Benchmarks: World spends $4.4 trillion on contingent work
Businesses spent $4.4 trillion on contingent labor globally in 2020, roughly 61% of which was on independent contractor services and 9% on workers through staffing firms.
Benchmarks: Publicly traded firms’ gross margins on the rise
The gross margin of majority of the 16 publicly traded staffing firms tracked by SIA appears relatively strong in the third quarter. Gross margin can be a barometer of a firm’s financial health and help predict future bill rates.
Benchmarks: Quits, ghosting, conversions and more
At what rates do temps decline an offer? Accept an offer but don’t show up? An SIA report highlights key candidate flow benchmarks.
Benchmarks: Professional skills dominate MSP market
The MSP market largely comprises professional occupations, as does the MSP statement of work market, in terms of share of spend.
Benchmarks: RPO pricing models
Recruitment process outsourcing providers employ a variety of pricing models for their services, according to the “RPO Global Landscape Summary 2021” report from SIA. The most common was a combination of cost per hire and fixed monthly fee.
Benchmarks: Buyers to increase direct-sourcing spend
A median 20% of buyers’ contingent workforce spend will be going through direct-sourcing channels in 10 years, according to SIA research, up from a median 1% today.
Benchmarks: Temp workers have little interest in talent platforms
The use of freelance platforms by staffing firms’ temps dropped in 2020, with the majority of survey respondents not knowing about or not using business-related platforms.
Benchmarks: SOW spend through VMS
Despite being a focus area for vendor management system providers as well as CW programs, SOW represents just 16% of reported 2019 VMS spend under management, suggesting that it remains a largely unpenetrated market for VMS.
Benchmarks: Professional skills dominate RPO services
Recruitment process outsourcing is used most heavily for professional roles; however, providers meet needs ranging from apprenticeships to executive search.
Benchmarks: Programs to prioritize supplier consolidation, diversity
Consolidation and programs for diversity suppliers are top-of-mind for contingent program managers as they head into the new year.
