September 25, 2022

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The Rise Of The Service Economy In US

1 min read

The service economy is booming and businesses are reaping the benefits. In 2012, the service sector employed more than 60 percent of the U.S. workforce, up from just over 50 percent in 1970, according to the Bureau of Labor Statistics. To get more details about The Economics and Services you may browse this site.

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Here are three reasons why businesses are flocking to the service sector: 

1. Increased Flexibility: With so many options for working from home, on-demand services and 24/7 customer support, businesses can provide a more tailored experience to their customers. 

This increased flexibility also allows businesses to expand into new markets without having to invest in new equipment or incur the costs associated with hiring new employees. 

2. Greater Opportunity For Workers: The demand for skilled service workers has never been higher and the competition for these workers is fierce. While some people may see this as a downside, it actually offers opportunities for those who are willing to develop skills in new areas and work hard. 

3. Lower Costs: Compared to traditional staffing models, such as hiring employees full-time and providing them with benefits, the service economy offers significant savings on both administrative costs and employee salaries. 

In fact, studies have shown that for every $1 spent on employee benefits in the traditional staffing model, only $0.60 is returned to an employee in the form of higher productivity or a better work environment.