In these unprecedented times, every business wants to get a peek into the future. Keying on the term “unprecedented” though, inherently means that no one really actually knows. Here at Avionté, we also wanted to find insight into the near future. Who knew there were so many letter-shaped recoveries?! “U”, “V”, “W”, “L”. We haven’t seen an “X” yet though?
To start, we want to be very clear that as an organization, we take data privacy very seriously and the data presented below is only viewed as anonymized aggregated data. That being said, let’s dig in!
A few weeks ago, we started to analyze our aggregated, national, and large hosted data to see if we can spot any trends in the staffing industry. We started by only focusing on assignments and hours that were paid on. Each week was assigned a week number of the year, to allow for easy consolidation. Since time is entered throughout the week, we are pulling the data at noon on Fridays. The numbers below reflect week 16, the week ending April 19, 2020. We removed the y-axis labels to further emphasize trends, not specific data. As a one-time rough scale – we process over 10 million hours per week.
Let’s focus on Hours. This first graph shows the last three years. Notice dips are exactly where holidays are. For example, 2019 Thanksgiving was a week later than in 2018.
Zooming in on 2020, and including Assignments – we can see a definite, HOPEFUL, sign:
For both Hours and Assignments, the curve flattened. In fact, Hours turned positive last week! To quantify this a little more – here is a quick chart of Hours, complete with Week over Week (WoW) change as well as a rolling four-week average and YTD% change for the last six weeks:
This is nationwide data. As you can see – the rate of decline in Hours for March was dramatic and drastic. However, in looking at Assignments, the rate of decline has improved in each of the last three weeks with this last week in POSITIVE territory! Meaning, both hours and assignments ticked up nationally for week ending April 19th.
There were a couple of interesting composite statistics as well. First, the mean pay rate went from $16.23 at the start of the downturn (roughly week 10) to $17.45 in week 16. Second, the hours per assignment has stayed consistent, going from 31.82 in week 10 to 32.15 in week 16. We were anticipating a significant drop in the hours per assignment.
We will continue to analyze and further develop this data. We would love to hear your input on if you found this data interesting, suggestions on how to enhance/parse it or additional metrics to look at. We hope to leverage this data to help you. Please feel free to reach out to John Long, Founder & Co-Chairman directly at firstname.lastname@example.org.
In the meantime – let’s hope we ARE at the beginning of the recovery – maybe even a “V”. 😊
In addition, we have added COVID-19 Resources to the Avionté Knowledge Base. This resource center provides information from across the US and Canada that could affect how you do business. Check it frequently for the latest information and business trends occurring during these challenging times.
Avionté is a leader in enterprise staffing and recruiting software solutions, offering innovative end-to-end staffing solutions to over 900 customers and 25,000 users throughout the U.S. and Canada. Avionté delivers a robust platform for clerical, light industrial, IT and professional staffing firms to maximize profits and boost productivity.