Report validates temporary staffing industry as a significant economic indicator.
MISSISSAUGA, ON, June 26 /CNW/ - Statistics Canada yesterday announced its detailed composite report on the 2007 Employment Services Industry. The results of this annual report give us a snapshot of the staffing industry and provide historic validation that year over year, the industry has continued to grow.
The Employment Services Industry report confirms a stable industry in which the 20 largest firms generated 38 percent of the total industry operating revenue; this dispels the misconception that the industry is dominated by "fly-by-night" temporary staffing operations. In fact the Statistics Canada report confirms that the staffing industry is a significant employer in the economy, accounting for $5.7 billion in salaries, wages and benefits.
According to Steve Jones, President of the Association of Canadian Search, Employment & Staffing Services (ACSESS), "While the Stats Canada survey is lagging data, its real value is in affirming, through hindsight, the fact that the temporary staffing industry is an important leading economic indicator."
Historically, the temporary staffing industry experiences economic shifts approximately three to six months prior to when they are actually revealed by other economic indicators. "With regard to this current recession, our industry was feeling the decline in temporary help hours as early as May 2008 - a full 6 months ahead of what was clearly obvious by October 2008,"explained Jones.
The American Staffing Association released research on Monday, based on a statistical analysis of 36 years of data, confirming that when a sustained upturn in staffing industry employment occurs, it would indicate the end of the recession and suggest that overall nonfarm employment would start growing again approximately three months later.
As a leading indicator of economic activity, ACSESS will introduce an independent, industry-wide monthly study as early as next year to track economic trends on a more timely basis.
About ACSESS
ACSESS is the single voice for promoting best practices and ethical standards for the recruitment, employment and staffing services industry in Canada. Its members provide a key service to businesses and offer a broad range of career planning and employment opportunities to their clients. For more information visit: www.acsess.org
For further information: Media Contacts: Mark Van Tol, Miranda Keyes,NATIONAL Public Relations, Phone: (416) 586-0180, mvantol@national.ca, mkeyes@national.ca ; Mary McIninch, Director of Government Relations, Association of Canadian Search, Employment and Staffing Services Association (905) 826-6869, (888) 232-4962, mmcininch@bbandc.com
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