staffing firms that add value by turning their websites, social networks and email newsletters into a resource interesting to professionals in the legal profession can introduce their legal staffing services to both legal firms and prospective candidates alike. Building brand awareness by offering value in advance of asking for the sale often shortens the buying cycle and eliminates potential competitors.

2. Host networking events.

Networking events can act as mini job fairs, allowing employers to meet prospective placements in a social setting before bringing them on as temporary workers or regular employees. Since many legal jobs put individuals into direct contact with clients as well as internal staff at all organizational levels, getting a feel for how candidates may or may not fit within the organizational culture can reduce the chance that a candidate is placed somewhere they just don’t fit.

3. Offer a Unique, Beyond-the-Call-of-Duty Vetting Process

The attention to detail that is second nature to many in the legal field practically ensures that if you miss something critical in the candidate-vetting process, they are sure to discover it. When it comes to the way you recruit, interview, pre-screen and otherwise examine candidates for placement in legal jobs in your area, what can you do to make your process uniquely valuable to potential employers?

4. Partner with Schools and Students

Your legal staffing agency could ensure a steady stream of qualified, ready-to-place candidates coming out of law school and colleges who are looking for legal jobs right out of the gate by adding value and partnering with colleges, schools and other legal education programs. Hosting job fairs, sponsoring scholarships, providing guest lectures, paying for books or providing other student-amenities can all help ensure that you get first pick at emerging legal professionals and a chance to help them get their first job in the legal field.

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We offer legal staffing factoring services that expedite cash flow for legal professionals and law firms. Get more information or request a free, no-obligation proposal and find out how you can get immediate access to the money tied up in receivables, without waiting for clients to pay.

post-it note that states we are recruiting, for recruiting ideas article

3 Innovative Recruiting Ideas for Staffing Agencies

The recruiting and staffing landscape has never been more competitive. Agencies that want to land the best candidates need to stand out from the rest; these three innovative recruiting ideas for staffing agencies can help.

Innovative Recruiting Ideas for Staffing Agencies Can Set Your Services Apart

You aren’t likely to come across a job posting from a company or a staffing agency that says “ho-hum candidates wanted.” Without an innovative approach, however, your staffing agency runs the risk of looking just like all the rest, and that “rest” is growing quickly. The staffing industry grew by 4 percent in 2018. With the economy at full employment – and more job openings than jobs – the recruiting competition for staffing agencies in 2019 is tougher than ever before.

You might be concerned that your agency will have to spend a lot of money on advertising or gimmicks in order to become more successful at attracting top candidates. However, these innovative recruiting ideas for staffing agencies can help set your services apart, and they don’t have to break the bank to deliver a big return on investment.

3 Low-Cost Innovative Recruiting Ideas for Staffing Agencies and Recruiters

1. The Power of a Voice

Today’s technology makes it easy for everyone to see information all the time, but at the same time makes swiping information and updates away or deleting information from an inbox equally easy and immediate. Within seconds, people decide whether to read an update, comment or click on an image. Sites like LinkedIn make it possible for prospective candidates to find and connect with company and agency recruiters instantly; indeed, it’s not uncommon to see updates about position openings throughout the news feed on LinkedIn and other social platforms.

All of these voices have power, especially when updates come from people a prospective candidate knows personally, or when a “real employee” lends their voice to the recruiting effort by sharing a job post or positive reviews about what it’s like to work for their employer.

When information comes from a reputable voice a candidate will be more likely to click on the content, which then takes them to a company’s job posting or career site. The power of a voice – a real employee’s esteem for the organization they call home, can play a critical role in helping to engage and attract top talent to impact the future of the company.

2. The Impact of Personal Stories

For every job opening there is an employer, title, description and salary. While all of these can get the attention of talented candidates, it’s the culture of the organization, the growth opportunities for an employee, the neighborhoods where they might live or work, and the added perks that make life a little bit sweeter that truly engage.

Many companies recognize this is an advantage to gaining top talent, and so seek to engage candidates using short funny or inspirational videos in order to give prospective hires a peek behind the curtain. Although professional video production can be expensive, the cost to make your own short videos runs the gamut from free (using a cell phone, webcam or owned equipment) on up.

Amazon has released many videos that give candidates insights as what it’s like to be a part of the culture and what they to expect working at Amazon on a daily basis, such as this one titled What is it like to work at Amazon: Go Beyond the Badge with Janna.

This video was published in May of 2015 and since then has garnered more than 18,000 views. Another Amazon example is a video that talks about Seattle, where the company is headquartered, focusing on the e-commerce giant’s relocation package and why Seattle is a great place to live.

3. The Prove It Test

A “prove it test” is any type of test a recruiter might use to determine whether an applicant has the skills needed to succeed in a given role. When you combine the idea of a prove it test with a personal challenge, you create intrigue that can motivate ambitious, talented candidates to take action. Think of this as one of the few times “if you build it, they will come” might actually work.

