IBISWorld Industry Report Employment & Recruiting Agencies in The US 2019

WWW.IBISWORLD.
COM Employment & Recruiting Agencies in the USJune 2019 1
For hire: Stable labor conditions and new online

recruiting methods will likely aid industry revenue
This report was provided to
Edeska (2129455405)
by IBISWorld on 27 January 2020 in accordance with their license agreement with IBISWorld
IBISWorld Industry Report 56131

Employment & Recruiting
Agencies in the US
June 2019 Anthony Gambardella
2 About this Industry 17 International Trade 31 Regulation and Policy

2 Industry Definition 18 Business Locations 32 Industry Assistance
2 Main Activities
2 Similar Industries 20 Competitive Landscape 33 Key Statistics
3 Additional Resources 20 Market Share Concentration 33 Industry Data
20 Key Success Factors 33 Annual Change
4 Industry at a Glance 21 Cost Structure Benchmarks 33 Key Ratios
23 Basis of Competition 34 Industry Financial Ratios
5 Industry Performance 23 Barriers to Entry
5 Executive Summary 24 Industry Globalization 35 Jargon & Glossary
5 Key External Drivers
7 Current Performance 25 Major Companies
9 Industry Outlook 25 LinkedIn Corp.
11 Industry Life Cycle 26 Randstad Holding NV
27 Adecco SA
13 Products and Markets
13 Supply Chain 29 Operating Conditions
13 Products and Services 29 Capital Intensity
15 Demand Determinants 30 Technology and Systems
16 Major Markets 30 Revenue Volatility
www.ibisworld.com | 1-800-330-3772 | info @ibisworld.com

WWW.IBISWORLD.COM Employment & Recruiting Agencies in the USJune 2019 2
About this Industry
Industry Definition This industry comprises establishments companies with employee recruitment
engaged in listing employment and placement. Individuals referred or
vacancies, referring job applicants to placed are not employees of the
potential employers and assisting employment agencies.
Main Activities The primary activities of this industry are

Operating casting agencies or bureaus
Operating employment agencies or registries
Operating employment referral agencies or registries
Providing permanent placement services
Providing temporary placement services
Providing online job and resume listing services
The major products and services in this industry are

Executive search services
Independent contractor placement services
Temporary staffing services
Permanent placement services
Other
Similar Industries 54161 Management Consulting in the US

Operators in this industry provide executive search consulting services.
54161b HR Consulting in the US

Operators in this industry provide assistance to businesses for structuring human resource and personnel
policies, employee benefits, wage and salary administration, recruitment and retention.
56132 Office Staffing & Temp Agencies in the US

Operators in this industry supply their own employees for limited periods of time to supplement a client’s
workforce.
56133 Professional Employer Organizations in the US

Operators in this industry provide human resources and human resource management services to clients.
Provided to: Edeska (2129455405) | 27 January 2020

About this Industry
Additional Resources For additional information on this industry

www.americanstaffing.net
American Staffing Association
www.naps360.org
National Association of Personnel Services
www.arc-org.net
The Association of Recruitment Consultancies
www.usstaffing.org
United States Staffing Association
IBISWorld writes over 1000 US

industry reports, which are updated
up to four times a year. To see all
reports, go towww.ibisworld.com

WWW.IBISWORLD.COM Employment & Recruiting Agencies in the US June 2019 4
Industry at a Glance
Employment & Recruiting Agencies in 2019
Key Statistics Revenue Annual Growth 14–19 Annual Growth 19–24

Snapshot
$25.0bn 4.7% 0.6%
Profit Wages Businesses
$1.3bn $12.2bn 11,516

Revenue vs. employment growth National unemployment rate
Market Share
LinkedIn Corp. 12 10
12.9%
8 8
Randstad Holding
% change
NV 4 6
%
8.4%
0 4
-4 2
Year 11 13 15 17 19 21 23 25 Year 11 13 15 17 19 21 23 25
Revenue Employment
SOURCE: WWW.IBISWORLD.COM
p. 25
Products and services segmentation (2019)
3.4%
Key External Drivers 6.0% Other
National
unemployment rate 7.8%
Corporate profit
Number of businesses
External competition
for the Employment 47.8%
Permanent placement
and Recruiting services
Agencies industry
35.0%
p. 5
Industry Structure Life Cycle Stage Mature Regulation Level Medium

Revenue Volatility Low Technology Change Medium
Capital Intensity Low Barriers to Entry Low
Industry Assistance Low Industry Globalization Low
Concentration Level Low Competition Level High
FOR ADDITIONAL STATISTICS AND TIME SERIES SEE THE APPENDIX ON PAGE 33

Industry Performance
Executive Summary | Key External Drivers | Current Performance
Industry Outlook | Life Cycle Stage
Executive Summary The Employment and Recruiting hesitant to invest in new permanent
Agencies industry has performed well as hires, resulting in a brief lull in demand
strengthening labor markets boosted for industry services. However, industry
demand for recruiting and job placement revenue shot up 6.5% in 2014 as
services over the five years to 2019. businesses revitalized their investment
Furthermore, rising corporate profit in new hiring, causing the national
levels and heightened management unemployment rate to fall more than a
restructuring activity during most of the full percentage point over the course of
period led to increased demand for the year. Technological development
executive search services. Although new has had a major effect on industry
hiring activity in industrial markets has structure, with online profiles and job
decelerated in recent years, strong listing platforms creating opportunities
recovery in most service sectors has for new businesses. Meanwhile, larger
helped boost industry performance. operators have adopted online services
Overall, industry revenue is projected to to increase the efficiency and accuracy
of candidate selection and interviewing.
Combined, these trends have helped the
S trengthening
labor markets have unemployment rate reach historic lows
boosted demand for recruiting and job in 2019.
Over the five years to 2024, the
placement services industry is expected to benefit from
increasingly stable labor conditions.
increase an annualized 4.7% to $25.0 While the national unemployment rate is
billion over the five years to 2019. In not expected to continue declining, a
2019, revenue is expected to rise 2.6% as stabilizing and more-fluid labor market,
corporate profit growth coupled with coupled with strong business sentiment,
increased corporate restructuring activity will continue to encourage businesses to
promotes demand for permanent and engage in new hiring and restructuring.
executive placement services. Profit margins are expected to remain
Industry performance is dependent on stable as industry operators rely more on
the national unemployment rate, cloud-based recruiting systems and focus
corporate restructuring activity and on offering higher-margin services, such
overall demand for permanent new hires. as executive search and temporary-to-
Just prior to the period, the industry placement transition. IBISWorld expects
experienced sluggish growth as online industry revenue to increase an
technology continued to change business annualized 0.6% to $25.8 billion over the
practices and companies remained five years to 2024.
Key External Drivers National unemployment rate revenue. Conversely, stronger employment
The national unemployment rate measures opportunities boost total revenue. The
the proportion of Americans aged 16 or national unemployment rate is expected to
older who are currently unemployed and decline in 2019, representing a potential
looking for work. An increase in the opportunity for the industry.
unemployment rate represents declining
demand from businesses for employees Corporate profit
and, therefore, reduces the number of Corporate profit measures profit across all
placements available along with industry industries, not just the Employment and

Key External Drivers Recruiting Agencies industry. An increase listings and candidate profiling. The
continued in corporate profit boosts available salary number of businesses is expected to
budgets and increases business increase marginally in 2019.
confidence, which encourages operators
to hire more staff, particularly on a External competition for the Employment
permanent basis rather than on and Recruiting Agencies industry
temporary contracts. Corporate profit is Operators in this industry compete with
expected to increase in 2019. companies that manage their own
recruiting, usually through online job
Number of businesses portals and listings. Additionally, the
The number of businesses measures the industry competes with temporary
total number of companies in the United employees that mitigate demand for
States with at least one employee. An permanent placements. External
increase in the number of businesses competition for the Employment and
increases the need for new workers, Recruiting Agencies industry is expected
which boosts demand for industry- to increase in 2019, posing a potential
relevant services, such as online job threat to the industry.
National unemployment rate Corporate profit
10 12
8 8
% change
6 4
%
4 0
2 -4
Year 11 13 15 17 19 21 23 25 Year 13 15 17 19 21 23 25

Current The Employment and Recruiting Agencies

industry consists of recruiting companies Industry revenue
Performance that help both entry-level and experienced
12
candidates find jobs that are most
appropriate for their skill set and experience
8
levels. In addition to traditional recruiting
companies, the industry includes executive
% change
search companies that specialize in 4
recruiting upper management candidates,
as well as online job listing and professional 0
networking websites. Over the five years to
2019, rising corporate profit levels and -4
growth in the number of new businesses Year 11 13 15 17 19 21 23 25
have led to increased demand for staffing
services for permanent employees and SOURCE: WWW.IBISWORLD.COM
executives. Notably, the strongest growth

during the five-year period has come from competition for industry operators,
the most technologically advanced which increasingly compete with
operators. Relatively new industry players businesses that create their own online
with an emphasis on online recruiting and job listing platforms. Overall, industry
job listings have experienced rapid growth revenue is projected to increase at an
as consumer preferences have trended annualized rate of 4.7% to $25.0 billion
toward online services. However, new online over the five years to 2019, including
technologies are also creating heightened growth of 2.6% in 2019 alone.
Employment This industry’s success is highly dependent the five years to 2019. The national
opportunities surge on changes in the national unemployment unemployment rate has dropped steadily
rate, corporate restructuring activity and from a five-year high of 6.2% in 2014 to
growth
overall demand for permanent an estimated five-year low of 3.7% by the
employment. Over the five years to 2019, end of 2019.
significant recovery in the US labor market Although growth was sluggish just
and an ongoing shift toward specialized prior to the current period as employers
jobs have boosted demand for permanent turned toward temporary staffing
placement services, executive recruiting agencies to fill workforce vacancies,
and other professional services offered by revitalized demand for permanent
industry operators. Although demand for placement services has boosted industry
employment and recruiting agencies tends revenue during the entirety of the period.
to surge during times of economic duress, More Americans returning to the labor
when individuals seek increased assistance market and seeking recruiting services
finding work, operators are typically not have boosted demand for the industry;
paid until they have placed a client. revenue rose 6.4% in 2014, as the
Accordingly, the industry performed poorly unemployment rate fell by more than a
during the financial crisis, as deficient full percentage point that year. Likewise,
economic performance forced most increasing corporate profit levels and
employers to cut back on staff and reduce increased restructuring activity are likely
new hiring. However, improving corporate to have boosted demand for executive
profit levels have encouraged employers to search services provided by industry
resume operations and boost hiring over operators as well.

