In the ever-evolving staffing industry, challenges abound, from market fluctuations to shifting economic landscapes. As we step into October 2023, new hurdles emerge – increased regulations, a competitive labor market, surging inflation, and heightened competition. To overcome these challenges, staffing firms must innovate and optimize their operations for maximum profitability.
Finding a comprehensive staffing software solution that provides everything staffing firms need to manage their entire workforce lifecycle, from candidate sourcing to onboarding to payroll.
Make sure you find an easy to use staffing software. The user interface should be intuitive and user-friendly, so staffing firms can get up and running quickly. The software should include a variety of features that can help staffing firms improve their efficiency and productivity.
For example, COATS Staffing Software includes a built-in applicant tracking system (ATS) that will allow staffing firms to manage their candidate pipeline more effectively. The ATS allows staffing firms to track candidates from the moment they submit their resume to the moment they are placed with a client. This helps staffing firms identify and prioritize the best candidates for their clients.
Look for a variety of features that can help your staffing firms streamline your operations, such as:
- Applicant screening tools
- Interview scheduling tools
- Job posting tools
- Time and attendance management
- Onboarding tools
- Payroll processing tools
- Employee and client portals
- Complete general ledger
- COATS Staffing Software has a key benefit by being available on a lease basis. This makes it an affordable option for staffing firms of all sizes, especially those facing financial challenges. With a leasing agreement, staffing firms can pay for the software on a monthly basis, which can help them manage their cash flow more effectively.
Consider what a new hire onboarding tool alone can help your Recruiters complete every day. COATS software has a partnership with Efficient Hire which helps reduce labor costs and save time with a 100% cloud-based employee onboarding system. The self-guided process makes it easier for your new hires to complete hiring packets compliantly from a cell phone, while reducing physical paperwork and helping you with onboarding requirements.
And to get even further into the nitty gritty and paperwork needed for each new employee your staffing firm hires, an all in one software should ensure:
- all your new hire forms are completed and validated – including state, federal, tax, I-9, company policies, and custom forms.
- you have access to an Integrated E-Verify and a powerful I-9 dashboard helps you manage all E-Verify cases.
- your bookkeeper will be able to easily collect vital payroll details, such as EEO designation, special licenses, skills, driver information, and more—all flowing seamlessly to payroll.
- all documentation & support are provided in the case of an audit.
- all new hires are screened and submitted during onboarding for WOTC, so you never miss a potential credit.
Time and attendance management is also such a big piece of operating a staffing agency. Manual timekeeping systems, dated buddy punching protocols, paper time cards, and filing invoices are all lengthy processes that involve the potential for human error. COATS used an upgraded time and attendance with their partnership with Timerack. They wanted to streamline this process with easy-to-use software, hardware, and mobile apps — supported by a dedicated team of experts!
Here are just a few of the key benefits of an integrated time and attendance management system for your staffing firm:
- Cloud-based hosted system with user-friendly interface
- Variety of time-capture tools via timeclock, web applications and mobile devices
- Policy-based rules that ensure Department of Labor (DOL) compliance for each state
- Alerts for managers about key action items
- Employee tracking using department and cost center codes
- Scheduling and PTO functionality
- Flexible reporting lets clients get the data they need, when they need it
Now, when you get through hiring, onboarding, collecting accurate time worked, and billing - you can move on to accounting. By using a robust back office software that will provide staffing agencies with accounting software that streamlines accounts receivable and payable, keeps cash flow in balance, and integrates information across departments. These features can help staffing firms save time and money and improve their overall efficiency.
One of the largest expenses for a staffing agency is the cost of unemployment. COATS software identified a partner specifically skilled in the staffing industry to help our clients manage unemployment costs and is integrated to make this a one-time data gathering process.
Unemployment Tracker helps staffing company reduce unemployment costs. UT doesn’t just process paperwork; they are invested in the data gathering, decision-making, and follow-through of every state unemployment document that they touch.
See a sample of what Unemployment Tracker can do for your staffing agency:
- Ease the administrative burden of receiving and responding to State UI requests.
- Reduce unemployment liability, directly affecting your SUTA rate.
- Capture and get back credits on all UI overcharges (13% on average state benefit error rate).
- Identify employees who filed claims to get them back to work.
- Review your unemployment liabilities all the way down to branches and clients.
- Be 100% compliant with UI Integrity Act; eliminate fines and penalties.
Staffing firms typically find a number of challenges in dealing with human resources, but managing your daily operations need not be one of them. The right staffing software can help your firm overcome these burdens and maximize profits. With affordable leasing options and easy-to-use interface, COATS is a perfect solution for staffing firms that are looking to streamline their operations and improve their bottom line.
Here are some specific ways that staffing software can help staffing firms maximize their profits:
- Improve candidate sourcing: ATS can help staffing firms find and attract the best candidates for their clients.
- Reduce time to hire: applicant screening and interview scheduling tools can help staffing firms reduce the time it takes to hire new employees.
- Increase placement rates: job posting and onboarding tools can help staffing firms increase their placement rates.
- Reduce costs: payroll processing tools can help staffing firms reduce their costs.
If you are a staffing firm that is looking for a way to maximize your profits over the long haul, COATS Staffing Software is the perfect solution for you. Unlock sustainable profitability with COATS by scheduling a demo and transforming your firm's future in 2024.