What changed in this filing

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Item 1. Business

2025-02-19 compared with 2024-02-21 · 68 added, 89 removed, 161 unchanged (49% of the section changed)

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BUSINESS OVERVIEW

In 2023, we connected approximately 464,000 people with work and served approximately 67,000 clients.

In fiscal 2024, we connected approximately 336,000 people with work and served approximately 55,000 clients.

Our operations are managed as three business segments:

PeopleReady, PeopleScout and PeopleManagement.

PeopleReady connected approximately 195,000 people with work in fiscal 2023 within a broad range of industries that included construction, transportation, manufacturing, retail, hospitality and renewable energy.

We connected individuals looking for general temporary, temp-to-hire and skilled trade positions with our vast network of clients.

In fiscal 2023, PeopleReady provided approximately 66,000 clients with dependable access to qualified associates for their on-demand, contingent general and skilled labor needs to supplement their permanent workforce.

PeopleReady connected approximately 153,000 people with work and served approximately 54,000 clients in fiscal 2024.

PeopleReady provides clients with dependable access to qualified associates for their on-demand, contingent general and skilled labor needs to supplement their permanent workforce, across a broad range of industries including construction, transportation, manufacturing, retail, hospitality and energy.

Our services range from providing one associate to hundreds, and are generally short-term in nature as they are filling the contingent staffing needs of our clients.

We have a network of approximately 600 branches across all 50 states in the United States (“U.S.”), Canada and Puerto Rico.

Augmenting our branch network and consolidated service centers is our industry-leading mobile app, JobStack ® , which connects people with work 24 hours a day, seven days a week.

JobStack creates a digital exchange between our associates and clients, competitively differentiates us, and allows our branch resources to expand their sales, recruiting and service delivery efforts.

Our PeopleReady brand connects our clients with individuals looking for on-demand, general temporary and temp-to-hire positions through our vast network of approximately 500 branches across all 50 states in the United States (“U.S.”) and Puerto Rico.

Augmenting our branch network, our mobile app, JobStack ® , connects people with on-demand work 24 hours a day, seven days a week.

JobStack creates a digital exchange between our associates and clients, and allows our branch resources to focus on sales, recruiting and service delivery efforts.

PeopleReady also connects skilled tradespeople with temporary work across a wide range of trades, including carpentry, electrical, plumbing, welding and energy installation positions through our PeopleReady Skilled Trades and RenewableWorks brands.

PeopleScout, a global leader in recruitment process outsourcing (“RPO”) services, connected approximately 143,000 people with work in fiscal 2024, primarily in the U.S., Canada, the United Kingdom and Australia.

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• Talent advisory solution:

Provides employer branding, recruitment marketing, talent insights, diversity, equity and inclusion consulting, candidate assessment services and talent acquisition strategy consulting.

Provides employer branding, recruitment marketing, talent insights, candidate assessment services and talent acquisition strategy consulting.

Our proprietary technology platform, Affinix ® , uses machine learning to rapidly source a qualified talent pool within minutes, and further engages candidates through a seamless digital experience.

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PeopleManagement connected approximately 40,000 people with work in fiscal 2024.

Our On-Site business provides and manages contingent associates at clients’ facilities through our Staff Management | SMX (“Staff Management”) and SIMOS Insourcing Solutions (“SIMOS”) branded services throughout the U.S., Canada and Puerto Rico.

Our OnSite business provides and manages contingent associates at clients’ facilities through our Staff Management | SMX (“Staff Management”) and SIMOS Insourcing Solutions (“SIMOS”) branded services throughout the U.S., Canada and Puerto Rico.

Our client engagements are generally multi-location and multi-year, and include scalable recruiting, screening, hiring and management of the contingent workforce.

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The human resource outsourcing industry, which includes our PeopleScout business, involves transitioning various functions handled by internal human resources and labor procurement departments to outside service providers on a permanent or project basis.

Human resource departments are faced with increasingly complex operational and regulatory requirements, increased candidate expectations, an expanding talent technology landscape, and pressure to achieve efficiencies, which increase the need to migrate non-core functions to outsourced providers.

Human resource departments are faced with increasingly complex operational and regulatory requirements, higher candidate expectations, an expanding talent technology landscape, and pressure to achieve efficiencies, which increase the need to migrate non-core functions to outsourced providers.

The human resource outsourcing industry includes our RPO and MSP services, which allow clients to more effectively find and engage high-quality talent, leverage talent acquisition technology and scale their talent acquisition function to keep pace with changing business needs.

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Associates are demanding more flexibility in how, when and where they work, as well as access to contingent work opportunities through mobile technology.

