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What changed in ManpowerGroup Inc.'s 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of ManpowerGroup Inc.'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+154 added−135 removedSource: 10-K (2025-02-19) vs 10-K (2024-02-16)

Top changes in ManpowerGroup Inc.'s 2024 10-K

154 paragraphs added · 135 removed · 122 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeIn Other Americas, the largest operations of which include Canada, Mexico and Argentina, we had 139 branch and 7 franchise offices as of December 31, 2023. We provide a number of central support services to our branches and franchises, which enable us to maintain consistent service quality throughout the region regardless of whether an office is a branch or franchise.
Biggest changeWe provide a number of central support services to our branches and franchises, which enable us to maintain consistent service quality throughout the region regardless of whether an office is a branch or franchise. 5 Part I Our franchise agreements provide the franchisee with the right to use the Manpower® service mark in a specifically defined exclusive territory.
As a result, employment services firms with a large network of offices compete most effectively for this business which generally has agreed-upon pricing or mark-up on services performed. 7 Legal Regulations The employment services industry is closely regulated in all of the major markets in which we operate, except the United States, the United Kingdom, Canada and Australia.
As a result, employment services firms with a large network of offices compete most effectively for this business which generally has agreed-upon pricing or mark-up on services performed. Legal Regulations The employment services industry is closely regulated in all of the major markets in which we operate, except the United States, the United Kingdom, Canada and Australia.
Our Right Management offering includes our career management services that have historically been counter-cyclical to our staffing services, which helps to offset the impact of an economic downturn on our overall financial results. 5 Americas We provide services as Manpower, Experis and Talent Solutions through both branch and franchise offices.
Our Right Management offering includes our career management services that have historically been counter-cyclical to our staffing services, which helps to offset the impact of an economic downturn on our overall financial results. Americas We provide services as Manpower, Experis and Talent Solutions through both branch and franchise offices.
Our portfolio of recruitment services includes permanent, temporary and contract recruitment of professionals, as well as administrative, industrial and IT professional positions. These services are provided under our Manpower and Experis brands. We have provided services under our core Manpower brand for 75 years with a primary focus on the areas of office and industrial services and solutions.
Our portfolio of recruitment services includes permanent, temporary and contract recruitment of professionals, as well as administrative, industrial and IT professional positions. These services are provided under our Manpower and Experis brands. We have provided services under our core Manpower brand for over 75 years with a primary focus on the areas of office and industrial services and solutions.
For 75 years, we have developed global insights on the issues and trends impacting organizations and individuals in today’s fast changing world of work. Our own research and solutions, coupled with partnerships with clients and Non-Governmental Organizations (e.g.
For over 75 years, we have developed global insights on the issues and trends impacting organizations and individuals in today’s fast changing world of work. Our own research and solutions, coupled with partnerships with clients and Non-Governmental Organizations (e.g.
We, and our predecessors, have been in business since 1948 when we were incorporated as a Wisconsin corporation, and have had our shares listed on the New York Stock Exchange since 1967. Our website address is www.manpowergroup.com .
We, and our predecessors, have been in business since 1948 when we were incorporated as a Wisconsin corporation, and have had our shares listed on the New York Stock Exchange since 1967. Our website is www.manpowergroup.com .
We are also targeting the creation of IT talent through our Experis Academy. This accelerated development program features custom-designed curricula to upskill people into specialized roles that can meet the demand for cloud, infrastructure, business transformation and digital workforces skills. Paired with coaching and soft skills training, upon completion most Academy graduates receive a permanent job offer from our clients.
We are also targeting the creation of IT talent through our Experis Academy. This accelerated development program features custom-designed curricula to upskill people into specialized roles that can meet the demand for cloud, infrastructure, business transformation and digital workforce skills. Paired with coaching and soft skills training, upon completion most Academy graduates receive a permanent job offer from our clients.
In addition, we also make available through our website: • our amended and restated articles of incorporation and amended and restated bylaws; • our ManpowerGroup code of business conduct and ethics; • our corporate governance guidelines; • our insider trading policy; • our anti-corruption policy; • the charters of the Audit, People, Culture & Compensation and Governance & Sustainability Committees of the Board of Directors; • our guidelines for selecting board candidates; • our categorical standards for relationships deemed not to impair independence of non-employee directors; • our independent auditors' services policy; • our executive officer stock ownership guidelines; • our outside director stock ownership guidelines; and • our regular updates on ESG (environmental, social, governance).
