The sudden boom of temporary employment services that comes under the business services industry in the US has compelled folks to explore more of it. Temporary recruiting and hiring firms have contributed tremendously to the U.S. economy. They provide job opportunities to over 16 million employees every year (excluding the pandemic period).
So, to quench your thirst and provide you with all the statistical data attributed to the Staffing Industry in the United States, we’ve compiled the following information into this list of statistics and facts.
Staffing Industry In 2022
The primary function of a staffing agency is to source human resources for other client companies. Unlike recruiting firms, staffing agencies mainly handle the requirement of temporary labour. They are mainly hired by businesses which require employees for short-term projects, and then the staffing agencies recruit the employees for those positions which mainly include lower-skilled jobs. Although you are hired by a company, in most cases you are not the employee of that company but rather you work as an employee of the staffing agency. However, there are jobs which eventually hire you permanently at certain positions.
Is The Global Staffing Industry Growing?
While there was a significant decline of 11% in the growth of staffing agencies in the year 2020 due to the pandemic and several lockdowns across nations, the industry is now recovering and witnessing healthy growth. In 2021, the global staffing agencies saw year-over-year growth of 16% which is predicted to grow by an additional 4% in the year 2022. However, the major contributors to this advancement were IT staffing and the temporary industrial worker’s segment. According to a report by Staffing Industry Analyst or SIA, healthcare staffing is all set to boom with 24% increase by the end of this year.
Some Interesting Stats Related To The Growth Of Staffing Agencies In The U.S.
The revenue generated by the global staffing industry in 2019 wasa whopping 497 billion dollars. In the same year, the US-based staffing industry created a wealth of 161 billion dollars in total. The majority (around 80%) of which came from the temporary employment sector. Along with the increase in wealth generated, between the years 2000 and 2019, the world also saw an increase in the average length of the contract and temporary work assignments. At present, the average length of temporary work assignments stands at 10.1 weeks.
Intriguing Statistics And Key Figures
The largest staffing firm in the world is a Dutch company called Randstad. The company generated 29 billion dollars alone in 2019. Its major source of revenue came from HR and Industrial staffing projects.
- Talking of the United States, the staffing company that has been making news goes by the name Manpower. This company generated close to 20 billion dollars in revenue in the financial year 2018-19.
- The staffing industry accounts for the creation of 13 million job opportunities every year.
- The average tenure of temporary work projects in the US is 10 weeks.
- The worldwide share of female workers working in temp and contract jobs stands at 49%.
- The global staffing agency generates 12% of jobs that require low skills.
- In America alone, over 3 million workers work for staffing agencies in a week.
- The share of each sector’s contribution to the grand scheme of things looks something like this. 8% of revenue comes from the health care sector, 11% from Information Technology, Engineering and Scientific jobs, 21% from managerial jobs, Administrative jobs account for 24%, and at top Industrial sector generates 36% of the total revenue.
Some Interesting Facts About The Staffing Industry
- The staffing industry still has room for growth and expansion. At present, it employs only 2 % of the U.S. nonfarm workforce but the numbers are estimated to increase in upcoming years.
- The global staff industry is older than you think. The birth of what we today call staffing agencies dates back to the early 1940s. These firms rose to popularity due to the absence of talented and skilled individuals and army veterans of WW2 who needed job.
- Staffing agencies play a crucial role in getting many people permanent jobs. The only criticism about staffing agencies is that they hire for temporary jobs, but what people don’t know is that many candidates end up landing a permanent job. An estimate shows that one-third of the candidates that work through staffing agencies end up securing permanent jobs in those companies.
- It’s seen that workers that undergo training given by staffing agencies and work for these agencies eventually end up having an attractive job profile with adequate working experience.
- The increased growth in the staffing industry tells a lot about our cultural shift in the way we want to work.
Here’s a rap to this blog with high hopes that you found this article helpful and informative.