2018 was quite an eventful year for staffing where the global revenues rose by 4 percent and confidence was high, with a growing economy, which means that more jobs and more vacant positions to fill in 2019. This year is expected to be as exciting and eventful as the previous one.
The global talent pool is ever-shrinking resulting in a dwindling supply of qualified candidates. At the same time, there are some indicators and developments such as stock-market volatility sharply higher this season and friction over tariffs and trade which might indicate some uncertainties for the staffing industry in 2019.
This year, there will be a notable role of artificial intelligence in the staffing industry. Technology will spearhead the recruitment efforts and staffing professionals will have to balance their act while delivering both candidate and client experience.
Mobile recruitment will at last be taken seriously by the staffing industry. With the emergence of Millennials it has become highly critical for staffing professionals to use mobile for recruitment as well. We will see more and more staffing professionals adopt mobile recruitment strategy in the coming months to attract talented candidates.
Because of the increased adoption of technology in hiring the staffing agency software market will also see a boost.
Highlights of the staffing industry in 2019
- 6% growth of global staffing revenue is expected in 2019 compared to the 7% growth rate of 2018. Japan, China, India, and Continental European markets are also expected to grow by double-digits this year.
- Total U.S. staffing market is expected to rise by 3% in 2019 to reach $152 billion which was $147 in 2018.
- Projections of growth forecast are 2.4% for the year 2019 and 1.9% for the year 2020.
- The staffing industry has been growing nearly 2x faster than the economy, on average, since the end of the Great Recession and the same is expected in 2019.
- The unemployment rate is expected to be 3.7% in 2019, which is the lowest in 49 years.
- In 2018, the top concern for staffing firms was attracting and retaining top talent, in 2019 also it is expected to be the same.
The infographic below discusses in more detail, the above and more such industry trends.
1. Technology takes the front seat
With the advancement in technology, things are going to change for the better in the staffing industry. Automation is one of the hot favorite topics amongst staffing professionals, some of them are even considering it to be a huge challenge. There is also a positive buzz in the industry about digital staffing platforms like Shiftgig, Catalant, Upwork etc.
Here are some more stats from latest surveys
2. Balancing both the candidate and client experience – the key to success
It is extremely critical for the staffing professionals to ensure that both the candidate and client experience are equally good. If you make the candidates happy, they will help in promoting your jobs and if you make your clients happy and provide them with talented candidates they will give you lot of referral business.
3. Artificial Intelligence will make its mark
Artificial intelligence will automate the recruitment process in the staffing industry. It will no longer be a buzzword or some next-generation technology that was utilized in a Hollywood blockbuster movie. Staffing industry will be able to utilize it in the best ways to get the best recruitment results during the hiring process. This will aid in eliminating subconscious bias from having any part to play during the interview process resulting in the selection of a diverse workforce. The use of AI will be more prominent in creating chatbots that can automate the initial communication and screening of candidates.
4. Temporary workers will increase at a gradual pace
With a highly candidate driven market and shortage of quality candidates there is expected to a demand for temporary workers. Staffing professionals will be eager to hire these temporary workers in order to fill in the vacant positions as soon as possible. This will make the demand for the contract workers to increase in the current year, albeit at a gradual pace.
5. Mobile recruitment will continue to rise
In 2018, mobile devices will become the most commonly used for searching the web. This particular insight makes it imperative for staffing professionals to use mobile devices to stay in touch with candidates. Mobile optimized career websites and mobile recruitment software will be key to attract candidates and stay in touch with them throughout the recruitment process.
6. Diversity in hiring will be the key focus
Diversity remains a hot topic in the recruitment domain since last few years. But, in the current year you will see staffing professionals ignoring the gender and ethnicity bias a lot more during the interview process and vouch for a diversified workforce.
7. Social recruiting will grow
Digital marketing has opened a new medium for communication with clients and candidates. Although, with the help of large job boards like Careerbuilder or Monster Jobs or Indeed, you can find some qualified candidates, you will also find lot of junk applications which makes searching for the right talent difficult. But, with the help of social media networks like LinkedIn and Facebook, you can not only post jobs, but also search for talented candidates who meet your client’s requirements. Social recruiting will grow even further in 2018, making it imperative for staffing professionals to capitalize on this trend to the best of their abilities.