In addition, we also make available through our website: • our amended and restated articles of incorporation and amended and restated bylaws; • our ManpowerGroup code of business conduct and ethics; • our corporate governance guidelines; • our insider trading policy; • our anti-corruption policy; • the charters of the Audit, People, Culture & Compensation and Governance & Sustainability Committees of the Board of Directors; • our guidelines for selecting board candidates; • our categorical standards for relationships deemed not to impair independence of non-employee directors; • our independent auditors' services policy; • our executive officer stock ownership guidelines; • our outside director stock ownership guidelines; and • our regular updates on sustainability.
On the other hand, the large national and multinational clients, which comprised approximately 60% of our revenues in 2023, will frequently enter into non-exclusive arrangements with several firms, with the ultimate choice among them being left to local managers.
On the other hand, the large national and multinational clients, which comprised approximately 60% of our revenues in 2024, will frequently enter into non-exclusive arrangements with several firms, with the ultimate choice among them being left to local managers.
Our strong and connected brands provide solutions that drive organizations forward, accelerate individual success and help build more sustainable communities. We power the future of work. By offering a comprehensive range of workforce solutions and services, we help companies improve strategy, quality, and efficiency, increase productivity and reduce costs across their workforce to achieve their business goals.
Our strong and distinct brands provide specialized solutions that drive organizations forward, accelerate individual success and help build more sustainable communities. We power the future of work. By offering a comprehensive range of workforce solutions and services, we help companies improve strategy, quality, and efficiency, increase productivity and reduce costs across their workforce to achieve their business goals.
Documents available on the website are also available in print for any shareholder who requests them. Requests may be made by writing to Richard Buchband, Secretary, ManpowerGroup, 100 Manpower Place, Milwaukee, Wisconsin 53212.
Documents available on the website are also available in print for any shareholder who requests them. Requests may be made by writing to Secretary, ManpowerGroup, 100 Manpower Place, Milwaukee, Wisconsin 53212.
The largest of these operations are located in Japan, India, Korea and Australia, all of which operate through branch offices. Our APME operations provide a variety of workforce solutions and services offered through Manpower, Experis and Talent Solutions, including permanent, temporary and contract recruitment, assessment and selection, training and outsourcing.
The largest of these operations are located in Japan and India, which operate through branch offices. Our APME operations provide a variety of workforce solutions and services offered through Manpower, Experis and Talent Solutions, including permanent, temporary and contract recruitment, assessment and selection, training and outsourcing.
As of December 31, 2023, we conducted operations in the United Kingdom as Manpower, Experis and Talent Solutions through a network of 54 branch offices and also provided on-site services to clients who have significant permanent, temporary and contract recruitment requirements. In the United Kingdom, we also conduct operations as Brook Street Bureau PLC, or Brook Street.
As of December 31, 2024, we conducted operations in the United Kingdom as Manpower, Experis and Talent Solutions through a network of 46 branch offices and also provided on-site services to clients who have significant permanent, temporary and contract recruitment requirements. In the United Kingdom, we also conduct operations as Brook Street Bureau PLC, or Brook Street.
In periods of economic contraction, we may have more significant expense deleveraging, as we believe it is prudent not to reduce selling and administrative expenses to levels that could negatively impact the long-term potential of our branch network and brands. 4 The nature of our operations is such that our most significant current asset is accounts receivable, with a days sales outstanding of 54 days as of December 31, 2023.
In periods of economic contraction, we may have more significant expense deleveraging, as we believe it is prudent not to reduce selling and administrative expenses to levels that could negatively impact the long-term potential of our branch network and brands. 4 Part I The nature of our operations is such that our most significant current asset is accounts receivable, with a days sales outstanding of 52 days as of December 31, 2024.
In 2023, we continued to broaden and deepen our investment through our Leadership Development Programs, incorporating the 3 E’s of our development philosophy: Education, Exposure and Experience. • For our Future Leader Program (FLP) that targets individual contributors wanting to take on their first managerial role, 198 employees completed this program in 2023 - and a total of 832 employees have completed the program since its inception in 2019. • For our Accelerated Leadership Program (XLP) that targets current managers ready to move into bigger or more complex roles, 58 employees completed this program in 2023 - and a total of 90 employees have completed the program since it began in 2022. • For our Strategic Leadership Program (SLP) that focuses on senior leaders to prepare them to move into the Global Leadership team, 20 employees completed program in 2023 and a total of 42 employees have completed the program since it began in 2022.
