ManpowerGroup Inc. (MAN): Business Model Canvas [Dec-2025 Updated]

You're looking at ManpowerGroup Inc. right now, trying to make sense of the strategy behind a firm that posted $13.2 billion in revenue for the first nine months of 2025, even while absorbing a tough $89 million goodwill impairment charge in Q2. It's defintely not easy to track how a global staffing leader balances its massive physical branch network with its new AI platform, PowerSuite, especially during a year focused on restructuring. To cut through the complexity, I've broken down their entire operation into the nine essential building blocks of the Business Model Canvas, showing you precisely where they source talent, how they charge for it, and what their biggest costs are. Keep reading to see the distilled, analyst-level view of ManpowerGroup Inc.'s current blueprint.

ManpowerGroup Inc. (MAN) - Canvas Business Model: Key Partnerships

You're looking at how ManpowerGroup Inc. builds value through its network of external players. It's not just about direct employment; it's about strategic alignment to drive talent solutions at scale.

Strategic alliances with technology firms for AI adoption

ManpowerGroup Inc.'s MGPS (ManpowerGroup Public Sector) division partners to structure data for machine learning, leveraging technologies like Neural Machine Translation and Natural Language Understanding. This group supports clients by applying over two decades of experience in multilingual data processing across more than 200 languages and dialects to enable effective Artificial Intelligence (AI) solutions. Insights from the 2025 Talent Barometer, shared at the World Economic Forum, indicated that only 53% of workers felt positive about AI benefiting their careers, highlighting the need for these technology-focused partnerships to ensure human-centric implementation. ManpowerGroup and Maricopa Community Colleges partnered in November 2025 to develop the semiconductor and manufacturing workforce, which will certainly involve AI-enabled training pathways.

Partnerships with TENT and Welcome.US for refugee employment

ManpowerGroup Inc. has a history of commitment to refugee integration. A prior commitment involved placing 3,000 refugees in jobs at its corporate clients over a three-year period. The Tent Partnership for Refugees, a network ManpowerGroup Inc. actively participates in, now mobilizes over 500 major companies committed to integrating refugees into the labor market. Furthermore, the U.S. Department of State's Welcome Corps at Work pilot program aims to match skilled refugees with U.S. employment offers, with a goal to admit at least 300 refugees through this pathway by 2027. The Tent Partnership for Refugees itself has been named to the TIME100 Most Influential Companies list.

Collaborations with educational institutions like MATC for skilling

ManpowerGroup Inc. actively collaborates with educational bodies to address skill gaps. In November 2025, ManpowerGroup Inc. announced a partnership with Maricopa Community Colleges to develop the next-generation semiconductor and manufacturing workforce. While specific 2025 enrollment figures for this particular collaboration aren't public yet, the company's broader skilling efforts are significant. For instance, ManpowerGroup's MyPath platform enabled over 240,000 people across 12 countries to learn new skills as of 2024 data. Also, Experis Academy joined the ServiceNow RiseUp program to train and place candidates in high-demand ServiceNow roles across Europe.

World Economic Forum and World Employment Confederation for policy

ManpowerGroup Inc. maintains high-level policy engagement. The company has partnered with the World Economic Forum (WEF) for over twenty years, with leadership present at the WEF 2025 Annual Meeting in Davos to discuss the green transition and AI's impact. ManpowerGroup Inc. also collaborates with the World Employment Confederation (WEC) to shape industry policy. At a recent WEC conference in Lisbon, job seekers, employers, and policymakers from 32 nations convened to discuss work access and regulation. The 2025 Talent Barometer, presented at WEF, showed that only 25% of workers see opportunities for upward mobility in their current roles, a key policy consideration.

Franchise network operators, especially in the US

The franchise network remains a core part of the ManpowerGroup Inc. structure, especially in the US. The company reports specific financial data related to these operators, showing a clear revenue stream from franchise fees. It's important to track this segment, especially as the company focuses on removing structural costs.

