Barrett Business Services likes to put people to work. The company offers both temporary and long-term staffing to some 1,750 small and midsized businesses. Its staffing services focus on light industrial, clerical, and technical businesses. Barrett also does business as a professional employment organization (PEO), providing outsourced human resource services, such as payroll management, benefits administration, risk management, recruiting, and placement for more than 1,500 clients. Established in 1965, Barrett operates through about 45 branch offices across 10 US states. Each year about 90% of its PEO revenue comes from customers residing in the states of California and Oregon.
Barrett depends mostly on the light-industrial sector for the majority of its staffing services revenue (the sector represented 86% of its total revenue in 20010). Its light-industrial workers operate machinery and perform manufacturing, loading and unloading, and construction-site cleanup tasks.
After experiencing declines in revenue and a net loss for 2009, Barrett bounced back by generating a 15.5% increase in revenue and a positive net income of $7.4 million at the end of 2010. The increase in PEO service fee revenue was mostly attributed to the signing of new customers, while its staffing revenue levels rose because of increased demand for existing customers in its northwest and intermountain markets. Barrett's growth strategy involves diversifying its revenue mix by expanding (through acquisitions) outside of California and Oregon. – less
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