Your staffing service provides a valuable commodity: people. And just like any other business, you need to ensure your commodity meets certain standards before it heads out your door to your customer. Performing a background check on your temporary employees gives you peace of mind knowing you’re sending out an employee who is a perfect […]
Being the middle man can have its disadvantages, especially if you’re a staffing agency. The payment structure that makes staffing agencies profitable – invoice for services – causes delays in payment processing that can make it difficult to pay employees on time. However, there are organizations that specialize in payroll funding for staffing companies that […]
Most factoring companies offer two payroll factoring options: money-only and full service. Money-only factoring is strict payroll funding without any additional services. With full-service factoring, the factor provides administrative support, including filing payroll taxes, sending invoices, paying temporary employees and making collections. Both funding options have their merits, and your choice depends on your staffing […]
When you’re starting a staffing agency, a bank is often the first place that comes to mind when you’re looking for payroll funding. However, just because banks are the traditional means of finance doesn’t mean they are the right option for your business. There are several downsides to bank payroll funding compared to working with […]
Screening your temporary staffing employees is critical — you want to make sure the workforce you’re sending out is appropriate for the job and protect yourself against any potential liabilities. “We screen employees on a daily basis,” says the vice president of sales and operations at a large Cleveland-based staffing firm that specializes in the […]
Deciding to pursue temp factoring is the first step, but what should staffing firms, including those who are starting a staffing agency, look for in a factoring company? Bruce Friedman, Business Services & Outsourcing Partner at BDO, recommends asking peers within the staffing industry for referrals. “Ask around and see if you know somebody who has used […]
No matter your staffing firm’s specialty, in times of disaster or emergency, you can rally your troops to lend a helping hand. Take staffing firm MDT Personnel, for example. The firm is hiring hundreds of workers to assist with the cleanup efforts after Hurricane Sandy in New York and New Jersey. “MDT has been a reliable staffing […]
To determine your staffing niche, think about the intelligence and experience of yourself and your key management personnel. Then evaluate your strengths and weaknesses to determine where your center of expertise lies. If you have experience as a temporary staffing employee in the administrative niche, it makes sense to target that niche because you […]
Understanding the details and proceeding with temp staffing factoring offer valuable benefits to the staffing firm. Factoring generally provides cash more quickly without the hassles of financial reporting review. For example, a traditional lender usually asks and takes significant time to review the staffing firm’s financial statements and tax returns, whereas a factor usually doesn’t […]
Both niche and general staffing have their merits – and their downsides. The route you choose depends on a number of things, and to make the decision a bit easier, we’ve assembled a list of pros and cons for you to review. NICHE STAFFING Pros: You have a deeper understanding of the industry or industries. […]