Here are the US franchise-related financial figures for the first nine months of 2025:

For the third quarter of 2025, the fees received by ManpowerGroup Inc. from its US franchise offices were $2.7 million, based on franchise office revenues of $83.5 million. This compares to fees of $2.5 million in the same period last year. For the nine months ending September 30, 2025, the fees totaled $12.5 million, derived from franchise office revenues of $300.3 million. The company also noted that restructuring costs and net losses from the sale of businesses, which will operate as franchises going forward, impacted the nine-month EPS for 2025.

The company's global footprint includes a network of over 2,100 offices in approximately 75 countries and territories as of the end of 2024.

• ManpowerGroup Inc. brands providing specialized solutions include Manpower, Experis, Right Management, and ManpowerGroup Solutions.
• The company's global talent teams work with expertise across more than 200 languages.
• As of February 17, 2025, there were 46,692,203 shares of common stock outstanding.

ManpowerGroup Inc. (MAN) - Canvas Business Model: Key Activities

You're looking at the core actions ManpowerGroup Inc. takes to deliver its value proposition in the current market. It's a mix of traditional staffing muscle and heavy digital investment, which is key to navigating the talent scarcity mentioned in their latest outlooks.

Global contingent and permanent talent sourcing

This is the bread and butter, connecting people to work across their brands like Manpower and Experis. The scale of this activity is reflected in the top-line results, even amid market softness. For the nine months ended September 30, 2025, ManpowerGroup Inc. reported total revenues of $13.2 billion. The third quarter of 2025 specifically saw reported revenues of $4.6 billion, which represented a 2% increase as reported year-over-year, with organic constant currency revenue increasing by 1%. This sourcing activity is global, with 85% of ManpowerGroup's revenue coming from outside the U.S. The gross profit margin for Q3 2025 stood at 16.6%, reflecting lower permanent recruitment activity and a business mix shift.

Here's a quick look at the revenue performance through the first three quarters of 2025:

The company is still a massive player, with estimated annual revenue for 2025 around $19B.

Digital transformation and AI integration via PowerSuite platform

ManpowerGroup Inc. is actively embedding technology to make its sourcing more efficient. The PowerSuite platform is central to this. As of early 2025, 80% of their global revenue was running through this industry-leading platform. This platform is used to harness global data and apply Artificial Intelligence to focus activities, aiming to unlock candidate potential and allow talent agents to concentrate on mentoring and coaching. This digital focus is a direct response to the ongoing talent shortage, where three in four companies struggle to find specialized talent.

Workforce upskilling and reskilling programs (e.g., MyPath)

Creating talent at scale is a core activity, heavily reliant on programs like MyPath. This program focuses on coaching, assessing, upskilling, and reskilling associates. As of a recent report, 240,000 individuals are following the personalized MyPath career program for upskilling and coaching. Millions of people globally have received training and development services through MyPath. For eligible, actively assigned associates, the program includes benefits like Full College Tuition Coverage for Associate's or Bachelor's degrees. This investment in people is designed to help clients meet talent needs for today and tomorrow.

Strategic cost reduction and restructuring initiatives

The financial results for 2025 clearly show ongoing strategic cost reduction and restructuring actions taken to manage challenging market conditions, especially in Europe and North America. These initiatives have a direct, measurable impact on reported earnings. For instance, in Q3 2025, restructuring costs and Argentina hyperinflationary related non-cash currency translation losses reduced earnings per share by $0.45. In Q1 2025, restructuring costs and tax charges reduced EPS by $0.32. To be fair, Q2 2025 was particularly impacted by a $89 million non-cash goodwill impairment charge and restructuring costs, contributing to a net loss of $67.1 million for that quarter. Management has been focused on reducing Selling, General, and Administrative (SG&A) expenses year-over-year, partly through these restructuring actions.

Managing a global network of 2,100 offices

The physical footprint remains significant, supporting the global sourcing activity. ManpowerGroup Inc. operates a global network that, according to recent facts and figures, includes approximately 2,100 offices across more than 70 countries and territories. This network supports their approximately 73K employees as of October 2025. The company's largest markets are France, the United States, United Kingdom, and Italy. Franchise office fees, based on their revenues, were $12.5 million for the first nine months of 2025.