In 2024, we continued to broaden and deepen our investment through our Leadership Development Programs, incorporating the 3 E’s of our development philosophy: Education, Exposure and Experience. • For our Future Leaders Program (FLP) that targets individual contributors wanting to take on their first managerial role, 110 employees completed this program in 2024 and a total of 955 employees have completed the program since its inception in 2019. • For our Accelerated Leadership Program (XLP) that targets current managers ready to move into bigger or more complex roles, 20 employees completed this program in 2024 - and a total of 101 employees have completed the program since it began in 2022. • For our Strategic Leadership Program (SLP) that focuses on senior leaders to prepare them to move into the Global Leadership team, 42 employees completed the program since the program began in 2022.
We conduct our operations in France as a leading workforce solutions and service provider through 607 branch offices as Manpower, Experis and Talent Solutions, and 169 branch offices under the name Supplay as of December 31, 2023.
We conduct our operations in France as a leading workforce solutions and service provider through 647 branch offices as Manpower, Experis and Talent Solutions, and 169 branch offices under the name Supplay as of December 31, 2024.
Our purpose is to provide meaningful and sustainable employment and is rooted in our values: People, Knowledge and Innovation. Our 27,900 employees, spanning approximately 75 countries, help improve the lives of more than 500,000 workers daily by providing guidance, advice, assessments, coaching, upskilling, reskilling and pathways to long-term sustainable employment.
Our purpose is to provide meaningful and sustainable employment and is rooted in our values: People, Knowledge and Innovation. Our 26,700 employees, spanning approximately 75 countries, help improve the lives of approximately 500,000 workers daily by providing guidance, advice, assessments, coaching, upskilling, reskilling and pathways to long-term sustainable employment.
Championing DEIB in our workplaces also means that we prioritize people’s health and wellbeing and have committed to flexible work models across the globe to attract, engage and retain our people. In a number of markets, we have launched initiatives and trained our managers to promote greater awareness of mental wellbeing.
Diversity in our workplaces also means that we prioritize people’s health and wellbeing and have committed to flexible work models across the globe to attract, engage and retain our people. In several markets, we have launched initiatives and trained our managers to promote greater awareness of mental wellbeing.
The trademarks have been assigned an indefinite life based on our expectation of renewing the trademarks, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. 8 Employees We had approximately 27,900 full-time equivalent employees as of December 31, 2023.
The trademarks have been assigned an indefinite life based on our expectation of renewing the trademarks, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. Employees We had approximately 26,700 full-time equivalent employees as of December 31, 2024.
During 2023 in this segment, approximately 91% of revenues were derived from our staffing/interim services, 4% from permanent recruitment services, 1% from outcome-based solutions and consulting and 4% from other services. Southern Europe We are a leading provider of permanent, temporary and contract recruitment, assessment and selection, training and outsourcing services throughout Europe.
During 2024 in this segment, 90% of revenues were derived from our staffing/interim services, 4% from permanent recruitment services, 2% from outcome-based solutions and consulting and 4% from other services. Southern Europe We are a leading provider of permanent, temporary and contract recruitment, assessment and selection, training and outsourcing services throughout Europe.
During 2023 in France, approximately 92% of revenues were derived from our staffing/interim services, 1% from permanent recruitment services, 6% from outcome-based solutions and consulting and 1% from other services. In Italy, we are a leading workforce solutions and services provider. As of December 31, 2023, ManpowerGroup Italy conducted operations through a network of 205 branch offices.
During 2024 in France, 91% of revenues were derived from our staffing/interim services, 1% from permanent recruitment services, 6% from outcome-based solutions and consulting and 2% from other services. In Italy, we are a leading workforce solutions and services provider. As of December 31, 2024, ManpowerGroup Italy conducted operations through a network of 204 branch offices.
Our most recent annual Talent Shortage Survey reported that 75% of companies cannot find the skilled workers they need. We Seek to Create Talent at Scale.
Our most recent annual Talent Shortage Survey reported that 74% of companies cannot find the skilled workers they need. 8 Part I We Seek to Create Talent at Scale.
