Employment services, which include employment placement agencies and exectuive search services, temporary help services and professional employer organizations, experienced another strong year of growth in 2022 after a bounce back in 2021 (+22.6%).
In 2022, operating revenue grew 17.7% to $23.1 billion, as employment services were still in high demand to help fill job vacanies.
Operating expenses grew at a faster pace (+18.5%) than operating revenue, which slightly lowered the profit margin to 6.0% as wage pressures built up.
With salaries, wages, commissions and benefits growing by 18.9%, this expense item accounted for 53.5% of operating expenses in 2022.