Kelly Services, Inc. (KELYB) Bundle
An Overview of Kelly Services, Inc. (KELYB)
General Summary of Kelly Services, Inc.
Kelly Services, Inc. (KELYB) is a global leader in workforce solutions, founded in 1946. The company specializes in providing staffing and workforce solutions across various sectors, including professional and industrial staffing, education, and outsourcing. As of 2024, Kelly Services has expanded its operations internationally, adapting to market needs and enhancing its service offerings through strategic acquisitions and divestitures.
In 2024, Kelly Services reported total sales of approximately $3.14 billion for the first nine months, down 12.8% compared to $3.60 billion in the same period in 2023. The decline in sales primarily reflects the sale of its EMEA staffing operations and a decrease in revenue from several segments, particularly in Professional & Industrial and Science, Engineering & Technology.
Company's Financial Performance in the Latest Financial Reports
In the most recent financial reports, Kelly Services demonstrated a notable performance shift. For the third quarter of 2024, the company reported:
- Revenue from services: $1.04 billion, a decrease of 7.1% from $1.12 billion in Q3 2023.
- Gross profit: $221.7 million, a decrease of 3.0% year-over-year.
- Net earnings: $0.8 million for Q3 2024, down from $6.6 million in Q3 2023.
- Earnings from operations: $2.6 million, compared to $0.1 million in the prior year.
For the first nine months of 2024, the company's financial highlights included:
- Total revenue: $3.14 billion, down 12.8% from $3.60 billion in 2023.
- Gross profit: $641.1 million, down 11.4% year-over-year.
- Net earnings: $31.2 million, up 24.6% from $25.0 million in the same period of 2023.
The decrease in revenue was attributed to the January 2024 sale of the EMEA staffing operations, partially offset by growth in the company's Education and Outsourcing & Consulting segments. The Science, Engineering & Technology segment reported a 37.1% revenue increase year-over-year, driven by the acquisition of MRP in May 2024.
Introduction to Company as a Leader in the Industry
Kelly Services is recognized as one of the leading staffing and workforce solutions providers globally. With a robust portfolio of services and a strong market presence, the company has been able to adapt to changing workforce dynamics. As of 2024, Kelly Services continues to innovate and expand, positioning itself to meet client needs effectively. The company’s strategic focus on enhancing service delivery through technology and tailored solutions underpins its leadership in the industry.
To explore more about Kelly Services and understand the factors contributing to its success, further details can be found below.
| Financial Metric | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Revenue from Services | $1.04 billion | $1.12 billion | -7.1% |
| Gross Profit | $221.7 million | $228.5 million | -3.0% |
| Net Earnings | $0.8 million | $6.6 million | -88.4% |
| Earnings from Operations | $2.6 million | $0.1 million | NM |
| Financial Metric | YTD 2024 | YTD 2023 | % Change |
|---|---|---|---|
| Total Revenue | $3.14 billion | $3.60 billion | -12.8% |
| Gross Profit | $641.1 million | $723.2 million | -11.4% |
| Net Earnings | $31.2 million | $25.0 million | +24.6% |
Mission Statement of Kelly Services, Inc. (KELYB)
Mission Statement of Kelly Services, Inc. (KELYB)
The mission statement of Kelly Services, Inc. emphasizes its commitment to providing high-quality staffing and workforce solutions to clients while fostering the success of its employees. This mission serves as a guiding principle for the company's long-term goals and strategic initiatives, shaping its operations and defining its corporate identity.
Core Component 1: Quality Service Delivery
Kelly Services prioritizes delivering exceptional service quality to its clients. This commitment is reflected in its operational strategies that focus on enhancing customer satisfaction and building long-term relationships. In 2024, the company reported a gross profit of $641.1 million for the nine months ending September 29, down from $723.2 million in the same period of 2023, indicating a focus on maintaining service standards during challenging market conditions.
Core Component 2: Employee Empowerment
The company recognizes that its employees are crucial to achieving its mission. Kelly Services invests in employee development and training programs to ensure that its workforce is equipped with the necessary skills and knowledge. In the first nine months of 2024, the company incurred $6.4 million in restructuring charges related to transformation initiatives aimed at enhancing operational efficiency, which includes workforce optimization.
Core Component 3: Innovation and Adaptability
Kelly Services embraces innovation and adaptability as essential elements of its mission. The recent acquisition of Motion Recruitment Partners, completed on May 31, 2024, is a strategic move to enhance its capabilities in technology and consulting solutions, positioning the company to better meet evolving market demands. In 2024, the company’s EBITDA margin is expected to improve due to these strategic initiatives aimed at capturing higher-margin opportunities.
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) | % Change |
|---|---|---|---|
| Gross Profit | $641.1 million | $723.2 million | -11.4% |
| Net Earnings | $31.2 million | $25.0 million | +24.6% |
| Revenue from Services | $3,140.7 million | $3,603.5 million | -12.8% |
| SG&A Expenses | $557.4 million | $646.5 million | -13.8% |
Through these core components, Kelly Services reinforces its mission statement, ensuring alignment with its strategic goals and market positioning. The company's ongoing commitment to quality service, employee empowerment, and innovation positions it favorably for future growth and success in the staffing industry.
Vision Statement of Kelly Services, Inc. (KELYB)
Vision Statement Overview
The vision statement of Kelly Services, Inc. (KELYB) emphasizes a commitment to innovative staffing solutions aimed at enhancing workforce productivity. As of 2024, the company aims to be recognized as a leader in workforce solutions, focusing on technology-driven services that meet the evolving needs of clients and candidates.
Commitment to Innovation
Kelly Services envisions a future where innovation drives operational excellence. The company is dedicated to leveraging technology to streamline staffing processes and improve service delivery. In 2024, Kelly Services invested significantly in technology upgrades, with a reported expenditure of approximately $10 million aimed at enhancing its digital platforms and tools.
