Staffing employment for the end of the year has been surprisingly stable at -0.1% for more than 105 weeks, according to a staffing index compiled by the American Staffing Association. This represents a four-year record as the rate has not been this high since 2004.
The ASA’s Staffing Index four-week shifting average was unusually stable, (103). That reading has been higher just one time for the same series of weeks at any time in the previous 11 years. Staffing for the four weeks ending on Nov. 18 has read 2.8% higher year-to-year.
The last week of November is used to gauge the November monthly employment state of affairs report that is issued by the U.S. Labor Statistics Bureau in Dec.
The American Staffing Association’s Staffing Index is reported nine days following each work week, making it the most useful and up to the moment measurement of staffing employment levels. The ASA’s research has shown that staffing employment is an accurate indicator of the health of the economy overall.
In addition to this record stability and growth are projections that employers are thinking about boosting employee benefits in order to maintain more competitive teams. Hiring is becoming more difficult for many employers and temporary staffing agencies, and offering better benefits is one way employers are striving to compete for the best talent.
The bustling economy has posed a challenge for businesses when it comes to attracting the talent they need to remain vibrant. Today’s employees have the freedom to be more selective with a broader range of companies looking to hire. For many workers, their choice of employer comes down to who offers the best benefits. 2019 projections hold that employers who do not offer competitive benefits to prospective employees will not attract the best talent.
Even now, with the midterm election votes in and accounted for- for the most part- tax reform and healthcare regulations are still up in the air. That means employers can’t say with certainty which way they should lean on those issues. Changes in healthcare premiums are certain, but whether they will rise or fall is yet to be seen.
This leaves temporary staffing agencies and other employers with just one way to reliably sweeten the deal for potential employees who they want to hire, benefits. Brokers may be a source of assurance going forward.