HR & Benefits Administration

The Human Resources and Benefits Administration industry provides assistance with financial planning, billing and record keeping, personnel, physical distribution, and logistics. During the five-year period to 2022, the industry has benefited from growing corporate profit, strong business sentiment, and rising consumer spending, encouraging companies to outsource administrative duties. However, the emergence of the COVID-19 (coronavirus) pandemic in 2020 caused high unemployment, thus limiting demand for industry services. Despite pandemic-related declines, industry revenue has increased at an annualized rate of 3.8% to $ 87.3 billion over the five years to 2022. In 2021 revenue flourished as the economy recovered, this trend is poised to continue with industry revenue expected to grow 5.1% in 2022.