Navigating economic uncertainty as a clerical & light industrial firm
In our GRID 2023 Industry Trends Report, respondents from clerical and light industrial staffing firms shed light on some of the top obstacles that they are facing:
- 70% say they’re facing tight candidate talent pools
- 1 in 4 are dealing with pricing pressure and margin compression
- 34% feel uncertain about the economy
No different than the staffing industry at large, clerical and light industrial staffing firms are struggling with declining staffing hours and high inflation. These, paired with the ever-present talent shortage, mean clerical & light industrial firms must operate efficiently to reduce costs, win market share by staying close to customers, and invest strategically in technology to adapt to future changes in demand.
It’s important to understand how companies generally respond during periods of uncertainty and after downturns in order to get to a point where they can operate efficiently, win market share, and invest strategically.
Company performance after a recession
According to a Harvard Business Review study of 4,700 companies before, during, and after a recession:
- 17% don’t survive a recession
- 80% that survive don’t return to pre-recession sales and profit growth rates even three years after
- 9% flourish post-recession
Currently, I’m sure that most of you are hoping to get through tough times and a downturn instead of capitalizing on it. It couldn’t be more true that decisions made during a downturn have a long-term impact on your firm.
Progressive strategies to future-proof your business
Harvard Business Review found that only 9% of companies were successful post-recession. Of these post-recession winners, progressive firms outperformed their peers by at least 10% in sales and profit growth.
These firms adjusted their operations permanently so they could survive during the recession, stayed closely connected to customers, and set themselves up for growth post-recession with strategic investments.
Overcoming economic obstacles as a progressive clerical & light industrial firm
As a clerical and light industrial firm, how can you take a progressive approach to minimize a negative impact during economic uncertainty and thrive when the market turns?
The most successful firms in the clerical & light industrial space are:
- Improving worker satisfaction and retention with mobile-friendly applications and onboarding to timely and accurate payment.
- Increasing redeployment rates by empowering recruiters to proactively engage workers coming off assignment.
- Prioritizing high-margin customers and jobs, improving cash flow, and maximizing profitability with real-time financial data.
What do these successful and progressive firms have in common? They are leveraging technology, and many are powered by Bullhorn.
Bullhorn Clerical & Light Industrial is positioned to solve the unique challenges facing staffing firms in this space.
One-third of the largest and fastest-growing U.S. industrial staffing firms use Bullhorn. Here’s why you should partner with Bullhorn to confidently navigate change management, speed up time-to-value, go live faster, and future-proof your business:
- Gain operational efficiencies with an end-to-end solution
Bullhorn Clerical & Light Industrial provides the complete solution that enables you to achieve more with your existing team. Get invoices out quicker and paid faster to maintain strong financial health.
- Build a strong and reliable workforce
Improve worker satisfaction and retention with mobile-friendly applications and onboarding to timely and accurate payment. Increase redeployment rates by empowering recruiters to proactively engage workers coming off assignment. Fill more orders and protect your market share.
- Prioritize your best jobs and customers
Start prioritizing high-margin customers and jobs, improving cash flow, and maximizing profitability with real-time financial data, including jobs by the best total margin, placements and fill rates, and more.
Learn more about Bullhorn Clerical & Light Industrial
Transform your business and win market share
Learn how Bullhorn Clerical & Light Industrial can empower your firm to achieve more with your existing team, reduce no-shows and dropouts, leverage real-time financial data, and invest now to win later.