Available associates are in high demand and have more power to find the employment situation they desire.

As competition for qualified candidates increases, clients and their outsourced service providers are leveraging innovative talent technology to improve the recruiting process and efficiently hire more qualified candidates.

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BUSINESS STRATEGY

Our business strategy is focused on investing in innovative technology and initiatives that will drive organic growth and improve the client, candidate and associate experience.

Our clients have a variety of challenges in running their businesses, each of which are unique to the competitive pressures of their industries.

Our business segments are dedicated to workforce solutions tailored to our clients’ needs and the industries in which they operate.

We ensure our differentiated solutions keep pace with the changing needs of our clients while driving growth through the following strategies:

Our fiscal 2025 business strategy is focused on accelerating business growth to capture market share, while enhancing our long-term profitability.

Key elements of this strategy include advancement of our digital transformation, expansion in high-growth, less cyclical and under-penetrated end markets as well as high-value roles, and optimization of our business model to drive enhanced sales focus.

• Digital transformation:

We continue to invest in technology to accelerate revenue growth, reduce the cost of delivering our services, and increase our ability to attract and retain clients, candidates and associates.

Our technological innovations improve the access, speed and ease of connecting our clients with high-quality contingent and permanent employee workforce solutions.

◦ Augmenting our PeopleReady branch network is our JobStack platform, which connects our associates and clients through a real-time 24 hours a day, seven days a week digital exchange with an easy-to-use mobile app.

JobStack enables our branches to expand their recruiting and sales efforts.

JobStack is competitively differentiating our services, expanding our reach into new demographics, and improving both service delivery and work order fill rates as we continue to execute our digital strategy.

We are in the early stages of launching a new, proprietary version of JobStack that provides a more customized experience for our clients and associates.

During fiscal 2023, we made the new JobStack app accessible to a limited number of PeopleReady branches, and will continue the rollout to additional branches in fiscal 2024.

Through the new version of JobStack, we will continue to periodically add features and

enhancements to expand functionality to further leverage this technology to transform our business by reducing expenses, accelerating revenue growth and enhancing our client and associate retention.

◦ Augmenting our Staff Management and SIMOS dedicated on-site teams is Stafftrack ® .

Stafftrack is a proprietary hiring and workforce management software that enables us to recruit and connect the best candidates with on-site assignments.

◦ Our JobStack platform supplements our PeopleReady branch network by connecting our associates and clients through a real-time 24 hours a day, seven days a week digital exchange with an easy-to-use mobile app, allowing our branches to expand their recruiting and sales efforts.

During 2024, we successfully launched a new, proprietary version of JobStack that provides a more customized experience for our clients and associates.

We will continue to add features with a focus on enhancing the user experience and creating efficiencies, which will help drive growth and expand our reach.

◦ Stafftrack ® , a proprietary hiring and workforce management software, enables our Staff Management, SIMOS and RenewableWorks brands to recruit and connect the best candidates with on-site assignments.

Stafftrack has robust, near real-time analytics that drive dynamic supply chain and workforce strategies, which allow clients faster, more precise hiring and help drive operational improvements and efficiencies.

The Stafftrack associate mobile app provides associates the ability to search for a job, view schedules, add shifts, receive real-time notifications, and earn perks through our Stafftrack Rewards program, which incentivizes associates for perfect attendance and referrals.

We continue to expand functionality within Stafftrack to further enhance our client and associate experience.

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We continue to expand and build functionality within the mobile app to enhance the overall driver experience.

◦ Augmenting our PeopleScout dedicated service delivery teams is our Affinix platform used for sourcing, screening and delivering a permanent workforce to our clients.

◦ Our Affinix platform is utilized by our PeopleScout dedicated service delivery teams for sourcing, screening and delivering a permanent workforce to our clients.

Affinix creates a consumer-like candidate experience and streamlines the sourcing process.

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We continue to invest in Affinix to further improve our ability to quickly and efficiently source the most attractive talent at the best price.

• We continue to evaluate opportunities to expand our market presence for specialized blue-collar staffing services, expand our geographical and industry reach, provide a broad range of general staffing services, and dispatch our associates by leveraging a combination of technology and local market presence.

Continued investment in specialized sales, recruiting and service expertise will create a more seamless experience for our clients to access all our services with more comprehensive solutions to enhance their performance and our growth.

Our business segments offer complementary workforce solutions with unique value propositions to meet our clients’ demands for talent.

• Our RPO business continues to leverage our strong brand and innovative technology for high-volume sourcing and dedicated client service teams for connecting people to opportunities.

