Paragon Financial Group is funding during the COVID-19 crisis.

Overview of the Staffing Services Industry

overview of the staffing servicesStaffing companies act as intermediaries providing contract, temporary, and permanent staff to businesses with specialized workers. Major companies include Adecco, Randstad, ManpowerGroup, Allegis, and Recruit accounting for over 20 percent of the market. The US Affordable Health Care Act and other economic and political drivers have boosted the demand for the personnel staffing industry with annual growth estimated at 6%. Small staffing companies tend to compete by specializing in a niche industry or a job function.

The US industry is divided into three major segments:

  • Temporary help services (50% of the industry)
  • Professional employer organizations (PEOs) (45% of the industry)
  • Placement agencies (5% of the industry)

Temporary agencies seek employees to fill short-term temporary jobs. Temps are often hired to work seasonally such as Christmas or to cover vacations or illnesses or other employees.

A PEO is a company that provides HR services under which an employer can outsource employee management tasks, such as employee benefits, payroll, and workers’ wages, recruiting, and other human resources roles. Placement agencies provide services such as career counseling, resume preparation, employer contacts, and interview opportunities for those seeking positions.

At Paragon Financial, we’ve been working with the staffing industry to help support their working capital for over 27 years. We are proud to help the industry develop and progress, help staffing companies meet payroll when cash is tight, and assist them in creating new opportunities for their business. Give us a call, e-mail us or chat now about your working capital needs.

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