Through this program, Manpower recruiters provide personalized and data-driven guidance, development, training, and access to jobs especially in growth sectors including advanced manufacturing, information technology, supply chain and customer service. MyPath has impacted over 240,000 lives through 2023, and MyPath associates now represent 36% of our associate talent pool, across nearly 13,000 clients and 12 markets.
Through this program, Manpower recruiters provide personalized and data-driven guidance, development, training, and access to jobs especially in growth sectors including advanced manufacturing, information technology, supply chain and customer service. MyPath has impacted over 270,000 lives through 2024, and MyPath associates now represent 30% of our associate talent pool in MyPath certified countries, across over 14,000 clients and 12 markets.
During 2023 in Northern Europe, approximately 84% of revenues were derived from our staffing/interim services, 4% from permanent recruitment services, 9% from outcome-based solutions and consulting and 3% from other services. APME We operate through 121 branch offices in the Asia Pacific Middle East (APME) region.
During 2024 in Northern Europe, 85% of revenues were derived from our staffing/interim services, 4% from permanent recruitment services, 8% from outcome-based solutions and consulting and 3% from other services. APME We operate through 110 branch offices in the Asia Pacific Middle East (APME) region.
The Southern Europe segment had 1,139 branch offices as of December 31, 2023. Our largest operations in this segment are in France (57% of the segment revenue) and Italy (20% of the segment revenue).
The Southern Europe segment had 1,166 branch offices as of December 31, 2024. Our largest operations in this segment are in France (56% of the segment revenue) and Italy (20% of the segment revenue).
We believe regular pulse surveys offer valuable insights into employee sentiments, spanning various areas such as the effectiveness of our People & Culture strategy, leadership assessments, ethics, values, and developmental opportunities. In 2023, we furthered our Culture Matters initiative by refining and incorporating these behaviors into Our Standards.
We believe regular pulse surveys offer valuable insights into employee sentiments, spanning various areas such as the effectiveness of our People & Culture strategy, leadership assessments, ethics, values, and developmental opportunities. Our Culture Matters initiative has been refined, and we incorporated these behaviors into Our Standards.
Our focus on DEIB encompasses four goals: (1) globally, support gender diversity at leadership levels; (2) locally, address a second dimension of diversity based on gaps or opportunities within a country; (3) culturally, foster an inclusive environment that supports our diverse workforce; and (4) societally, advance employment security for workers while promoting upskilling, well-being, flexibility and income opportunity.
Our focus encompasses four areas of focus : (1) globally, support gender diversity at leadership levels; (2) locally, address a second dimension of diversity based on gaps or opportunities within a country; (3) culturally, foster an inclusive environment that supports our diverse workforce; and (4) societally, advance employment security for workers while promoting upskilling, well-being, flexibility and income opportunity. 9 Part I Our Board of Directors has exceeded 30% gender diversity for more than 10 years.
Collectively, we operate through 285 branch offices in this region. In the United Kingdom, where we have the largest operation in this segment, we are a leading provider of workforce solutions and services.
In the United Kingdom, where we have the largest operation in this segment, we are a leading provider of workforce solutions and services.
The Americas segment had 425 branch and 138 franchise offices as of December 31, 2023. In the United States, where we realized 67% of the Americas’ revenue, we had 286 branch and 131 franchise offices as of December 31, 2023, as well as on-site locations at clients with significant permanent, temporary and contract recruitment requirements.
The Americas segment had 416 branch and 137 franchise offices as of December 31, 2024. In the United States, where we realized 65% of the Americas’ revenue, we had 288 branch and 130 franchise offices as of December 31, 2024, as well as on-site locations at clients with significant permanent, temporary and contract recruitment requirements.
In addition, a wide variety of ministerial requirements may be imposed, such as record keeping, written contracts and reporting. The United States, United Kingdom and Canada do not presently have any form of national registration or licensing requirement. In addition to licensing or registration requirements, many countries impose substantive restrictions on the use of temporary and contract workers.
The United States, United Kingdom and Canada do not presently have any form of national registration or licensing requirement. 7 Part I In addition to licensing or registration requirements, many countries impose substantive restrictions on the use of temporary and contract workers.
Our Manpower and Experis operations provide a variety of workforce solutions and services, including permanent, temporary and contract recruitment, assessment and selection, and training. Our Talent Solutions operations provide a variety of workforce solutions offerings including RPO, MSP and Right Management.