We will continue to focus our sales and marketing efforts to reach new clients as the demand for outsourced recruiting support increases.

• Our fiscal 2024 business strategy is focused on accelerating business growth to capture market share, while enhancing our profitability.

Key elements of this strategy include advancement of our digital transformation, expansion in high-growth and under-penetrated end markets, and evaluating and simplifying our operating structure.

While we will continue to go to market under our current, well-established brands, streamlining our organization will create opportunities to reduce inefficiencies and bring our teams closer to our clients and associates, enabling greater focus on operational excellence, cross-selling and innovation.

With a more focused structure, we will be better able to leverage our strengths and assets to deliver long-term, profitable growth.

• Expansion :

We continue to evaluate opportunities to expand our market presence in high-growth, less cyclical and under-penetrated end markets, as well as high-value roles.

◦ Investments in skills development programs within our contingent staffing businesses will continue to enhance our strong position in attractive skilled trades areas, including energy and commercial driving.

Also, we have opportunities to drive revenue expansion with our growing momentum in health care, including from our recent acquisition of Healthcare Staffing Professionals, Inc.

◦ Within our human resource outsourcing business, we continue to leverage our strong brand reputation and innovative technology to expand into higher-skilled placements, including professional search.

We are also focused on capturing growth opportunities in attractive end markets such as technology and professional services.

• Optimize our business model to enable greater focus on sales :

We will continue to optimize our business model and leverage our technology investments to enable a renewed focus on sales growth, including cross-selling opportunities across our brands.

For example, our new, proprietary version of JobStack is allowing us to realize operational efficiencies, offering our PeopleReady employees time to concentrate on growing sales.

In addition, we are aligning our PeopleReady branches to newly established territories, each with dedicated sales resources to expand sales coverage and optimize our footprint.

Contingent staffing services

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Client demand for contingent staffing services is heavily influenced by the overall strength of the economy and labor market, specific industry and sector performance, and workforce flexibility trends.

This creates volatility for the staffing industry based on overall economic conditions.

This creates volatility for the staffing industry based on a range of overall economic conditions.

Historically, in periods of economic growth, the number of companies providing contingent workforce solutions has increased due to low barriers to entry, whereas, during recessionary periods, the number of companies has decreased through consolidation, bankruptcies or other events.

Competitive forces have historically limited our ability to raise our prices to immediately and fully offset the increased costs of doing business, some of which include increased associate wages, workers’ compensation costs, unemployment insurance and health care.

Competitive forces in any economic environment have historically limited our ability to raise our prices to immediately and fully offset the increased costs of doing business, some of which include increased associate wages, workers’ compensation costs, unemployment insurance and health care.

We have a competitive advantage from our service history, our specialized approach in serving the industries of our clients, and our mobile apps, which connect associates with jobs and create virtual exchanges between our associates and clients.

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Our employees

We believe our success as a company depends on our ability to attract, develop and retain talented employees.

The skills, experience and industry knowledge of our employees significantly benefit our operations and performance.

Our success as a company depends on our ability to attract, develop and retain talented employees.

Our employees’ skills, experience and industry knowledge significantly benefit our operations and performance.

As of December 29, 2024, we employed approximately 4,200 full-time equivalent (“FTE”) employees.

We have approximately 3,700 FTE employees in North America, of which approximately 97% are in the U.S., 1,000 FTE employees in Asia Pacific, and 300 FTE employees in Europe.

We have approximately 3,100 FTE employees in North America, almost entirely in the U.S., 800 FTE employees in Asia Pacific, and 300 FTE employees in Europe.

None of our permanent employees are represented by a labor union.

We have not experienced work stoppages and believe that our employee relations are in good standing, as evidenced by our periodic employee engagement survey results .

The appropriate committees of the Board of Directors (“Board”) regularly receive reports directly from the Chief People Officer and Chief Diversity Officer regarding the progress on our key human capital initiatives, including updates on diversity, equity and inclusion initiatives and progress.

These reports inform discussions regarding the development, retention and engagement of our employees.

The appropriate committees of the Board of Directors (“Board”) regularly receive reports directly from the Chief People Officer regarding the progress on our key human capital initiatives.

These reports inform discussions regarding employee development, retention and engagement.

Some of our key human capital management initiatives are discussed below.

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• Be Accountable – We empower our people to take personal responsibility and make an impact.

• Be Respectfu l – We listen and learn from each other, embrace diverse views and experiences, and know that finding successful solutions comes from working together.

• Be Respectful – We listen and learn from each other, embrace diverse views and experiences, and know that finding successful solutions comes from working together.

