During the Great Recession of 2008, a total of 2.6 million jobs were lost as a result of the damaged economy. Since then, buyer confidence has been on a steady rise, creating a greater demand for goods and services.
Due to the healthier economy, unemployment rates have fallen and are now where they were 10 years ago. Staffing needs are growing too, but with a different set of challenges than in 2005. Here are some top things to consider when looking at how the U.S. economy impacts your staffing:
- Labor Force Participation Rate: While unemployment may be down, the labor pool is hurting. With the labor force participation rate at about 62 percent, the amount of individuals working or looking for work is at its lowest in decades. This means you may have trouble finding the right candidate for a position, making it important to seek help when recruiting and hiring to maximize your chances of landing the ideal employee.
- Competition: As the economy and your business improves, so does your competition. This makes attracting and retaining job seekers much more difficult, and even puts pressure on your turnover rates. Working with a staffing agency can make the most your efforts with better recruiting tactics and a wider reach of applicants.
- Temporary Work: When there are low labor force participation rates, temporary staffing can become a viable option to fill your employment needs. U.S. staffing agencies employed an average of 24 million temporary and contract workers per week during Q2 2015, with each one eager to help your business. Hiring temporary workers can help you during high demand times without having to deal with the expenses of full-time workers.
At AtWork Group, we’ve been providing companies with staffing solutions for decades, and understand how the economy impacts the needs of our clients. Even if demand is high, your business can still struggle, so make sure you have the workforce appropriate to handle the need. Contact us today to find the right staffing solution for today’s economy.