We have exercised this right in the past and may do so in the future if opportunities arise. Our Manpower and Experis operations provide a variety of workforce solutions and services, including permanent, temporary and contract recruitment, assessment and selection, and training. Our Talent Solutions operations provide a variety of workforce solutions offerings including RPO, MSP and Right Management.
Competition We compete in the employment services industry by offering a broad range of services, including permanent, temporary and contract recruitment, project-based workforce solutions, assessment and selection, training, career and talent management, managed service solutions, outsourcing, consulting and professional services.
During 2024 in this segment, 81% of revenues were derived from our staffing/interim services, 2% from permanent recruitment services, 15% from outcome-based solutions and consulting and 2% from other services. 6 Part I Competition We compete in the employment services industry by offering a broad range of services, including permanent, temporary and contract recruitment, project-based workforce solutions, assessment and selection, training, career and talent management, managed service solutions, outsourcing, consulting and professional services.
Through the end of 2023, we have graduated more than 1,900 developers while also bridging the skills gaps for more than 170 tech companies across 17 countries. 9 We Are Focused on Championing DEIB (Diversity, Equity, Inclusion, Belonging), Strengthening Our Culture and Developing Our People.
Through the end of 2024, we have trained more than 4,500 developers while also bridging the skills gaps for more than 170 tech companies across approximately 20 countries. We Are Focused on Strengthening Our Culture and Developing Our People.
Through our ESG report Working to Change the World , we report progress on our People & Prosperity pillar, where we are focused on being Creators of Talent at Scale, championing diversity, equity, inclusion and belonging, and improving employability and prosperity.
These efforts support local economies by increasing employability and opportunity for the millions of lives that we reach each year. Through our sustainability report Working to Change the World , we report progress on our People & Prosperity pillar, where we are focused on being Creators of Talent at Scale, championing diversity, and improving employability and prosperity.
It provides a comprehensive suite of workforce solutions and services offered through Manpower, Experis or Talent Solutions, including permanent, temporary and contract recruitment, assessment and selection, training and outsourcing.
It provides a comprehensive suite of workforce solutions and services offered through Manpower, Experis or Talent Solutions, including permanent, temporary and contract recruitment, assessment and selection, training and outsourcing. During 2024 in Italy, 93% of revenues were derived from our staffing/interim services, 3% from permanent recruitment services, 2% from outcome-based solutions and consulting and 2% from other services.
Our franchise agreements provide that in the event of a proposed sale of a franchise to a third party, we have the right to acquire the franchise at the same price and on the same terms as proposed by the third party. We have exercised this right in the past and may do so in the future if opportunities arise.
In the United States, franchise fees generally range from 2% to 3% of franchisee sales. Our franchise agreements provide that in the event of a proposed sale of a franchise to a third party, we have the right to acquire the franchise at the same price and on the same terms as proposed by the third party.
Our Global Footprint We have a global footprint, though our teams are managed locally: 30% of our people are in the Americas, 32% in Southern Europe, 21% in Northern Europe and 17% in Asia Pacific/Middle East. Championing DEIB We believe that all people deserve to feel safe, respected and able to thrive in the workplace.
Our Global Footprint We have a global footprint, though our teams are managed locally: 31% of our people are in the Americas, 33% in Southern Europe, 19% in Northern Europe and 17% in Asia Pacific/Middle East.
Our leadership position enables us to be a pathway to quality employment opportunities for people at all points in their career journey and we have connected people to meaningful work for 75 years.
From talent attraction and acquisition to upskilling, development and retention, we leverage our integrated HR tech stack PowerSuite to deliver workforce solutions across multiple countries at scale. 3 Part I Our leadership position enables us to be a pathway to quality employment opportunities for people at all points in their career journey and we have connected people to meaningful work for over 75 years.
As digital transformation and skills shortages continue in the technology field, Experis provides talent with the combination of in-demand technical skills together with the soft skills that are critical for business success. 3 Talent Solutions combines leading global offerings Recruitment Process Outsourcing (RPO), TAPFIN - Managed Service Provider (MSP) and Right Management to provide data-driven capabilities that help organizations with their workforce transformation.
As digital transformation and skills shortages continue in the technology field, Experis provides talent with the combination of in-demand technical skills together with the soft skills that are critical for business success.
During 2023 in Italy, approximately 93% of revenues were derived from our staffing/interim services, 3% from permanent recruitment services, 2% from outcome-based solutions and consulting and 2% from other services. 6 Northern Europe Our largest operations in Northern Europe are in the United Kingdom, the Nordics, Germany, the Netherlands and Belgium providing a comprehensive suite of workforce solutions and services through Manpower, Experis, and Talent Solutions.