Digital winners and Over the past five years, widespread

losers adoption of broadband internet and mobile Operatorsthat provide
devices has continued to change how
consumers conduct everyday tasks. The
online services have
percentage of services conducted online has consistently outperformed
increased from 11.0% in 2014 to 18.5% in the industry as a whole
2019; this increase reflects stronger
consumer and business inclination to use
online substitutes. This trend has also companies, such as Indeed.com, have also
changed the behavior of job candidates, who experienced strong growth during the
have increasingly turned to internet job period, investing profit into further
postings rather than traditional recruiting product development and thus gaining
agencies. The recruiting industry has greater market share. Conversely, some
changed significantly during the period as a online recruitment companies (IBISWorld
greater share of job candidates, particularly report OD4590), including Monster.com
those between the ages of 18 and 25, relied and CareerBuilder.com, have
on online recruiting and resume-screening underperformed the industry as a whole
services to help them reach out to potential during the five-year period.
employers. Consequently, companies that Traditional recruiting services provided
have marketed online recruitment and by well-established operators such as
professional networking services have Randstad Holding NV and Adecco SA have
consistently outperformed the industry as a also garnered strong demand, since
whole. The most notable industry winner professional candidates seeking positions in
has been LinkedIn Corporation (LinkedIn), middle- and upper-management continue
which has had industry-relevant revenue to rely on the expertise and vast network of
grow an estimated annualized 32.3% over traditional recruiting agencies. Lastly,
the five years to 2019. The company has traditional executive search companies such
grown from a small start-up in 2002 to one as Korn Ferry and Spencer Stuart have
of the largest providers of recruitment and performed well due to increased corporate
professional networking solutions through restructuring and acquisition activity, which
its streamlined interface and intuitive have driven demand for executive search
profile-creating platform. Other online services (IBISWorld report OD5670).
Profitability and Industry profit margins (measured as Greater focus on these services has played a
industry structure earnings before interest and taxes) are role in boosting industry profit margins.
expected to grow from 5.2% of industry Additionally, recruiting companies are
revenue in 2014 to 5.3% in 2019. Stronger expected to take on more employees in
demand from businesses for recruiting anticipation of stronger demand for their
assistance has precipitated greater services. The number of industry
transaction volumes and enabled operators employees is forecast to grow at an
to increase the cost of providing annualized rate of 0.1% to 298,062 workers
recruitment services. Furthermore, over the five years to 2019. Similarly, the
demand for higher-margin services such as number of industry establishments is
middle- and upper-management expected to increase an annualized 1.1% to
recruiting, as well as traditional executive an estimated 13,050 over the five years to
search services, has increased as a share of 2019. Although the total number of
total revenue over the five years to 2019. enterprises is expected to grow slowly

Profitability and during the period, there has been significant by Microsoft Corporation and Monster.com
industry structure merger and acquisition activity involving was purchased by Randstad Holding NV.
large industry operators in recent years. In This trend is expected to continue industry-
continued
December 2016, LinkedIn was purchased wide, affecting operators of all sizes.
Industry Over the five years to 2024, the

Employment and Recruiting Agencies
in line with globalization, outsourcing and
a constantly changing regulatory
Outlook industry is expected to continue growing, environment, will also boost demand for
albeit at a slower rate, as the US labor executive search services, which currently
market stabilizes and the national account for a 35.0% share of industry
unemployment rate fluctuates at about revenue. However, internal and external
4.3%. IBISWorld anticipates industry competition is expected to remain fierce in
revenue to expand due to stronger the industry. Technological changes will
macroeconomic conditions, which will continue to present both opportunities and
encourage new and existing businesses to threats to industry participants, placing
enter new markets and expand the size of significant pressure on the profitability of
their workforce. These companies are likely smaller operators that are unable to offer
to seek professional recruiting services to value-added services outside the scope of
find the best candidates, which will boost standard job listings or traditional
demand for permanent placement services. recruitment. Overall, industry revenue is
Rising corporate profit levels and expected to increase an annualized 0.6% to
heightened corporate restructuring activity, $25.8 billion over the five years to 2024.
Job openings provide Although the industry is expected to record

consistent growth slower growth over the next five years, Employers will continue
operators are expected to benefit from
favorable macroeconomic conditions such
to prefer hiring permanent
as relatively lower volatility in job markets. rather than temporary
Economic growth in recent years has workers
already helped drive down the national
unemployment rate to 3.8% in March 2019.
Although the unemployment rate is not online recruiting sites such as CareerBuilder
expected to decline over the next five years, and LinkedIn to advertise these
IBISWorld anticipates that employers will opportunities, thereby boosting demand for
continue to prefer hiring permanent online job postings and other internet-based
workers rather than temporary workers recruiting services.
during the period, thereby sustaining Online tools will continue to support the
demand for the industry’s largest service search-submitted applications of both
segment. In addition, the total number of employers and recruiting companies.
businesses operating in the United States is Additionally, industry operators will
expected to continue growing at an continue to develop new methods for
annualized rate of 0.7% over the five years to checking qualifications and tracking
2024. Although smaller businesses generally potential candidates. Industry services will
do not use traditional recruiting companies remain labor-intensive as further analysis,
to find their employees, they are likely to use candidate interviews and testing will remain

Job openings provide highly personalized processes. A based recruiters, see the Online
consistent growth personalized recruiting process will remain Recruitment Sites industry report
particularly important for executive search (IBISWorld report OD4590).
continued
companies, which leverage their extensive Traditional industry operators, such as
network and talented recruiters to find the major players Randstad Holding NV and
most appropriate candidate for vacant Adecco SA, are also expected to increase
middle- and upper-management positions. their online presence in response to rising
However, industry operators that readily demand for these services from employers
adopt the latest technology as a tool for seeking middle- and upper-management
recruitment and employment will continue candidates. However, technology will also
to outperform the industry as a whole. In continue to pose a potential threat to
broad terms, the percentage of services industry operators. More US corporations
conducted online is expected to increase are likely to post and manage their own
from 18.5% in 2019 to an estimated 23.2% job listings as online portals permit
in 2024 as both consumers and businesses candidates to easily upload information
transition services online for greater and fill out other key details. Furthermore,
efficiency and convenience. Consequently, third-party IT consulting solutions such as
internet-based operators such as LinkedIn Oracle’s Taleo Cloud Service will threaten
Corporation and Indeed.com will continue online recruiters, since these software-as-
to be successful as they increase the size of a-service platforms enable businesses to
their user base and respond to online conduct candidate searches and
preferences through intuitive job listings placement on their own without
and mobile application development. outsourcing to a professional recruiting
For more information on internet- agency (IBISWorld report 54151).
Profit and expansion Industry profitability is expected to

stagnate over the five years to 2024 as Technologicalinnovation
internal and external competition will continue to lower
intensifies. The increasing use of
technology will help reduce administrative barriers to entry
costs and improve company profit
margins. However, the growing five years to 2024. Despite this continued
prevalence of online recruiting sites, influx of new players, market share
which are typically less profitable than concentration is expected to increase as
traditional recruiting services, is expected larger players continue to outperform
to constrain average profit margins during smaller rivals, particularly within the
the coming five-year period. Overall, executive search services segment.
industry profit (measured as earnings Furthermore, larger recruiting companies
before interest and taxes) is expected to are likely to continue acquiring smaller
slightly decline from 5.3% of industry competitors to capitalize on economies of
revenue in 2019 to 5.2% in 2024. scale and offer a broader selection of
Technological innovation will continue value-added services. Strong performance
to lower barriers to entry, encouraging will encourage industry operators to hire
new operators into the industry over the new workers, with total industry
five years to 2024. The number of industry employment projected to increase an
enterprises is projected to increase at an annualized 0.9% to 311,627 workers over
annualized rate of 0.8% to 11,958 over the the five years to 2024.

