As a footnote to the monthly employment report last week, let’s take a look at temporary workers, shall we? Apparently, as pointed out by a piece on ERE, more workers are employed as temps right now since 2000!
Here’s how it breaks down: As per the U.S. Bureau of Labor Statistics, 2,679,800 people worked as temps in May. Plus, during the past year there’s an average of 15,500 new temp hires on a monthly basis. Temporary workers as a percentage of the overall of employed population rose to 1.98 percent. In addition, the growth rate of year-to-year growth is five times of the overall percentage increase in jobs.
Temp jobs can be a solution for employers who want short-term workers but for the temporary placement firm itself, they need to be cognizant of providing benefits to employees once they hit the 50th worker threshold.
In addition, the U.S. Census Bureau released revenue figures for the employment sector relating to the first quarter. Guess what makes up the largest part of this sector? Give up? That’s right — the temp world.
This includes a plethora of subcategories such as employment agencies, search firms and professional employer organizations. Temp organizations actually collectively brought in $62 billion on a seasonally adjusted basis.
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