Northern Europe Our largest operations in Northern Europe are in the United Kingdom, the Nordics, Germany, the Netherlands and Belgium providing a comprehensive suite of workforce solutions and services through Manpower, Experis, and Talent Solutions. Collectively, we operate through 282 branch offices in this region.
We believe that diversity starts at the top. Our Board of Directors has exceeded 30% gender diversity for more than 10 years, is as of December 31, 2023, 17% racially diverse and 42% non-US born. Our Executive Leadership Team, which reports directly to the CEO, is 30% women, 40% racially diverse and 70% non-US born.
As of December 31, 2024, 18% are racially diverse and 36% are non-US born. Our Executive Leadership Team, which reports directly to the CEO, is 30% women, 40% racially diverse and 70% non-US born. Our Global Leadership Team, the top 86 leaders in the company, is 38% women. Gender diversity across all our markets globally aligns to our values.
Our core belief is that for ManpowerGroup to be successful, each of us needs to be accountable to delivering on these at all levels of our organization. Additionally, we remain committed to innovation and in 2023, we introduced a new survey platform with expanded data analytics capabilities. Our first pulse survey targeted a small population of leaders within ManpowerGroup globally.
Our core belief is that for ManpowerGroup to be successful, each of us needs to be accountable to delivering on these at all levels of our organization. In 2024, we conducted a global employee survey with over 22,000 staff participating, achieving an 80% response rate.
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Talent Solutions helps organizations more effectively source, manage and develop talent at scale. From talent attraction and acquisition to upskilling, development and retention, we leverage our integrated HR tech stack PowerSuite to deliver workforce solutions across multiple countries at scale.
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Talent Solutions combines leading global offerings Recruitment Process Outsourcing (RPO), TAPFIN - Managed Service Provider (MSP) and Right Management to provide data-driven capabilities that help organizations with their workforce transformation. Talent Solutions helps organizations more effectively source, manage and develop talent at scale.
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Our franchise agreements provide the franchisee with the right to use the Manpower® service mark in a specifically defined exclusive territory. In the United States, franchise fees generally range from 2% to 3% of franchisee sales.
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In Other Americas, the largest operations of which include Canada, Mexico and Colombia, we had 128 branch and 7 franchise offices as of December 31, 2024.
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During 2023 in this segment, approximately 77% of revenues were derived from our staffing/interim services, 5% from permanent recruitment services, 16% from outcome-based solutions and consulting and 2% from other services.
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In addition, a wide variety of ministerial requirements may be imposed, such as record keeping, written contracts and reporting.
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These efforts support local economies by increasing employability and opportunity for the millions of lives that we reach each year.
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The program runs every other year and our next cohort will start in 2025 with 12 employees identified through talent planning and calibration. Upon completion of these programs, the majority of our participants have made positive leadership career moves. Strengthening our Culture We believe that all people deserve to feel safe, respected and able to thrive in the workplace.
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Our Global Leadership Team, the top 95 leaders in the company, is 34% women. Our gender parity aspiration is 50% at the global leadership level by 2025. Gender diversity is our primary DEIB goal across all markets; in addition, our 17 largest markets have also established secondary diversity targets.
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We will continue to develop our talent across all markets and at all levels, including working to ensure that the gender diversity of our leadership is aligned to the representation of the organization.
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These have been developed to reflect socio-economic challenges, cultural references and data privacy requirements specific to each of these countries. Examples include: First Nations representation in Australia, people with disabilities in Japan, young people in Mexico, LGBTQ+ in the Netherlands, age diversity in Spain, and racial and ethnic diversity in the US.
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We see diversity as a strategic enabler of our business and therefore we are focused on actions to support our diverse organization, our culture and the impact we have on the communities we serve across the globe. Additionally, encouraging active engagement among our workforce is important for nurturing a strong and inclusive culture.
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Upon completion of these programs, the majority of our people have made positive leadership career moves. 10 Strengthening our Culture Encouraging active engagement among our workforce is important for nurturing a strong and inclusive culture.
