On this episode of 'Inbound & Down,' co-hosts Jon Sasala and Danielle Esposito are joined by Keith Banks, president of Lloyd Staffing and Ringo to discuss hiring strategies and the benefits of outsourcing your staffing.
Keith Banks is a Long Island powerhouse. Active in the community for more than 30 years, Banks holds dual presidencies at at Lloyd Staffing—a staffing firm that offers a wide array of placement services—and Ringo—a Vendor Management System for industries that manages temporary and consulting employees.
Founded in 1971, Lloyd Staffing was originally a headhunting agency focusing on placing candidates in permanent positions. Over the years the company occupied a number of professional spaces, but as of today its core disciplines are in the placement of permanent and temporary employees.
Banks used his time with the 'I&D' team to illustrate strategies around hiring, when it's appropriate to employ a staffing firm and when to keep it internal.
First, who is a staffing firm appropriate for?
"Easy answer—everyone. Right? What company doesn’t need talent, whether you’re a three-person law firm or a 3,000-person organization. Everybody needs talent," says Banks.
One factor to note is hiring volume. If you're an organization that onboards one person a year, perhaps a staffing firm isn't necessary for you. If you have a large hiring volume to maintain, a firm may be more appropriate.
This boils down to effort. Businesses have innumerable functions to take care of, with staffing being one fraction of them. As a business, if you want to acquire the right candidate—which is integral to your success—you need to put in the effort to sort through every résumé received to assure that you're surveying the full pool of applicants and making the best hiring decisions.
Banks explains, "Of those 72 [applicants] how much effort are you as the employer going to really take to go through all of those candidates to find that right applicant? You're going to get bored after number 16 and the perfect candidate, Keith Banks might be at the back of the line. You're not going to get to them."
This again, comes down to effort. How much effort are you looking to put into the search for a temporary position and what are your needs. Perhaps if it's a one-off project, a gig service is appropriate. If you're looking for a longer-term but still temporary position, leveraging a staffing firm may be a great decision.
Another benefit that may differ from firm-to-firm, but is the case with Lloyd Staffing, they're the employer of record for temporary employees. Banks elaborates,
"We ask the clients to pay an hourly rate, which covers the person's hourly salary. And then one of the advantages of temporary labor is that all of the other employment-associated costs or employer-associated costs are the burden of Lloyd and we are the employer of record. So when it comes to workers comp, unemployment, insurance, payroll, taxes—things of that nature—even general HR issues, they are with us. They are our employee."
Is a hiring and onboarding strategy important to have?
Yes! This can't be stressed enough. While a staffing firm may take care of everything that happens pre-employment, ultimately, you're responsible for everything else. That includes interview, post-interview, onboarding procedures, education, support, etc.
Having a dedicated process is key to retention.
The demands of the modern employee are different than those of the past. Gone are the days of kitschy amenities like ping pong and cold brew. While those are nice, they don't contribute to the overall improvement of the employee, and that ends up being the key differentiator of a business. People want to grow, learn and advance themselves in their careers.
Is there a definitive answer to whether you should outsource your staffing? No, there simply can't be. It all depends on your specific situation and organizational layout. There is however, a definitive answer to whether you should have a staffing plan and solution. Whether you handle it in house or use a staffing firm, you have to be thinking ahead.
This Week's One Thing
- Danielle's One Thing is visiting Cape May in NJ for a lovely weekend getaway.
- Jon's One Thing is his promotion to President, and how thankful he is for his wife and her immense impact on his professional growth. (We know, we're crying too.)
- Keith's One Thing is the bittersweetness of dropping his son off for his freshman year at college.
Do you have questions about staffing firms? Send them in to email@example.com.
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