mpg-yir 2022 ceo letter

Dear Shareholders, Clients, Employees and Partners,

This year we celebrate our 75th anniversary, and throughout our history we have adapted to take advantage of new opportunities and shape the future of work. From advancing the inclusion of women into the labor market following the Second World War, to developing skilled IT talent for the fastest-growing tech companies, to finding the dedicated manufacturing workers needed to bring lifesaving COVID-19 vaccines to the world, we have never been afraid to pivot to where opportunity lies. It is our steadfast dedication to connecting employers with skilled talent that has enabled us to accelerate our global impact, drive profitable growth and create shareholder value. All while delivering on our purpose that meaningful and sustainable employment has the power to change the world.

We are proud of our history and as we look ahead, we believe our future can be even brighter than our past. The continued investment in our strategic pillars of Diversification, Digitization and Innovation (DDI) are strengthening our capabilities as we place greater focus on shifting our business mix to higher-value solutions in all of our brands. This is how we are laying the foundation to create long-term sustainable value for all our stakeholders.

During the last few years, the world endured many unexpected challenges — a global pandemic and its lingering impacts, geopolitical tensions, war in Ukraine, energy and supply chain disruptions, inflation, to name a few. Throughout these “polycrises” the global labor market remained resilient. Overall, we continue to see talent shortages at record highs as organizations maintain their focus on business-critical talent and the widespread digital transformation underscores the need for different and more advanced skills.

Financially, our results tracked with the solid labor market and we performed well in 2022. Due to the strengthening of the dollar, year-over-year foreign currency movements had a significant impact on our results. With this in mind, we have included constant currency results for clarity.

Adjusted earnings per share for 2022 was $8.52, representing a constant currency increase of 31%. Revenues for the year increased 5% in constant currency to $19.8 billion, and reported EBITA was $619 million. As adjusted, EBITA was $698 million — a 22% constant currency increase year-over-year. ROIC (Return on Invested Capital) for 2022 is 16.0% as adjusted and 13.5% as reported. Reported EBITA margin was 3.1%. As adjusted, EBITA margin was 3.5% in 2022, a 40 basis points (bps) increase from the prior year.*

2022 Revenues
$ 19.8

Gross Profit Margin
+ 18.0 %

Diluted Earnings Per Share
$ 7.08

(Adjusted diluted EPS $8.52)*

$ 619

(Adjusted $698 million)*

2022 Highlights


  • Contributed 57% of consolidated ManpowerGroup gross profit.
  • Drove internal recruiter efficiency by implementing PowerSuite, our cloud-enabled front office platform, in 33 countries.
  • Delivered talent with specialist skills in growth sectors including advanced manufacturing, information technology, supply chain and customer service.
  • Expanded our MyPath® program, building employability for more than 200,000 people to date by helping them develop the soft and technical skills we know employers value most.


  • Contributed 27% of consolidated gross profit, up from 23% in 2021.
  • Provided intensive ‘role-ready’ tech training and coaching for our Experis consultants through our Experis Academy, now active across 15 markets.
  • Successfully completed the integration of last year’s US acquisition into our US Experis business, establishing a strong position in the US IT Professional Resourcing and Services market.
  • Recognized in the US and UK as a Leader & Star Performer by leading external industry analyst Everest Group.


  • Contributed 16% of consolidated gross profit, up from 15% in 2021.
  • Record revenues and placement volumes in both Recruitment Process Outsourcing (RPO) and Managed Service Provider (MSP) businesses.
  • Named as a Global Leader and Star Performer for MSP in Everest Group’s PEAK Matrix® assessment and recognized as an RPO Industry Star for the 12th year and RPO Global Leader for the 9th consecutive year.
  • Right Management, our career and talent development offering, named by Forbes as one of America’s Best Management Consulting Firms for the second year and recognized as a Global Leader and Star Performer in Everest Group’s Outplacement and Career Transition Services PEAK Matrix® Assessment.

ESG & Sustainability

  • Recognized as one of the World’s Most Ethical Companies for the 13th year by leading ethics institute Ethisphere for our impact across our ESG pillars: Planet, People & Prosperity, and Principles of Governance.
  • Included on the Dow Jones Sustainability Index for the 14th year and maintained our industry-leading Sustainalytics score for proactively managing the ESG issues that are most material to our business.
  • Reduced our direct emissions by 39% from our 2019 baseline and received A- rating in the Carbon Disclosure Project submission, supported by our validated science-based targets.
  • Expanded our commitment to supporting refugees through our partnership with Welcome.US and Co-Hosted the TENT Partnership for Refugees US Business Summit, which is committed to hiring more than 22,000 refugees over the next three years.

Looking Ahead: The New Future of Work

The global community faces a wide range of major challenges in varying time horizons — addressing climate change, bridging the skills gap, and unleashing latent potential in underutilized talent pools. Workers are focused on success, career advancement and increasing flexibility for better work life balance, but they also care deeply about climate action, equity, diversity, and advancing opportunity for all.

These shifts are accelerating many of the structural trends we have been tracking and reporting for some time, by creating more resilience in labor markets than prior economic rule books would have predicted but also shifting demand patterns for skills and capabilities at a pace we have not seen before.

In this evolving and unpredictable environment we are confident that the strategic priorities we are pursuing are right for our business: we are ready to adapt quickly to market shifts in a more volatile and uncertain short-term environment, while preparing to capture opportunity for further value creation in the long-term.

ManpowerGroup is laser-focused on creating value for our stakeholders – shareholders, clients, employees and partners. A key driver of this success is a talented and diverse leadership team that doubles down on our priorities and does not lose sight of where our company needs to go. Our Global Leadership Team (the top 150 leaders in our business) has never been more aligned or better connected. Our DDI strategy is our North Star and the message to our leaders is simple; being aligned in our strategy, and disciplined in our execution is how we will continue to strengthen our capabilities and lay the foundation to create long-term sustainable value.

In a world where the playbook is changing by the day, our ambition is clear – to be the world’s number one innovative workforce solutions company. We aim to achieve this by finding and creating the most in-demand talent, augmenting our capabilities with our leading global technology platform and innovating at a rapid pace thanks to our data-driven insights.

Our purpose – that we believe meaningful sustainable employment has the power to change the world – has been at the center of the company for nearly 75 years and has never been more relevant. ManpowerGroup is built for this moment. We have the people, technology infrastructure and the vision to build on our momentum and create a future of work that works for everyone.

Jonas Prising

Jonas Prising

Chairman & CEO
March 9, 2023