Blogs

Tackling the Staffing Industry: A Guidebook for CFOs

By Bryan Besco posted 3 days ago
The last five years have left CFOs with no shortage of problems to solve and challenges to overcome. From the uncertainty of the Covid-19 pandemic, to trying to conquer rising inflation, to ever rising interest rates, CFOs across business sectors have grown accustomed to juggling multiple fire drills at once. Compounding these challenges for CFOs is the fact that as the world continues to try to emerge from this choppy economic period, not only are CFOs tasked with navigating immediate issues, but they are also simultaneously charged with revamping financial operations to better insulate businesses against similar disruptions in the future. And arguably nowhere ...

You’ve built a successful staffing company through hard work and determinations. What's next to secure your legacy?

By Bryan Besco posted 17 days ago
You’ve built a successful staffing company through hard work and determinations. Things were not always easy but you have survived and even thrived. But now you want to consider the next chapter of your life. The first and foremost step in considering the future of your company is to assess the available options and determine what path makes the most sense to you. Perhaps you are considering handing the company to family. Perhaps you are considering selling the company to a third party for maximum value. Or perhaps you want your hard work to continue to thrive, growing for many years to come. Executed correctly, succession planning ensures continuity and allows ...

Are You Concerned About Cyber Threats and the Pressure it's Creating for Your Organization?

By Bryan Besco posted 24 days ago
In today's digital world, data security has become a critical issue for all organizations, regardless of their size or industry. Cyber threats such as data breaches, cyber-attacks, ransomware, and phishing are increasing daily, and organizations are under constant pressure to secure their sensitive data. Staffing firms are not immune to cyber threats. To ensure better data security, staffing firms must develop, implement, and maintain a comprehensive data security strategy that outlines the policies, procedures, and technologies to safeguard data from unauthorized access, theft, or manipulation. There have been several US staffing companies that have reported ...

How Are You Solving the Gen Z Conundrum to Close the Talent Gap in Manufacturing?

By Bryan Besco posted 29 days ago
Manufacturing performance seems to be exceeding expectations in recent years, but the looming talent gap remains a primary concern, and could weigh heavily on growth prospects in the mid to long term. Investment continues to flow in domestically and abroad, but an aging workforce and a lack of eligible candidates to fill those positions, it will be more difficult to capitalize on those opportunities. Manufacturing is becoming a more technological industry and one that lends itself to highly skilled and tech-savvy professionals, creating the shortage of qualified workers to succeed the aging workforce. The evolution of manufacturing has fostered an environment ...

Does Sales Tax Nexus Keep You Up At Night?

By Bryan Besco posted 02-18-2025
Sales tax nexus occurs when a business has some kind of connection to a state. Prior to the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc., 585 U.S. (2018), physical presence was required to create nexus for sales tax. Physical presence can mean a number of things, including having an office, an employee, a warehouse, or storing inventory. After Wayfair, physical presence is no longer required and Economic nexus comes into play. In Wayfair, the Court ruled that if a company had a minimum of $100,000 in sales or 200 sales transactions then economic nexus would apply. Currently, more than 40 states have economic nexus provisions. Some states ...

Retirement Planning Rundown: Are You Aware of the Updates and Changes in 2025?

By Bryan Besco posted 02-13-2025
As 2025 begins, the cost-of-living increases for retirement plans and IRAs will become effective, as will new provisions from SECURE Act 2.0 and other changes. These changes include rules on required minimum distributions (RMD) on inherited IRAs, catch-up contribution limits for older employees, and auto-enrollment requirements. Required minimum distributions on inherited IRAs resume in 2025 A new IRS rule proposed in 2022 that required certain beneficiaries (those who inherited an IRA of someone who has reached their required beginning date for RMDs) of inherited IRAs to empty the inherited account within 10 years caused confusion for some beneficiaries ...

Are You Creating a Sustainable Culture of Continuous Improvement?

