There’s no better time to be in the temp recruitment industry. The gig economy is booming in Canada, and for the millennial generation (the largest percentage of the current workforce) workplace flexibility is considered the norm. But there’s a catch, as you might’ve noticed—competition is fierce in the staffing industry and only the best agencies can compete with the big staffing firms.
Streamlining your daily operations is vital if you want to maximize your resources and (by extension) expand your profit margins. Here are three tips that will help you eliminate temp agency issues.
1. Invest in Recruitment-Focused Software
We know you might find this first tip a tall order when you’re just starting out as a temp agency. However, keeping up with more established agencies (whether big or small) will be impossible without the right technology. Investing in proprietary software that’s focused on the day-to-day admin issues of your agency is about ensuring your recruiters can optimize their performance levels.
Without technology, your recruiters will miss out on talent because they won’t be able to engage with candidates fast enough due to red tape and inefficiencies in the recruiting process.
A good applicant tracking system, with client relationship management and payroll features, is vital to steadily improving your staff performance levels. Invest in recruitment software that streamlines your daily operations.
2. Engage Canadian Compliance Experts
This tip is useful for both foreign and Canadian agencies in the staffing industry. A tricky aspect of running a successful temp agency lies in being vigilant about compliance with Canadian business laws. Your agency’s profits can disappear if you’re uncompliant. Whether it’s due to a simple matter of overtime regulations or something more complex as employee misclassification, you could face not only thousands of dollars in monetary fines but prosecution as well.
Engaging compliance experts can save your agency in the long run. They’ll keep your agency compliant, so you can keep your profits.
3. Find Pre-Emptive Financing Options
We don’t need to overstate the importance of your agency’s financing. Having said that, we do think pre-emptive measures for financing have been understated to new agencies. Being competitive isn’t just about speed and efficiency, it’s also about protecting your investments.
Your clients will have varying payment schedules to yours—they may not pay you for your services in time for you to make payroll. Others may not pay at all. You need to be able to ensure these incidents don’t affect payroll.
A back office solutions provider can offer you payroll financing to help you avoid payroll issues. It will purchase your invoices and give you cash upfront so you can pay your workers on time, every time. When you don’t have to fret over whether you’ll be able to pay your workers on time, you can focus on your core business.
We hope you consider these three tips. They’ll eliminate a host of common obstacles that can make running a temp agency difficult.