The ASA has released their 2015 Staffing Industry Economic Analysis…
The report, written by Cynthia Poole, describes the industry’s size, scope, and dynamics. Poole discusses shifts in the labor market like declining unemployment and its concerning link to a decreasing rate of participation in the workforce, which is projected to drop to 62% by the end of 2019.
…the overarching challenge facing policy makers at all levels is not only to find the right prescriptions for growing the economy, but also to help ensure that Americans have the right education, skills, and incentives to seek and perform the jobs a 21st century economy requires. In the meantime, the shrinking pool of job seekers and the need to continue to improve efficiency, productivity, and competitiveness is challenging employers to develop and embrace new and more flexible workforce solutions.
This shows how flexible workforce solutions like “smartworking” can benefit not only individual companies, but the economy as a whole.
The report also covers the staffing industry’s record growth as jobs are recovered in an economy still healing from the 2009 recession. Staffing employment has since grown continuously, returning to prerecession levels, “reaching 2.9 million temporary help workers and a new record penetration rate of 2.05% in June 2015.”
It’s fascinating that the staffing industry is forecasted to continue growing at a faster pace than the economy and overall employment. As an industry, we are compelled to watch these trends and constantly rethink how we can improve hiring and workplace practices to benefit workers, companies, and industries on a whole. This macro perspective can bring invaluable insight to your staffing company. We highly recommend this report to inform your team and share with clients.