By Bryan Besco posted 02-11-2025
Today's staffing business environment is very different from what it was, and with new technology, it is changing at a much faster pace. As a result, staffing companies are growing and becoming profitable quickly than ever before, making the competition extremely fierce. Developing a sustainability program is the first step to developing and maintaining your competitive edge. It is critical to initiate programs that create value for your customers, company, and stakeholders for your business to thrive. The focus for continuous improvement By creating a sustainable culture of continuous improvement – one that fosters a mindset of continuous improvement ...

What Are Your Keys to Long-Term Success with Enterprise Resource Planning Systems?

By Bryan Besco posted 02-06-2025
Enterprise Resource Planning (ERP) systems are complex software systems that connect with every moving part of your company, from manufacturing/logistics to accounting to HR to service to sales. An effective ERP system can revolutionize your team's workflows, deliver better financial outcomes, and streamline operations. These systems can be easily adapted to accommodate growth and new products, help with scalability, and provide additional insights. The right ERP system will vary by company and its specific needs, and it is important to utilize best practices and avoid common mistakes for successful execution and implementation. Our ERP implementation specialists ...

How Can You Improve Your Financial Management Practices to Elevate Your Staffing Business?

By Bryan Besco posted 02-04-2025
A financial gap is discovered when a company compares its actual financial data to its budgeted or projected data. Financial gaps can lead to problems for businesses, such as missed payroll, late payments to suppliers, and lack of flexibility for investment in the business. Financial gaps can be caused by many factors, but improving your financial management practices can help identify these gaps quicker and thereby allow you to mitigate some of these issues and lead to higher business performance. Causes of financial gaps Four common causes of financial gaps and have determined how those causes happen. Overdependency on key customers ...

Are You Futureproofing Your Staffing Business?

By Bryan Besco posted 01-28-2025
Selling a business is an extremely complex, daunting, and emotionally involved task for business owners and they involve much more than crunching and matching numbers. Given the complexity of the process, if you are preparing to sell your business, the planning and preparation should begin two to three years in advance of your planned sale. Throughout this planning process there are key steps to execute while preparing to sell. Make your company attractive and maximize general valuation When buyers evaluate prospective companies for purchase, they are typically looking for a couple of key elements. The first is going to be “fit” within their portfolio ...

Are You Cyber Ready?

By Bryan Besco posted 01-21-2025
As the leader of your staffing organization, the future wellbeing of the company rests on your shoulders, which includes the security of your network, data, and proprietary customer information. Every week in the news, there are reports of companies that have experienced cyber-attacks. While you think it will never happen to you, there is a good chance it could. Since most likely you are not an Information Technology (IT) expert, here are six key questions you can use to have a discussion with your IT team about your current cybersecurity readiness. 1. Do we have a robust incident response capability in place? What you want ...

Do You Know the Difference Between Cost of Performance vs. Market Approach to Sourcing Revenue?

By Bryan Besco posted 01-16-2025
Calculating how to source gross receipts is a key element in determining a staffing company’s state income tax liability. Staffing companies operating in multiple states should be aware of the growing trend in which states are migrating from a cost of performance based sourcing method toward a market-based approach when determining where to properly source gross receipts derived from sales of services. Under cost of performance (COP), receipts earned from performance of services are apportioned to the state based on the location where the taxpayer incurs expenses associated with providing those services. For example, assume Company ABC has all its property ...

Retirement Planning Rundown: Updates and Changes in 2025

By Bryan Besco posted 01-14-2025
As 2025 begins, the cost-of-living increases for retirement plans and IRAs will become effective, as will new provisions from SECURE Act 2.0 and other changes. These changes include rules on required minimum distributions (RMD) on inherited IRAs, catch-up contribution limits for older employees, and auto-enrollment requirements. Required minimum distributions on inherited IRAs resume in 2025 A new IRS rule proposed in 2022 that required certain beneficiaries (those who inherited an IRA of someone who has reached their required beginning date for RMDs) of inherited IRAs to empty the inherited account within 10 years caused confusion for some beneficiaries ...

A Quick Guide to Understanding Automation and AI for Staffing

By Laura Boivin posted 12-16-2024
Picture this scenario: you go to conferences and summits all year to learn more about how to elevate and scale your business using technology. You’re being told that incorporating automation and artificial intelligence into your business processes is THE KEY to staying competitive in the forever-evolving, competitive staffing industry. But, you leave the event feeling frustrated and confused about what exact steps you should take to adopt this technology Where do you go from there? Do you hire a third-party consultant or business analyst to make technology recommendations to you? How will you vet technology companies to ensure you’re making an informed ...

