This is according to the latest the World Employment Confederation 2018 economic report, which is based on 2016 data.

The report reveals the global employment industry recorded a sales turnover of €491bn (£427bn) in 2016, while agency work remains the highest revenue generator for the employment industry, accounting for 71% of total annual sales revenue across the entire sector, with 10% year-on-year growth compared to 2015.

Management service provider (MSP) is the second largest sector, representing 20% of the total and generating €97bn. It grew by 11% during 2016.

Direct recruitment is next, accounting for €37.8bn of the total, followed by recruitment process outsourcing (RPO), which grew 13%, with a turnover of €3.4bn.

Career management fell slightly in 2016, driven largely by a decline in outsourcing due to fewer layoffs as economic growth returns. 

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