Right now, we all feel it. Prices everywhere are going up. When I go to the grocery store to buy eggs, I don’t ask the guy that checks me out why the cost of eggs have increased so much because I’m getting the eggs regardless. But when I call on new or repeat clients, I CAN tell them why my rates have increased. The staffing industry is seeing increased rates that coincide with what is happening across our economy for various reasons and all with explanation.
First, over the last few years we have seen an increase in hourly pay rates which subsequently increase the bill rates. This had been forecasted prior depending on the industry/occupation. There were minimum wage increases and overall wage increases in some fields. Most recently inflation has added to influencing wages in general.
Next, there is supply and demand. There is a shortage of talented individuals in the workplace, therefore candidates can leverage and command higher pay now than in recent years. This is a direct driver to secure talent when needed in a culture of low supply and high demand. It looks a lot like the housing market to me. If you don’t offer or if you don’t offer enough, someone else will make that offer and you must start the process over again, and again, and again.
This is where a good staffing firm comes in. What is your investment worth to you? Is it worth if they can save you from having to repeat the hiring process over and over? Or prevent you from losing out on that candidate that accepted a better offer from a competitor? A quality relationship is more than just a bill rate. Let me share with you an idea of how this can look.
I have a client of mine that had been looking for someone to fill a front desk role since September of 2021. They did have a temp on their own for a bit in the fall of 2021, but finally came to me in March of 2022. I found them someone within 24 hours, it was a great fit personally and professionally, and they have selected to bring them on permanently. They went over 6 months struggling to find someone and during that time, they had others in the office helping to cover this opening and generally just going without. I know I am biased, but isn’t this worth the investment not only for the person who got the role, but also for all the others in the office too?
The value of the relationship you can have with a staffing firm can be invaluable if you are willing to spend the time to know what you are getting out of your bill rate.
Tracy Armiger Graham
Tracy is a Senior Account Manager and has been with Celebrity Staff since 2019. When she’s not helping clients find talent to fill roles, she spends her free time watching her two kids play sports, spending time with family and friends, and volunteering in her church and community. She also loves to travel with her family to Denver and anywhere else they have time to get away!