Although temp staffing is not a new concept in Canada, many Canadian companies have yet to experience the ROI that accompanies the wise, regular use of temp staffing services. Hiring can be an expensive proposition, and not every position in your company is one that needs to be filled all the time, especially if your work is seasonal in nature. Once you think of temp staffing in terms of a resource that can increase your ROI, you’re in a better position to increase revenue and re-allocate resources to expansion and marketing.
Let’s quickly look at four ways temp staffing boosts ROI.
Reduction in HR Costs
When hiring a full-time employee, it can take a while to recuperate the costs expended in the job search and hiring process. Between advertising the position, interviewing, inputting the employee in the payroll system, and training, these costs add up quickly. Before the employee even begins working for you, you’ve already racked up some hefty costs. With temp staffing, however, you can get a skilled, trained worker without expending any resources up front. As soon as a temp worker begins working for you, you get a return on your investment.
Most temps hired by companies to fulfill short-term work are already experienced in their respective fields and can begin producing results immediately. Although you may have to explain the task at hand, temp workers are accustomed to jumping into new situations and successfully executing a job within a specific time limit. Again, your ROI is high because you don’t have to invest much into getting quick results.
Experience in Non-Core Operational Areas
Your regular, full-time employees have lots of skills, but they don’t know how to do everything. Instead of asking one of your full-time employees to “take a stab” at a job he or she isn’t trained to do, bring in a temp worker to take care of the job with precision and accuracy. Your temp staffing agency can locate people skilled in the non-core area and send the workers to your business for as little or as long as you need them–until the job is accomplished. Your ROI is higher when you temporarily get the skills you need than when you pay a non-skilled worker to bumble through a task.
No More Overtime
Nothing reduces your staffing ROI investment like overtime. Not only is overtime financially costly, but you may also lose customers due to backlogs during your peaks in demand. Let a temp staffing agency keep you fully staffed at all times without having to pay overtime costs, and you’ll see your ROI soar. Even very conservative estimates show a healthy ROI when the heavy costs of overtime are eliminated.
Temp staffing plays an important role in the financial well-being of Canadian companies. Whether you are sinking under the weight of HR costs or suffering from a lack of skilled labour for specific non-core operational areas, temp staffing can source the top talent you need to run as smoothly and efficiently as possible. Without the heavy costs of overtime, you can direct your resources to more productive areas of your business thereby improving your ROI.