Life Cycle Stage Industry growth typically follows the overall
economy, although recent growth has been
driven primarily by a recovering labor market
Technological change is quickly altering
the way the industry operates
The industry is expected to continue consolidating,
although it remains highly fragmented

Industry Life Cycle The Employment and Recruiting onset of the US recession, which
Agencies industry is in the mature phase decimated the overall industry in 2009
of its life cycle. Industry value added and 2010. Over the five years to 2019,
Thisindustry (IVA), used to measure an industry’s rising corporate profit and a rapidly
is M
ature contribution to the overall economy, is declining national unemployment rate has
projected to grow at an annualized rate of reinvigorated new hiring and management
1.9% over the 10 years to 2024. In restructuring, thereby boosting demand
contrast, the overall economy is forecast for recruitment services.
to grow at a slightly slower annualized The industry is undergoing significant
rate of 2.2% during the same period. change, driven primarily by the
Growth in IVA is primarily a result of widespread adoption of online
recovering profit margins and sales in the recruitment services and other
postrecessionary economy. Over the next technological developments. Industry
five years, IVA growth will be relatively players such as LinkedIn are becoming
slower as industry revenue grows roughly increasingly relevant through online
in line with the overall economy. operations, which attract consumers
The industry is characterized by a because of their user-friendly and
moderate rate of technological change, a convenient services. Furthermore,
growing number of industry players, traditional operators are able to increase
wholehearted acceptance of industry their efficiency by investing in
services and a well-defined portfolio of technologies that help cull potential
standard services offered by the industry; candidates based on keyword and criteria
these traits are all characteristic of an searches. Operators that can successfully
industry currently in the mature stage of implement these new technologies are
its life cycle. Over the past five years, the likely to be able to reduce the need for
industry has largely recovered from the human input over the five years to 2024.

Products & Markets

Supply Chain | Products and Services | Demand Determinants
Major Markets | International Trade | Business Locations
Supply Chain KEY BUYING INDUSTRIES

31-33 Manufacturing in the US
Manufacturing companies may seek new employees through placement services.
53 Real Estate and Rental and Leasing in the US
Real estate professionals seek new work through online job listings and placement services.
54 Professional, Scientific and Technical Services in the US
Companies in this sector use employment agencies to find suitable professional staff.
56 Administration, Business Support and Waste Management Services
Administrative and business support professionals are placed by industry operators.
62 Healthcare and Social Assistance in the US
Companies in this sector use employment agencies to find full-time and part-time medical
staff.
71 Arts, Entertainment and Recreation in the US
Companies in this sector use employment agencies, particularly talent agencies, to find
creative projects for performers.
KEY SELLING INDUSTRIES

44312 Computer Stores in the US
Operators in the Computer Stores industry supply employment agencies with computer
equipment.
45321 Office Supply Stores in the US
Operators in the Office Supply Stores industry supply employment agencies with office
supplies
53112 Commercial Leasing in the US
Operators in the Commercial Leasing industry supply office space for employment and
recruiting agencies.
54151 IT Consulting in the US
Operators in the IT Consulting industry supply online software support for submitting of
resumes and vacancy information.
Products and Services Permanent placement services heightened business activity and improved
Permanent placement services are business sentiment has made companies
estimated to account for 47.8% of industry more comfortable with hiring permanent
revenue in 2019. Permanent placement staff, rather than relying on temporary
services include recruiting, selecting and staffing agencies (IBISWorld report 56132)
referring candidate to clients to fill to fill temporary roles. Consequently, this
positions on a permanent or indeterminate segment has grown as a proportion of
basis. Services involved include candidate revenue over the five-year period.
testing, interviewing, reference checking,
evaluation and counseling of prospective Executive search services
employees. Service providers act as an Executive search services are forecast to
employment intermediary as candidates comprise 35.0% of revenue in 2019. This
are finally selected and hired by the client. segment includes the same services as
Companies are then paid on a contingency offered in permanent placement services,
basis, meaning that only successful although it focuses on corporate executives
placement of a candidate will result in and other upper management and
revenue. Over the five years to 2019, professional positions. Industry operators

Products & Markets
Products and Services Products and services segmentation (2019)

continued
6.0% 3.4%
Other
7.8%
47.8%
Permanent placement services
35.0%
Total $25.0bn SOURCE: WWW.IBISWORLD.COM
provide detailed interviews with client staffing as a part of their diversified service
management teams, develop specific job portfolio. Unlike executive search and
profiles, conduct original research and permanent placement services, industry
advertising, screen candidates and present operators of temporary and contract
and discuss confidential lists of highly placement services do not necessarily
qualified applicants. Additionally, industry require up-front fees and retainers. Over
operators negotiate compensation and the five years to 2019, this segment’s share
provide post-hire follow-up with successful of industry revenue has declined slightly as
candidates. The provision of this service rising business sentiment has encouraged
typically includes assurance clauses such as employers to seek permanent hires over
the repeat of a search at no extra charge temporary workers.
should a successful candidate subsequently
fail for reasons attributed to lack of due Independent contractor
diligence by the company, and not to placement services
recruit from the company for a given Independent contractor placement services
period of time. This segment has grown as are estimated to account for 6.0% of
a proportion of revenue over the five years revenue in 2019. Recruitment and
to 2019 due to stronger business activity, employment agencies find individual
higher corporate profit, increased corporate contractors to fill positions based on
globalization and significant management written contracts that stipulate job
restructuring following the recession. duties negotiated by clients. Under
these agreements, the service provider
Temporary staffing services has legal rights with respect to the
Industry operators typically do not provide individual contractor, who is
temporary staffing services, which are responsible for its own payroll
included in the Office Staffing and Temp deductions and government filings.
Agencies industry (IBISWorld report This segment experienced growth in
56132). However, temporary staffing the immediate aftermath of the
services are estimated to account for 7.8% recession as companies remained
of revenue in 2019 since several larger hesitant to increase the size of their
traditional recruiting companies, such as workforce and instead opted to hire
Randstad and Adecco, offer temporary independent contractors who were not

Products & Markets
Products and Services officially employed by the company and a proportion of revenue recently as
continued assigned to complete specific roles. operators resume seeking full-time
However, this segment has declined as employees over short-term fixes.
Demand Demand for the Employment and Recruiting Service industry, although
Determinants Recruiting Agencies industry’s temporary agencies offer a greater
placement services follows the ebbs and degree of flexibility than permanent
flows of the economic cycle, particularly work agencies. While all hiring can be
with sudden changes in the labor force expected to suffer during an economic
and the unemployment rate. As the downturn, temporary workers are
unemployment rate increases, demand often hired more readily over full-time
for permanent placement services will employees, as companies are wary to
increase among unemployed workers in invest in permanent workers until
search of permanent work. For industry economic conditions improve.
recruiting agencies, however, there is Accordingly, demand for temporary
often far less economic activity from staffing services tends to be highest in
companies during periods of high the immediate years following a
unemployment. Employers will reduce recession, whereas demand for
salary costs by instituting hiring freezes permanent placement services tends to
or even laying off employees amid rise in the two to three years following
economic downturns, which greatly a recession.
reduces the economy’s overall demand A growing number of industry
for employment and recruiting agencies operators are expanding their portfolio
among job creators. to include value-added services such as
Demand for senior and executive outplacement services, training and
recruitment is particularly sensitive to human resources consultancy services.
business sentiment and overall Outplacement services are intended to
economic conditions. Since the help both employers and terminated
industry’s executive recruitment employees transition to new
services are typically charged as a employment through structuring
percentage of the position’s salary, severance pay, offering job-search
companies are quick to hire for major advice and even providing counseling
roles using in-house recruitment services. These services are typically
systems during recessionary periods. countercyclical, with demand for new
Additionally, there is far less staff employment increasing as economic
turnover when economic conditions are activity and unemployment increase.
uncertain because employed workers During the recession, many agencies
will be less inclined to pursue a new experienced an increase in demand for
position if the labor market has few outplacement services; however, the
suitable openings. Many industry gains associated with providing these
players also operate in the Office services have not mitigated losses from
Staffing and Temp Agencies industry lulls in demand for permanent
(IBISWorld report 56132). Temporary placement, which has traditionally
employment agencies tend to grow and accounted for the largest share of
decline parallel to the Employment & industry revenue.