In one example, when Google was recruiting engineers they put up billboards that simply had a white background with an algorithm listed. Those who responded on their website with the correct equation and then succeeded in additional problem solving online were then redirected to a final recruiting page. Giving proof to the message displayed to those who reached the final recruiting page that “One thing we learned while building Google is that it’s easier to find what you’re looking for if it comes looking for you,”

Google has continued to use unconventional recruiting techniques in order to attract the uniquely talented employees they are looking for. In another instance, the MGM hotel in Vegas put together their own version of the reality show Iron Chef to test the mettle of applicants for a top chef job at one of their best restaurants (MGM and Iron Chef Contest).

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We offer staffing agency factoring services and staffing payroll factoring with low fees – as low as 5% – plus free same day funding, with advances as high as 90%. Get a free, no-obligation quote to compare against your current factoring program or find out how our staffing agency factoring or payroll funding could help you grow your agency more quickly.

5 Benefits of Using a Staffing Agency to Improve Quality of New Hires

Staffing All the Way to the Bank – 5 Benefits of Using a Staffing Agency

Hiring costs for even an entry-level employee might be several thousand dollars. Here are five benefits of using a staffing agency that make them an invaluable resource for hiring managers.

Steep Recruiting and Hiring Costs Highlight Benefits of Using a Staffing Agency to Get Better New Hires

For hiring managers and business owners, turnover is a four-letter word. The cost of recruiting, hiring and training new staff – even entry level staff – can run into the thousands of dollars. In fact, data recently published on Investopedia.com indicates that the real cost of hiring a single employee at just $8 per hour could be as much as $3,500.

Of course, that’s only the cost of making a good hire. The Society for Human Resources Management (SHRM) estimates that the cost of making a bad hire could be as much as 5x their annual salary, and that number goes up the longer they remain in the position.  Among the benefits of using a staffing agency are reduced direct costs when it comes to hiring activities and the ability to get better new hires from the start.

5 Benefits of Using a Staffing Agency to Improve Quality of New Hires

1. Focus

Working with a staffing agency allows your team to stay focused on the tasks and tactics that make your business most profitable. With fewer tasks to be completed in-house, distractions are minimized. Let a staffing agency do the busy work of filling your candidate funnel and eliminating those who are not qualified or who are not likely to be a good fit for your company’s culture.

2. Expert Advice

Staffing agency recruiters are trained and experienced experts who can efficiently sift through the hundreds – or even thousands – of responses your job posting may solicit and bring you a short list for consideration. What’s more, their insights about candidates or their resumes can be invaluable in helping you decide which candidates should make the cut and move on to an interview.

3. Better-Informed Candidates

Few things are more frustrating within the recruiting and hiring process as moving a candidate all the way through the process to the point of making an offer, only to discover that they had unrealistic expectations about the job, its salary range or responsibilities. One of the benefits of using a staffing agency is that they give candidates information about your company and the position ahead of time, so that candidates who want to self-select out of the process for any reason can do so, saving you time and resources in the process.

4. Pre-Screened for the Fast Track

Recruiting and hiring processes can take months! You can short-cut the process by working with staffing agencies who have already recruited, interviewed and pre-screened candidates who can be in place within a day or two, instead of weeks or months.

5. Try Before You Buy Options

Having the ability to work with candidates on a trial basis as temporary employees placed through a staffing agency gives you the opportunity to bring in top talent and see how they fit within the team and perform without making a long-term commitment. It can be equally positive for candidates themselves as they have a chance to find out whether the job and your corporate culture is a good fit for them. If you have experienced the pain and high cost of making a bad hire, this reason alone might make the benefits of using a staffing agency preferable to doing the recruiting and hiring yourself.

Benefits of Using a Staffing Agency – Calculating the Cost of a New Hire

The cost of a new hire is far greater than the cost of posting position openings or running a new hire screening, and not all costs can be measured in dollars. For instance, how can you calculate the negative impact of turnover on an understaffed department, or time lost to productivity when new hires are shadowing other employees?

If you are trying to come up with the real cost of recruiting and hiring in your organization in order to weigh the benefits of using a staffing agency against completing the work in-house, here are some costs to consider:

  • Time spent writing job post ad copy
  • Time spent researching job boards, social networks and publications for placements
  • Cost of placing position openings in print and online job boards
  • Time spent reviewing submissions, monitoring all placement channels and responding to applicants
  • Resources (time, money and materials) spent on written responses to applicants
  • Time spent doing pre-interview phone screenings and setting up interviews
  • Time spent conducting interviews and lost productivity for interview participants
  • Time spent conducting reference checks
  • Time and resources spent on pre-employment screening/s
  • Food, beverages, lodging or travel costs
  • Cost of reimbursement for parking or transportation

It’s a lot! When you begin to tally up the cost of time spent on-boarding new hires, doing paperwork, setting up payroll and benefits, completing training and lower productivity while they get up to speed, you can begin to understand the high cost of employee turnover and better appreciate the benefits of using a staffing agency, especially when it comes to improving the cost of new hires.

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