The U.S. Staffing Industry forecast, a semi-annual report, projected that the temporary staffing industry in the U.S. would grow 6% in 2015 and by an additional 5% in 2016 to reach an all-time high of $142.4 billion. Market share consolidation continues to be evident among large U.S. staffing firms, and steadily increased from 2008 to 2014. In 2014, the 15 largest companies captured 56% of the market.
Overall, the country’s gross domestic product (GDP) is the biggest growth driver and predictor of the overall U.S. staffing industry. As the U.S. economy continues to stabilize, the only risk factor cited by the U.S. staffing industry is another economic downturn. Temporary employment will continue to grow as companies look for ways to quickly adapt to the market dynamics, as well as appropriately staff their businesses with the right mix of full- and part-time employees to drive their business forward.
Top reasons presented as to why the staffing industry continues to grow:
Staffing Alternatives: Companies are more often relying on outsourcing to enhance their regular employee pool.
Finding Freelancers: Locating and hiring full-time staff can be daunting and time consuming. By utilizing freelancers for short- and long-term projects, companies decrease the time needed to recruit full-time employees.
Staffing Solutions Lighten the Load: Many companies utilize the services of staffing companies to locate talented people looking for temporary assignments. Staffing companies hold the key to this talent and can easily search their resume pools for the right fit.