Wall Street Services Editorial |
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The Benefits of Using Temporary Employees
A recent study shows that 81% of companies cite labor force flexibility as the overriding reason for employing temporary workers. More than half of businesses use temps during unexpected increases in demand for their products and services or rely on temporary staff to fill in for absent employees who are sick, on vacation, or on family and medical leave. However, only 12% of businesses cited the savings on wage and benefit costs as a reason they use temporary employees, perhaps unaware of the considerable savings they are receiving.
There are in fact several additional benefits of temporary workers:
1. Cut Benefit Costs: Given the rising cost of benefits, currently estimated conservatively at 36% (for some companies substantially higher) and the fact that workers comp and disability is on an upward trajectory, the hourly cost for a consultant or temporary figures in substantially below that of full time workers of comparable skill level.
2. Eliminate Training Costs: Research has shown that employee training is linked to corporate profitability. Using temporary employees eliminates these costs by hiring credentialed professionals who have been trained by their staffing firm.
3. Administrative Costs: Staffing firms, when a business uses their temporary staff, absorbs the costs of payroll/benefits processing and administration associated with regular employees. An enormous business burden is eliminated and savings are increased.
4. Eliminate Cost of Unemployment & Workers' Compensation Claims: Since temporary employees work directly for the staffing firm, businesses that use temporary staff are not financially responsible for their unemployment and workers' compensation claims. These legally required payroll deductions are the responsibility of the staffing firms. Nationwide, the average cost of worker's compensation insurance has risen 50% in the last three years.(1)
5. Eliminate Hidden Costs of Overtime: Poor Performance and Decreased Productivity: There is substantial evidence that despite the short-term benefits that make overtime attractive to employers, a growing body of research shows that working long hours over long periods of time is not necessarily cost-effective because of decreasing quality, increasing mistakes and reduced productivity.
6. Reduce Costly Hiring Mistakes: Misplacements become displacements requiring replacements. Clearly, bad hires cost the same in salary and benefits as great employees but their return on investment is significantly lower. Using temporary employees eliminates the costs of mistakes in hiring and using marginally productive workers because employers get temporary professionals with the right skills and the best personality for the job.
Finally, the most important benefit of using temporary employees is their superior organizational productivity. Consultants and temporaries are aware of the fact that they are only as good as their last performance on the job. In fact, continuous employment depends on delivering good work. Not being emerged (and bogged down) by corporate politics allows them to focus on productivity and output. Above all, a well selected staffing service will screen, train and place an individual with the right skill sets and behavioral traits on the right jobs. They arrive ready to work, focused on doing the job and meeting project goals.
1. "Cost of Insurance for Work Injuries Soars Across U.S." The New York Times, June 23, 2003 |
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@THE WATER COOLER
“This is an agency that clearly accepts the best of the best candidates! They source for top level companies. The professionalism is top notch. Testing is somewhat lengthy but the outcome is well worth the registration process. If you have that competitive edge and can excel through their interview process, the end result is not just a job but a career! Excellent Services and Excellent Results!” Anonymous, Finance Specialist
“I have been to plenty of agencies before but my first impression of this place was professional and very respectful. The staff and their beautiful office just conveyed a high sense of security.. After just 2 days of waiting, I was placed at a great company, making a really good rate. Then I was transitioned into another job with a major investment bank, which I have just recently became a full time employee with. The staff is extremely supportive and helpful.. Offering a full list of benefits for the temporary employee like transitcheks and medical coverage.” Will R., Administrative Assistant
“Wall Street Services is by far the best staffing agency I have ever worked with. The professionalism is unparalleled and the staff is extremely courteous and very diligent in their approach to finding the right match for employer and employee. The turnaround time is very quick as I was interviewing shortly after my resume was submitted... It truly was a wonderful experience to work with Wall Street Services.” Wais A., Financial Services Specialist
“If you are looking to enter the workplace after a long hiatus or to advance to a higher level job in Corporate America. I have worked with other agencies in the city and none have been as professional and respectful. The staff and their beautiful office just conveyed a high sense of integrity and professionalism.” Susan H., Executive Assistant
“Wall Street Services helped me find a challenging position with one of the most elite companies in both New York and the world. The entire interview to hire process took only three weeks. They remained in constant contact and served as a very professional liaison between both myself and the organization.” Corey H., HR analyst
“I'm an actor/singer, new to the city, and was referred to Wall Street Services through a friend.. I have nothing but raves about this incredible team who works hard to find me work.never before have I seen so many professional and unique qualities in one staffing firm. Not only are they artist friendly and willing to work around crazy audition schedules without raising an eyebrow, but they find you work at the best financial and legal firms in the city. Are your skills rusty? They have free tutorials. Feeling nervous about the interview for your dream job? They will prep you right before you go! Don't be surprised if they show up at your current assignment with a holiday gift. Wall Street Services is in my corner.” Heather M., actress/administrative assistant
“On 9/11 I was temping for Wall Street Services down in the financial district.. The staff was incredible during the weeks and months following the attacks. Because their office was essentially in a no-go area, they set up shop in a cafe in the Village where we could come by to pick up our checks. Everyone was very kind, and wanted to make sure that I was doing okay. I had only been working for them for about six weeks. Wall Street Services is simply the best agency in New York. What really makes them stand out for me though, are the staff appreciation events they hold.. If you're smart and not afraid of challenging assignments, you can't go wrong with Wall Street Services.” Inez T., executive assistant
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