Products & Markets
Major Markets Major market segmentation (2019)

9.4%
Healthcare
9.9%
Administrative and clerical 35.3%
Industrial
11.1%
Technical
34.3%
Executive and managerial
Total $25.0bn SOURCE: WWW.IBISWORLD.COM
Commercial expanded as a share of total revenue as

The commercial market includes the larger business clients are increasingly
industrial (e.g. manufacturing and seeking the help of industry operators to
construction) sector, as well as fill positions that require a higher level of
administrative and clerical staffing. This skill and education.
segment is estimated to account for a
combined 45.2% of revenue for the Technical
Employment and Recruiting Agencies Information technology (IT) and other
industry in 2019. Jobs in these industries, technical (e.g. engineering) positions are
particularly in nondurable goods another major source of revenue for the
manufacturing and construction, account Employment and Recruiting Agencies
for the majority of temporary placement industry. IBISWorld estimates this
revenue. In addition to temporary market to account for 11.1% of total
placement, this segment is also a large industry revenue. Demand for employees
market for permanent placement who have technical and IT skills was
services, particularly for administrative relatively constant leading up to 2017,
positions. This market’s share of industry when outsourcing activity led to
revenue has remained relatively decreased demand. Overall, the segment
unchanged over the five years to 2019. has decline slightly over the five years to
2019. Outsourcing trends are expected to
Executive and managerial prevail over the five years to 2024, which
Executive and other managerial positions is expected to lead to sluggish growth
are expected to generate 34.3% of industry during the period.
revenue in 2019. These positions are not
filled as quickly as most commercial Healthcare
positions; however, they typically provide The industry generates an estimated
higher revenue per job filled. These 9.9% of revenue from prospective
positions include mid-level management employers seeking work in the healthcare
(e.g. regional managers or vice presidents) sector. While some of these prospective
and in some cases, can include placement workers seek administrative and office
services for CEO and CFO positions. Over positions within the healthcare sector,
the five years to 2019, this segment has many are part-time and full-time licensed

Products & Markets
Major Markets nurses and physicians in search of passing of the Private Patient Affordable
continued permanent and temporary job placement. Care Act (PPACA). However, if the PPACA is
This segment has grown over the five years repealed, demand from this segment is
to 2019 as a result of increased healthcare likely to decrease over the five years to 2024
expenditure, which stemmed from the as a result of lower healthcare expenditures.
International Trade Due to the service-based nature of the to capitalize on America’s dynamic
Employment and Recruiting Agencies labor force. For example, major player
industry, employment and recruiting Adecco SA is a Swiss human resources
agencies do not participate in any consulting company with a dominant
international trade. However, domestic presence in Western Europe; revenue
players have increasingly focused on from North American clients generated
entering emerging markets, where only 18.0% of the company’s net sales
rapidly developing labor markets in 2018. Like other international
create lucrative opportunities for employment agencies, Adecco has
recruiting companies. Likewise, specifically targeted North America as
several foreign-owned recruiting a key resource for job growth following
companies have entered the US market the recession.

Products & Markets
Business Locations 2019
West
AK
0.1 New
England
ME
Great Mid- 0.3
Lakes Atlantic 1 2
NY 3
WA MT ND 10.2
5 4
1.8 0.1 MN
Rocky
0.2 1.9
WI
OR Mountains SD
0.2
Plains 1.5 MI
2.1
PA
3.8
6
7
1.0 ID IA OH 9 8
0.2 WY 3.7
0.1
NE
0.6
IL IN WV VA
6.0 1.3 1.9
West NV
0.4 0.2
KY
UT MO
0.6 NC
0.7
0.7 CO KS 1.6 2.8
2.6 0.8 TN
SC
Southeast
1.2
CA 1.3
13.9
OK AR GA
0.7 0.5 AL 4.2
AZ MS 0.6
1.8 NM
0.2 Southwest 0.2
TX LA
0.7 FL
8.8 7.1
West Establishments (%)
HI Less than 3%
0.1 Additional States (as marked on map) 3% to less than 10%
1 VT 2 NH 3 MA 4 RI 10% to less than 20%
0.2 0.4 3.1 0.3 20% or more
5 CT 6 NJ 7 DE 8 MD 9 DC
1.7 3.5 0.2 1.7 0.5

Products & Markets
Business Locations The geographic spread of the

Distribution of establishments vs. population
Employment and Recruiting Agencies
industry largely reflects the distribution
30
of population and economic activity.
Furthermore, the amount of revenue
generated in each region largely reflects 20
the number of establishments within the
respective regions. However, the West
%
and Mid-Atlantic regions, which 10
primarily offer executive search services,
generate slightly more revenue per
establishment than the national average. 0
This is due to the high-value positions
West
Great Lakes
Mid-Atlantic
New England
Plains
Rocky Mountains
Southeast
Southwest
that are located within these regions,
which typically garner higher fees.
Southeast Establishments
The Southeast region is home to 21.3% of Population
industry establishments, making it a SOURCE: WWW.IBISWORLD.COM
major region for the industry. This is

largely the result of the types of positions the largest and most profitable segment
that are placed in the region. Unlike within this industry. In contrast, agencies
many companies in the Mid-Atlantic, in the West, Great Lakes (14.7% of
which focus on highly paid professional industry establishments) and Southeast
positions, operators in the Southeast are regions tend to service more low-skilled
more likely to focus on recruiting for sectors, such as nondurable
lower-wage jobs, particularly in the retail manufacturing and retail.
and service sectors. This leads the region
to account for a slightly small portion of West
industry revenue relative to the With 17.6% of total industry
percentage of establishments in the establishments, the West represents the
region. Florida maintains a dominant third-most important region for industry
presence within this region, accounting services. California is an essential market
for 7.1% of all industry establishments. for the West; its 13.9% of the region’s
employment agencies is a higher
Mid-Atlantic percentage than that of any other state.
The Mid-Atlantic region is expected to Many of the operators in the region rely on
account for 19.8% of industry the entertainment industry; a large number
establishments. The region’s high share of these regional companies are casting
of establishments is largely due to New agencies and bureaus. Although casting
York, where an estimated 10.2% of agencies for entertainers do not make up a
industry establishments are located. major segment of the industry’s market, it
Many agencies in the Mid-Atlantic focus is the most important component of the
on professional and executive industry’s business in California due to its
recruitment services, which represents proximity to music and film studios.

Competitive Landscape
Market Share Concentration | Key Success Factors | Cost Structure Benchmarks
Basis of Competition | Barriers to Entry | Industry Globalization
Market Share The Employment and Recruiting Agencies digitization of online job listings and
Concentration industry has a low level of market share other services has enabled new players
concentration, with the three largest such as LinkedIn Corporation and
operators expected to generate only 23.9% Monster Worldwide Inc. (Monster) to
Level
of industry revenue in 2019. Due to its enter the industry and quickly capture a
Concentration in client-oriented nature, this highly large market. Traditional recruiting
this industry is L ow fragmented industry is characterized by agencies such as Randstad Holding NV
many small enterprises operating in (Randstad) have also increased their
narrow geographic markets. These share of the market over the past five
employment and recruiting agencies years, though their growth was primarily
typically focus on servicing local and driven by merger and acquisition activity.
regional customers and build relationships For example, Randstad acquired
with businesses in these areas. Larger Monster, a major operator within the
companies with a global presence, such as industry, for $429.0 million in 2016,
Adecco and Randstad, still have a which helped boost the company’s
relatively low share of the market because industry-relevant revenue. The industry
of the highly dispersed and localized is expected to continue consolidating
nature of recruiting services. Additionally, over the next five years as large,
the wide range of sectors that industry traditional recruiting companies continue
operators staff employees for keeps to acquire smaller competitors, while
concentration low, as operators typically internet-based recruiters continue to
only focus on one or two of these markets. outperform the industry as a whole
Market share concentration has risen through new product development and
over the five years to 2019. The rapid aggressive marketing.
Key Success Factors Ability to effectively on job vacancies and resume screening
communicate and negotiate by employers, is vital for success in
Employees should have the ability to this industry.
IBISWorld identifies effectively communicate with clients and
250 Key Success be able to understand a company’s Providing client confidentiality
Factors for a corporate culture and exactly what they It is important to ensure total
business. The most are looking for in a candidate. confidentiality in all areas of operation and
in all dealings with clients and potential
important for this
Must have license placements. This factor is particularly
industry are: Licenses for businesses and counselors important for executive search companies.
are required to operate in most states.
Access to highly skilled workforce
Ability to quickly adopt Companies should hire talented and
new technology amiable workers who can seek out the best
Keeping up to date with new potential candidates for a job and negotiate
technology, particularly the use of effectively between clients (employers)
the internet portals for information and job candidates.

Cost Structure The cost structures of players in the Wages

Benchmarks Employment and Recruiting Agencies This industry is highly labor-intensive
industry vary based on a variety of factors, because operations require personal,
including the types of clients served and face-to-face service to generate business
level of capital intensity. In particular, from corporate clients and potential
operators that specialize in niche employment candidates. Although
industries typically charge a premium for internet sites, data warehousing and
finding talent within specialized mining software are increasingly being
industries. For example, executive search used to complete initial job screening
companies typically generate higher profit tasks, candidates must still be screened
margins than companies engaged in in person by industry employees and
general staffing and recruiting. in-person interviewing is extremely
Furthermore, many operators now offer helpful for industry consultants to get a
value-added services, which can boost strong assessment of the individual
profit margins through higher premiums character of each job seeker. While the
that are charged to clients. In general, industry remains labor intensive, wage
companies that provide executive search expenses grew at a slightly slower pace
services have higher profit margins than than industry revenue over the five years
companies that offer administrative or to 2019. This led wages share of revenue
industrial permanent placement services. to decline from 53.6% of industry
The following cost structure illustrates revenue in 2014 to 49.0% in 2019. This
typical expenses averaged across all trend is expected to reverse over the five
players operating in this industry. years to 2024 as wages’ share of revenue
Sector vs. Industry Costs
Average Costs of
all Industries in Industry Costs
sector (2018) (2018)
100
6.0 5.3 n Profit
n Wages
n Purchases
80 n Depreciation
n Marketing
53.4 49.0 n Rent & Utilities
n Other
Percentage of revenue
60
40 10.3
13.3 0.2 1.8 0.9
1.6 1.3
20
2.4
32.5
22.0
0

