So here’s the bad news. As you would probably expect, this year has not been pretty for the staffing industry. Most recruiting firms have experienced declines ranging anywhere from 20 to 60%. While our firm hasn’t escaped without a few bruises, That’s Good HR has a solid reputation and network as an Indianapolis staffing firm so we are in a good position going into 2010.
The good news is that we are starting to see a recovery. Temporary staffing picked up over the summer. On the direct hire and executive search side, we are starting to see things pick up. However, not quite to pre-recession levels just yet.
Many people assume unemployment levels directly impact our business. And with unemployment recently crossing the 10% thresholds, it is often assumed that we might just be seeing the worst of the recession. However, for the direct hire and executive search division, non-farm employment is the best indicator of our business. Earlier this year, non farm job losses ranged from 650-750K per month. For the month of October, the preliminary data indicates that non-farm job losses were closer to 190K which is a great improvement for our business’s outlook.