• Be True – We are true to who we are and what our clients need.

In addition to our values, our Code of Conduct & Business Ethics (the “Code”) describes the expectations we hold for each employee, from our commitment to treat each other kindly to our zero tolerance for fraud, bribery or corruption.

It reflects who we are, how we work, and is based on our core values and the law.

The Code applies to members of the Board, officers and all other employees who work for TrueBlue and its affiliates worldwide.

In addition to our values, our Code of Conduct & Business Ethics (the “Code”) describes our expectations for each employee, from our commitment to treat each other kindly to our zero tolerance for fraud, bribery or corruption.

It reflects who we are and how we work and is based on our core values and the law.

The Code applies to officers and all other employees of TrueBlue and its affiliates worldwide, and is fully endorsed by the Board.

We require all of our employees to complete our Code training, as well as courses about sexual harassment awareness and prevention and cybersecurity awareness.

Culture and engagement

We believe a strong corporate culture includes an emphasis on employee engagement.

Employee engagement

We place strong emphasis on employee engagement.

As we have continued to maintain remote and hybrid work models, we have utilized live virtual and recorded video town hall meetings to ensure employees throughout the company remain engaged, connected to leadership, and focused on our values and business strategies.

To assess and improve our culture, we utilize an independent third-party survey provider to measure how favorably our employees view our organizational culture and engagement.

These surveys include corporate culture assessments, as well as feedback on employee engagement and employee-management relations.

The results of these surveys are reported and distributed throughout management and the Board, and are used to create actionable plans to improve employee engagement and retention.

Our August 2023 survey delivered an engagement score of 77, which exceeded the target benchmark score of 74 set by the survey provider.

To assess and improve engagement, we utilize an independent third-party survey provider.

These surveys include assessments and feedback on employee engagement and employee-management relations.

The results of these surveys are reported and distributed throughout management and the Board.

The survey results are used to create actionable plans to improve employee engagement and retention.

Our April 2024 survey delivered an engagement score of 76, which exceeded the target benchmark score of 74 set by the survey provider.

Culture and belonging

We are dedicated to fostering a culture that supports our belief that human capital is our most valuable asset.

We strive to create an environment that supports and values our people.

Our ability to promote inclusivity and belonging for all employees helps to attract and retain excellent talent, boost innovation, foster collaboration, increase employee engagement, and ultimately improve business performance.

Our Employee Resource Groups (“ERGs”) are employee-led groups that create opportunities for employees to collaborate based on shared characteristics or life experiences.

These ERGs seek to maximize employee engagement and contribute to our overall business objectives by offering varying perspectives, networking opportunities and increased awareness.

Our focus on culture and belonging creates an environment where every employee can experience merit-based career growth, receive the training and development they need to succeed, gain access to new opportunities, and be their authentic selves.

Developing our people

In order to retain talented employees, our Full Performance program focuses on personal development and career growth through setting and monitoring performance goals, continuous learning, and the creation of internal career opportunities.

Employees are encouraged to create individual development plans, identify specific skill gaps and development goals, and chart a path for career growth.

We utilize a performance management process that is focused on both performance and development of our employees in an effort to retain our talented employees.

In fiscal 2024, we enhanced the process by creating a new leadership competency model, emphasizing that how we accomplish our work is just as important as the work we accomplish.

Our leadership competency model outlines and defines expected behaviors for how we work and provides the foundation for successful performance and development.

Our performance management process consists of four stages to guide our employees through goal setting, ongoing monitoring, and formal performance discussions, which directly impact the annual merit process.

This standardized process also ensures that employees in comparable positions are similarly evaluated.

Our performance management process is also designed for ongoing career growth, including succession planning.

Employees are encouraged to create individual development plans, leveraging the behaviors defined in the leadership competency model, to identify both knowledge and behavior gaps, and set individual goals designed to enhance career progression.

We aim to strengthen skills that transfer across roles, business segments and functions.

Managers meet regularly with employees to discuss their plans, and yearly assessments provide a formal process for tracking progress.

This standardized process also ensures employees in similar positions are similarly evaluated.

To support employee growth, we provide access to a wide range of training and development programs to enable more effective onboarding, work performance, compliance and advancement of corporate initiatives.

This strategy supports our intent to foster a culture that enables all employees to realize their full professional potential and cultivates a qualified network of future leaders.

To support overall employee growth, we provide access to a wide range of training and development programs to enable more effective onboarding, work performance, compliance and advancement of corporate initiatives.

