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WEC Final Economic Report 2017

28 March 2017   (0 Comments)
Posted by: Zina Girald
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The employment industry has been leading in a changing world of work for decades. It does so by acting as an enabler in the labour market, offering a full range of HR services, including agency work, direct recruitment, career management, recruitment process outsourcing (RPO) and managed services provision (MSP).

KEY FINDINGS

At a global level, the employment industry:

Enables work

Each year, around 50 million people access the labour market thanks to an employment agency (43 million of whom via agency work). On average, 17% of them are students working while studying (31% of agency workers are younger than 25 years old) and 44% are women. 81% of agency workers are satisfied with their work (with 34% being very satisfied). In terms of penetration rate, agency work accounts for 1.7% of the global working population. With a global turnover amounting to €417 billion and 1.5 million HR consultants, the industry generates an important economic added value to society.

Enables adaptation

In a changing world of work, the employment industry supports over 5 million companies each year to adapt to an increasingly volatile environment. On the workers’ side, 62% of agency workers in the USA agree that they developed new skills or improved their skills while temping. In France, 90% of agency workers say temping is useful to acquire professional experience and 78% to get trained.

Enables security

On average, before entering into agency work 33% of workers were unemployed, while afterwards, only 21% went back to unemployment. Similarly, 43% of people starting agency work were employed before, while 71% remain in employment afterwards. From the business side, 50% of UK companies recognise that agency work is important to secure short-term access to key strategic skills. Companies using innovative workforce solutions such as RPO or MSP are able to reduce hiring costs by 38%.

Enables prosperity

By reducing frictional unemployment, the industry contributes to public budgets, saving governments the cost of unemployment benefits. In addition, the provision of flexible workforce solutions leads to a reduction of undeclared work, increasing social charges and corporate tax being paid. Finally, the industry drives inclusiveness and participation to the labour market: 34% of agency workers are younger than 25 years old and 44% are women.

 

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