Global Staffing Market Needs Long Term Strategies
A few years ago the world staffing market was hit by a tsunami called the recession. This resulted in job loss, sacking, cost cutting, and a quick fall in recruitment. Though there is still some hiring that is going on but it is happening in snails pace. According to the industry experts the staffing sector will still face some more challenges before it finally gets better.
Market watchers who are observing this trend in the staffing market are right now pointing out that the years 2009 and 2010 would find it a bit tough to make too much recruitment. This may also put some adverse affect on the finances of these companies. Right now the world staffing market is worth almost $ 300 billion.
Now to counter this down trend and keep a steady profit margin various staffing companies are meeting in various seminars and pondering over various ways to tackle this problem. The thinkers involved with this industry are also trying to work out various strategies in order to handle the situation.
One thing that has come out from all these sessions is that staffing companies have to be patient and have to work out long term strategies. Though venturing into other countries may sound lucrative and promising but in the long run it may not give enough dividend. That is why it is also suggested by some industry insiders that one should not change a particular country in a hurry.
There are some countries in addition to the US that have imposed some restrictions that are not doing any favor to the staffing business. Countries like Brazil, and China have imposed some regulations that make it quite difficult for staffing industries to make recruitment there too soon.
In these cases the only thing that can give somewhat satisfactory result is negotiation. One can make an effort to talk with these governments, which is, of course, quite time consuming.
Another way of tackling this situation is to tap the temporary staffing or flexi staffing market. This market was worth more than $ 120 billion in then year 2003. In the year 2007 only the US temporary market generated revenue of $ 91 billion. In this country about 80.8 percent of staffing revenue comes from temporary staffing sector.
But still this country has the largest staffing market. Other countries that have quite a big market include the UK, and Japan.
Thus only a tactical change can help the big staffing industry to get back into profitability.
Sai People Solutions, Inc. – Providing Staffing Services across various parts of USA. As a leader in the staffing industry, we pride in our ability to deliver right staffing resources.