The hiring landscape is evolving rapidly, presenting both challenges and opportunities for traditional staffing agencies. In the quest to identify top talent and meet the demands of client organizations, staffing agencies must adapt to the modern hiring climate. The consumerism effect has propelled many industries forward that didn’t exist a decade ago, and is in full swing for all things. It also has ended many household name brands [ex. Blockbuster]. We can now order, entertain, and make major life decisions from our phones and 73% of consumers prefer to do things on their own. To make matters more complicated, traditional applicant tracking systems (ATS) and job boards are filled with partial, dated, or fraudulent data such as having upwards of 30% fake profiles.
One solution that is positively disrupting the way agencies operate is the utilization of talent marketplaces. SkillGigs wants you to explore how staffing agencies can leverage talent marketplaces — like ours — to thrive in the modern hiring landscape.
How to thrive
To thrive in today’s hiring climate, traditional staffing agencies must first understand its dynamics. Rapid technological advancements, changing candidate expectations, and the rise of the gig economy have reshaped the traditional employment model. It has been reported that “67 percent of hiring managers believe it is very or extremely important their staffing firms use up-to-date technology, and 32 percent of staffing industry leaders plan to invest in new technology this year.”
Job seekers are increasingly turning to talent marketplace technology to find suitable matches, streamlining the hiring process and maximizing efficiency. Talent marketplaces serve as a strong alternative operating as a centralized platform connecting job seekers and employers. They provide a vast pool of candidates from various industries and skill sets, enabling staffing agencies to access a wider talent pool. These marketplaces often leverage advanced algorithms and artificial intelligence to match candidates with suitable job opportunities, saving time and effort for both agencies and job seekers.
Benefits for Staffing Agencies
By embracing talent marketplaces, staffing agencies can unlock several key benefits:
a) Increase fill rate: Using a talent marketplace like SkillGigs, staffing agencies will be able to increase fill rates for their customers because of the expanded reach offered. SkillGigs offers access to a diverse pool of candidates, including passive job seekers who may not actively apply through traditional methods. You can reduce your average time to fill of 4 months to a matter of weeks. This widens the agency’s reach and enhances its ability to find the right candidates quickly. Keep in mind, that talent marketplaces are available 24/7, capturing candidates around the clock as they work and live.
b) Streamlined Processes: In close second to fill rate volume, staffing agencies can streamline their entire process by accessing the ready-to-go talent. Unlike with job boards or a VMS, staffing agencies do not need to go back to square one when trying to unearth talent with consent to submit. Talent marketplaces streamline the hiring process through intuitive interfaces, automated screening, and efficient communication channels. These platforms eliminate administrative bottlenecks, enabling agencies to focus on building relationships and providing personalized services to their clients.
c) Enhanced Quality: The advanced matching algorithms of talent marketplaces improve the quality of candidate matches, increasing the likelihood of successful placements. This enhances client satisfaction and strengthens the agency’s reputation as a trusted partner in talent acquisition.
d) Competitive Advantage: Staffing agencies that leverage talent marketplaces gain a competitive edge in the industry. By embracing innovative technology and adapting to the changing needs of job seekers and employers, agencies position themselves as forward-thinking and capable of delivering results in the modern hiring landscape.
Strategies for Success
To make the most of talent marketplaces, staffing agencies should consider how they build a strong online presence, optimize a candidate’s profile, embrace data and the emergence of AI, as well as nurture longer-tail relationships. According to a Statista global industry study, “50% of staffing and recruitment professionals believe that operating budget and technology investment will increase in the next few years.” It is time to get ahead of the competition.
Establishing a compelling online presence through a well-designed website, active social media profiles, and engaging content helps agencies attract both job seekers and employers to their talent marketplace listings. With the integration of a talent marketplace, you’ll be able to capture and showcase your employer brand privately and as you need. This then only supports candidates to create comprehensive and up-to-date profiles on the talent marketplace to match the appeal. Be ready to guide them on showcasing their skills, experience, and unique attributes effectively, increasing their chances of being matched with suitable job opportunities.
All of this prep would be for not without embracing data and analytics into your strategy. Leverage the power of data and analytics provided by talent marketplaces to gain insights into candidate preferences, industry trends, and emerging skill sets. This information can guide strategic decision-making and improve the agency’s ability to cater to client demands effectively.
Although talent marketplaces provide a digital platform for connection, it’s essential for staffing agencies to build and nurture relationships with both candidates and client organizations. Personalized communication, regular check-ins, and providing value-added services demonstrate the agency’s commitment to supporting their clients’ hiring needs.
Don’t just survive, but thrive
Thriving in the modern hiring landscape requires traditional staffing agencies to embrace innovation and adapt to the changing dynamics of talent acquisition. SkillGigs is your talent marketplace of choice. Our platform offers a powerful solution, providing access to a vast ready-to-go talent pool, streamlined processes, and delivery of high-quality matches.
Let SkillGigs help you lower your cost per submission. By leveraging the power of SkillGigs, staffing agencies access ready-to-go talent, saving the costs spent sourcing through antiquated job boards and ATS alike. The dramatic savings will be your competitive advantage allowing you to expand your reach and provide exceptional value to clients and job seekers alike. Embrace this transformative technology (just ask Blockbuster) and thrive in the modern hiring landscape. Request a personalized demo today to position your company as leader in talent acquisition.