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          1. Staffing Services Industry Profile

            Report Page Length: 10-12
            Last Quarterly Update: 8/18/2020
            SIC Codes: 7363
            NAICS Codes: 5613
            Chapters Include:
            Industry Overview Trends & Challenges Industry Forecast
            Quarterly Industry Update Call Prep Questions Website & Media Links
            Business Challenges Financial Information Glossary & Acronyms
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            Excerpt from Staffing Services Industry Profile

            Companies in this industry provide temporary staffing, outsourced HR management, and employee placement services. Major companies include Allegis Group, Kelly Services, ManpowerGroup, and Robert Half International (all based in the US), along with Adecco (headquartered in Switzerland) and Randstad (the Netherlands).

            The global staffing market is expected to have a valuation of $542 billion by 2024, according to Koncept Analytics. The three largest markets for staffing services are the US, Japan, and the UK. Prospects for industry growth are particularly strong in the Asia/Pacific region.

            The US staffing services industry includes about 53,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $400 billion. The industry includes executive search services and professional employer organizations (PEOs), which are also covered in separate industry profiles.

            COMPETITIVE LANDSCAPE

            Companies compete to fill talent pools with skilled employees. Some companies may concentrate on manual labor or administrative skills, while others specialize in scientific, IT, or professional attributes. Talent shortages can be problematic, and some staffing firms provide training to enhance skill sets. The success of recruitment programs helps secure major contracts with large commercial or government clients. During economic downturns, clients typically reduce employment of temporary employees before conducting permanent staff layoffs. Pricing competition, which is stiffer among providers of clerical and industrial personnel, may intensify during periods of economic instability.

            Other competitive factors include the emergence of online staffing platforms and ...

             
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