Bullhorn's 2023 Report: How High-Performing Staffing Agencies Leverage Technology and Talent to Stay Ahead
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As the staffing industry continues to evolve rapidly, it is more important than ever for staffing agencies to leverage technology and talent to stay ahead of the competition. In 2022, the staffing industry grew by 11%, and many firms were able to make the most of the opportunities presented to them. But what sets top-performing firms apart from those that struggle? And how can staffing agencies use technology to their advantage in 2023 and beyond? In this blog post, we'll summarize key insights from Bullhorn's 2023 "Global Recruitment Insights & Data" report and explore what they mean for staffing agencies.
High-Performing Firms Leverage Technology: According to Bullhorn's report, high-performing staffing agencies leverage technology to succeed in a challenging environment. Compared to firms that struggled, high-performers were twice as likely to digitize and automate their business, and they were more likely to redeploy talent at higher rates. These findings underscore the importance of technology adoption for staffing agencies seeking to stay competitive.
Top Performers are Doubling Down on Digital Transformation and Technology: Digital transformation is no longer a buzzword, but a priority for staffing agencies. In Bullhorn's report, digital transformation came in as the #2 overall priority for firms for the first time ever. High-performing firms are twice as likely to cite digital transformation as a priority and twice as likely to increase their investments in technology in 2023.
Developing New Clients is Again the Number One Priority for 2023: In 2022, staffing agencies shifted their focus to candidate acquisition due to increased skills shortages and unprecedented demand. However, in 2023, winning new business is back on top. According to Bullhorn's report, economic uncertainty, pricing pressure, and reductions in job requisitions have led firms to reprioritize winning new clients.
The Labor Market Remains Tight: Tight talent pools have been the top challenge for staffing agencies for six of the last seven years. Bullhorn's report suggests that the talent shortage may be getting even worse in 2023. Staffing agencies that build loyal talent pools and leverage existing talent communities to fill roles will have a significant competitive advantage.
What Does This Mean for Staffing Agencies in 2023? To stay competitive in 2023 and beyond, staffing agencies must leverage technology and talent to meet client demand and future-proof against any obstacle. The most successful firms will leverage automation to streamline their talent strategies, build talent pools that can meet challenging job requisitions, and leverage their database to fill open roles and take advantage of redeployment opportunities. By doing so, staffing agencies will be well-positioned to navigate the challenges and opportunities that lie ahead.
Bullhorn's 2023 report highlights the importance of technology adoption and talent engagement for staffing agencies seeking to stay competitive. As the industry continues to evolve, staffing agencies must continue to leverage technology and talent to meet client demand and stay ahead of the competition. By focusing on digital transformation, developing new clients, and building loyal talent pools, staffing agencies will be well-positioned for success in 2023 and beyond.
You can view the report here: https://www.bullhorn.com/grid/industry-trends/