4 Ways to Expand in a Hot Contract Staffing Market

478788431It is a great time to be in the contract staffing business. Contracting is breaking records every month, most recently achieving record market share of 2.0677 percent and exceeding 2.8 million active jobs. There is no other way to say it – contract staffing is HOT.

If you are looking to capitalize on this trend, there are a number of ways that you can expand your existing contract staffing services. The best part is that you can do so without any upfront financial investment or additional overhead by outsourcing the employment of some or all of your contractors to a contract staffing back-office service.

Here are some examples of ways you can expand in this hot contract staffing market:

1. Add more contractors. Getting more contract job orders is a double-edged sword. On the one hand, it brings more money into your firm. On the other hand, the profits you can enjoy are diminished by the administrative costs, including possibly having to add more in-house staff to handle the administrative burden. If you outsource the back-office, you can take on as many placements as you want without adding any staff. You also don’t have to worry about expanding your line of credit because the back-office handles the payroll funding and processing in addition to all the tax withholdings and filings, unemployment, workers’ compensation, legal contracts, benefits administration, background checks, and other employment tasks.

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2. Minimize ACA burden. Another factor that may keep staffing firms from expanding is the Affordable Care Act (ACA or Obamacare). The ACA’s employer mandate will eventually require employers with 50 or more employees to provide health insurance to those employees. The deadline keeps moving, but staffing firms are already looking at this mandate when making business decisions. You could be on the hook for providing coverage if the combination of your in-house staff and contractors exceeds 50 full-time employees. When you utilize a contract staffing back-office, you don’t have to factor in Obamacare when deciding whether or not to pick up certain business. The back-office provider is responsible for ACA compliance and for providing coverage to contractors, if applicable.

3. Expand outside your home state. It can take months to get set up in a new state. First, you must research employment laws and tax requirements, which vary by state. Then you have to register to file taxes and for workers’ compensation coverage.  Plus, your ongoing work will increase due to the additional tax filings, reporting, and reconciliations. A national contract staffing back-office is already set up in all of the states, so there is no ramp up time.

4. Expand into new industries. Do you limit your placements to contractors who work in an office environment due to the Workers’ Comp costs and professional liability? You don’t have to. Utilizing the right contract staffing back-office allows you to expand beyond the 8810 office classification because they have the Workers’ Comp and professional liability coverage to take on a wider variety of technical, professional, and healthcare placements.

There is no better time to expand your contract staffing services. Don’t let the additional liability and administrative burden keep you from increasing your business and profits. A back-office service can help you expand without any upfront investment in time or money. Just be sure to select a back office with a pristine reputation. Remember, the back office is a reflection of your firm.

MORE: Staffing firms need flexible funding for growth

Debbie Fledderjohann

Debbie Fledderjohann
Debbie Fledderjohann is president of Top Echelon Contracting Inc., the recruiter’s back-office solution. Find her on LinkedIn.

Debbie Fledderjohann

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