text: Despite the decline in US staffing revenue, outsourced recruitment services have consistently helped staffing firms boost their ROI by reducing costs. Want to know how? Keep reading.
  According to a recent report by Staffing Industry Analysts (SIA), the US staffing industry is expected to see a small revenue drop of 3% this year, bringing in $184.6 billion. This comes after a rollercoaster period of high demand during the pandemic, followed by adjustments as the economy starts to settle.
  Several factors contribute to this anticipated revenue decline, some of them are:
  1. Normalization of Travel Nurse Revenue
  One notable contributing factor to this anticipated decline is the normalization of travel nurse revenue, which surged dramatically during the pandemic but is now expected to decrease by 20% this year. Excluding the impact of travel and per diem nurse revenue, the overall staffing industry is projected to experience a marginal contraction of just 0.3% year-over-year.
  2. Economic Challenges
  Economic challenges faced by sectors reliant on temporary staffing, such as manufacturing, play a significant role. A slowdown in demand attributed to higher pay rates is also a contributing factor.
  3. Sector-Specific Projections
  Delving deeper into specific segments, SIA forecasts a 5% decrease in industrial staffing revenue, while office/clerical segments are expected to remain relatively stable. IT staffing revenue is also projected to see a 3% decline.
  Recruitment outsourcing involves delegating all or part of the recruitment process to an external provider. This strategy offers several compelling benefits:
  1. Cost Efficiency
  2. Advanced Technology
  3. Focus on Core Business
  A staffing firm facing economic uncertainties and high operational costs partnered with QX for its outsourced Recruitment Services to improve efficiency and profitability.
  QX implemented a strategic approach to address these challenges:
  Adding outsourced recruitment services to your staffing firm’s strategy can be a game-changer, especially during tough economic times. It helps you save costs, grow more efficiently, access talent worldwide, and benefit from specialized expertise.
  At QX Global Group, we focus on cutting operational costs by up to 60% and achieving an impressive year-on-year growth of 48%. With over 20 years of experience, we know how to help our clients expand their businesses. Plus, our use of automation makes hiring easier and faster.
  Partnering with us means tapping into proven success and the ability to stay strong and successful no matter what the economy throws your way. Let’s work together to make your staffing firm thrive, even during challenging times. Fill out your details in the form below to learn more.
  Enjoyed our blog? Discover more about how our recruitment outsourcing process can slash your costs by up to 60%! Take the next step—book a call by entering your details.
  Originally published Aug 01, 2024 12:08:54, updated Sep 09 2024