The global temporary labor market size is projected to touch USD 673.43 billion by 2025. The market is projected to register a CAGR of 6.4% over the forecast duration. The need to employ extra labors in additional projects during peak working periods are supplementing the market demand.
With the evolution of various technologies such as Virtual Reality (VR) and Augmented Reality (AR), the demand for skilled labor has increased significantly. Small and large enterprises are hiring temporary employees to reduce the cost of the projects and increase the efficiency of their operations.
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Further, governments across the globe are introducing various programs such as smart cities construction, healthcare schemes and others. Additionally, countries are also introducing programs for guest workers where workers from other countries work in host countries. For example, H-2B and H-2A programs in the U.S allow owners of the farms to bring workers for different tasks including agricultural and non-agricultural.
Unlike regular workforce, in temporary employment, employers are not obliged to offer different benefits such as health insurance, retirement security and different other compensations. Thereby, the total cost of hiring reduces significantly. Such advantages to employers encourage them to hire temporary labors.
Further key findings from the report suggest:
• The management labor type segment is anticipated to grow at a CAGR of 11.0% over the forecast duration.
• Among different end-use, the healthcare segment is projected to register a CAGR of 8.3% over the forecast period.
• Europe is estimated to be the largest region in terms of value with share expected to reach USD 222.37 billion by 2025. This growth is largely attributed to the growing popularity of online food services.
COVID-19 Impact Insights
The temporary labor market has witnessed a mixed response owing to the outbreak of COVID-19. The pandemic has led to the closure of various activities including manufacturing, mining and construction among others. The social distancing norms and growing focus on curbing the COVID-19 spread have led to labor migration, consequently, affecting the market growth.
However, with the systematic reopening of economies, the demand for temporary labor is rising owing to their easy and cost-effective procurement. The significant drop in the temporary labor requirement has caused unemployment both skilled and unskilled labor, this makes the availability of labor easy.
Global Temporary Labor Market : Key Players
Allegis Group, Manpower Group Inc., Westaff, Hays plc, and Robert Half International Inc.
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