5 Staffing Franchise Industry Trends You Should Know
Markets are not static, and businesses who refuse to adapt are quickly left behind. Read on to learn about 5 staffing franchise industry trends that could make or break your company!
The Staffing Industry Is One of America’s Fastest-Growing Industries
Though the Internet Era’s millennials like to tell us how quickly the technology sector is growing, the truth is that the staffing industry is booming. A recent study conducted by the Bureau of Labor Statistics (BLS) found that the employment services industry grew from 3.5-million jobs in 2004 to over 5-million in 2014. That’s nearly a 50% industry expansion over the course of a decade, and its growing faster and faster every day. Staffing franchise owners are seeing huge growth in profitability as the need for temporary staffing services and flexible work arrangements continues to increase.
The Demand For Industrial Staffing Will Persist For Years To Come
The BLS found that the industrial staffing sector employs more than one-third of all temporary and contracted employees. This trend will continue for the foreseeable future. Manufacturing companies are always looking for a dynamic industrial work force to “plug in” during seasonal rushes. With this in mind, industrial staffing services will be a strong focus for staffing franchise owners and job-seekers alike.
Unemployment Rates Will Recover Slowly
After two significant economic recessions in recent years, the job market took a serious hit. Though the job market is slowly recovering, unemployment rates remain high by historical standards. This is bad news for job-seekers, but good news for those invested in a staffing franchise. The correlation between unemployment and staffing franchise opportunity boils down to the size of the labor pool. When there are less people locked into full-time jobs, it means staffing franchises have more job-seeking candidates to choose from. Additionally, recovery economies tend to prefer temporary hiring to avoid the costs of benefits and the risk of employee turnover leaving companies high-and-dry. This means that more staffing franchise clients will be willing to hire on temporary workers, which is great news both for your staffing franchise and your labor pool.
Workers Are Moving Away From Full-Time Positions
Experts are anticipating a huge paradigm shift in the working world as more and more people move away from long-term positions with a single company. Though full-time work does offer some benefits, it is increasingly falling out of favor due to its inherent inflexibility and monotony. People don’t want to commit their lives to a single company and spend years walking into the same office to do the same work. Additionally, fewer workers are planning to retire early, aiming instead to take time off mid-career and “pace themselves” in this way through contract work.
Technology Is Making Some Jobs Obsolete, And Others More Important Than Ever
Technology has changed the workforce forever. Today, it is possible to collaborate with someone on another continent in real-time, making the idea of a “global workforce” a reality. While this has created new jobs, many others have been made obsolete by robotics and manufacturing technology. When planning for the future, job-seekers and staffing franchise owners should look closely at wholly “human” jobs that cannot be replaced by technology; senior care and medical staffing are two excellent examples of jobs that will stand the test of time (and robotics!).
You can get more staffing market information by visiting http://www.atworkfranchise.com