Cost Structure increases to 49.5%. While operators are Depreciation

Benchmarks expected to increasingly rely on technology IBISWorld estimates depreciation
to perform candidate searches, highly accounts for just 0.2% of industry
continued
qualified workers will still be needed to revenue in 2019. Depreciating items
place candidates. This will lead wages share include fixtures, fittings, computer
of revenue in the industry to remain high. equipment and software. Although this
industry has a low capital intensity, the
Purchases use of computer equipment to find and
Additionally, purchases of software, select potential candidates has increased
equipment and administrative items are over the five years to 2019. This trend is
expected to account for 10.3% of industry expected to continue, leading to
revenue in 2019. Industry operators use marginal increases in depreciation.
complex software to analyze and sort However, depreciation costs vary
through large number of potential significantly, depending on the level of
candidates resumes. Additionally, industry personalized service the company offers.
operators pay for and build databases of Therefore, online players have high
candidate information to reference at a depreciation costs while local placement
later date. companies typically incur very low
depreciation expenses.
Profit
Profit margins for employment and Marketing
recruitment agencies, measured as While it is important for workers to
earnings before interest and taxes, tend to know industry operators, marketing is
be low, making the industry particularly not the channel through which they
vulnerable to changes in the economy and reach them. As a result, marketing
demand for labor. Some agencies specialize expenses only account for 0.9% of
in placing professional clients, which industry revenue.
typically generates a higher margin per
placement than companies that specialize Rent
in lower-margin placements, such as Relatively small premises are required
clerical, technical or manufacturing. to operate an employment placement
Furthermore, companies that offer online agency; however, some agencies incur
services typically have higher profit high rental costs by working in
margins than their offline counterparts due geographically important regions that
to lower operating costs. In periods of are close to established clients. Rental
decreased economic and investment expenses are estimated to account for
activity, competitive pricing generally 1.3% of industry revenue in 2019.
erodes profit margins. Industry demand
has increased steadily during the period as Utilities
companies feel more financially stable to Similarly, since operators do not
onboard permanent employees. This trend operate out of large facilities, utility
has helped industry profit margins grow expenses only account for 0.5% of
from 5.2% of revenue in 2014 to 5.3% in industry revenue in 2019.
2019. Industry profit margins are expected
to slightly decline again to 5.2% over the Other
five years to 2024, as industry revenue and Other expenses cover a wide range
expenses are anticipated to increase in line of items including insurance and
with one another. legal expenses.

Basis of Competition Internal competition access to a well-organized database, in

Operators in the Employment and addition to the latest search technologies,
Recruiting Agencies industry that develop can readily identify potential headhunting
Level & Trend a close and personal relationship with opportunities for clients. The ability to
ompetition
C in clients, maintain their quality of service offer internet-based advertising of jobs
this industry is and have a high level of client satisfaction and online applications is now essential;
Highand the trend tend to see consistently strong operators that do not invest in such
performance. Additionally, operators that capabilities will suffer if available jobs are
is I ncreasing
strive to understand their clients’ not brought immediately to the attention
businesses, corporate culture and needs of potential candidates.
provide a higher level of service to their
clients. Among major players, having a External competition
global network of offices provides a Industry operators experience limited
distinct advantage, especially as many competition from related industries that
corporations move into emerging markets. supply similar services, such as the Office
Most of the major players have operations Staffing and Temp Agencies industry
across Europe and Asia, with many (IBISWorld report 56132). Many industry
recently moving into the Middle East and operators offer services across related
Latin America. industries; for example, Adecco SA
Employment agencies are challenged generates the majority of its revenue from
by fee-based competition, especially when temporary staffing services, which are
economic growth deteriorates and technically not included in this industry.
unemployment increases. The recession The industry also competes with internal
caused serious price competition within corporate human resources divisions that
the industry, causing many companies to perform their own recruiting instead of
reduce pricing to maintain existing clients outsourcing this work to professional
and attract new ones. The industry has employment agencies. This has become
minimal barriers to entry, so competitors more common over the past five years, as
often contend with a large number of many companies have scaled back on
small operators, causing relatively low net recruiting-related costs. Certain industry
income margins. To remain competitive, operators, particularly traditional
employment agencies must develop and recruiting companies, also compete with
maintain a large, up-to-date database of employment services provided by
potential employees and contacts in key professional networking websites and
client industries. A company that has low-cost (or free) job boards.
Barriers to Entry The Employment and Recruiting

Agencies industry has few barriers to Barriers to Entry checklist
Level & Trend entry. In terms of regulations, Competition High

employment agencies should be licensed Concentration Low
arriers to Entry
B to perform corporate consultation and Life Cycle Stage Mature
in this industry are recruitment activities. In some states, a Capital Intensity Low
Lowand S teady counselor’s license is also required for Technology Change Medium
any person who interviews, counsels or Regulation and Policy Medium
advises candidates and clients on any Industry Assistance Low
matter related to employment and
contracts. Having a license permits the SOURCE: WWW.IBISWORLD.COM

Barriers to Entry business to charge for the provision of clients, but this is only pertinent to
continued services. In addition, the industry has a entrants wishing to expand their business
very low level of capital intensity. New beyond a local or regional level.
entrants could provide services from a Entrants will need to build a
home office with little more than reputation based on providing quality
computer and telephone access. candidates. In addition, new entrants are
Furthermore, the industry has a low likely to be more successful if they are
level of market share concentration due to able to provide a full range of
the ease with which companies may enter employment services, including
and exit the industry. Consequently, the temporary placement, permanent
industry is highly fragmented and has a placement, executive search and training
large number of small operators that can services. In general, larger clients that
often carve out a space within the industry demand a variety of services prefer to use
by providing services to small, local or a single operator that provides many
niche businesses. In general, new services at an affordable price than
businesses may have difficulty establishing multiple operators that each offer a
relationships with large corporations and different service.
Industry The Employment and Recruiting Agencies Globalization has made the US labor
Globalization industry has a low level of industry market increasingly global, and many
globalization. Since the industry is prospective employees are open to the
service-based, it does not participate in possibility of working abroad as a means
Level & Trend any international trade. Nevertheless, of both growing their careers and
lobalization
G in larger industry players are increasing their experiencing business culture in other
this industry is operations overseas to provide services to parts of the world. Industry globalization
Lowand the trend global corporations, while large is therefore increasing gradually, although
international recruiting companies have the majority of industry employment and
is I ncreasing
established regional branches throughout recruiting agencies continue to operate on
major US metropolitan areas. a local or regional basis.

Major Companies
LinkedIn Corp. | Randstad Holding NV | Other Companies
Major Players
(Market Share) Randstad Holding NV 8.4%
78.7%
Other
LinkedIn Corp. 12.9% SOURCE: WWW.IBISWORLD.COM
Player Performance Founded in 2002, LinkedIn Corp. members in the United States. Recently,
(LinkedIn) has grown from a small, the company has focused on expanding
Silicon Valley start-up to one of the into foreign markets; in 2015, more than
LinkedIn Corp. largest professional networking websites three-fourths of new members were from
Market Share: 12.9% in the world. The company’s platform outside of the United States.
enables members to pursue success in LinkedIn operates through three
their careers by managing contacts and segments: talent solutions, marketing
sharing qualifications and personal solutions and premium subscriptions.
information digitally. Furthermore, the Industry-specific operations are
website permits members to seek jobs conducted through the company’s talent
through online listings and recruiter solutions segment, which seeks to match
programs. LinkedIn had over 10,000 talent with opportunity through
full-time workers worldwide as of leveraging data from employer and
September 2016 (latest available data). employee profiles. The segment generates
Across all business segments and revenue by selling space where
geographic regions, LinkedIn generated companies can post available positions,
$6.9 billion in net sales in 2018. As of its while candidates can upgrade to
final quarterly financial disclosure in premium subscriptions to access
September 2016, LinkedIn’s online enhanced search results and
network included over 467.0 million communication capabilities. The
members from more than 200 countries, company generates a significant portion
including an estimated 133.0 million of industry-relevant revenue from field
LinkedIn Corp. (US industry-specific segment) - financial performance*

Revenue Operating Income
Year ($ million) (% change) ($ million) (% change)
2014 798.3 N/C 13.0 N/C
2015 1,092.2 36.8 -55.1 N/C
2016 1,296.2 18.7 -19.3 -65.0
2017 1,900.7 46.6 -356.7 1,748.2
2018 2,480.6 30.5 -97.9 -72.6
2019 3,233.0 30.3 -176.3 80.1
*Estimates
SOURCE: ANNUAL REPORT AND IBISWORLD

Major Companies
Player Performance sale operations, which had a client base of growing online recruiting companies over
continued about 43,000 medium- to large-size the past five years. The company’s US
businesses in 2015 (latest available data). industry-specific revenue is forecast to
Over the five years to 2019, the company grow at an annualized rate of 32.3% to
has pursued several expansion $3.2 billion over the five years to 2019.
opportunities, including opening European LinkedIn has focused on new product
headquarters in Dublin and acquiring development during this period,
Pittsburgh-based mSpoke, a software including the complete overhaul of its
developer. In 2014, the company acquired recruiter platform in 2013. Additionally,
online job listing start-up Bright for $120.0 the company has unveiled several new
million and Lynda, an online education and services that are designed to help users
professional training website, for $1.5 keep track of networking events, job
billion. These acquisitions have helped postings and applications on mobile
boost the company’s share of the online devices rather than on desktop
recruiting industry. computers. The company’s mobile app
In June 2016, Microsoft Corporation subscriber base has grown tremendously
(Microsoft) announced its plan to during the latter half of the five-year
purchase LinkedIn for $26.2 billion. The period and now constitutes almost
deal was officially completed in two-thirds of all site traffic. In 2015, the
December 2016 after being cleared by company also launched its Job Search
regulatory bodies in the United States app for smartphones, which has further
and Europe. LinkedIn will remain its own expanded its reach into the online job
standalone operation under Microsoft boards segment. Lastly, the company’s
moving forward. recent acquisition of Bright has
significantly boosted its database of open
Financial performance job listings. In January 2016 (latest
LinkedIn’s streamlined interface and available data), LinkedIn’s database had
focus on rapidly expanding its user base more than 3.5 million active job listings
has helped it become one of the fastest- within the United States.
Player Performance Headquartered in Diemen, Netherlands, Randstad placed about 25,300

