KellyMitchell Group’s Post

Great report from my colleague Kevin Chen on the players in the US staffing market. Very interesting if you operate there or keen to see how the US market works

Staffing Industry Analysts (SIA) is excited to announce the release of it's Largest Staffing Firms in the United States: 2024 Update research report. ▶  This report highlights 241 companies that generated at least $100 million in US staffing revenue in 2023. Added together, these firms generated $145.2 billion in such revenue, making up 76.0% of the market by our estimates. ▶ The US staffing industry continues to be a fragmented industry with many competitors. The largest firm in the US market, Allegis Group, held 5.3% of the market last year while the combined 241 companies in this report represented 76.0% of the market. ▶ Among the companies in this report, healthcare and IT temporary staffing were the most common primary revenue segment, with 69 firms (29% of the total 241 listed) reporting each of the segments as their largest, followed by industrial (58 firms, 24%). ▶ 28 staffing firms generated $1 billion or more in US staffing revenue last year. Added together, these companies generated $82.8 billion in such revenue. SIA members can download the full report here >> https://lnkd.in/eZ6wQTkA Research Analysts: Kevin Chen #research #staffing #staffingmarket #recruitment #us

Business is good for those doing good! Loving the team at Advanced Resources! You don't have to be the largest to provide the highest quality results. For us, it's about one person or opportunity at a time. For those involved in the hiring process or transitioning to a new role, they don't care about the size of our firm, they simply want to know that we care. As Darryl Henry said at a recent presentation, "They don't care how much you know, until they know that you care." At Advanced Resources, "It's Personal". #ItsPersonal #THRIVE #CoreValues #Purpose #MisionDriven #EmployeeFirst #PeopleFirst #GivingBack #Community #HRJobs #HR #HumanResources #AccountingJobs #FinanceJobs #Staffing #ProfessionalServices #Consulting #Quality #AdvancedResources

Insights from the 2024 State of Staffing Report! The 2024 State of Staffing report delivers invaluable insights into an industry in transition, setting the stage for future growth. Key findings: In 2023, many employers scaled back hiring to cut costs post-pandemic. Nearly 50% of respondents saw no business growth, with 30% experiencing contraction. However, 35% reported significant growth (11% or more). Fast-growing agencies thrived by leveraging technology, investing more in software, and automating recruitment processes. Looking ahead, nearly all respondents anticipate growth this year, with over half expecting double-digit increases. To achieve this, companies plan to adopt new technology and enhance candidate experience. Top challenges identified: 1. Client acquisition & sales 2. Economic uncertainties 3. Talent acquisition The report also highlights the trend of businesses opting to hire directly over using staffing agencies. Embracing new technology and focusing on candidate experience are seen as crucial strategies for future success. Gain a comprehensive understanding of the staffing industry's current state, with insights from agency leaders, a follow-up survey with recruiters, and a separate survey exploring workers' job preferences. #StaffingIndustry #Recruitment #Technology #Growth #2024Insights #FutureOfWork https://lnkd.in/gD8n7GhB

We are proud to be one of the largest staffing firms in the United States! Staffing Industry Analysts (SIA) is excited to announce the release of it's Largest Staffing Firms in the United States: 2024 Update research report. ▶  This report highlights 241 companies that generated at least $100 million in US staffing revenue in 2023. Added together, these firms generated $145.2 billion in such revenue, making up 76.0% of the market by our estimates. ▶ The US staffing industry continues to be a fragmented industry with many competitors. The largest firm in the US market, Allegis Group, held 5.3% of the market last year while the combined 241 companies in this report represented 76.0% of the market. #staffing #keepsafetyone

Four of the biggest global staffing firms reported decreasing revenues in Q3 2023, and I’ve outlined an overview of performance insights below. ManpowerGroup - faced a 3% decrease in Q3 2023 revenues mainly due to challenging conditions for recruitment and resourcing in North America and Europe. Resilience and adaptability were showcased, with an anticipation of growth in Q4. Hays reported a 7% decrease in group fees for the quarter ending Q3 2023, with Germany showing growth, while the UK&I market faced challenges. It noted a resilient performance in its temporary segment. Strategic growth opportunities and productivity are priorities going forwards. Robert Half's Q3 2023 financials revealed a 14.7% year-on-year revenue decline, exceeding Wall Street estimates. Services like Contract Talent Solutions, Permanent Placement Talent Solutions, and Protiviti faced challenges, but optimism for future growth persists. Randstad's Q3 2023 update displayed an 11% overall revenue decline, largely influenced by working days and currency effects. However, cost control measures led to positive earnings, emphasising resilience and strategic progress. The biggest takeaway here: adaptability and innovation are crucial in today's rapidly-evolving business environment. Given the current market dynamics, it is imperative not to over-rely on permanent recruitment. In times of market volatility, businesses must be agile and explore alternative revenue streams, such as contract staffing.

An interesting perspective from James Caan - The Chair of Recruitment Entrepreneur on the recent Q3 Results of 4 of the largest Global Recruitment Firms. Having grown one of the largest players in the NZ market between 2002 and 2018, and then helping small to medium agencies grow over the past 5 years, I understand these challenges more than most. Large global recruiters, like large cruise ships, navigate the market with abundant resources but lack agility. Their monumental size hinders rapid course changes. Alternately, smaller recruiters are like speedboats, more nimble, adapting swiftly to market shifts, enabling them to seize new opportunities despite having fewer resources at their disposal. 🚢🚤

It's important to analyze the specific circumstances of each recruitment firm to understand the reasons behind their Q3 revenue decline. Companies may respond to these challenges by diversifying their service offerings, investing in technology, expanding into new markets, or adapting their business models to remain competitive. Additionally, keeping an eye on broader economic and industry trends is crucial for staying informed about the overall health of the recruitment sector.

📊 Staffing Agencies: The Financial Pulse of the Job Market 💼 Did you know? The staffing industry isn't just about matching talent with opportunities – it's a powerful economic indicator! 📈 🔑 Key financial insights: ▪ Global staffing market reached $495 billion in 2022 (SIA report) 🌎💰 ▪ US staffing revenue hit $185.5 billion in 2023, up 14% from 2022 🇺🇸📈 ▪ Temporary and contract staffing make up 89% of the industry's revenue 📊 ▪ Healthcare staffing grew by 21% in 2022, reaching $39.8 billion 🏥🚀 👥 For businesses: Staffing agencies can help manage labor costs and adapt to market fluctuations quickly. 🌟 For job seekers: IT and engineering are projected to be the fastest-growing segments in 2023-2024. What's your take on the financial impact of staffing agencies? Share your thoughts below! 💭 #StaffingIndustry #FinancialInsights #JobMarketTrends #CareerGrowth #IT #Finance #Data #Recruiting

Some tough losses here. 😔 I’d agree with the point that for many agencies, “Given the current market dynamics, it is imperative not to over-rely on permanent recruitment. “ That’s actually why we went with an RPO business at Experis Executive to ensure we had revenue stability over an anticipated downturn. 📊💼 The downturn never came during my time at the helm, but we ended up with a very healthy RPO business, thanks to Jonathan S. and the team. 🙌💼 For perm agencies with strong client relationships and ability to deliver, on demand RPO is worth exploring. 💼🤝