The Company is in the employment services industry. Its five major brands- Manpower, Manpower Professional, Elan, Jefferson Wells and Right Management provide a range of services for the entire employment and business cycle.
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When employment starts coming back around, sure there are going to be fewer jobs (some just ain't coming back folks...creative destruction or something like that), but MAN will be a player with its huge global presence.
You do realize that because of their huge presence this can also work against a company such as MAN, which has a large presence in France and Europe. With such a large % of their revenue from one central location, and with the US market still in a weak job recovery, companies such as Manpower have less pricing power, hence their weak profitability this last quarter. Even amid increased revenue, their profitability continues to be very, very lackluster.
I still find that they are overvalued relatively to what their future earnings are as if this year. With a couple of indicators of global growth topping out a quarter ago, MAN will find itself in a challenging position of being a large fish in a tank of water that is slowly leaking. Once the tank of water is gone, so will the viability of firms such as Manpower. There is continued downside risk, especially if the rating agencies downgrade France's debt rating (Manpower's largest market). The growth that Manpower experience in prior years was a debt fueled, leveraged economy. As we return to a new normal, companies such as Manpower will be less and less viable as staffing becomes more of an internal issue, than one where you have to outsource.
I recently talked to someone of knowledge in the industry, and they remain quite cautious on temp staffing as companies continue to be cautious of their expenses. For any significant return of the higher permanent job placement may take years.