Surviving a Recession

Strategies from the last downturn’s survivors

After the last recession, we asked staffing firms to share the smartest thing they did, what saved their business and what they would do differently.

About half of respondents cited cost-related strategies as their fi rm’s key to surviving the recession; 13% of firms took a revenue-related approach; and remaining responses included “narrowing focus,” “emphasizing flexibility,” and “focusing on the employee.”

Source: “What saved your business in the last recession?

Double Whammy

Healthcare facilities struggle to meet surging pandemic needs amid drop in revenue

Increased costs and loss of revenue were quickly depleting hospitals’ cash reserves as they essentially ceased elective procedures and slowed many other specialty and primary care services and diagnostics — which accounted for a significant portion of revenues — due to the Covid-19 crisis.

Some hospitals reported staff layoffs/furloughs due to the financial difficulties, which further exacerbated workforce shortages and the ability to care for both the Covid-19 and the routine patient population. Staff exposure to the virus would further aggravate staffing shortages and overwork.

Source: “US Healthcare Staffing Market Assessment: 2020 Update

Different Measures

End-goal metrics might be better current approach, some staff say

Call counts and call times may be out-of-date metrics by which to rate recruiters, given that so much communication happens now via emails, texts, etc. At least that’s what internal staff said when asked “Of the metrics currently used to measure your performance, are there any you would say are not very fair or meaningful?”

Some said placements, revenue, gross margin, etc. should be the primary measures, with activity-type metrics more appropriate as a fallback.

Source: “North America Internal Staff Survey 2020: By what metrics should staff be measured?