Focus on Customer-Centric Solutions
At the core of Kelly's vision is a strong focus on customer satisfaction. The company intends to align its offerings with client needs, ensuring tailored solutions are delivered effectively. In 2024, Kelly Services reported a customer satisfaction score of 89%, reflecting its commitment to improving client relationships and service quality.
Enhancing Workforce Productivity
Kelly Services aims to enhance workforce productivity through strategic partnerships and innovative staffing solutions. In 2024, the company expanded its service offerings by introducing a new talent management platform, which is projected to increase client workforce efficiency by at least 20% over the next fiscal year.
Global Reach and Local Expertise
The vision includes expanding Kelly Services' global presence while maintaining local expertise. In 2024, the company completed the sale of its EMEA staffing operations, focusing on strengthening its North American market position. This strategic move is expected to enhance profitability, with projections indicating a potential increase in North American revenue by 15% within the next year.
Financial Performance and Growth Metrics
In terms of financial performance, Kelly Services reported revenues of $1.038 billion for the third quarter of 2024, a decline of 7.1% compared to the previous year, primarily due to the sale of its EMEA operations. However, the company anticipates revenues to stabilize and grow as it implements its vision-driven strategies.
| Financial Metrics | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Revenue from Services | $1,038.1 million | $1,118.0 million | (7.1%) |
| Net Earnings | $0.8 million | $6.6 million | (88.4%) |
| SG&A Expenses | $204.7 million | $203.0 million | 0.8% |
| Gross Profit Rate | 21.4% | 20.4% | 1.0 pts |
Strategic Acquisitions and Partnerships
As part of its vision, Kelly Services is committed to strategic acquisitions that bolster its service offerings. The acquisition of Motion Recruitment Partners, completed in May 2024, is expected to enhance Kelly's capabilities in technology and consulting services, contributing an additional $124.6 million in revenue for the third quarter of 2024.
Conclusion of the Vision Statement
In summary, Kelly Services, Inc.'s vision statement for 2024 encapsulates a forward-thinking approach focused on innovation, customer-centric solutions, and enhanced workforce productivity. The company's strategic initiatives are designed to position it as a leader in the staffing industry, leveraging technology and local expertise to meet the needs of its clients.
Core Values of Kelly Services, Inc. (KELYB)
Integrity
The core value of Integrity at Kelly Services, Inc. emphasizes honesty and transparency in all business dealings. This value is crucial for building trust with clients, employees, and stakeholders.
Kelly Services demonstrated its commitment to integrity by implementing strict compliance measures and ethical guidelines across its operations. For instance, the company has established a whistleblower program that allows employees to report unethical behavior confidentially. In 2024, Kelly Services received recognition for its ethical practices from several industry bodies, further solidifying its reputation as a trustworthy partner in staffing solutions.
Innovation
Innovation is a driving force at Kelly Services, enabling the company to adapt to changing market conditions and meet clients' evolving needs. The company invests significantly in technology and new methodologies to enhance service delivery.
In 2024, Kelly Services launched the Kelly Now mobile application, which streamlines the hiring process for both candidates and employers. This app has seen over 100,000 downloads within the first six months of its launch, illustrating its impact on improving recruitment efficiency. Additionally, the acquisition of Motion Recruitment Partners in May 2024 aims to bolster its consulting capabilities in technology and telecommunications sectors, further showcasing its commitment to innovation.
Collaboration
Collaboration is vital for Kelly Services, fostering teamwork and partnerships both internally among employees and externally with clients. This core value is essential for driving collective success and creating a supportive work environment.
In 2024, Kelly Services established several cross-functional teams to enhance project delivery and client engagement. These teams have contributed to a 15% increase in client satisfaction scores compared to the previous year, as reported in the latest customer feedback survey. Furthermore, Kelly's collaboration with educational institutions has resulted in internship programs that prepare students for careers in staffing, benefiting both the community and the company.
Excellence
The pursuit of Excellence defines Kelly Services' operational ethos, focusing on delivering high-quality services consistently. This value ensures that the company meets and exceeds client expectations.
Kelly Services' commitment to excellence is evident in its rigorous training programs for employees. In 2024, the company invested approximately $2 million in professional development, resulting in a 20% increase in employee performance metrics. Additionally, the company achieved a 95% success rate in fulfilling client staffing requests within the first 24 hours, demonstrating its operational efficiency and dedication to quality service.
Diversity and Inclusion
Diversity and Inclusion are integral to Kelly Services' corporate culture, promoting a workplace that values varied perspectives and backgrounds. This core value enhances creativity and innovation within the organization.
In 2024, Kelly Services launched its Diversity Initiative, aiming to increase the representation of underrepresented groups in its workforce by 25% over the next five years. The initiative includes partnerships with organizations that focus on minority recruitment and mentorship programs. As a result, the company reported a 10% increase in the diversity of its candidate pool compared to 2023, highlighting its commitment to fostering an inclusive environment.
| Core Value | Key Initiatives | Impact |
|---|---|---|
| Integrity | Whistleblower program, compliance measures | Recognition for ethical practices |
| Innovation | Launch of Kelly Now app, acquisition of MRP | 100,000+ app downloads, enhanced consulting capabilities |
| Collaboration | Cross-functional teams, educational partnerships | 15% increase in client satisfaction scores |
| Excellence | Professional development investment | 20% increase in employee performance metrics |
| Diversity and Inclusion | Diversity Initiative, mentorship programs | 10% increase in diversity of candidate pool |
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Updated on 16 Nov 2024
Resources:
- Kelly Services, Inc. (KELYB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Kelly Services, Inc. (KELYB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Kelly Services, Inc. (KELYB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.