As we approach the end of 2020, we are thankful for the stronger than expected business activities in a few of the technology sectors we serve. Not only are these sectors showing resilience, but in certain cases, they are experiencing growth and are expanding.
- Semiconductor Equipment: Global spending for semiconductor fabrication equipment is up 8% compared to 2019 and expected to grow 13% by 2021 (SEMI.org).
- Biotechnology Instrumentation: The Biotech Market was on pace to grow from $79.79 billion in 2019 and up to $117.66 billion by 2024 with a Compound Annual Growth Rate (CAGR) of 7.28%; but due to the high demand in diagnostics equipment for COVID-19 testing, the forecast has accelerated to 8% CAGR. (Business Wire)
- Medical Device: Economists are expecting that devices geared for infectious and chronic diseases will drive the industry’s projected growth from $442.5 billion in 2020 to $603.5 billion by 2023. (Global News Wire)
Given these pockets of dynamic growth and demand, there’s optimism that the labor market will improve with the recent news on COVID-19 vaccine development.
While we’re riding out the ebb and flow of the pandemic, companies can continue to build their workforce by looking into alternative ways of hiring outside the traditional direct-hire model.
- Consider hiring workers on a contract basis. This will give your company flexibility in meeting demands in production spikes.
- Test drive by hiring on contract-to-hire. This gives employers the opportunity to test-drive workers for technical and cultural fit, while still navigating uncertainties in business conditions.
- Outsource payroll and benefits administration. Having an experienced staffing company process the payroll and benefits administration of your contract workers can supplement your company’s back-office operations while staying focused on the business’ core services.
When you partner with SoloPoint Solutions, you’ll have timely access to professional recruiting and back-office support to meet and overcome challenges in the current business climate.
To learn more about our services, contact us today: