Mid-Year Checkup: A Rollercoaster Riding a Tightrope
We recently got our hands on Staffing Hub’s “State of Staffing 2023 Mid-Year Pulse Survey,” and let’s just say, it’s a must-read for anyone in our line of work. There’s some truly great insight for hiring managers across the spectrum, so we thought we’d share some key takeaways and our thoughts on what it all means.
The survey included 104 staffing professionals from various sectors, including industrial/logistics, IT, and office/clerical/administrative. Most agencies had revenues up to $24 million per year. It’s a diverse playing field, and that’s what makes these insights so valuable.
A Rollercoaster of Optimism
At the start of 2023, staffing leaders were cautiously optimistic, with a whopping 85% projecting growth. Fast forward six months, and the picture is a bit more nuanced. While the unemployment rate remains low at 3.6%, the industry is still down 10% year-over-year. It’s like sailing in choppy waters — keep your eyes on the horizon but be ready to adjust your sails.
An Economic Tightrope
Opinions are divided when it comes to the economy. Some are waving the red flag of recession, while most business leaders are more optimistic. And let’s not forget the Q2 GDP, which came in at a higher-than-expected 2.4%. So, what’s our take? We’re cautiously optimistic, but we’re preparing for any economic curveballs.
What’s the Game Plan?
Here’s where the rubber meets the road. A majority (57%) expect their business to grow in the second half of the year. However, it’s worth noting that more than half have revised their growth projections downwards. It’s a mixed bag, but we’re all about turning challenges into opportunities.
The Hurdles Ahead
Finding new clients and job orders has emerged as the biggest challenge, followed by finding candidates. It’s a bit of a switcheroo from the usual trend, where finding candidates was historically more challenging. But hey, challenges are just opportunities in disguise, right?
Tech on the Backburner?
Interestingly, only 13% of respondents plan to change their Applicant Tracking System (ATS), and just 22% plan to implement other staffing software. While technology remains a cornerstone for success, it seems like new tech implementations are currently on hold.
Wrapping It Up
So, there you have it—a snapshot of the staffing industry as we head into the latter half of 2023. We’re taking these insights to heart as we continue to provide top-notch staffing solutions for our clients and candidates. We’re optimistic, agile, and ready for whatever comes next.
Let’s get to work…