These training and development programs support our intent to foster a culture that enables all employees to realize their full professional potential and cultivates a qualified network of future leaders.

During 2024, our employees completed nearly 9,000 trainings.

Supplementing our Full Performance program, we launched an enterprise-wide Global Mentorship Program in 2020.

The program is designed to pair mentees with mentors based on a common area of interest for personal and professional development.

In 2022, we introduced the Diversity, Equity & Inclusion stream, which gave employees the opportunity to be paired based on alignment with common personal characteristics.

In 2022, we launched the Leadership BluePrint program, available to all global people leaders.

In 2023, we offered targeted and bespoke programs to senior leadership teams and select high-potential leaders.

These leadership development programs, solutions, and services were designed to build leadership capabilities and behaviors in alignment with our internal competency model.

This demonstrates our commitment to growing internal talent, while enhancing leadership proficiency, and positioning TrueBlue leadership for current and future roles.

Diversity, equity and inclusion

We are dedicated to fostering, recognizing and embracing diversity at every level of the organization.

Our focus on diversity, equity and inclusion demonstrates that we believe human capital is one of our most valuable assets.

We strive to create an environment that supports and values our people.

TrueBlue’s ability to embrace inclusion helps to attract and retain excellent talent, boost innovation, foster collaboration, and increase employee engagement.

Because our client population is comprised of a wide variety of demographics and backgrounds, having a diverse workforce boosts client perception of the organization, improves the client experience, helps us be responsive to our clients’ needs, and increases client satisfaction.

Our Chief Executive Officer and executive team are committed to having opportunities and a career path for everyone in the organization.

Our Chief Diversity Officer leads the Diversity, Equity & Inclusion Council (the “Council”).

The Council is a group of employees across multiple service lines who design and launch initiatives that advance acceptance and foster a diverse and inclusive workplace.

The Council sponsors training to build diversity and inclusion awareness, and supports our Employee Resource Groups (“ERGs”).

Our ERGs are employee-led groups that create opportunities for employees to collaborate based on shared characteristics or life experiences to support each other for enhanced career and personal development.

These ERGs seek to maximize employee engagement and contribute to our overall business objectives by offering diverse perspectives, networking opportunities and increased cultural awareness.

We have nine ERGs for employees sharing similar ethnicity, nationality, gender, or life experiences and their respective allies.

Through these initiatives, we learn how our differences build stronger teams and how our histories reveal similarities.

In 2023, we launched the Global Culture Awareness campaign, which focused on the unique cultures of six countries we operate in.

Our focus on diversity, equity and inclusion creates an environment where every employee can experience merit-based career growth, receive the training and development they need to succeed, gain access to new opportunities, and be their authentic selves.

Today, 78% of our Board is comprised of members from under-represented groups.

As of December 31, 2023, approximately 64% of our global FTE employee population and 48% of our directors and above were female.

Approximately 48% of our total domestic FTE employee population and 19% of our directors and above consider themselves ethnically diverse.

While we believe we have assembled a diverse internal employee workforce, we are committed to making further improvements.

Health and wellness

We provide our employees and their families with flexible health and wellness programs, including competitive benefits.

Our benefits include health, dental and vision insurance, health savings and flexible spending accounts, paid time off, family leave, mental health resources and family care resources.

We emphasize a commitment to health and wellness as a key component of our comprehensive total rewards approach to attract, motivate and retain top talent.

We prioritize offering a range of health and wellness benefits, including wellness initiatives, retirement and financial resources, comprehensive health care coverage and resources to support work-life balance.

These initiatives are designed to enhance employee well-being, boost productivity and align with our goal of fostering a thriving and engaged workforce to maintain a competitive edge in the industry.

Our associates

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We are expanding the program into select markets where we operate.

During 2023, we established an approved apprenticeship program to support skills development and long-term employment in the renewable energy industry, and launched a commercial truck driver training scholarship for female truck drivers.

We have an approved apprenticeship program to support skills development and long-term employment in the renewable energy industry, and launched a commercial truck driver training scholarship for female truck drivers.

We are considered the legal employer of our associates, and laws regulating the employment relationship are applicable to our operations.

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We implemented an employee incentive compensation program tied to metrics that promote associate safety.

We continuously track injuries to our associates at our client job sites across regions, industries and brands to identify trends that allow us to focus our safety resources on the types of jobs that may lead to more injuries.

We continuously track injuries to our associates at our client job sites across regions, industries and brands to identify trends that allow us to focus our safety resources on injury prevention efforts at higher-risk job sites.

Costs associated with accidents are charged to each branch or location, providing additional incentive to promote safety.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business