• Uber for professional staffing
• Amazon for workforce solutions

ManpowerGroup (MAN) provides a range of workforce solutions:

• Temporary and Contract Staffing: Supplies organizations with skilled professionals and general labor for short-term projects or to manage fluctuating workforce demands.
• Permanent Recruitment: Assists clients in identifying, evaluating, and placing candidates for full-time, permanent positions across various industries and job functions.
• Talent Management and Development: Offers services such as career transition, outplacement, leadership development, and training programs to enhance employee skills and career paths.
• Workforce Consulting and Solutions: Delivers strategic advisory services and managed programs, including Recruitment Process Outsourcing (RPO) and Managed Service Provider (MSP) solutions, to optimize talent acquisition and management.

ManpowerGroup (symbol: MAN) primarily sells its workforce solutions and staffing services to other companies.

Due to the nature of its business, which involves providing a wide range of talent and workforce solutions globally, ManpowerGroup serves a highly diversified client base. Its customers are numerous businesses of varying sizes across a broad spectrum of industries. As such, ManpowerGroup typically does not have a small number of "major customers" (i.e., individual client companies that account for a significant and material portion of its total revenue) that are publicly identified or disclosed in its financial filings.

Therefore, it is not possible to list specific names of major customer companies with their symbols, as such information is not publicly available and generally does not apply to ManpowerGroup's business model, which relies on a vast and diversified client portfolio rather than dependency on a few key accounts.

ManpowerGroup's customer base spans diverse sectors globally, including, but not limited to, manufacturing, automotive, healthcare, aerospace, banking and finance, information technology, consumer goods, professional services, and government entities.

The most prominent risk is the **Sustained Economic Slowdowns in Key European Markets**. ManpowerGroup's performance is heavily influenced by the economic health of its largest markets, with Europe, especially Southern Europe, accounting for a substantial portion of its consolidated revenue. Persistent economic softness in these regions directly impacts the demand for staffing services, leading to significant earnings and revenue declines. For instance, in Q1 2025, Northern Europe experienced a 16% revenue plunge, and Germany was down 23% year-over-year in Q3 2025.

Another key risk is **Industry Disruption and Stagnation due to Competition and Technological Advancements**. ManpowerGroup faces intense competition, particularly from tech-enabled staffing platforms, and is grappling with the broader impact of AI on the recruitment industry. While the company is investing in AI for sourcing and workflow automation, these technological shifts present challenges to its recovery and can affect earnings momentum. The company has also shown signs of stagnation and underperformance compared to major peers like Randstad and Adecco, with lower profitability margins and negative year-over-year revenue growth in recent periods.

Finally, **High Debt Levels and Balance Sheet Health** pose a notable financial risk. ManpowerGroup has accumulated significant debt, with liabilities exceeding its cash and short-term receivables. For example, as of September 2025, the company had $1.22 billion in debt and its net debt was $941.5 million. This level of debt raises concerns about its balance sheet health and could elevate the risk of permanent capital loss for shareholders, especially given its weaker free cash flow generation.

The rapid advancement and adoption of AI-powered recruitment technologies

AI is increasingly being utilized for tasks such as automated resume screening, candidate matching, interview scheduling, and even initial candidate assessments. As these technologies become more sophisticated, accessible, and cost-effective, companies are increasingly able to automate significant portions of their talent acquisition processes internally or through specialized AI vendors. This could diminish the need for traditional staffing agencies like ManpowerGroup, whose core service often involves these very functions.

The continued expansion and sophistication of direct-to-candidate platforms and gig economy marketplaces

Platforms such as LinkedIn, Indeed, and various specialized talent marketplaces (e.g., for tech, healthcare, or project-based work) are consistently enhancing their features, matching algorithms, and global reach. These platforms empower employers to directly source, screen, and hire candidates for both permanent and contingent roles, often at a lower cost than traditional staffing agencies. The growing prevalence and acceptance of the gig economy also encourage direct contracting, bypassing intermediaries like ManpowerGroup for a widening array of services and roles.

ManpowerGroup (symbol: MAN) operates in several large addressable markets within the human resources and workforce solutions industry.