Randstad Holding NV (Randstad) is a candidates in permanent jobs in 2018.
multinational human resource (HR) Randstad provides services through
Randstad Holding consulting firm. Founded in 1960, the three key business divisions: staffing,
NV company now employs more than 38,820 professionals and in-house solutions. The
Market Share: 8.4% corporate employees in more than 4,800 company’s staffing category primarily
offices globally. In 2017, the company relates to the provision of employees to
helped place more than 660,000 people clients in the industrial and
in temporary or permanent employment, administrative sectors. Staff is primarily
with about 262,500 workers placed in provided on a temporary basis to these
permanent positions. The company’s companies; thus, this segment’s revenue
primary focus is in Western Europe, with is not included in the industry (see
North American operations accounting IBISWorld report 56132). Similarly, the
for only a quarter of total net sales. company’s in-house services provide HR
Across all markets and service offerings, solutions rather than employment and
the company generated net sales of $28.1 recruiting services (see IBISWorld report
billion in 2018. Within North America, 56133) and are also excluded from this

Major Companies
Player Performance industry. Therefore, the professional company acquired SFN Group, another
continued services segment, which is mostly major staffing company, for $771.0
involved in the permanent placement of million. Although the deal was completed
professionals in the banking and finance just prior to the current period, it
sectors, is the company’s only industry- effectively doubled the company’s market
relevant business unit. share within the United States and
In August 2016, Randstad reached an boosted industry-relevant revenue by
agreement to purchase Monster over 30.0%. While Randstad’s net sales
Worldwide Inc. (Monster), the leading have increased at a healthy rate over the
HR services provider that owns Monster. five years to 2019, industry-specific
com, for $429.0 million. The acquisition revenue has slightly lagged total revenue
will help Randstad further expand its growth. Throughout the period,
global HR strategy by bridging two professional staffing services have
complementary sides of the larger accounted for about the same portion of
recruiting industry. In the future, industry revenue as they did at the
Monster will continue to operate as a beginning of the period, while the
separate and independent entity under percentage of revenue attributed to
its own name. professional staffing services in the
United States has slightly decreased.
Financial performance While this trend has led industry-relevant
The company’s performance during the revenue to underperform total sales,
five-year period has been driven by industry-specific revenue has still
several major acquisitions as well as increased an annualized 3.1% to $2.1
organic growth. Prior to the period, the billion over the five years to 2019.
Randstad Holding NV (US industry-specific segment) - financial

performance*
Revenue Operating Income
Year ($ million) (% change) ($ million) (% change)
2014 1,817.7 N/C 54.3 N/C
2015 1,777.6 -2.2 65.2 20.1
2016 1,754.2 -1.3 67.1 2.9
2017 1,967.8 12.2 72.7 8.3
2018 1,979.6 0.6 67.6 -7.0
2019 2,112.5 6.7 74.3 9.9
*Estimates
SOURCE: ANNUAL REPORT AND IBISWORLD
Other Company Adecco SA (Adecco) is one of the world’s employed over 34,000 full-time
Performance largest temporary staffing agencies. The equivalent employees and had more than
Switzerland-based company places about 700,000 associates on assignment daily.
3.0 million people in employment each The company currently has about 5,000
Adecco SA year and is among the largest players in branches in more than 60 countries
Market Share: 2.5% North America. In 2017, Adecco across the globe and generated $28.2

Major Companies
Other Company billion in global revenue in 2018. Adecco The company’s North American
Performance operates through four main business lines: segment performed well in 2014, when
temporary and permanent career revenue from permanent placement
continued
transition, outsourcing, talent development services rose significantly. Demand for
and other services. Temporary staffing permanent placement services has
represents the majority of company since spiked as rising corporate profit
revenue; however, it is not included in the and higher business sentiment have
Employment and Recruiting Agencies encouraged employers to seek more
industry, which comprises permanent, full-time hires. In contrast, the
career transition and outsourcing company’s temporary staffing unit has
revenue. Adecco contributes to industry slowed down during the period.
services by accessing a range of Overall, Adecco is expected to generate
candidates, screening resumes and $635.2 million in US industry-specific
conducting interviews and assessments. revenue in 2019.

Operating Conditions
Capital Intensity | Technology & Systems | Revenue Volatility
Regulation & Policy | Industry Assistance
Capital Intensity The Employment and Recruiting Agencies

industry has a very low level of capital Capital Intensity
Capital units per labor unit
intensity. In 2019, the industry is expected
Level
to invest less than $0.01 in capital for every 0.5
The levelof capital dollar spent on labor. Industry services are
intensity is L ow traditionally labor-intensive, as companies 0.4
use well-trained individuals to screen 0.3

resumes and candidates, make
recommendations, conduct interviews and 0.2
place employees. 0.1

The industry has become increasingly
digitalized over the five years to 2019. 0.0 Economy Administration, Employment &
Online job listing services have helped Business Support & Recruiting
Waste Management Agencies
revolutionize the industry and new Services
Dotted line shows a high level of capital intensity
industry players such as LinkedIn SOURCE: WWW.IBISWORLD.COM
Corporation and Careerbuilder.com are

now directly competing with other major on users that are able to create their own
players such as Adecco SA and Randstad profiles and browse job listings online.
Holding NV. These companies are relying Furthermore, new software that

Capital Intensity automatically screens resumes and rise slightly over the next five years as
continued candidate profiles have helped reduce the online recruitment sites continue to invest
level of labor required by industry in product development and outperform
participants. Capital intensity is expected to the industry as a whole.
Technology and The Employment and Recruiting red flags such as typographical errors.
Systems Agencies industry has experienced a Similarly, operators are developing new
moderate level of technological change in methods for reference checks,
Level recent years. Online job listings have qualifications checks and interview
become essential employment-seeking procedures. Computer software has made
The level
of tools for clients and companies in this these processes faster, enabling
technology change industry. The ability for applicants to appropriate candidates to be found and
is M
edium view vacancies and to submit their screened with better accuracy. Agencies
resume over the Internet is critical, keep track of candidates and their
particularly for applicants hoping to resumes on a computerized database;
relocate across the country for when a client provides a particular list of
employment. Job seekers can also specify demands in a candidate, agencies can
which potential employers can view their quickly search the database to find an
resume online. Many websites now offer applicant whose background best
advice on resume format and content and matches the job posting.
career planning. They can also Some companies now use personality
recommend suitable job openings based testing to assist in the selection of senior
on users’ specific job preferences. staff. The tests probe candidates’ work
style, motivations, interpersonal skills
Screening and testing and ability to work in a group setting.
Applicant resume screening is now being Some tests can be as simple as client
streamlined with the help of computer meet-and-greets or as thorough as
programs. Employment recruiters can issuing group case studies at employment
filter high volumes of resumes for selection centers to test the aptitude of
keywords, experience requirements and several applicants at once.
Revenue Volatility The Employment and Recruiting Agencies increased during the period leading to
industry has a low level of volatility. Over reduce revenue volatility.
the five years to 2019, industry revenue Although demand for industry
Level
grew by as much as 6.4% in 2014 and as services may rise in times of economic
The level of little as 2.6% in 2019. Demand for industry duress and low employment, industry
volatility is L ow services depends heavily on the overall performance typically suffers when the
state of the US labor market and changes in industry is unable to place individuals
the national unemployment rate. Over the successfully into new jobs. As a result,
five years to 2019, the unemployment rate many companies have expanded their
has dropped significantly, as the domestic global reach over the past five years to
labor market improved in line with overall increase job listings and placement
economic recovery. As new hiring services in emerging markets that have
increased, demand for permanent more fluid labor markets than those in
placement and executive search services the United States.

Revenue Volatility
continued
Regulation and Policy A license is required to operate as an Federal and state laws surrounding
employment agency in most states. the use of personal information also
Licenses are usually issued by the regulate the online industry operators.
Level & Trend State Department of Labor and may be The federal CAN-SPAM Act, which was
he level of
T renewable on an annual basis. In some signed into law in 2003, regulates the
Regulation is states, a counselor’s license is also use of e-mail as a form of
Mediumand the required for any person who communication and sets standards for
interviews, counsels or advises the sending of mass e-mail messages.
trend is S
teady
employers or employees on any matter The law limits the type of
related to employment and contracts. communication that online recruitment
Having a license permits agencies to sites can have with clients and users.
charge for the provision of services. In Additionally, each industry operator
addition to the necessary licenses, must clearly state and display its
however, the Employment and privacy policies and practices. Private
Recruiting Agencies industry is largely data and information is constantly
self-regulating. The American Staffing collected and stored on these recruiting
Association has a general Code of websites. Accordingly, laws that pertain
Ethics and Good Practices as well as a to the protection of this data are
code developed specifically for essential for client and user security
construction companies and day and for the websites’ credibility.
laborers. The code sets standards for Furthermore, because of the internet’s
member organizations, such as globalized nature, industry operators
treating applicants with respect, must be willing to comply with the rules
maintaining integrity, complying with and regulations of foreign governments,
laws and determining the which may differ widely from those in
qualifications of employees. the United States.

