CONTRACT OR TEMPORARY STAFFING MARKET: OVERVIEW
The Contract or Temporary Staffing Market was valued at USD 90 Billion in 2021, the market is projected to grow USD 130.20 Billion in 2030, at a CAGR of 9.06%. Global Contract or temporary staffing service refers to the recruitment of employees or skilled candidate on a contractual or temporary basis where employee is hired only for a specific period of time in organization. Contract or temporary staffing service includes fixed-term, project related for short time or task-based contracts as well as seasonal or casual work including day labor and Festive season base. Contract or Temporary Staffing Services consists of Fixed-term contracts (FTC) and Casual work which tend to challenge for the firm, including on how to manage workers in different type of arrangements for performing same tasks, risks in leading for underinvestment in training cost and innovation and lower productivity work.
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The COVID-19 outbreak will have a huge impact on global industrial expenditure over the next several years because a large number of businesses that governments throughout the globe have deemed non-essential are currently inactive and suffering enormous losses. Through the end of 2021, this will have an impact on their tech spending. COVID-19 has the potential to have three different effects on the global economy, directly affecting production and demand, disrupting supply chains and marketplaces, and having a financial impact on businesses and financial markets. The Covid-19 outbreak has impacted a variety of enterprises and industries, causing travel disruptions, lockdowns, and social isolation, among other things. These have hampered the businesses' routine operations, resulting in supply chain issues, a lack of vendor coordination, and other issues.
CONTRACT OR TEMPORARY STAFFING MARKET: TREND
Rising Online Recruitment Process
To attract and tap into a larger talent pool, one of the most recent trends in recruitment is to create contract jobs, work from home jobs, or flexible days off. Bringing in contract employees allows the company to select the best talent with specialized skills without the burden of a large hiring budget. Job seekers now know which companies offer roles in their domain, as well as the types of job roles available, how the office hierarchy operates, what the salaries are like, and even specifics about previous projects worked on by the company. The recruiter adopting the online process for easy and fastest way to recruit the employee. This trend may drive the market in the forecast period.
CONTRACT OR TEMPORARY STAFFING MARKET: DRIVERS
High Demand for Cost-effective Candidate Hiring Drive Market Growth
The cost of replacing lost talent is always greater than the cost of hiring and retaining talent. This is perhaps the most difficult pill for any business owner to swallow. No matter how hard work, when an employee leaves, they take more than what invested in them. Some people believe that hiring temporary workers is more expensive than hiring full-time employees. This may have been true prior to Covid19, hence the demand for cost effective candidate hiring is increasing in the industry. This are the major factor that boost the contract or temporary staffing market.
Global Contract or Temporary Staffing Market Report Coverage
|Market Size in 2021:||USD 90 Billion|
|Forecast Period 2021-2030 CAGR:||9.06%.|
|2030 Value Projection:||USD 130.20 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||245|
|Tables, Charts & Figures:||86|
|Segments covered:||By Type, By Services, By Channel, By Region, COVID-19 Impact Analysis|
|Companies Covered:||The Adecco Group, Randstad Holding NV, Manpower Group, Hays PLC, Allegis Group, Inc, Kelly Services, Inc, TrueBlue Inc, ASGN Incorp, Robert Half International Inc, PrideStaff Inc.|
|Growth Drivers:||1) High Demand for Cost-effective Candidate Hiring Drive Market Growth 2) Continuous Changes in Workforce Requirement Limit Market Growth|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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CONTRACT OR TEMPORARY STAFFING MARKET: RESTRAIN
Continuous Changes in Workforce Requirement Limit Market Growth
Hiring temporary workers frequently creates a sense of insecurity among permanent employees, demoralizes them, and reduces their productivity, which is not conducive to an organization's growth. Furthermore, customer satisfaction is frequently at stake when these workers are deployed for customer service, particularly when customers are familiar with specific sales personnel or agents. As a result, these factors are likely to limit market growth.
CONTRACT OR TEMPORARY STAFFING MARKET: SEGMENTATION
The global Contract or Temporary Staffing Market is segmented by Type (Temporary Staffing, Permanent Staffing), Services (General Staffing, Professional Staffing), Channel (Online, Offline), and Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
CONTRACT OR TEMPORARY STAFFING MARKET: COMPETITIVE LANDSCAPE
The market is highly fragmented due to various market players who are highly focused on various production technologies, improving efficiency, and other factors. There are numerous market growth opportunities that can be captured by leading players in the market monitoring ongoing process improvement and increasing financial flexibility to invest in market growth strategies.
SEGMENTATION: BY REGION
Based on the Region, the Global Contract or Temporary Staffing Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
North America region is dominating share of the global Contract or Temporary Staffing market due to the increasing adoption of advanced staffing services. Some of the major factors contributing to this region's largest share include the local presence of key market players, an increase in the geriatric population, and an increase in demand for healthcare staff by hospitals due to financial setbacks associated with hiring permanent staff. Asia Pacific is expected to grow at the fastest CAGR during the forecast period, as the region's demand for contract workers rises. The increased demand could be attributed to the fact that contract hire does not carry the same obligations as permanent employees.
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CONTRACT OR TEMPORARY STAFFING MARKET: KEY PLAYERS
- The Adecco Group
- Randstad Holding NV
- Manpower Group
- Hays PLC
- Allegis Group, Inc.
- Kelly Services, Inc.
- TrueBlue Inc.
- ASGN Incorp.
- Robert Half International Inc
- PrideStaff Inc.
CONTRACT OR TEMPORARY STAFFING MARKET: RECENT DEVELOPMENT
- October 2020- PrideStaff is announce the establishment of a new staffing and employment agency in Knoxville, Tennessee. The new office will provide employers and job seekers in the greater Knoxville area with a full range of staffing and employment services in a variety of professional and light industrial disciplines.
CONTRACT OR TEMPORARY STAFFING MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Contract or Temporary Staffing Market. The Global Contract or Temporary Staffing Market is segmented by Type, Service, Channel, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Contract or Temporary Staffing Market.
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