The Great Resignation Has Changed How Staffing Agencies Find and Retain Quality Contractors
The Great Resignation has even left its mark on staffing agencies trying to source top quality candidates to fill the constant surge of open opportunities for clients. Recent statistics show that approximately 80% of Millenial and Gen Z workers believe it’s okay to leave a job after just six months. As a result, staffing companies aren’t just scrambling to find qualified contractors for their clients’ jobs — they are also struggling to retain these candidates on long-term placements or on multiple contracts.
Fortunately, there are opportunities for staffing agencies to hold on to elite candidates amid a dwindling talent pool. While offering competitive salaries and hourly rates is important, it’s not the only way to compel workers to stay. In fact, there are several factors that today’s workers value beyond a steady paycheck. Knowing and implementing specific strategies, processes, and programs can help staffing companies set themselves apart from other agencies and drive retention rates with their best candidates. Some useful practices include:
Improve Onboarding
First impressions are important for staffing agencies — and onboarding can make or break an employee’s experience with your organization. Studies show that “93 percent of employers agree a good onboarding experience is critical to influence a new hire’s decision to stay with the organization.” Additionally, statistics show that 1 in 10 workers have left a company due to a substandard onboarding experience. Unfortunately, more than 33 percent of U.S. companies don’t currently have a structured onboarding process for new hire employees. Offering candidates a thorough and seamless onboarding process can streamline back-office operations such as payroll, benefits sign up, and insurance coverage. More importantly, a hiccup-free onboarding process can go a long way in encouraging contractors to stay with your staffing company.
Encourage Work/Life Balance
Worker burnout has played a significant role in employees leaving their jobs during The Great Resignation. Recent studies on work/life balance showed that 89 percent of HR professionals saw an upswing in worker retention after implementing flexible work policies to help employees achieve better work/life balance. Additionally, more than 25 percent of surveyed workers who believed their company didn’t support work/life balance planned to pursue a new job within two years. Taking the time to understand a client’s work culture for submitted applicants and providing contractor perks that support a work/life balance can all encourage candidates to stay longer with your staffing company rather than checking out your competition.
Expand PTO Package
A comprehensive paid time off (PTO) package can significantly impact how your candidates view your staffing agency. A competitive paid time off program adds to your company’s overall compensation package, helping to attract new talent and retain current contractors. When developing a PTO policy or PTO donation program, it’s important to understand both state and federal regulations to ensure your staffing company maintains compliance at all times.
An Experienced Employer of Record Can Help Drive Retention at Your Staffing Company
As a qualified, innovative Employer of Record (EOR), Headcount Management’s back-office solutions streamline onboarding, payroll, tax, and compliance requirements to drive employee satisfaction and retention. Schedule a time with a member of the Headcount team to learn more about using our customized EOR solutions in your staffing agency. Be sure to download our latest digital guide, How to Stay in Compliance: A State-by-State Guide to 2021 IRS PTO Regulations, to learn more about paid-time-off compliance across the country.
