Employment & Recruiting Agencies in Canada industry trends (2015-2020)
Average industry growth 2016–2021: 2.2%
The Employment and Recruiting Agencies industry in Canada is heavily dependent on the availability of employment opportunities across Canada. Fortunately for industry operators, unemployment in Canada has declined in recent years, enabling steady improvement in demand for the industry's recruiting and placement services. Agency profitability improved and revenue grew steadily, as recruiters essentially became matchmakers between companies seeking employees and prospective applicants in search of work. However, the spread of COVID-19 (coronavirus) has already shown signs of disrupting domestic labour markets in 2020, threatening the industry's recent growth. Overall, industry revenue is projected to grow an annualized 2.2% to $6.9 Billion.
Employment & Recruiting Agencies in Canada industry outlook (2020-2025)
Average industry growth 2020-2025: 6%
The Employment and Recruiting Agencies industry in Canada is projected to grow at a faster pace over the five years to 6%, as technological developments increase the value added of industry services while economic trends become increasingly favourable. The industry will likely benefit from increases in aggregate corporate profit, a low national unemployment rate and a steady increase in the overall number of businesses in Canada. As a result, industry revenue is forecast to grow an annualized over the five years. Employment improves slowly and an improving unemployment rate is expected to be a driving force behind industry performance over the five years. Overall, the unemployment rate is expected to decline steadily.
Employment & Recruiting Agencies in Canada industry statistics
Market Size: $6bn
Number of Businesses: 5,072
Average Industry Profit Margin: 23%
Industry Employment: 70,522
