Human support: Growing demand from downstream markets and growth in the number of businesses will likely support industry growth
The Human Resources and Benefits Administration industry in Canada provides a wide range of everyday office administrative services to Canadian businesses. Industry operators provide financial planning, billing and record keeping, personnel management, physical distribution and logistics on a day-to-day or contract basis. Since operators specialize in outsourced business management and employment-related services, industry performance is correlated with corporate profit, unemployment and the number of businesses operating within Canada. The industry has struggled with volatile corporate profit in recent years, which has forced businesses to reconsider paying for extra value-added services and high levels of competition that has forced industry players to exit the industry. Therefore, industry revenue has been declining over the past five years, falling at a CAGR of 5.7% and expected to reach $7.9 billion in 2023, when revenue is set to grow 0.2% as downstream industries expand and unemployment falls. Industry profit is expected to have fallen in recent years, having yet to fully recover from peak-pandemic lows.
This industry provides a range of day-to-day office administrative services to clients, such as assistance with financial planning, billing and record keeping, personnel, physical distribution and logistics. This industry also furnishes general or specialized management services on a day-to-day basis and on a contract or fee-for-services basis. These businesses do not provide any actual operating staff to clients to carry out management or operational activities.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
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