Industry Assistance The Employment and Recruiting industry. The ASA provides its affiliates
Agencies industry does not receive any with legal advice, public relations
direct form of government assistance. materials, educational materials for new
Level & Trend However, many employment and and established players and provides
he level of
T recruiting agencies in the United States public advocacy campaigns to benefit the
Industry Assistance benefit from various trade associations. interests of the industry. The ASA also
is L owand the The American Staffing Association (ASA) provides support for member companies
is one of the most prominent industry across other industries that provide
trend is S teady
associations that works for the benefit of temporary and contract staffing,
member companies that work within the outplacement services, HR consulting
Employment and Recruiting Agencies and company streamlining activities.

Key Statistics
Industry Data Industry
Revenue Value Added Establish- Wages Domestic Unemployment rate
($m) ($m) ments Enterprises Employment Exports Imports ($m) Demand (%)
2010 16,843.7 10,679.5 12,520 11,383 242,382 -- -- 9,909.2 N/A 9.6
2011 18,667.4 12,032.4 12,546 11,428 267,454 -- -- 11,074.7 N/A 9.0
2012 18,329.7 11,722.6 12,333 11,300 276,733 -- -- 10,621.5 N/A 8.1
2013 18,671.6 11,298.8 12,242 11,155 287,890 -- -- 10,259.0 N/A 7.4
2014 19,861.7 11,710.0 12,357 11,114 296,026 -- -- 10,647.4 N/A 6.2
2015 20,675.3 12,363.0 12,672 11,268 293,526 -- -- 11,200.1 N/A 5.3
2016 22,324.5 12,744.1 12,475 11,074 296,404 -- -- 11,410.2 N/A 4.9
2017 23,428.2 12,815.5 12,661 11,210 297,903 -- -- 11,532.8 N/A 4.4
2018 24,403.2 13,299.5 12,885 11,386 291,273 -- -- 11,957.3 N/A 3.9
2019 25,037.2 13,622.3 13,050 11,516 298,062 -- -- 12,242.3 N/A 3.7
2020 25,045.6 13,676.7 13,116 11,572 299,864 -- -- 12,302.3 N/A 3.6
2021 25,032.0 13,715.1 13,191 11,638 301,267 -- -- 12,347.0 N/A 4.0
2022 25,124.3 13,793.3 13,285 11,721 303,323 -- -- 12,423.5 N/A 4.2
2023 25,342.3 13,927.8 13,386 11,807 306,459 -- -- 12,547.8 N/A 4.3
2024 25,790.2 14,166.7 13,562 11,958 311,627 -- -- 12,761.5 N/A 4.3
Sector Rank 11/26 10/26 13/26 12/26 8/26 N/A N/A 10/26 N/A N/A
Economy Rank 339/694 199/694 276/694 265/694 119/694 N/A N/A 146/694 N/A N/A
Annual Change Industry Establish- Domestic

Revenue Value Added ments Enterprises Employment Exports Imports Wages Demand Unemployment rate
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
2011 10.8 12.7 0.2 0.4 10.3 N/A N/A 11.8 N/A -6.3
2012 -1.8 -2.6 -1.7 -1.1 3.5 N/A N/A -4.1 N/A -10.0
2013 1.9 -3.6 -0.7 -1.3 4.0 N/A N/A -3.4 N/A -8.6
2014 6.4 3.6 0.9 -0.4 2.8 N/A N/A 3.8 N/A -16.2
2015 4.1 5.6 2.5 1.4 -0.8 N/A N/A 5.2 N/A -14.5
2016 8.0 3.1 -1.6 -1.7 1.0 N/A N/A 1.9 N/A -7.5
2017 4.9 0.6 1.5 1.2 0.5 N/A N/A 1.1 N/A -10.2
2018 4.2 3.8 1.8 1.6 -2.2 N/A N/A 3.7 N/A -11.4
2019 2.6 2.4 1.3 1.1 2.3 N/A N/A 2.4 N/A -5.1
2020 0.0 0.4 0.5 0.5 0.6 N/A N/A 0.5 N/A -2.7
2021 -0.1 0.3 0.6 0.6 0.5 N/A N/A 0.4 N/A 11.1
2022 0.4 0.6 0.7 0.7 0.7 N/A N/A 0.6 N/A 5.0
2023 0.9 1.0 0.8 0.7 1.0 N/A N/A 1.0 N/A 2.4
2024 1.8 1.7 1.3 1.3 1.7 N/A N/A 1.7 N/A 0.0
Sector Rank 12/26 15/26 18/26 19/26 10/26 N/A N/A 12/26 N/A N/A
Economy Rank 197/694 253/694 300/694 314/694 196/694 N/A N/A 207/694 N/A N/A
Key Ratios Imports/ Exports/ Revenue per Share of the

IVA/Revenue Demand Revenue Employee Wages/Revenue Employees Average Wage Economy
(%) (%) (%) ($’000) (%) per Est. ($) (%)
2010 63.40 N/A N/A 69.49 58.83 19.36 40,882.57 0.07
2011 64.46 N/A N/A 69.80 59.33 21.32 41,407.87 0.08
2012 63.95 N/A N/A 66.24 57.95 22.44 38,381.76 0.07
2013 60.51 N/A N/A 64.86 54.94 23.52 35,635.14 0.07
2014 58.96 N/A N/A 67.09 53.61 23.96 35,967.79 0.07
2015 59.80 N/A N/A 70.44 54.17 23.16 38,157.10 0.07
2016 57.09 N/A N/A 75.32 51.11 23.76 38,495.43 0.07
2017 54.70 N/A N/A 78.64 49.23 23.53 38,713.27 0.07
2018 54.50 N/A N/A 83.78 49.00 22.61 41,051.87 0.07
2019 54.41 N/A N/A 84.00 48.90 22.84 41,073.00 0.07
2020 54.61 N/A N/A 83.52 49.12 22.86 41,026.27 0.07
2021 54.79 N/A N/A 83.09 49.32 22.84 40,983.58 0.07
2022 54.90 N/A N/A 82.83 49.45 22.83 40,957.99 0.07
2023 54.96 N/A N/A 82.69 49.51 22.89 40,944.47 0.07
2024 54.93 N/A N/A 82.76 49.48 22.98 40,951.20 0.07
Sector Rank 9/26 N/A N/A 19/26 7/26 4/26 16/26 10/26
Economy Rank 87/694 N/A N/A 611/694 22/694 222/694 459/694 199/694
Figures are in inflation-adjusted 2019 dollars. Rank refers to 2019 data. SOURCE: WWW.IBISWORLD.COM

Industry Financial Ratios

Apr 2017 - Mar 2018 by company revenue
Apr 2014 - Apr 2015 - Apr 2016 - Apr 2017 - Small Medium Large
Mar 2015 Mar 2016 Mar 2017 Mar 2018 (<$10m) ($10-50m) (>$50m)
Liquidity Ratios
Current Ratio 1.5 1.5 1.5 1.6 1.6 1.6 1.7
Quick Ratio 1.4 1.4 1.4 1.5 1.5 1.5 1.5
Sales / Receivables (Trade Receivables
Turnover) 8.4 8.4 8.2 8.1 9.4 8.2 7.6
Days’ Receivables 43.5 43.5 44.5 45.1 38.8 44.5 48.0
Cost of Sales / Inventory (Inventory Turnover) n/c n/c n/c n/c n/c n/c n/c
Days’ Inventory n/a n/a 0.4 0.4 0.4 0.4 0.4
Cost of Sales / Payables (Payables Turnover) 155.3 144.7 137.5 132.0 n/c 127.0 91.3
Days’ Payables 2.4 2.5 2.7 2.8 0.4 2.9 4.0
Sales / Working Capital 19.5 19.0 18.7 18.1 31.5 17.8 16.1
Coverage Ratios
Earnings Before Interest & Taxes (EBIT) /
Interest 9.3 7.7 7.0 6.6 2.7 8.6 7.1
Net Profit + Dep., Depletion, Amort. / Current
Maturities LT Debt 5.5 7.4 6.6 9.0 n/a n/a n/a
Leverage Ratios
Fixed Assets / Net Worth 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Debt / Net Worth 2.2 2.1 2.2 2.1 2.2 1.8 2.2
Tangible Net Worth 23.3 25.4 20.1 26.0 15.1 32.4 27.0
Operating Ratios
Profit before Taxes / Net Worth, % 44.0 40.0 34.4 40.5 44.2 42.0 31.5
Profit before Taxes / Total Assets, % 12.6 11.7 10.1 10.3 10.6 12.4 8.2
Sales / Net Fixed Assets 217.8 228.2 190.9 212.8 460.8 199.7 144.8
Sales / Total Assets (Asset Turnover) 5.4 5.2 4.9 5.2 5.2 5.3 4.8
Cash Flow & Debt Service Ratios (% of sales)

