Temporary labor market to reach $930.7 billion by 2032 compound annual growth rate 6.3 % . DataHorizzon Research report

Fort Collins, Colorado, Sept. 28, 2023 (GLOBE NEWSWIRE) - DataHorizzon Research has published a report titled "Temporary Labor Market Size, Growth, Share, Statistical Report by Labor Type (Unskilled, Skilled, Professional), by Industry (FMCG, BFSI, IT, Construction), by Contract (Fixed, Temporary), by Region and Segment Forecasts, 2023-2032". "

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According to a report by DataHorizzon Research, the temporary labor market size was USD 511.7 billion in 2022 and is expected to reach USD 930.7 billion by 2032 at a CAGR of 6.3%.

Temporary employment is when workers are hired for a specific period as per the company's requirements. This can be project work, work on assignment, or seasonal contracts. For example, temporary employment covers peak holiday seasons, delivery services use temporary labor to fill orders, and real estate clerks can be useful during peak seasons. In addition, project work on a short-term basis includes hiring insurance brokers and retail store employees.

Temporary workers can help cover seasonal fluctuations in labor needs, such as increased demand for goods or services. This helps retain staff who are commonly referred to as substitutes and helps when permanent staff are unavailable for various reasons. This is beneficial for organizations that offer remote work, such as staffing and recruiting agencies for various contracted companies. Temporary labor also reduces the time spent in the hiring process, helps the organization save hiring costs, and has benefits such as insurance and annual bonuses. The temporary labor market benefits employers by providing them with the most suitable staff for the job. Staff tenure depends on expectations met. People are looking for remote work because many companies are operating out of their home country, mainly to cut costs with temporary and contract work for people from other demographics.