Global Contract or Temporary Staffing Services Market - Procurement Intelligence Report

Contract or Temporary Staffing Services Market Analysis

Spend growth of this market has the potential to touch a value of over USD 90 billion with spend momentum that will accelerate at a CAGR of more than 9% between 2019-2024. This spend growth is mainly attributed to the cost advantages of hiring temporary and contract employees. Several large and mid-sized companies prefer to engage with temporary staffing firms to gain access to a large talent pool as well as technological expertise. This helps such companies to streamline their recruitment process and in the due process improve profit margins during demand fluctuations. The strategy also helps buyers in sourcing quality candidates in shorter TAT. Such advantages will drive spend growth in the global contract or temporary staffing services market.

Top Spending Regions in the Contract or Temporary Staffing Services Market

According to the forecasts, North America will be one of the leading regions in the global contract or temporary staffing services market.

North America

Spend growth in the contract or temporary staffing services market is mainly driven by the introduction of the ACA mandate in the US. The ACA mandate forces companies with more than 50 employees that work at least 30 hours in a week to provide insurance coverage to their employees. Hence, many companies in the region are expected to increase their engagements with temporary or contract employees to reduce their operational costs.

APAC

Factors such as shifting workforce dynamics in terms of labor migration, student mobility, and development of private business sector and the need for talent that complements organizational goals will supplement the growth of the market in the region.

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What are the Key Price Trends in this Market?

• The growth of minimum wages in developed countries will increase service providers’ OPEX which is expected to drive prices in the contract or temporary staffing services market.
   
• Contract or temporary staffing service providers are aligning their recruitment processes with buyer-specific requirements to meet the latter’s demands. This will necessitate the adoption of technologies such as ATS and CRM systems to manage the large talent pool. However, they face challenges in terms of matching skill sets to job-specific criteria, which can include a combination of skills and characteristics beyond educational qualifications and work history. Hence, staffing firms maintain a database of job applicants and use this to source suitable candidates. This will further service providers’ OPEX.
   
• Service providers are adopting virtual technologies to reduce travel needs. This is expected to shrink their overhead costs, thereby reducing the impact on the cost structure.
   

Download the free sample of this report to know what the key contract or temporary staffing services procurement best practices that you must adopt to address price dynamism in this market.

Insights Offered in this Contract or Temporary Staffing Services Market Report

• Global and regional spend potential for the contract or temporary staffing services market for the period of 2019-2024
• Supplier relationship management practices in the contract or temporary staffing services market
• Supplier margins and selection criteria in the contract or temporary staffing services market
• Top contract or temporary staffing service providers and their cost structures
• Top contract or temporary staffing service providers in the US and their cost structures
• Contract or temporary staffing services market spend analysis in the US
• Contract or temporary staffing services price trends, and forecasts
• Cost drivers influencing the contract or temporary staffing services prices

Insights into Contract or Temporary Staffing Services Supply Market
 

• Global service providers are investing in APAC in order to leverage the increasing education index levels and business growth observed across countries in this region.
   
• Dominance of the financially sound service providers is restricting the entry of new service providers in the European market.
   
• Global contract or temporary staffing service providers command higher margins and will sustain their margins owing to their brand value, robust regulatory knowledge, subject matter expertise in complex technologies, strong knowledge of the unique requirements of various industries, and easy access to capital and highly skilled workforce.

Insights into Some of the Leading Contract or Temporary Staffing Service Providers

This contract or temporary staffing services market procurement intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top contract or temporary staffing service providers. The top service providers highlighted in this report include:

• Adecco Group AG           
• Randstad NV     
• ManpowerGroup Inc.   
• Hays Plc               
• Kelly Services Inc.            
• Allegis Group    

Criteria to select suppliers in this dynamic contract or temporary staffing services market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.