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Over 11,000 employees left nearly 26,000 comments to help leaders improve the employee experience at ManpowerGroup. 10 Part I
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With a response rate of approximately 70%, and over 200 comments, leaders provided insight into how they view the strength of our strategy. 11

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeReputational concerns could also cause us to examine our relationships with certain clients and vendors, and choose not to conduct business with certain partners, which could negatively affect our performance or operational efficiency. • Positions we take, or do not take, on politically sensitive social issues or other ESG matters may be unpopular with certain existing or potential clients and employees, which may impact our ability to attract and retain those clients and employees. • We may experience increased compliance burdens and costs in order to implement our initiatives, including those costs associated with any new legal or regulatory requirements (such as the EU Corporate Sustainability Reporting Directive), or voluntary standards and commitments, designed to mitigate climate change or address human capital management concerns. • Our ability to achieve our ESG commitments may be subject to numerous external factors outside of our control, including: (1) the availability and cost of low-carbon energy sources; (2) evolving regulatory requirements affecting ESG standards or disclosures; (3) the availability of vendors and other business partners that can meet our sustainability, diversity, and other standards; and (4) our ability to recruit, develop, and retain diverse talent. • Standard methodologies and frameworks, as well as our processes and controls, for measuring and reporting ESG matters across our operations are continuously evolving, including ESG-related disclosures that may be required by the SEC, European and other regulators; and such changing standards could result in significant revisions to our current goals, reported progress in achieving such goals, or our ability to achieve such goals in the future.
Biggest changeReputational concerns could also cause us to examine our relationships with certain clients and vendors, and choose not to conduct business with certain partners, which could negatively affect our performance or operational efficiency. • Positions we take, or do not take, on politically sensitive social issues or other sustainability matters may be unpopular with certain existing or potential clients and employees, which may impact our ability to attract and retain those clients and employees. • We may experience increased compliance burdens and costs in order to implement our initiatives, including those costs associated with any new legal or regulatory requirements (such as the EU Corporate Sustainability Reporting Directive (CSRD)), or voluntary standards and commitments, designed to mitigate climate change or address human capital management concerns.
Damage to our reputation and could also reduce the value and effectiveness of the ManpowerGroup name and our other brand names, and could reduce investor confidence in us, materially adversely affecting our share price. Changes in sentiment toward the staffing industry could affect the marketplace for our services.
Damage to our reputation could also reduce the value and effectiveness of the ManpowerGroup name and our other brand names, and could reduce investor confidence in us, materially adversely affecting our share price. Changes in sentiment toward the staffing industry could affect the marketplace for our services.
Further, hedging activities may only offset a portion, or none at all, of the material adverse financial effects of unfavorable fluctuations in foreign exchange rates over the time the hedge is in place or effective. 22 Our liquidity could be adversely impacted by economic conditions affecting our clients.
Further, hedging activities may only offset a portion, or none at all, of the material adverse financial effects of unfavorable fluctuations in foreign exchange rates over the time the hedge is in place or effective. Our liquidity could be adversely impacted by economic conditions affecting our clients.
In many jurisdictions in which we operate, such as France, Italy, Germany, Japan and Mexico, the employment services industry is heavily regulated and scrutinized. For example, in 2021, new legislation was adopted in Mexico that affects many types of temporary placements under the country’s labor laws.
In many jurisdictions in which we operate, such as France, Italy, Germany, Japan and Mexico, the employment services industry is heavily regulated and scrutinized. For example, in 2021, legislation was adopted in Mexico that affects many types of temporary placements under the country’s labor laws.
The new law broadly prohibits the provision of our traditional temporary staffing services, only allowing outsourced worker assignments for special, deliverables-based projects outside of the client’s core business activity. This has had a material adverse impact on our business in Mexico.
The law broadly prohibits the provision of our traditional temporary staffing services, only allowing outsourced worker assignments for special, deliverables-based projects outside of the client’s core business activity. This has had a material adverse impact on our business in Mexico.
Although it is not possible to predict such events or their consequences, these events could materially adversely affect our reputation, business and financial results. 18 Our ability to attract and retain business and employees may depend on our reputation in the marketplace.
Although it is not possible to predict such events or their consequences, these events could materially adversely affect our reputation, business and financial results. Our ability to attract and retain business and employees may depend on our reputation in the marketplace.