• Global Staffing and Recruitment Market: This market, which includes contingent staffing (temporary staffing) and permanent recruitment, was valued at approximately $757.56 billion in 2023 and is projected to reach $2,031.34 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 13.1%. Another estimate indicates the global recruitment market was $275.8 billion in 2024 and is expected to grow to $450 billion by 2035 with a CAGR of 4.6%. North America is a dominant region within the global recruitment market.
• Global Contingent Workforce Management Market: This market was valued at $209.44 billion in 2023 and is anticipated to reach $557.92 billion by 2032, expanding at a CAGR of 10.5%. Other reports state the market was valued at $171.5 billion in 2021 and is projected to reach $465.2 billion by 2031, also at a CAGR of 10.5%.
• Global Recruitment Process Outsourcing (RPO) Market: The RPO market was valued at $8.82 billion in 2022 and is estimated to grow to $36.79 billion by 2031, demonstrating a significant CAGR of 17.2%. Another source noted the market size reached $9.4 billion in 2024 and is expected to hit $36.4 billion by 2033, with a CAGR of 15.48%.
• Global Talent Management Software Market (related to Career Management and Workforce Consulting): This market was estimated at $9.96 billion in 2023 and is projected to grow to $22.67 billion by 2030, at a CAGR of 12.5%. North America held the largest revenue share in this market in 2023. The broader "Overall Talent Solutions" market was estimated to be US$ 15,237 million in 2024 and is forecast to reach US$ 40,277 million by 2031 globally, with a CAGR of 14.9%.

ManpowerGroup (NYSE: MAN) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends. These drivers reflect the company's focus on capitalizing on stabilizing market conditions, leveraging technological advancements, and adapting to evolving workforce demands.

1. Stabilization and Growth in Key Geographic Markets: ManpowerGroup has reported a stabilization of demand in North America and Europe, which are crucial markets for the company, after a period of decline. Additionally, the company has observed consistent and strong revenue growth in specific regions such as Italy, Latin America (referred to as "other Americas"), and Japan. This geographic rebound and sustained performance in growth markets are expected to contribute significantly to overall revenue.
2. Expansion of the Manpower Brand and Managed Service Provider (MSP) Offerings: The Manpower brand, which focuses on contingent staffing and permanent recruitment, has demonstrated consistent organic constant currency revenue growth in recent quarters. Within its Talent Solutions segment, while some areas have faced headwinds, Managed Service Provider (MSP) operations have continued to report strong growth, indicating a robust demand for these comprehensive workforce management solutions.
3. Leveraging Artificial Intelligence (AI) and Technology: ManpowerGroup's introduction of the AI platform, SophieAI, is already having a measurable impact on new client revenue in its largest market, with approximately 30% of new client revenue derived from AI-rated probability. The company is also making significant progress in digitization and standardization, with 90% of its revenues expected to be covered by a common global front office platform by year-end. This technological integration is anticipated to drive efficiency and new business acquisition.
4. Strategic Focus on Market Share Expansion: The company's leadership has explicitly stated a strategic focus on "Winning In The Market" to increase its market share. This proactive approach to capture a larger portion of the workforce solutions market, particularly as demand stabilizes, is a key driver for future revenue growth.
5. Adapting to Evolving Workforce Needs with Upskilling and Reskilling Services: ManpowerGroup is actively supporting the upskilling and reskilling of talent and adapting to specialized skills demand. Employers are increasingly prioritizing "uniquely human skills" such as creativity, problem-solving, and adaptability. By providing solutions that help organizations reskill and increase talent mobility, ManpowerGroup is well-positioned to capitalize on the ongoing transformation of the global workforce.

Share Repurchases

• ManpowerGroup repurchased a total of 3.4 million shares at a cost of $264.7 million in 2020, comprising shares under both 2018 and 2019 authorizations.
• In August 2021, the Board of Directors authorized a new share repurchase program for up to 4 million shares, in addition to the approximately 1.9 million shares remaining from the August 2019 authorization.
• A new share repurchase program was authorized in August 2023 for up to 5.0 million shares, with approximately 0.9 million shares remaining under the August 2021 authorization as of June 30, 2023. In the first half of 2025, 0.7 million shares were repurchased, and as of May 2025, 1.9 million shares remained authorized for repurchase under the August 2023 authorization.

Outbound Investments

• In 2020, ManpowerGroup disposed of four businesses (Serbia, Croatia, Slovenia, Bulgaria) in its Southern Europe segment for $5.8 million.
• Losses from the sale of the Austria business were noted in Q4 2024.
• In 2025, the company incurred losses on the sale of its South Africa and New Caledonia businesses.

Capital Expenditures

• Capital expenditures were $50.7 million in 2020, $64.2 million in 2021, and $75.6 million in 2022. These expenditures were primarily for purchases of computer equipment, office furniture, costs related to office openings and refurbishments, and capitalized software costs.
• In 2023, capital expenditures were $78.2 million, and in 2024, they were $51.1 million.
• Expected capital expenditures are projected to be $65.95 million for 2025, $72.92 million for 2026, and $84.33 million for 2027.