Finance: draft 13-week cash view by Friday.

ManpowerGroup Inc. (MAN) - Canvas Business Model: Key Resources

Global talent pool and candidate database

ManpowerGroup helps organizations across more than 70 countries and territories find skilled talent. The company develops innovative solutions for hundreds of thousands of organizations every year.

Proprietary PowerSuite technology platform

As of early 2025, 80% of ManpowerGroup's global revenue was running through the PowerSuite platform. This platform is key to applying AI to focus activities and unlock candidate potential.

Three distinct global brands: Manpower, Experis, Talent Solutions

The three brands represent a continuum of services helping clients through the reshaping of work. Financial performance data for the nine-month period ended September 30, 2025, shows the following revenue contributions (in millions of USD):

The Americas segment specifically offers services under the Manpower, Experis, and ManpowerGroup Solutions names. Experis is a global leader in IT professional resourcing.

Global network of 26.7K internal employees

As of October 2025, ManpowerGroup has approximately 26,700 employees across 6 continents. This compares to an estimate of 73K employees across 6 continents as of October 2025 from another source.

Thought leadership (e.g., Employment Outlook Survey)

The ManpowerGroup Employment Outlook Survey is used internationally as a bellwether of labor market trends. The Q4 2025 Net Employment Outlook (NEO) for the globe stood at 23%.

• The Q4 2025 survey included 40,533 employers across 41 countries.
• The U.S. Net Employment Outlook for Q4 2025 was 28%.
• For Q1 2025, the U.S. Net Employment Outlook was 34%.
• A September 2025 Right Management research installment surveyed 1,029 leaders and 2,402 employees across North America, Latin America, Europe, and Asia-Pacific.

The Manpower MyPath® program has provided skills to 270,000 people to date.

ManpowerGroup Inc. (MAN) - Canvas Business Model: Value Propositions

ManpowerGroup Inc. provides access to specialized, in-demand talent through its Experis brand, where US revenue for this segment is approximately 90% comprised of IT skills. In the second quarter of 2025, Experis organic constant currency revenue declined by 7% year-over-year, though the rate of decline improved from the first quarter trend.

The value proposition includes flexible workforce solutions designed for fluctuating demand, primarily delivered through the Manpower brand. For the three months ended September 30, 2025, year-over-year revenue growth in the Manpower brand increased compared to the previous quarter. Still, for the second quarter of 2025, the Manpower business saw revenue fall 2% on an organic, constant currency basis.

Strategic talent management and Recruitment Process Outsourcing (RPO) are delivered via Talent Solutions. In the second quarter of 2025, Talent Solutions revenue was down 9% on a constant currency, organic basis, with the decline driven by RPO activity. For the third quarter of 2025, Talent Solutions experienced a revenue decline due to lower RPO activity from select client programs. However, Talent Solutions RPO was named a top provider on HRO Today's 2025 Baker's Dozen list of Enterprise RPO Leaders, ranking ninth overall. This included top 10 placements for Quality of Service at #8 and Size of Deals at #7.

Here's a quick look at the business line performance from the second quarter of 2025:

ManpowerGroup Inc. offers career development and upskilling, evidenced by external validation of its commitment to talent quality and ethics. In 2025, ManpowerGroup was named one of the World's Most Ethical Companies for the 16th time.

The global scale is a core value proposition, with the expert family of brands creating value for clients across more than 70 countries and territories. As of August 2025, the company operates approximately 2,100 Branches and has about 27K Employees. The Americas segment serves clients through both branch and franchise offices.

• Global scale across more than 70 countries and territories.
• Approximately 2,100 Branches as of August 2025.
• Approximately 27,000 Employees as of October 2025.

Finance: review Q3 2025 restructuring costs impact on reported EBITA margin of 1.9% versus adjusted EBITA margin of 2.0%.

