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Staffing: An Industry with Many Facets
October 23, 2023
By Terry Keating
In May of 2022, when the author became CEO of Access Capital, the Company already had a long history of being a leading non-bank lender to the staffing industry. In this article, written with the help of Raphael Torres, head of business development, and Jessica Sanchez, director of marketing, Terry Keating will share some thoughts about the industry that he has learned through his journey over the past 18 months.
The staffing industry has many dimensions/layers, and I certainly cannot capture every permutation here. These many aspects present opportunities and challenges for lenders. The first challenge is simply understanding the matrix of segments and business models within the staffing ecosystem. And just about when you think you’ve figured out all the
permutations, new ones come on the scene, and others become obsolete. Then there are acronyms and terminology unique to this sector, and we’ll try to help with some of that here too.
Next, industry participants must understand the many legal, regulatory and tax considerations. Some on the federal level, but many more on the state and sometimes local level. Again, ever-changing, there are also the dynamics of the labor markets, demand, and supply. Ever-shifting business demand, economic conditions, politics, global events, management philosophies at the customers, and much more contribute to an often-bewildering landscape.
If that isn’t enough, the pandemic and post-pandemic conditions and reactions of both employers and employees further blur historical trends that one might look to in an effort to understand this business. So, this isn’t easy or for the faint of heart.
Click here for the full article.
The staffing industry has many dimensions/layers, and I certainly cannot capture every permutation here. These many aspects present opportunities and challenges for lenders. The first challenge is simply understanding the matrix of segments and business models within the staffing ecosystem. And just about when you think you’ve figured out all the
permutations, new ones come on the scene, and others become obsolete. Then there are acronyms and terminology unique to this sector, and we’ll try to help with some of that here too.
Next, industry participants must understand the many legal, regulatory and tax considerations. Some on the federal level, but many more on the state and sometimes local level. Again, ever-changing, there are also the dynamics of the labor markets, demand, and supply. Ever-shifting business demand, economic conditions, politics, global events, management philosophies at the customers, and much more contribute to an often-bewildering landscape.
If that isn’t enough, the pandemic and post-pandemic conditions and reactions of both employers and employees further blur historical trends that one might look to in an effort to understand this business. So, this isn’t easy or for the faint of heart.
Click here for the full article.
About the Author
