Fastest-Growing Staffing Companies in 2024
Last Updated September 27, 2024
Staffing Industry Analysts (SIA) recently revealed the fastest-growing staffing companies in the US over the past five years.
A total of 145 US-based staffing agencies were included in SIA’s list, which was dominated by companies in three niche industries: healthcare staffing, IT staffing, and industrial staffing.
Per the report, the 10 fastest-growing firms are:
- Summit Medical Staffing (Travel Nurse/Allied Healthcare)
- Advantis Medical Staffing (Travel Nurse)
- Cynet Health (Travel Nurse)
- Jobot (Industrial/Direct Hire)
- Ironside HR (Travel Nurse)
- Spire Healthcare (Travel Nurse)
- Nomad Health (Travel Nurse)
- GetMed Staffing (Travel Nurse)
- Aya Healthcare (Travel Nurse)
- Ventura MedStaff (Allied/Other Healthcare)
Summit Medical Staffing led the way with a staggering 181.5% CAGR from 2019-2023.
Fastest-Growing Staffing Companies by Segment
The fastest-growing firm in each sector was as follows:
- IT Staffing — Prime Technical Services
- Travel Nurse — Summit Medical Staffing
- Allied Healthcare — Summit Medical Staffing
- Industrial — Jobot
- Direct Hire — FTS
- Locum Tenens — Astrya Global
- Per Diem — Ro Health
- Finance/Accounting – MMC
- Life Sciences — Meet Recruitment
- Engineering — Broadstaff
- Marketing/Creative — Ursus
- Retained Search — Starfish Partners
- Education — Edustaff
- Aviation — In-Flight Crew Connections
- Office/Clerical — Archon Resources
In total, 8 of the top 10 agencies specialize in travel nursing, 65 of the 145 on the list serve the general healthcare segment, 45 of the 145 are IT staffing companies, and 23 serve the industrial segment. This leaves just 12 of the firms listed operating strictly in areas other than the IT, industrial, or healthcare fields.
This comes as no surprise as there’s particularly high demand in the healthcare staffing industry due to the nationwide nursing shortage. The healthcare staffing sector market size is expected to grow exponentially over the next 8 years, and the same can be said for the IT sector.
Eligibility
Requirements to qualify as one of the fastest-growing staffing companies in the US include:
- Minimum $1 million in revenue at the end of 2019
- Compound annual growth rate (CAGR) of 15% or more between 2019 and 2023, adjusted to remove growth from acquisitions and adjusted for divestitures
- Revenue growth must be organic
Contributors to Staffing Agency Growth
A recent study conducted by Bullhorn revealed the highest-performing staffing agencies have put an emphasis on leveraging advanced technologies to achieve growth and high levels of redeployment.
Staffing agency owners deemed three factors directly led to revenue gains of more than 10%:
- Digitizing data
- Heavily leveraging automation tools
- High redeployment
Overall, 60% of the “top performing” companies have been heavily investing in technology. Some examples of this include using AI-driven tools for improved candidate screening and predictive analytics — 75% of agencies nowadays are using AI in some aspect — along with simply investing in staffing software.
To combat talent shortages that generally plagued the industry throughout 2023 and now into 2024, successful agencies have become more flexible in order to build strong pipelines. Strategies such as engaging more with passive candidates, asking candidates for their preferred method of communication, and regularly submitting candidates to interview for more than one position at a time have become increasingly popular.
Staffing Industry Challenges in 2024
The staffing agencies that made the list have overcome what’s been considered a challenging period for the staffing industry, which has led to a projected 10% year-over-year decrease in overall market size by the end of 2024.
According to Bullhorn, the most common of challenges firms have been faced with include: tight talent pools (59%), uncertainty over the economy (29%), and reductions in job requisites (26%).
Further, “widespread client caution” has added another layer of difficulty to the industry in 2024, according to SIA, as employers are more commonly choosing to use internal resources to hire for open positions rather than using external staffing services. This is largely due to a poor economy throughout much of the year.
Thankfully, an improving economy is expected to help the industry grow an expected 5% YoY from 2024 to 2025.
Michael McCareins is the Content Marketing Associate at altLINE, where he is dedicated to creating and managing optimal content for readers. Following a brief career in media relations, Michael has discovered a passion for content marketing through developing unique, informative content to help audiences better understand ideas and topics such as invoice factoring and A/R financing.