ManpowerGroup Inc. (MAN) - Canvas Business Model: Customer Relationships

You're looking at how ManpowerGroup Inc. (MAN) maintains its connections with the millions of people and thousands of companies it serves globally. It's a multi-pronged approach, balancing massive scale with specialized, human interaction.

Dedicated account management for large enterprise clients

For the largest global and multinational clients, the relationship is managed through dedicated structures, often leveraging the Experis or ManpowerGroup Solutions brands for complex, outcome-based outsourcing or large-scale recruiting initiatives. While the exact number of clients receiving this top-tier dedicated service isn't public in a 2025 filing, the scale of the operation suggests a significant portfolio. Consider the total trailing twelve months (ttm) revenue was reported at $17.64B; a substantial portion of this comes from these deep, integrated relationships where risk and reward are shared, particularly in Recruitment Process Outsourcing (RPO) contracts.

Self-service and digital interaction via online platforms

Digital interaction is key to managing the sheer volume of placements. ManpowerGroup Inc. supports its ecosystem through online platforms, allowing clients to manage contingent workforce needs and candidates to engage with opportunities. This digital layer helps manage the millions of people put to work each year across its operations. The company's focus on AI-driven recruitment technologies, as noted in industry analysis for 2025, underscores the increasing reliance on these digital touchpoints for efficiency.

High-touch, local service through branch network

The local presence remains a critical relationship anchor. As of late 2024, ManpowerGroup Inc. maintained a global network of over 2,100 offices in approximately 75 countries and territories, with some internal reporting referencing up to 2,200 offices. This physical footprint, which includes operations under brands like Manpower and Experis, allows for high-touch service tailored to local market dynamics, which is essential for industrial staff placements and specialized recruitment.

Here's a snapshot of the operational scale supporting these relationships:

Long-term advisory role in workforce strategy

The relationship extends beyond transactional staffing into strategic partnership, primarily through the Workforce Consulting services, often housed under the Right Management brand. This involves helping clients align their workforce strategy with their broader business strategy, increasing agility, and managing talent pipelines. This advisory role is crucial for retaining large accounts, as it positions ManpowerGroup Inc. as a strategic partner rather than just a vendor.

Training and post-placement coaching for candidates

To ensure successful placements and client satisfaction, ManpowerGroup Inc. actively engages in developing the talent pool. This is delivered through Upskilling, Reskilling, Training and Development offerings. The company provides an extensive portfolio of training courses and leadership development solutions. Furthermore, the company has set internal diversity goals, such as a gender parity goal of 50% at the leadership level by 2025, which reflects a commitment to developing diverse talent pipelines for clients. Post-placement coaching is integrated to support associates and improve retention rates for clients.

The relationship strategy emphasizes:

• Leveraging industry knowledge for better job matches.
• Offering outcome-based outsourcing, sharing client risk.
• Providing leadership development solutions to maximize client talent.
• Maintaining a commitment to DEIB goals across markets.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

ManpowerGroup Inc. (MAN) - Canvas Business Model: Channels

ManpowerGroup Inc. deploys a multi-faceted channel strategy to connect talent with client demand across the globe. The physical footprint remains significant, operating a global network of 2,100 physical branch locations across 75 countries and territories as of the August 2025 investor presentation. This physical presence supports local market penetration and relationship building.

Digital channels are increasingly central to service delivery. The exclusive PowerSuite tech platform is now utilized by 80% of the global network, enabling AI-driven analytics and real-time insights for talent matching. Furthermore, the Manpower MyPath program, which develops specialized skills, has seen over 270,000 associates participate to date, acquiring soft and technical skills for in-demand roles.

Enterprise and high-value solutions are driven through specialized sales channels. The focus on Recruitment Process Outsourcing (RPO) and IT staffing solutions through Experis diversifies the business beyond traditional commercial staffing, aiming to fuel revenue growth and profitability. For instance, Experis was named a Leader in Everest Group's U.S. IT Contingent Talent and Strategic Solutions PEAK Matrix Assessment in 2025.

