New report highlights how successful firms maintained growth over the past year to provide insights the entire industry can learn from as it recovers from a challenging period
DENVER, CO / ACCESSWIRE / April 25, 2024 / Almost 9 in 10 (88%) staffing industry professionals expect their firms' revenue to grow this year, according to Staffing Hub's just-released 2024 State of Staffing Benchmarking Report. That's a big swing compared to last year, when 30% said their revenue contracted and another 12% said it stayed flat.
To learn how the industry plans to return to growth, Staffing Hub surveyed 258 staffing leaders, as well as 80 recruiters, about their challenges, their strategies, and their operations.
Here are some key findings from the report:
The biggest overall challenges facing staffing firms today are client acquisition and sales (25%), economic challenges (18%), and talent acquisition (17%). Looking ahead, many staffing professionals expect business to remain stagnant through the first half of the year and pick up in the second half.
Referrals and LinkedIn were the highest-rated sources for new candidates. Meanwhile, average monthly job board spend was up 43% from the previous report.
Fast-growth firms spend more of their budget on software and technology, and they automate more processes, than firms whose revenue contracted.
Just under half (48%) of agencies currently use artificial intelligence (AI) for business applications, and nearly half of those that don't already use AI plan to adopt it this year.
Recruiters identified AI-powered sourcing tools, interview scheduling tools, and job board posting tools as the top three software solutions they wish their company would invest in.
For more industry insights, including the most valuable software solutions and key metric benchmarks by industry and growth rate, download the full 2024 State of Staffing Benchmarking Report.
About Staffing Hub
Publishing the latest industry news, research, and insights, Staffing Hub is a leading source for staffing industry intelligence. It's also home to The Staffing Show podcast, the only podcast that delivers tools, tips, and tactics from the staffing and recruiting industry's top executives and thought leaders. For more information, visit https://staffinghub.com/.
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SOURCE: Staffing Hub
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