You’re probably aware of the rise of the gig economy by now. Not only is the term buzzing everywhere in the business world, the temporary and contract workers that make up the gig economy are fast becoming a global norm. Your staffing agency stands to benefit greatly from the gig economy and its talent in various industries.
The key question to ask, however, is whether your staffing agency is leveraging the gig economy. If your answer is “no” or even “not yet,” it’s time to make a change. Leveraging the gig economy can mean the difference between running an agency that struggles to survive and running one that’s sustainable long into the future.
Tapping into the Gig Economy Means Gaining a Talent Pipeline
Let’s say your staffing agency only offers permanent solutions for a specific niche. While this isn’t a bad business situation to be in within the staffing industry, your risk for productivity slowdowns during off-peak seasons is much higher. You also might have a much more limited base of candidates to select from for your clients.
When you leverage the gig economy, your agency gains a talent pipeline—a vital asset for any agency aiming to become sustainable. Talent pipelining allows your agency to become more attractive to potential clients by giving you the ability to fill work orders quickly and with versatile talent; you’ll have more than enough time to evaluate your talent for cultural fit before the right client comes looking for it from your agency.
All the above is possible because the gig economy is packed with skilled recent grads and passive candidates seeking more work-life balance or a supplementary income.
Expand Your Staffing Solutions
With access to the gig economy comes the ability to add contract staffing to your staffing solutions and unlock a lucrative revenue stream. While your niche specialization is what clients will seek you out for, there are more clients you might not be reaching because your staffing solutions are too limited. Especially during the holiday season and the summer, potential clients are seeking skilled contract workers to fill gaps caused by staff on vacation or personal leaves.
There are other major benefits associated with offering contract staffing as well, one of the chief ones being that you will retain more clients. When your agency becomes known for its productivity and consistently high-performance rate by offering skilled contract workers, you strengthen the bonds with your clientele. Repeat business is excellent for improving your business brand and by extension brand loyalty, which is important to attract today’s brand-conscious clients.
Generate More Revenue
Growth, of course, isn’t all there is to leveraging the gig economy. Your agency also gains the opportunity to reduce its costs when you access temporary and contract talent. Many businesses prefer to hire temporary and contract workers. Being able to offer a flexible solution for your clients’ business demands is important. We’re living in an age where constant digital transformation often leads to businesses needing to scale up or down in an agile manner.
The gig economy can give you a steady flow of candidates in your talent pipeline and enough clients to increase revenue. When you’re able to more than cover the overhead for your staffing agency, you’ll know that your business is able to stay in the industry for the long term.
So, make sure you strongly consider leveraging the gig economy and the benefits it has to offer.