The structure of the physical network includes a mix of wholly-owned and partner locations. For example, as of December 31, 2021, the Americas segment reported 481 branch offices and 182 franchise offices. Within the United States specifically, the company operated 314 branch offices and 175 franchise offices at that time.

Specialized talent delivery is channeled through the Experis Academy. This academy provides intensive, immersive, and online tech training to prepare temporary, permanent, and contract talent with the latest skills for roles in high demand. The training curriculum focuses on critical areas for the digital economy.

The Experis Academy focuses its intensive training on specific, in-demand technology domains:

• Scaling Agile practices and analysis.
• Business Transformation using LEAN principles and RPA Automation.
• Cloud & Infrastructure expertise, including Office 365 and SaaS to IaaS transitions.
• Cybersecurity roles with certifications like AWS and Azure Cloud Security.

ManpowerGroup Inc. (MAN) - Canvas Business Model: Customer Segments

You're looking at who ManpowerGroup Inc. (MAN) serves right now, late 2025. It's a mix, from the biggest global players to specialized talent pools, all navigating a mixed demand environment.

Global Fortune 500 companies requiring large-scale staffing

These enterprise clients drive significant volume, though their demand can be cyclical. The gross profit margin in the third quarter of 2025 reflected a 'business mix shift driven by enterprise clients,' suggesting their activity level is a key margin driver. Demand for ManpowerGroup Inc.'s services is noted as highly vulnerable to cyclical downturns due to exposure to commercial temporary staffing from these large accounts. The company is focused on expanding its role as a strategic workforce partner for these organizations as tech transformation accelerates.

Small and Medium-sized Enterprises (SMEs) needing flexible labor

While the focus often leans toward large enterprise, the need for flexible labor remains a core component across all client sizes. The company's overall organic constant currency revenue growth crossed back over to positive territory in the third quarter of 2025, after 11 consecutive quarters of declines, indicating stabilization that benefits all client tiers.

Organizations with high-demand IT and professional staffing needs

This segment is served primarily through the Experis division, which represents an expansion into higher-value solutions. However, the Talent Solutions business experienced a revenue decline in the third quarter of 2025 due to lower Recruitment Process Outsourcing (RPO) activity from select client programs. To give you a sense of where the demand outlook is brightest for specialized talent, in the first quarter of 2025, businesses in the IT industry reported the brightest outlook globally, improving by two percentage points since the previous quarter and the same time last year.

• Experis division revenue saw a fall in the second quarter of 2025.
• Right Management (career transition/outplacement) saw revenue slip due to slowing outplacement activity.
• In the US for Q1 2025, employers in the Information Technology industry vertical reported the strongest hiring intentions outlook globally at 53%.

Job seekers and associates seeking meaningful employment

This is the supply side of the equation, and their engagement metrics give you a view into the fluidity of the workforce ManpowerGroup Inc. manages. While the data is from the prior year, it sets the baseline for the associate pool. You're definitely looking at a high-velocity environment for associates.

Clients in high-growth regions like Latin America and Asia Pacific

These regions have consistently shown stronger demand compared to North America and Europe through much of 2025. In the third quarter of 2025, ManpowerGroup Inc. noted that Latin America and Asia Pacific 'continued to experience good demand.' This contrasts with the stabilization seen in North America and Europe. For the second quarter of 2025, revenue from the Other Americas region was $385.9 million, representing a 11.9% increase in constant currency year-over-year.

Here's the quick math on the geographic revenue picture for Q2 2025, showing where the growth engines were:

What this estimate hides is the specific breakdown between Latin America and the rest of the Americas, but the 'Other Americas' line clearly shows strength.

ManpowerGroup Inc. (MAN) - Canvas Business Model: Cost Structure

You're looking at the cost side of ManpowerGroup Inc.'s operations as of late 2025, which is heavily influenced by the cost of placing people and ongoing transformation efforts. Honestly, the biggest chunk of your costs will always be the people you place, but the reported numbers show significant non-operational hits too.

