Fort Collins, Colorado, Nov. 07, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Staffing as a Service Market was valued at USD 1,542.2 Billion in 2022 and is expected to achieve a CAGR of 7.1% to reach USD 3,048.9 Billion by 2032.
Staffing as a Service is when a staffing agency recruits employees with the necessary skills required by a company and manages all aspects of the hiring process, from profiling the job role to training, payroll management, promotions, and other employee activities.
Staffing processes are categorized into various types, including short-term staffing, long-term staffing, payroll services staffing, direct-hire staffing, and contract-to-hire staffing, based on the roles, projects, and hiring periods. According to the American Staffing Association, staffing companies employ around 14.5 million temporary and contract employees annually. However, some companies prefer in-house hiring systems due to concerns about cultural differences and lack of background knowledge of new employees when outsourcing hiring.
Direct hire refers to permanent employment for long-term commitments. At the same time, contract-to-hire is a shorter period of employment with the possibility of a permanent role if the employee's skillset is suitable. Staffing companies are gaining popularity due to their end-to-end services, including candidate selection, hiring, training, promotion, and compensation. They save time and cost for companies in finding and hiring candidates.
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Segmentation Overview:
The global staffing as a service market has been segmented into enterprise level, end-use, and region. Large companies outsource recruitment to staffing agencies to focus on product development, connecting with top talent. BFSI dominates the staffing market due to technological integration, requiring skilled personnel for systems implementation.
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Staffing as a Service Market Report Highlights:
- The global staffing as a service market growth is anticipated at a CAGR of 7.1% by 2032.
- The staffing as a service market is witnessing an upsurge in demand due to its ability to enable companies to streamline their core activities and tap into a skilled pool of employees without the need for an extensive hiring and recruitment process.
- North America accounts for a significant share of the staffing market. The USA holds 30% of global staffing revenue, with healthcare and education staffing in high demand in Texas and California.
- Some prominent players in the staffing as a service market report include Randstad NV, The Adecco Group, ManpowerGroup Inc., Robert Half International Inc., Kelly Services, Kforce, Collabera Inc., Beacon Hill Staffing Group, Frontline Source Group, Insight Global, and others.
Industry Trends and Insights:
- Beacon Hill Staffing Group in Boston was named a top workplace by Top Workplaces for employee well-being, professional development, and appreciation.
- Randstad Canada and Desjardins have formed a strategic partnership to support entrepreneurs facing labor shortages. The partnership is expected to deliver substantial benefits to entrepreneurs across the country.
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Staffing as a Service Market Segmentation:
- By Enterprise level: Small and Medium Enterprise and Large Enterprise
- By End-use: BFSI, Retail and Consumer goods, IT and Telecommunication, Healthcare and Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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