As per the US Bureau of Labor Statistics, over 4.3 million people had left their jobs voluntarily in December 2021, and the numbers were pretty high for the previous month when 6.3 million employees had tendered resignations to their positions. The workforce imbalance has created a vacuum in the job market, where demand exceeds the supply of suitable candidates to bridge this gap.
The staffing companies are finding it extremely difficult to figure out the right candidate to fill positions as there were 10.9 million vacant positions with a meager 6.3 million skilled workforce available. According to several industry surveys, they have left their jobs without an alternative source of earnings. 44% of those that had resigned are not willing to return to their traditional roles. They are leaving them forever. Staffing companies are fishing in troubled waters now and they are seeking ways and means to establish their lost credibility with their clients.
Primary Drivers of the Job Market Amidst COVID-19 Turmoil
Candidate Centric Supply-Driven Market
With the global coronavirus pandemic around for the third successive year, there are swiping changes in the way the organizations work. Remote working with flexible working hours has become the norm that will continue further. The work environment as an entity that existed in the pre-covid era is no longer present today, as employees are seeking flexible job environments. The working moms are still caring for their children at home as the daycare centers have not started functioning yet in full swing. Staffing companies must evolve strategies to meet post-COVID conditions job market needs.
Technology Innovations to Mitigate the Challenges of Physical Distancing
The Microsoft ‘Teams’, Google ‘Meet’, Salesforce ‘Slack’, and to name a few have emerged at the forefront amidst the pandemic outbreak to support remote working norms of the companies and organizations. The corporate world managed to conduct webinars, virtual meetings, board room discussions, and cultural events on digital mode to keep the ball rolling even during the global health emergency.
Digital Transformation of Staffing Companies
Like several other brick and mortar companies of the pre-pandemic era, staffing companies have started digitizing their work atmosphere to meet the evolving demands of the job market.
A Typical Day in a Recruitment Agency Involves the Following Activities;
- Building a relevant candidate database
- Communicating regularly with the right fit for the job
- Back-office activities including, but not limited to
- Preparing offer letters
- Maintenance of Payrolls
- Tax calculation and filing
- Employee insurance documentation
- Training the freshers and experienced to fit the new roles
- Engaging third-party vendors
Strategies to Simplify the Herculean Staffing Activities Using Electronic Signature Platform
Building Niche Database to Cater to Industry Demands
Electronic signature software streamlines the hectic staffing agency activities in every aspect.
Having a vast database without segmentation would not serve the clientele’s needs. The staffing agencies must build niche data to meet industry requirements. The electronic signature tools can easily segregate and build contact types for the staffing agencies to cater to the demands of each industry based on the expertise and the skillsets of the candidates.
Effective Communication with Candidates
Using electronic software tools, recruiting agencies can automate the communication process with aspiring job seekers. Advanced features of the electronic signature software enable recruiting agencies to import candidate information, including their skill sets, age, address, and photo, and help them build a comprehensive candidate profile. The staffing agencies can drag and drop the electronic signature of the signatory authority to sanctity and validity.
Quick, Agile, and Instant Reach
The electronic signature software facilitates quick and instant reach to prospective job seekers and candidates that have already reserved their jobs. Agencies can reach the global workforce now, scattered in diversified geographic locations across the globe within time.
SMS and Instant Alerts
The electronic Signature platforms send automatic email and SMS alerts to the candidates and to multiple stakeholders when they receive a document. It reminds them to pay attention to the document and complete acting on it.
Saves Time, Money and Efforts
The electronic signature software enables organizations from duplicating the document creation process. Companies can save the templates to re-use them in the future. They can edit, modify, and add features instantly to meet their changing market demands.
Effective Client Engagement
The staffing requirements of the small, medium, and large organizations are different and diversified. It depends on factors, including the organizations’ size, budget, and the nature of its business. The document management platforms can meet the diverse needs of staffing agencies to tailor personalized solutions for their clients.
Streamlining the Office Workflow
Staffing companies can create voluminous documents with preferred templates in the backdrop of the agency-colored logo to build a personal brand image. Recruiting companies can prepare all their invoices, taxation sheets, insurance forms, employee onboarding forms, offer letters, and payroll documents with the help of electronic signature software.
Digital Office Experience to Staffing Agencies
Staffing agencies can reduce the pains of back-end office staff by minimizing manual data entry and monotonous administrative tasks. The staff can meet the specified deadlines with ease and may even focus on qualitative aspects of the recruitment process, as electronic signature software takes care of indexing, archiving, data mining, searching and storing the documents in a central repository. Multiple stakeholders, including trainers, vendors, tax consultants, and counselors can avail of these documents from the cloud.
Online Job-Related Training and Candidate Onboarding
Staffing companies can engage trainers and counselors to prepare the candidates to fit into their new roles. A candidate can complete the job onboarding process online by filling and exchanging documents online using eSignature features.
Engaging Third-party Vendors
Staffing companies must interact with multiple third-party agencies, such as insurance providers, medical service facilitators, regulatory authorities, and tax consultants. Staffing agencies can complete individual or group insurance formalities for the candidates using the electronic signature platforms. These collaborative platforms facilitate instant interaction of the multiple stakeholders involved to achieve their set objectives within the stipulated time.
Effective Payroll Management
Automated document management platforms embedded with an electronic signature can maintain employees’ payrolls with precision and accuracy. Staffing service agencies can ensure error-free, authentic documentation of employees’ payrolls, attendance, and taxation details in a streamlined manner to avoid confusion.
Analytical Insights on Candidate
The in-built AI-enabled analytical abilities of the electronic signature tools shed insights on the age, salary, years of experience, and skillsets of a candidate. The staffing agencies can build strategies to meet the latest job market trends.
Digital disruption is not an exception for staffing service providers alone. The staffing agencies must build a digital ecosystem to streamline the staffing activities of their clients. The electronic signature software offers the necessary tools to offer customized staffing solutions to meet the expectations of the emerging job market.