In today’s rapidly evolving staffing landscape, staying ahead of the competition is crucial for the success of any organization. One area where staffing agencies can gain a significant advantage is embracing new technology. ChatGPT and other sophisticated AI programs are changing the game in many industries – staffing is no exception. It’s no longer a…
“Culture eats strategy for breakfast,” is the oft-quoted statement frequently attributed to management guru Peter Drucker. While the true origin of the quote is under dispute, the declaration is more apt in today’s business world than ever before…with a slight twist. Culture and Strategy Culture is for an organization what character is for an individual….
Note: originally posted on Staffing Hub Staffing firm owners may be leaving critical funds on the table – potentially tens of thousands of dollars – all from not knowing these four words: Employee Retention Tax Credit (ERTC). Enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in 2020, this tax…
The Federal Reserve recently raised the benchmark interest rate by a quarter of a percentage point, the latest in a series of hikes. The benchmark rate range is now 4.75-5%. This move is intended to slow down inflation. What does that mean for staffing firms that fund with a bank? If you are currently funding…
Note: originally posted on The Staffing Stream The IRS recently ended Good Faith Transitional Relief for inaccurate or incomplete Affordable Care Act (ACA) reporting beginning tax year 2021. Translation: you could soon be facing increased penalties for ACA non-compliance. At the same time, the agency is facing funding and staffing issues and a massive pandemic-related…
The fees a factoring company charges on your invoice amounts. Factoring fees can include daily fees, incremental fees, and admin fees. You may be able to arrange your fee structure (daily vs. admin) to fit your business/billing structure. The factoring fees you might encounter include the daily dee, incremental fee, and admin fee (see below…
Note: originally posted on The Staffing Stream When the pandemic first hit the US and business as usual came to a screeching halt, unemployment soared to extreme levels. Suddenly, a significant part of the population was relying on increased unemployment benefits and for longer than the typical 26 weeks. That extra money had to come…
According to a recent Staffing Industry Analyst report, over 80% of companies with more than 1,000 employees in the US use a Vendor Management System (VMS). Over the past decade, that number has increased by 30%. In other words – VMS is a reality for many staffing firms who want these contracts. Chances are, you…
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