1、Sponsored By2023 Mid-Year Pulse Survey2023 Mid-Year Pulse Survey2The staffing industry has changed since the beginning of the year.When we surveyed staffing leaders in January for our 2023 State of Staffing Report,they were cautiously optimistic.The vast majority(85%)projected growth,but many said t
2、hat they were unsure of what to expect due to economic uncertainty.In terms of how the economy would impact their business this year,these leaders were evenly divided between positive,negative,and unsure.Now,just over six months later,the picture is still somewhat murky.Weve continued to see high-pr
3、ofile layoffs,particularly in the tech sector,but the talent shortage persists the unemployment rate is still sitting at its near-low of 3.6%.According to the SIA|Bullhorn Staffing Industry Indicator,the staffing industry has increased from its April 2023 low,but as of mid-July its still down 10%yea
4、r-over-year.As to whether the U.S.will experience a recession,the answer depends on who you ask.The Conference Board thinks that the economy is either currently or will soon be in a recession,while most business leaders surveyed by the National Association for Business Economics dont think the econo
5、my is likely to enter a recession in the next 12 months.Meanwhile,second-quarter GDP came in at 2.4%,which was up from 2%the previous quarter and above what forecasters had expected.To understand how expectations have or have not changed in light of the past six months,we conducted a short pulse sur
6、vey.We found that most staffing leaders are still expecting growth,though less than their original outlook.Read on for details about what the industry expects for the rest of 2023.2023 Mid-Year Pulse Survey332023 Mid-Year Pulse Survey4What is your industry vertical?104 staffing professionals across
7、all verticals took the survey.The sample was very similar to that in the 2023 State of Staffing Report.The top three verticals were industrial/logistics,IT,and office/clerical/administrative.Who Took the Survey?Roughly two-thirds(67%)of our respondents were from agencies with revenue of up to$24 mil
8、lion per year.What is your projected revenue for 2023?552023 Mid-Year Pulse Survey6In our original State of Staffing survey,respondents said they expected their 2023 growth to look very similar to what they experienced in 2022.Growth ProjectionsChart from the 2023 State of Staffing Report.Staffing a
9、gency revenue growth:2022 actual vs 2023 projected2023 Mid-Year Pulse Survey7How do you think your business will fare in the second half of this year?Overall,most agencies expect the second half of the year to look better than the first:57%expect their business to grow,38%expect it to stay about the
10、 same,and only 5%expect it to contract.Respondents in the industrial/logistics industry were most likely to expect growth,while those in IT were most likely to expect contraction.Growth ProjectionsSince then,expectations have changed somewhat.More than half(56%)of respondents said that they have rev
11、ised their growth projections downwards,with 14%saying this revision has been significant(more than-20%).On the other end of the scale,15%of respondents have revised their growth projections upwards.How have your 2023 growth projections changed since the beginning of the year?8Get new clients and pl
12、ace more candidates#1 referral software for staffing agenciesTrusted by leading agencies:Fast-growth staffing agencies are 88%more likely to use automated referral management(ARM)Start Getting More Referrals 2023 Mid-Year Pulse Survey9Data Only Available to Survey Participants.To Sign Up to Take Fut
13、ure Surveys Click Here Layoffs2023 Mid-Year Pulse Survey10Agency ChallengesFinding new candidates has historically been more difficult than finding new job orders.According to Staffing Industry Analysts Sales and Recruiting Difficulty scale,there have been only two exceptions to this trend:a brief p
14、eriod at the beginning of the pandemic and now.Since the beginning of 2023,sales has been more difficult for staffing agencies than recruiting.The data from our pulse survey support this.Finding new clients/job orders emerged as the biggest challenge,with 47%of respondents ranking this#1,followed by
15、 finding candidates at 33%.Agency Challenges(ranked from most to least challenging)2023 Mid-Year Pulse Survey112023 Mid-Year Pulse Survey12Technology Implementation PlansDo you plan to change your ATS this year?Since the first State of Staffing report,technology has been a key factor in agency succe
16、ss.The fastest-growing agencies tend to be early adopters and leaders in the digital transformation.They believe that technology provides a competitive advantage for our business and that recruiting automation is going to transform the industry.While this remains true,our pulse survey data suggest t
17、hat new tech implementations may currently be on hold.Only 13%of respondents said they plan to change their applicant tracking system(ATS)this year,while just 22%said they plan to implement any other staffing software.Do you plan to implement any other staffing software this year?13132023 Mid-Year Pulse Survey14Author:Krista Garver Staffing Hub surveyed 104 professionals across staffing industry verticals.Their responses are the basis of this report.2023 Mid-YearPulse Survey
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