TrueBlue, Inc. (TrueBlue) is a leading provider of specialized workforce solutions that help clients improve productivity and grow their businesses.
In 2023, the company connected approximately 464,000 people with work and served approximately 67,000 clients. The company’s operations are managed as three business segments: PeopleReady, PeopleScout and PeopleManagement.
PeopleReady connected approximately 195,000 people with work in fiscal 2023 within a broad range of industries that included c...
TrueBlue, Inc. (TrueBlue) is a leading provider of specialized workforce solutions that help clients improve productivity and grow their businesses.
In 2023, the company connected approximately 464,000 people with work and served approximately 67,000 clients. The company’s operations are managed as three business segments: PeopleReady, PeopleScout and PeopleManagement.
PeopleReady connected approximately 195,000 people with work in fiscal 2023 within a broad range of industries that included construction, transportation, manufacturing, retail, hospitality and renewable energy. The company connected individuals looking for general temporary, temp-to-hire and skilled trade positions with its vast network of clients.
In 2023, PeopleReady provided approximately 66,000 clients with dependable access to qualified associates for their on-demand, contingent general and skilled labor needs to supplement their permanent workforce. The company’s services range from providing one associate to hundreds, and are generally short-term in nature as they are filling the contingent staffing needs of its clients.
The company has a network of approximately 600 branches across all 50 states in the United States (U.S.), Canada and Puerto Rico. Augmenting its branch network and consolidated service centers is its industry-leading mobile app, JobStack, which connects people with work 24 hours a day, seven days a week. JobStack creates a digital exchange between its associates and clients.
PeopleScout, a global leader in recruitment process outsourcing (RPO) services, connected approximately 224,000 people with work in fiscal 2023, primarily in the U.S., Canada, the United Kingdom and Australia. The company’s RPO solutions are generally multi-year in duration, highly scalable and provide clients the support they need as their hiring volumes fluctuate. The company’s services are designed to lower client recruiting costs while improving the candidate experience by creating strategies that facilitate its clients’ talent acquisition, development and retention goals. The company tailors its services to individual client needs by offering multiple solutions, including the following:
Full-cycle RPO Solution: Provides oversight of the entire talent acquisition strategy, including sourcing, screening, hiring and onboarding of candidates.
Project RPO Solution: Brings a full-scale RPO model to solve a specific client challenge for a defined scope of work and time.
Recruiter On Demand Solution: Provides access to a network of highly-skilled talent acquisition experts, giving clients the option to choose the type of support they need with less cost and complexity than ramping up their internal teams.
Talent Advisory Solution: Provides employer branding, recruitment marketing, talent insights, diversity, equity and inclusion consulting, candidate assessment services and talent acquisition strategy consulting.
The company’s proprietary technology platform, Affinix, uses machine learning to rapidly source a qualified talent pool within minutes, and further engages candidates through a seamless digital experience. Affinix provides real-time insights to its clients, helping its dedicated service delivery teams efficiently and effectively manage the entire recruitment process.
PeopleScout also includes the company’s managed service provider (MSP) business, which manages its clients’ contingent labor programs, including vendor selection, performance management, compliance monitoring and risk management. As the client’s exclusive MSP, the company has dedicated service delivery teams, which work as an integrated partner with its clients to increase the productivity of their contingent workforce program.
PeopleManagement connected approximately 45,000 people with work in fiscal 2023.
The company’s On-Site business provides and manages contingent associates at clients’ facilities through its Staff Management | SMX (Staff Management) and SIMOS Insourcing Solutions (SIMOS) branded services throughout the U.S., Canada and Puerto Rico. The company’s client engagements are generally multi-location and multi-year, and include scalable recruiting, screening, hiring and management of the contingent workforce. The company deploys dedicated management and service teams that work side-by-side with a client’s full-time workforce. The company’s teams are an integral part of the production and logistics process, and specialize in labor-intensive manufacturing, warehousing and distribution. The company offers hourly and productivity-based (cost-per-unit) pricing options for industrial staffing solutions.
PeopleManagement also provides dedicated and contingent commercial drivers to the transportation and distribution industries through the company’s Centerline Drivers (Centerline) brand. Centerline matches drivers to each client’s specific needs, allowing them to improve productivity, control costs, ensure compliance and deliver improved service. Centerline offers three solutions for clients:
Flexible Drivers solution: On-demand service helping clients find drivers where and when they need them.
Driver Management Services solution: Fully outsourced recruitment, management and supervision of drivers for a client.
Mobile Drivers solution: Short-term relocation of qualified, experienced drivers for special projects or to high-need markets or remote locations where drivers are unavailable.
Business Strategy
The company’s business strategy focuses on investing in innovative technology and initiatives that will drive organic growth and improve the client, candidate and associate experience. The company’s clients have a variety of challenges in running their businesses, each of which are unique to the competitive pressures of their industries. The company’s business segments are dedicated to workforce solutions tailored to its clients’ needs and the industries in which they operate.
The company continues to invest in technology to accelerate revenue growth, and increase its ability to attract and retain clients, candidates and associates. The company’s technological innovations improve the access, speed and ease of connecting its clients with high-quality contingent and permanent employee workforce solutions.
Augmenting the company’s Staff Management and SIMOS dedicated on-site teams is Stafftrack.
The company’s Centerline mobile app provides its drivers with access to information on-the-go, including schedules, pay information, job extension requests and access to its Respect the Drive driver engagement program, which tracks milestone accomplishments for hours worked. The company continues to expand and build functionality within the mobile app to enhance the overall driver experience.
Augmenting the company’s PeopleScout dedicated service delivery teams is its Affinix platform used for sourcing, screening and delivering a permanent workforce to its clients. The company continues to evaluate opportunities to expand its market presence for specialized blue-collar staffing services, expand its geographical and industry reach, provide a broad range of general staffing services, and dispatch its associates by leveraging a combination of technology and local market presence. The company’s RPO business continues to leverage its strong brand and innovative technology for high-volume sourcing and dedicated client service teams for connecting people to opportunities. The company will continue to focus its sales and marketing efforts to reach new clients as the demand for outsourced recruiting support increases. The company’s fiscal 2024 business strategy focuses on accelerating business growth to capture market share. Key elements of this strategy include advancement of its digital transformation, expansion in high-growth and under-penetrated end markets, and evaluating and simplifying its operating structure.
Clients
The company’s clients range from small businesses to Fortune 100 companies.
During fiscal 2023, the company served approximately 67,000 clients in industries including construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, transportation, retail, hospitality and general labor.
Seasonality
The company’s business experiences seasonal fluctuations for contingent staffing services. Demand is lower during the first and second quarters (year ended: December 31, 2023), due in part to limitations to outside work during the winter months and slowdown in manufacturing and logistics after the holiday season. Demand for contingent labor peaks during the third quarter for outdoor work and the fourth quarter for manufacturing and logistics, warehousing and distribution, and retail for the holiday season.
Trademarks
The company owns several trademarks that are registered with the U.S. Patent and Trademark Office, the European Union Community Trademark Office and numerous individual country trademark offices.
History
The company was incorporated in 1985 and began its operations in 1989. It was formerly known as Labor Ready, Inc. and changed its name to TrueBlue, Inc. in 2007.
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
