Remaining competitive in today’s dynamic multibillion dollar staffing industry can be hard work for any staffing firm. The industry, estimated to have generated over $115.5 billion a year for the past few years (1), places an average of 3 million temporary and contract employees per week for corporate clients. (2) That’s a lot of payroll to handle, especially when payment schedules are tight. For a staffing firm providing workforce replacements to companies whose employees are on strike, readiness and speed can be big factors—especially when the strikes are widespread and frequent.
Recently, a staffing company came to us after finding itself in a cash flow squeeze. The firm had a client roster of large corporations dealing with work stoppages and worker strikes. Payroll schedules under these conditions were tight. Replacement workers remain on the staffing company’s payroll for the duration of a strike, and paychecks to the workforce are due every 15 days. With the next payday coming up in less than a week, and the receivables from clients still outstanding, the staffing firm faced a big challenge.
The staffing company had maintained strong business relationships with its debtors, and had an impeccable history for paying their temporary workers on time. Based on these facts, ExpoCredit was able to approve the staffing firm’s request for funding quickly; fast enough to meet the payroll requirements due within a few days.
Thanks to ExpoCredit’s simple online application process and the staffing firm’s quick response to document requests, ExpoCredit provided funding to the staffing firm in time to meet all payroll needs. Utilizing the replacement employees provided by the staffing firm, the corporation experiencing the strike was able to continue operations without interruptions. The staffing firm maintained good faith with the workforce and further strengthened credibility and relationship with its corporate clients.
ExpoCredit helped this company increase payment terms to its primary customer.
ExpoCredit is helping this company with the working capital needed to manage seasonality
ExpoCredit helped this company to have the working capital needed to operate according to its demand