Professional services are those occupations in the arts and sciences sector that usually require certifications. These include accountants, doctors, lawyers, engineers, and even architects. Other professional services involve providing support services like management consulting, tax advice, and payroll services. Full service accounting and bookkeeping, securing funds for a business, and tax preparation expertise.
Also, marketing, business consulting, and technology services. Business services are used to understand the impact of business needs. The benefits of using business services will vary for different types of organizations but can improve customer relationships, service quality improvements, cost reductions, and improved efficiency.
The professional and business services arena includes three sub-categories:
– Professional and Technical
– Company management
– Administrative
Professional and technical, as well as company management require a certain skill level. Administrative support provides routine services such as administrative duties, janitorial support, travel services and security. Employment services are a large part of administrative services – making up almost half of total business services. Administrative and support services are necessary to overall staffing, especially in a struggling labor market.
Over the years, employment in the professional and business services sector has seen steady growth. It stimulates innovative, entrepreneurial activity and has positive effects on the local economy. In 2015, professional and business services sector gained over 700,000 jobs which averages a monthly increase of 61,000 jobs.
Administrative and waste management added 400,000 jobs, while temporary services made up about a third of employment in this sector. Professional and technical services added 289,000 jobs in 2015. Computer Systems added about 70,000 jobs and Accounting added 54,000 jobs.
Professional services firms exist in various industries, particularly those that offer customized services to clients. Most firms that offer professional services want to maximize profitability. Firms are hired because of their credibility and reputation. Professional services firms have the challenge of focusing on ways to keep staff morale high. They have to develop unique strategies to attract and retain the best employees. Without quality talent, firms will not be able to maintain a competitive edge.
Business service firms help the process of technological and organizational restructuring. It assists production and the development of the economy. Business services is work that supports businesses – information technology, procurement, shipping, and accounting. They look at how to coordinate IT with employee and customer’s needs, so that the company will be profitable.
The leading professional and business services firms are located in the U.S. and serve mainly the corporate sector. Because this is an integrated global environment, businesses know the importance of accessing quality talent, establishing workable business processes, as well as obtaining clients. The goal is to ensure businesses have a wide range of flexibility in what they do and take advantage of opportunities that help them grow.