Cash from Trading 18.6 19.1 19.8 20.0 25.4 19.9 16.2
Cash after Operations 1.9 1.9 2.5 2.6 3.3 2.5 2.0
Net Cash after Operations 1.7 1.9 2.6 2.3 3.2 1.9 2.1
Cash after Debt Amortization 0.3 -0.1 0.6 -0.1 -0.5 -0.2 0.3
Debt Service P&I Coverage 3.2 2.8 4.7 2.4 2.2 3.1 2.0
Interest Coverage (Operating Cash) 4.6 5.0 7.2 4.9 3.0 6.1 4.6
Assets, %
Cash & Equivalents 15.0 13.6 12.4 13.7 19.6 12.3 10.3
Trade Receivables (net) 59.7 59.6 58.3 58.5 47.1 65.2 59.2
Inventory 0.1 0.3 0.2 0.2 0.3 0.3 0.1
All Other Current Assets 6.7 5.5 4.6 5.0 6.4 4.8 4.0
Total Current Assets 81.5 79.0 75.5 77.4 73.3 82.6 73.5
Fixed Assets (net) 5.2 5.9 5.7 4.9 5.9 4.3 4.7
Intangibles (net) 5.2 7.5 11.0 9.1 6.2 6.9 14.9
All Other Non-Current Assets 8.2 7.6 7.8 8.7 14.5 6.3 6.9
Total Assets 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total Assets ($m) 4,432.9 5,183.5 5,351.2 5,438.4 102.2 868.1 4,468.0
Liabilities, %
Notes Payable-Short Term 25.3 23.5 22.9 23.1 24.1 25.9 18.2
Current Maturities L/T/D 1.5 2.4 1.7 1.1 0.5 1.3 1.4
Trade Payables 8.5 8.6 7.2 7.0 5.5 8.1 6.7
Income Taxes Payable 0.3 0.4 0.2 0.2 0.2 0.3 0.3
All Other Current Liabilities 19.9 19.0 19.3 18.5 22.7 16.8 17.3
Total Current Liabilities 55.5 53.9 51.3 50.0 52.9 52.3 43.7
Long Term Debt 8.9 7.6 9.3 7.2 8.3 4.6 10.0
Deferred Taxes 0.1 0.1 0.2 0.1 n/a n/a 0.4
All Other Non-Current Liabilities 7.0 5.4 8.0 7.6 17.5 3.7 4.0
Net Worth 28.5 32.9 31.1 35.1 21.3 39.3 41.9
Total Liabilities & Net Worth ($m) 4,432.9 5,183.5 5,351.2 5,438.4 102.2 868.1 4,468.0
Maximum Number of Statements Used 423 377 354 339 93 146 100
Source: RMA Annual Statement Studies, rmahq.org. RMA data for all industries is derived directly from more
than 260,000 statements of member financial institutions’ borrowers and prospects.
Note: For a full description of the ratios refer to the Key Statistics chapter online.

Jargon & Glossary
Industry Jargon IN-HOUSEThe opposite of outsourcing; performing a OUTSOURCINGThe use of outside service providers to
duty or task within the company itself, rather than perform various noncore activities.
through an outside source.
OUTPLACEMENT SERVICESServices provided to a
terminated employee to assist their search for a new
job.
IBISWorld Glossary BARRIERS TO ENTRYHigh barriers to entry mean that INDUSTRY REVENUEThe total sales of industry goods
new companies struggle to enter an industry, while low and services (exclusive of excise and sales tax); subsidies on
barriers mean it is easy for new companies to enter an production; all other operating income from outside the
industry. firm (such as commission income, repair and service
CAPITAL INTENSITYCompares the amount of money income, and rent, leasing and hiring income); and capital
spent on capital (plant, machinery and equipment) with work done by rental or lease. Receipts from interest
that spent on labor. IBISWorld uses the ratio of royalties, dividends and the sale of fixed tangible assets are
depreciation to wages as a proxy for capital intensity. High excluded.
capital intensity is more than $0.333 of capital to $1 of INDUSTRY VALUE ADDED (IVA)The market value of
labor; medium is $0.125 to $0.333 of capital to $1 of labor; goods and services produced by the industry minus the
low is less than $0.125 of capital for every $1 of labor. cost of goods and services used in production. IVA is also
CONSTANT PRICESThe dollar figures in the Key Statistics described as the industry’s contribution to GDP, or profit
table, including forecasts, are adjusted for inflation using plus wages and depreciation.
the current year (i.e. year published) as the base year. This INTERNATIONAL TRADEThe level of international trade
removes the impact of changes in the purchasing power of is determined by ratios of exports to revenue and imports
the dollar, leaving only the “real” growth or decline in to domestic demand. For exports/revenue: low is less than
industry metrics. The inflation adjustments in IBISWorld’s 5%, medium is 5% to 20%, and high is more than 20%.
reports are made using the US Bureau of Economic Imports/domestic demand: low is less than 5%, medium is
Analysis’ implicit GDP price deflator. 5% to 35%, and high is more than 35%.
DOMESTIC DEMANDSpending on industry goods and LIFE CYCLEAll industries go through periods of growth,
services within the United States, regardless of their maturity and decline. IBISWorld determines an industry’s
country of origin. It is derived by adding imports to industry life cycle by considering its growth rate (measured by IVA)
revenue, and then subtracting exports. compared with GDP; the growth rate of the number of
EMPLOYMENTThe number of permanent, part-time, establishments; the amount of change the industry’s
temporary and seasonal employees, working proprietors, products are undergoing; the rate of technological change;
partners, managers and executives within the industry. and the level of customer acceptance of industry products
and services.
ENTERPRISEA division that is separately managed and
keeps management accounts. Each enterprise consists of NONEMPLOYING ESTABLISHMENTBusinesses with no
one or more establishments that are under common paid employment or payroll, also known as nonemployers.
ownership or control. These are mostly set up by self-employed individuals.
ESTABLISHMENTThe smallest type of accounting unit PROFITIBISWorld uses earnings before interest and tax
within an enterprise, an establishment is a single physical (EBIT) as an indicator of a company’s profitability. It is
location where business is conducted or where services or calculated as revenue minus expenses, excluding interest
industrial operations are performed. Multiple and tax.
establishments under common control make up an VOLATILITYThe level of volatility is determined by
enterprise. averaging the absolute change in revenue in each of the
EXPORTSTotal value of industry goods and services sold past five years. Volatility levels: very high is more than
by US companies to customers abroad. ±20%; high volatility is ±10% to ±20%; moderate volatility
is ±3% to ±10%; and low volatility is less than ±3%.
IMPORTSTotal value of industry goods and services
brought in from foreign countries to be sold in the United WAGESThe gross total wages and salaries of all
States. employees in the industry. The cost of benefits is also
included in this figure.
INDUSTRY CONCENTRATIONAn indicator of the
dominance of the top four players in an industry.
Concentration is considered high if the top players account
for more than 70% of industry revenue. Medium is 40% to
70% of industry revenue. Low is less than 40%.

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IBISWorld Industry Report Employment & Recruiting Agencies in The US 2019

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WWW.IBISWORLD.

COM Employment & Recruiting Agencies in the USJune 2019 1

For hire: Stable labor conditions and new online

IBISWorld Industry Report 56131

2 About this Industry 17 International Trade 31 Regulation and Policy

www.ibisworld.com | 1-800-330-3772 | info @ibisworld.com

About this Industry

Main Activities The primary activities of this industry are

The major products and services in this industry are

Similar Industries 54161 Management Consulting in the US

54161b HR Consulting in the US

56132 Office Staffing & Temp Agencies in the US

56133 Professional Employer Organizations in the US

Provided to: Edeska (2129455405) | 27 January 2020

About this Industry

Additional Resources For additional information on this industry

IBISWorld writes over 1000 US

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Key Statistics Revenue Annual Growth 14–19 Annual Growth 19–24

$1.3bn $12.2bn 11,516

Industry Structure Life Cycle Stage Mature Regulation Level Medium

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National unemployment rate Corporate profit

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Current The Employment and Recruiting Agencies

executives. Notably, the strongest growth

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Digital winners and Over the past five years, widespread

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Industry Over the five years to 2024, the

Job openings provide Although the industry is expected to record

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Profit and expansion Industry profitability is expected to

Provided to: Edeska (2129455405) | 27 January 2020

Provided to: Edeska (2129455405) | 27 January 2020

Provided to: Edeska (2129455405) | 27 January 2020

Products & Markets

Supply Chain KEY BUYING INDUSTRIES

KEY SELLING INDUSTRIES

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Products & Markets

Products and Services Products and services segmentation (2019)

Total $25.0bn SOURCE: WWW.IBISWORLD.COM

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Products & Markets

Provided to: Edeska (2129455405) | 27 January 2020

Products & Markets

Major Markets Major market segmentation (2019)

Commercial expanded as a share of total revenue as

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Products & Markets

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Products & Markets

Business Locations 2019

West Establishments (%)

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Products & Markets

Business Locations The geographic spread of the

major region for the industry. This is

Provided to: Edeska (2129455405) | 27 January 2020

Provided to: Edeska (2129455405) | 27 January 2020

Cost Structure The cost structures of players in the Wages

COM Employment & Recruiting Agencies in the USJune 2019 1