Cost of services (primarily associate/candidate payroll) is the core variable cost. While the direct payroll amount isn't explicitly broken out from total operating expenses in the summary data, the resulting gross profitability tells a story. For the third quarter of 2025, ManpowerGroup Inc. reported a gross profit margin of 16.6%. This compares to a 16.9% margin reported in the second quarter of 2025. Management noted that margin pressure in Q3 2025 stemmed from a lower permanent recruitment activity and a business mix shift towards enterprise clients, which typically carry lower margins.

Selling, General, and Administrative (SG&A) expenses are managed through ongoing efficiency drives. For the second quarter of 2025, the company reported that SG&A declined year over year, supported by additional restructuring actions taken during that period. We don't have the total dollar amount for Q3 2025 SG&A, but the focus on cost discipline remains a stated management priority.

Restructuring costs for efficiency and structural changes are clearly visible as significant one-time impacts on reported earnings. For the third quarter of 2025 alone, restructuring costs reduced diluted earnings per share (EPS) by $0.45. Specifically, Q3 2025 restructuring costs were $21.4 million ($18.9 million net of tax). Looking at the nine months ended September 30, 2025, these charges, combined with other items, reduced diluted EPS by $2.98. To give you a sense of the prior quarter's impact, Q2 2025 restructuring costs reduced diluted EPS by $0.43.

Here's a snapshot of the major non-cash charges impacting reported profitability through the first nine months of 2025:

• Nine Months Ended September 30, 2025 Net Loss: $43.5 million.
• Nine Months Ended September 30, 2025 Total EPS Reduction from Charges: $2.98.
• Q2 2025 Goodwill/Intangible Impairment Charge: $89 million.

Technology investment in digital core and AI adoption is a strategic cost aimed at future efficiency. Management highlighted progress on the Sophie AI enterprise platform, noting that its rollout now covers 90% of revenues and is driving improvements in lead generation and win rates. This investment is part of transformation projects designed to remove structural costs.

Non-cash goodwill impairment charges were a major component of the Q2 2025 results. The $89 million charge in Q2 2025 was explicitly detailed as:

This specific Q2 2025 impairment charge reduced diluted EPS by $1.79. For the nine months ended September 30, 2025, the total impairment charges consisted of goodwill impairment related to investments in Switzerland and the United Kingdom, plus an impairment of an indefinite-lived intangible asset in the Switzerland business.

Finance: draft 13-week cash view by Friday.

ManpowerGroup Inc. (MAN) - Canvas Business Model: Revenue Streams

You're looking at the top-line sources for ManpowerGroup Inc. as of late 2025. The revenue streams are primarily driven by the placement and management of talent across their core service lines. For the nine months ended September 30, 2025, ManpowerGroup reported total revenues of \$13.2 billion.

The core of the revenue comes from Revenues from Services, which totaled \$13,244.0 million for the nine-month period. This figure encompasses the fees generated from the four primary service categories you listed. The third quarter of 2025 saw reported revenues of \$4.63 billion, marking a return to growth on an organic constant currency basis after eleven consecutive quarters of declines.

Here is a breakdown of the key revenue stream components, using the closest available aggregate data for the nine months ended September 30, 2025, in millions of USD:

The qualitative performance across these streams in Q3 2025 showed divergence:

• The Manpower brand, which houses much of the contingent staffing, grew 3% organically in constant currency for the third quarter.
• Experis Professional segment revenue fell 7% on an organic constant currency basis in Q3 2025.
• Talent Solutions, which includes RPO, saw revenue fall 8% on an organic constant currency basis in Q3 2025.
• Gross profit margin of 16.6% in Q3 2025 reflected lower permanent recruitment activity and lower outplacement services.
• Right Management outplacement business gross profit fell 19% in constant currency in Q3 2025.
• MSP operations within Talent Solutions continued to report strong growth in Q3 2025.

Franchise-related revenues also contribute to the top line; franchise revenues for the nine months ended September 30, 2025, were \$1,147.4 million.