Why Invest in a Risk Management Solution_

1. Why Invest in a Risk Management Solution? Growing up, we’ve all heard an Aesop’s fable or two. Arguably the most popular? The story of the ant and the grasshopper. The grasshopper decided to spend the best days of summer frolicking, as the story goes. He didn’t prepare a shelter or stock up on food. In contrast, the ant was such a busy worker. He patched his home, gathered food, and was ready for the winter that comes after the warmth. The former even made fun of the latter, and well, you know how our little tale goes—the winter came. The fully-prepared ant weathered through the cold quite comfortably, while the grasshopper suffered a great deal. In business, this fable serves as a cautionary tale. That nothing worth having comes easy. There is no success without risk. That the greatest risk is doing nothing. No business is without risk, but the likelihood of it happening is even more true for a staffing company.

2. The Risks Every Staffing Firm Should Know Source: licatarisk.com Forbes lists down several staffing challenges that, if not carefully observed, may cause risks in the long run. The New Normal The restrictions that come with the pandemic, especially the need to observe proper social distancing, reshaped the way businesses do business. Remote work is the norm; a sizeable chunk of candidates prefer jobs that allow them to work from home permanently or at least indefinitely. For recruiters, this arrangement meant they needed to assess prospects digitally and gauge how well they work with less supervision. The productivity of a possible employee while working at home can make or break a successful placement.

3. The Volatile Job Market Due to the preference for telework, recruiters find it difficult to fill vacancies for customer-facing jobs such as those in retail and hospitality. On the flip side, the market is hot for not customer-oriented jobs. Staffing firms find themselves in the middle of fierce competition from both sides. Companies with vacancies want a completed workforce ASAP, and candidates looking to work for these employers are aplenty. These two factors are the challenges that are reshaping the staffing industry. But unfortunately, without a solid risk management solution in place, these two combined can become a staffing firm’s worst nightmare, too. What Is Risk Management? Risk management is a pretty self-explanatory concept: coping with what went wrong in your business. But the thing about risk management is that you will not be groping for the light switch in the dark. You already anticipated what went wrong or awry. This forecast became the basis for your company’s action plans. Like the ant in the fable, you will weather the storm. Risk management is all about planning, so you reduce the uncertainty and minimize the damage an already identified problem brings. What Can Firms Do? Afoolproof, end-to-end solutionis vital to ensure profitability. However, each business has its own unique and complex risk exposures, so solutions need to be appropriate. Apart from getting tailored coverage, firms should fortify the gaps in their operation before and after a loss occurs. The best way to do this is to split your program to accurately anticipate and counter potential risks.

4. Do you have an action plan as early as the pre-hiring stage? If none, you are strongly encouraged to think up ways to strengthen your screening process. You do not want to onboard a candidate who lied about their credentials. Your firm should also ensure that the workplace remains drug-free and, therefore, worry-free. Firms should also consider post-offer measures such as drug testing (in keeping with a drug-free workplace), new hire orientation, and a completed health questionnaire are in place. They say prevention is better than cure, so solutions such as conducting pieces of training, establishing safety committees, and ensuring employees’ wellness are must-haves, too. But if a loss has already transpired, the management of workers’ compensations should be efficient and transparent. Why Invest in a Risk Management Solution? Source: etq.com

5. With risk management, you would not go about doing your business blindly. You acknowledge there would be downward trends, but you don’t allow these dips to bring lasting damages to your company. A game plan for when your forecasted downs hit will benefit your business. How? For starters, it acts as your guarantee. With a plan at hand, you know the best ways so you can maneuver your way out of the dip. It provides the management with figures and facts to make informed decisions to keep the company profitable. To Wrap It Up No business is free from risk exposures—it’s yin and yang. But the thing about threats is there will always be opportunities. A SWOT Analysis will never be complete in negativity; there are preventive measures you can do to minimize the blow. One effective way to do this is to invest in a risk management solution tailored to your business’s particular threat exposures. About Author: Trica currently a professional SEO Marketing expert who enjoys blogging about business and economics, relationships and job advice. Her main goal is to inform and enlighten readers with professionally made and researched articles. With several years of SEO expertise under her belt in various industries and topicsTrica ensures excellency in every article.

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