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2024 U.S. Industry Statistics & Market Forecast - Temporary Help Services
Market Size & Industry Statistics
The total U.S. industry market size for Temporary Help Services:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The Temp Agencies & Staffing Services industry continues to see an upward trend in revenue and demand. The industry provides workforce solutions for various businesses, and the workforce solutions provided are dynamic in response to prevailing trends. In recent years, the industry has experienced several significant trends, including:1. Technological Advancements: The use of technology is becoming more prevalent in the industry. Many staffing firms are using software to help manage operations, recruitment, and tracking candidate performance. Artificial intelligence (AI) is also being used to match job seekers with open positions.
2. Remote Workforce: The pandemic accelerated the trend towards remote work. The industry is now adapting to this trend by offering temporary and permanent remote work options. Staffing firms are also creating remote work solutions to appeal to clients and job seekers.
3. Diversity and Inclusion: Companies are making a concerted effort to diversify their workforce and to foster cultures of inclusion. Staffing firms are adapting to this trend by actively recruiting a diverse pool of candidates and partnering with organizations that focus on diversity and inclusion.
4. Business Agility: Staffing firms are implementing an agile model to respond quickly to changing client demands. This enables companies to be more flexibly and responsive, while allowing clients to scale their workforce up or down as needed.
5. Sustainability and Corporate Social Responsibility (CSR): Clients and job seekers are increasingly seeking out staffing firms that have CSR and sustainability initiatives. Firms are adapting to this trend by implementing workplace policies that prioritize environmental sustainability and social responsibility.
In conclusion, the Temp Agencies & Staffing Services industry is experiencing growth and adaptation to trends such as technological advancements, remote workforce, diversity and inclusion, business agility, and sustainability/CSR. Agencies and staffing firms that can quickly adapt to these trends are well-positioned for sustained, successful growth.
Product & Services Breakdown
Research products and services in the Temporary Help Services industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Permanent (Direct Employee) Placement Services |
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Independent Contractor Placement Services |
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Temporary Staffing Services |
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Temporary Staffing - Office/Clerical And Administrative Support Staff |
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Temporary Staffing - Industrial/Trades Staff |
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Temporary Staffing - Health Care Staff |
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Temporary Staffing - Information Technology (It) Staff |
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Temporary Staffing - Engineering Staff |
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Temporary Staffing - Scientific Staff |
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Temporary Staffing - Accounting/Financial Staff |
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Temporary Staffing - Management (Including Executives) Staff |
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Temporary Staffing - Sales/Marketing Staff |
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Temporary Staffing - Legal Staff |
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Temporary Staffing - Other Professional Staff |
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Other Temporary Staffing Services |
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Temporary Staffing-To-Permanent Placement Services |
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Management And Coordination Of Temporary Help (Program Management At Client's Location) |
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Payrolling Services (Long Term Staffing) |
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Employee Leasing Services |
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Employee Leasing Services With Payroll, Benefit, And Human Resource Services |
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Other Management Services |
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All Other Receipts |
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All Other Operating Receipts |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Temporary Help Services company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Temporary Help Services industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
|
| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
|
| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Temporary Help Services measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
|
| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 2% | Order at top of page |
||
| Chief Executives | 0% | |||
| General and Operations Managers | 1% | |||
| Business and Financial Operations Occupations | 8% | |||
| Business Operations Specialists | 7% | |||
| Office and Administrative Support Occupations | 14% | |||
| Production Occupations | 19% | |||
| Assemblers and Fabricators | 8% | |||
| Miscellaneous Assemblers and Fabricators | 7% | |||
| Other Production Occupations | 7% | |||
| Transportation and Material Moving Occupations | 27% | |||
| Material Moving Workers | 25% | |||
| Laborers and Material Movers | 23% | |||
| Laborers and Freight, Stock, and Material Movers, Hand | 17% | |||
Temporary Help Services Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Temporary Help Services industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Temporary Help Services industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Temporary Help Services industry. |
Source:
Innovation News
- Jan 12, 2024: Industrial Staffing Services trademarks "" - Employment agencies; Employment agency services
- Dec 22, 2023: American Traveler Staffing Professionals trademarks "" - Business services in the field of providing placement of healthcare providers on work assignments in various locations throughout the country
- Aug 11, 2023: Abbella Group Healthtech trademarks "ABBELLA" - Transport of patients
- Mar 23, 2023: on Time Staffing patents Automatic Camera Angle Switching In Response To Low Noise Audio To Create Combined Audiovisual File
- Mar 09, 2023: on Time Staffing patents Candidate Data Ranking Method Using Previously Selected Candidate Data
- Feb 09, 2023: on Time Staffing patents Monitoring Third-party Forum Contributions To Improve Searching Through Time-to-live Data Assignments
- Oct 01, 2021: Health Advocates Network raises $7 million in funding.
- May 22, 2020: Health Advocates Network raises $6 million in funding.
- May 12, 2020: Health Advocates Network raises $6 million in funding.
Recent Federal Contracts for Temporary Help Services- Apr 02, 2024: ABSOLUTE STAFFERS, LLC (Clarksville, MD) awarded $20,428
- Apr 02, 2024: GLOBAL EMPIRE LLC (Harrisburg, PA) awarded $14,830
- Apr 02, 2024: MILLBROOK SUPPORT SERVICES, INC. (Millbrook, NY) awarded $740,262
- Apr 02, 2024: FLEXIBILITY & CO., LLC (Stafford, VA) awarded $3,189,666
- Apr 02, 2024: ALLPRO STAFFNET LIMITED-LIABILITY COMPANY (Madison, TN) awarded $204,000
- Apr 02, 2024: MSI SYSTEMS CORP (Florham Park, NJ) awarded $498,581
- Apr 02, 2024: ABSOLUTE STAFFERS, LLC (Clarksville, MD) awarded $20,428
- Apr 02, 2024: GLOBAL EMPIRE LLC (Harrisburg, PA) awarded $14,830
- Apr 02, 2024: MILLBROOK SUPPORT SERVICES, INC. (Millbrook, NY) awarded $740,262
- Apr 02, 2024: FLEXIBILITY & CO., LLC (Stafford, VA) awarded $3,189,666
- Apr 02, 2024: ALLPRO STAFFNET LIMITED-LIABILITY COMPANY (Madison, TN) awarded $204,000
- Apr 02, 2024: MSI SYSTEMS CORP (Florham Park, NJ) awarded $498,581
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