A Parsippany recruiting firm that weathered the recession by helping employers find temporary workers is opening new offices around the state as an improving job market spurs demand for permanent employees.
Partners Richard Scott and Jason Lyons founded Financial Search Associates in 2006 to provide recruiting services for employers seeking accounting and finance professionals, then launched a general staffing company, Professional Search Network, the following year.
Recruiting was a vibrant business until the recession, when employers began to downsize, leave vacancies unfilled and use temporary employees to get the work done.
Scott said they got through the rough patch by providing employers with temporary workers, and pushing into new areas like IT, administration, human resources and engineering.
“The job market has turned around in the past 18 months, so we are getting back to our business plan: expanding into the four major markets of New Jersey,” Scott said. They will move to a larger office in Parsippany this month, and in June open a new office in Paramus. The firm plans to open an Edison location in the fourth quarter, and a Princeton office in the first quarter of 2014.
Lyons said demand for workers is very strong in certain sectors, like mortgage business, because “with interest rates dropping to record lows, mortgage companies are hiring at a record rate.” To meet the current strong demand for IT professionals, “We’ve hired a team of recruiters that specialize in IT staffing, an area we had not worked in previously. We want to make sure that for our clientele we can pretty much do everything.”
The company does not disclose revenue, which they said more than doubled in the first quarter. “The need for recruiting services has picked up dramatically in the past six months,” Scott said.
While the company saw the recovery start in 2010, “this was the first recession that we’ve seen, post-World War II, that we didn’t have that strong recovery following the deep recession,” Scott said. They decided to expand after seeing consistent growth in the past two years: “We took a very deliberate and conservative approach.”
The company has 20 employees now, and expects to have 40 to 60 workers in four offices by this point next year.
Lyons said companies had been hesitant to hire, in part because until President Barack Obama’s re-election last November, they were uncertain about the new health care law — specifically, whether fines would actually go into effect in 2014 for companies that have more than 50 workers and don’t provide health insurance.
“Since the election is over with, companies realize where they stand now, and are ready to commit to hiring professionals as permanent employees,” Lyons said. And candidates are once again receiving multiple offers “which is a very good sign of health in the job market.”
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