Five Sessions We're Looking Forward to at Staffing World 2024

By Kelli Ryan posted 10-16-2024
It’s that time of year–when the staffing industry gathers to connect, learn, grow… and have fun! We’re so excited to meet you in Nashville. We’ll be in the Knowledge Hub at the Tech 1 booth , and would love for you to drop by and say ‘hello!’ With so many great sessions and extracurricular evening experiences, we combed through the agenda and selected a few sessions to highlight. There’s something valuable in every session, so be sure to review the agenda and attend those in alignment with your goals and interests. Here Is A List of Five Sessions at Staffing World We Are Excited for and Why: 1. Keynote: Become an Exponential Company with Explosive ...

Navigating Talent Crunch During Economic Slowdown: Opportunities for Staffing Firms

By Saba Tariq posted 09-20-2024
The global economy is navigating through turbulent times. The United States is currently experiencing a unique economic phenomenon: an ongoing talent shortage in key industries despite signs of economic slowdown . This paradoxical situation presents both challenges and opportunities for staffing firms. In this blog post, we'll explore how staffing professionals can navigate these complex conditions to support American businesses and job seekers alike. Understanding the Current US Landscape The US economy is showing mixed signals, creating a complex environment for businesses and staffing professionals: Economic Indicators: GDP Growth: The current ...

AI-Driven Gig Economy: How Staffing Firms Can Thrive in a Freelance-First Future

By Saba Tariq posted 09-12-2024
The gig economy has rapidly become a cornerstone of today's labor market, delivering unparalleled flexibility for workers and businesses alike. As professionals increasingly seek non-traditional employment and companies adopt agile workforce models, the way we work is undergoing a significant transformation. According to Reid Hoffman, co-founder of LinkedIn, we're just at the beginning of this shift. Hoffman predicts that by 2034, traditional 9-to-5 jobs may largely become obsolete, replaced by a freelance-driven workforce. As artificial intelligence (AI) further integrates into business models, the transformation of the labor market will only accelerate. Staffing ...

5 Legal Changes Every Staffing Professional Should Understand

By Saba Tariq posted 08-28-2024
The staffing industry is at a crossroads, with 2024 bringing a wave of regulatory changes, reshaping the employer-employee relationship. As these changes take effect, staffing professionals must stay informed and adaptable to navigate the evolving landscape. In this blog, we highlight five significant legal developments and their potential impact on staffing agencies. Key Regulatory Changes 1. DOL Contractor Classification Rule (March 2024) The U.S. Department of Labor’s (DOL) Contractor Classification Rule , effective March 2024, introduces a new framework for determining whether workers are classified as employees or independent contractors under ...

The ever-evolving role of IT and Automation in Recruitment

By Tanishka Patidar posted 08-20-2024
The recruitment industry is undergoing a considerable transformation in today’s tech-driven world. Staffing companies can function more efficiently by streamlining recruitment with technology, improving candidate experiences, and securing top talent. It is advantageous and imperative for staffing companies, catering to the young and dynamic (35–58) age range, to keep up with current technological developments. Digital Recruitment Tools for Hiring Staffing companies can now manage their processes more efficiently than ever because of the increasing availability of digital recruitment alternatives. Among these are the following instruments: Applicant ...

What Recession Means for Staffing Firms and How They Can Prepare

By Saba Tariq posted 08-13-2024
Recent economic indicators suggest that the U.S. might be heading towards a recession , which has significant implications for various sectors, including staffing firms. As uncertainty looms, the role of staffing firms becomes even more crucial, yet more challenging. What does a recession truly mean for these agencies? How can they continue to thrive when the market seems to be shrinking? In this blog, we’ll dive into the potential challenges and, more importantly, the strategies that can help staffing agencies weather the storm and emerge stronger. The Economic Landscape and Recession Indicators Recent data points to a weakening U.S. economy, with ...