Economic volatility can be interpreted as an opportunity or a threat. Although economists differ in their opinions about the severity of current US market conditions, one thing is certain: Their murky economic forecasts make it hard to tell if investing in a business now is the right opportunity.
However, Spherion's core competence of providing flexible, scalable labor to businesses isn't swayed by such volatility. We firmly believe that franchising is a good option for people looking to open a business no matter what’s happening with the economy. Franchising offers the stability of operating within a proven business model that has already survived economic downturns. It lends the credibility of a regional, national, or international brand to your local business.
Furthermore, successful franchises like Spherion offer services that individuals and businesses need no matter what’s happening at a macroeconomic level. People always need jobs. Companies always need employees. And Spherion will always be connecting the two to help organizations realize operating efficiencies while helping individuals grow their careers.
Still unsure how Spherion can help you open your own staffing firm this year? Let’s take a closer look at the safeguards and support Spherion offers to ensure all franchisees achieve success, no matter the economic climate.
We See What’s Coming Early, and We Act On It
Staffing is a leading indicator for the economy. We see the changes businesses make in anticipation of a recession before most other industries do. Because staff is a business’s most expensive asset, they shift their human resources first when economic indicators hint at a potential decline. Temporary staffing models can help sustain better cash flow while allowing more budget flexibility. So, businesses turn to staffing companies like Spherion to prepare for a possible slump before the average consumer knows what’s happening.
This leading edge gives us the ability to prepare candidates to be competitive in the job market - and to help businesses retain them once placed, or transfer their skills to a new assignment quickly. We help our franchisees analyze local market data, so they can focus on their community’s immediate and short-term staffing and recruiting needs.
We’ve Been Here Before, and We Know What to Do
We have more than 75 years of staffing and franchising experience, and six and a half decades as a franchisor, so our leadership and corporate support teams are well-versed in navigating economic fluctuations. During the last Great Recession, when U.S employers shed 8.7 million jobs from late 2007 to mid 2009, Spherion helped those businesses stay afloat with custom workforce solutions. We connected temporary help as well as longer-term seasonal employees with businesses that needed to continue serving their stakeholders while sustaining cash flow. When economic indicators started looking up, our franchisees, coached by our leadership team, were ready with longer-term and direct hire solutions to help businesses take advantage of the upswing.
At the same time, Spherion used its community connections to help job seekers find needed work during this slower period. Your recruiters can attend ongoing training opportunities to help them help job seekers and maintain Spherion’s status as a preferred temp agency.
And let’s not forget the 2020 pandemic. Despite serious challenges to our industry due to COVID restrictions and public health measures, not a single one of our franchised locations closed. You read that right: Despite social distancing, offices being temporarily closed to visitors, transitioning to remote ways of working and a temporary decline in workforce numbers, we ensured that no one in our franchise community failed. If we can make it through a once-in-a-lifetime disruption like a worldwide pandemic, we know we can handle another economic downturn.
We Bolster Our Franchisee Resources
We scale up our franchisee resources when we see the need for additional support combating external factors. Our operations team has recently invested extra time and effort to develop an improved new franchisee onboarding program that ensures a logical, smooth, and on-time opening. Our technology team is constantly working on improvements to our tech stack that keeps our franchises running smoothly. And our marketing team continually updates their plans for national and local marketing to offer the most relevant messaging and support for our many audiences.
In addition, Spherion works closely with new and existing franchisees to form a financial plan to open and scale their business in any economic condition. We offer several new franchisee incentives, including:
- Technology packages for general staffing offices
- Communications offers to help setup phones and internet service
- Franchise fee credits paid back to new owners as they reach measurable operations milestones.
There’s a lot to take in when starting a new business. Furthermore, opening a business when a lot of economic factors are out of your control can be intimidating. Our resources provide a buffer against those factors and set you up for success.
We Offer In-House Financing
We offer in-house financing for aspiring entrepreneurs who need some help gathering enough resources to open a Spherion franchise. Because it’s an investment in our future as well as yours, we do everything we can to ensure you’ll be financially successful at your new location. If you’re in the market for some credit to open a staffing business, talk to a member of our franchise development team about Spherion’s in-house financing options.
As you can see, there are many ways to approach market changes in the economy, and Spherion is here to assist franchisees to take advantage of every potential market change that may arise. For more information about franchising with Spherion, the country’s most awarded staffing and recruiting brand, reach out to the franchise development team today!