Company and Operational Risks • Volatile, negative or uncertain economic conditions; • Inability to timely operate our business or respond to the needs of our clients; • Competition in the worldwide employment services industry limiting our ability to maintain or increase market share or profitability; • Cyberattack or improper disclosure or loss of sensitive or confidential company, employee, associate or client data, including personal data; • Disruption, increased costs and reputational risk from outsourcing various aspects of our business; • A loss or reduction in revenues from one or more large clients; • Loss of key personnel; • Competition in labor markets limiting our ability to attract, train and retain the personnel necessary to meet our clients’ staffing needs; • Political unrest, natural disasters, health crises, infrastructure disruptions and other risks beyond our control; • Our ability to preserve our reputation in the marketplace; • Changes in client attitudes toward the use of our services or our industry; and • Limited ability to protect our thought leadership and other intellectual property.
Company and Operational Risks • Volatile, negative or uncertain economic conditions; • Inability to timely operate our business or respond to the needs of our clients; • Competition in the worldwide employment services industry limiting our ability to maintain or increase market share or profitability; • Cyberattack or improper disclosure or loss of sensitive or confidential company, employee, associate or client data, including personal data; • Disruption, increased costs and reputational risk from outsourcing various aspects of our business; • Risks related to the emergence of AI; • A loss or reduction in revenues from one or more large clients; • Loss of key personnel; • Competition in labor markets limiting our ability to attract, train and retain the personnel necessary to meet our clients’ staffing needs; • Political unrest, natural disasters, health crises, infrastructure disruptions and other risks beyond our control; • Our ability to preserve our reputation in the marketplace; • Changes in client attitudes toward the use of our services or our industry; and • Limited ability to protect our thought leadership and other intellectual property.
As a result, offers to acquire us, which may represent a premium over the available market price of our common stock, may be withdrawn or otherwise fail to be realized. The provisions described above could cause our stock price to decline. 27
As a result, offers to acquire us, which may represent a premium over the available market price of our common stock, may be withdrawn or otherwise fail to be realized. The provisions described above could cause our stock price to decline.
A loss or reduction in revenues from our large national and multinational clients could have a material adverse effect on our business. 17 If we lose our key personnel, then our business may suffer.
A loss or reduction in revenues from our large national and multinational clients could have a material adverse effect on our business. If we lose our key personnel, then our business may suffer.
Risks relating to these activities could include possible claims of or relating to: • discrimination or harassment; • employee pay, including wage and hour requirements; • wrongful termination or retaliation; • actions or inactions of our workers, including matters for which we may have to indemnify a client; • laws governing employment screening and privacy; • classification of workers as employees or independent contractors; • employee unionization and collective bargaining activity, which we have recently experienced with certain small employee groups; • employment of undocumented or illegal workers; • issues relating to health and safety, including workers’ compensation; • employee benefits, including leave and healthcare coverage; • errors and omissions relating to the performance of professional roles such as IT professionals, accountants, engineers and the like; and • our workers’ misuse of proprietary information, misappropriation of funds, other criminal activity or torts or other similar claims. 26 We may incur fines and other losses or negative publicity with respect to the above risks.
Risks relating to these activities could include possible claims of or relating to: • discrimination or harassment; • employee pay, including wage and hour requirements; • wrongful termination or retaliation; • actions or inactions of our workers, including matters for which we may have to indemnify a client; • laws governing employment screening and privacy; • classification of workers as employees or independent contractors; • employee unionization and collective bargaining activity, which we have recently experienced with certain small employee groups; • employment of undocumented or illegal workers; • issues relating to health and safety, including workers’ compensation; • employee benefits, including leave and healthcare coverage; • errors and omissions relating to the performance of professional roles such as IT professionals, accountants, engineers and the like; and • our workers’ misuse of proprietary information, misappropriation of funds, other criminal activity or torts or other similar claims. 24 Part I We may incur fines and other losses or negative publicity with respect to the above risks.
Economic conditions in the countries and territories where we do business may be affected by recent or emerging events, such as the rise of populism, political volatility, civil violence and unrest, election results or other changes in ruling parties or governmental leadership, trade disputes, protectionism or changes in global trade policies, capital flows, the global refugee crisis, social justice movements, energy shortages or instability in the global energy market, global health crises including COVID-19, changes in immigration policy, the impact of supply chain challenges on our clients, changes in employment policy, rising interest rates, inflation, the impact of terrorist activity, or by other political or economic developments.
Economic conditions in the countries and territories where we do business may be affected by recent or emerging events, such as the rise of populism, political volatility, civil violence and unrest, election results or other changes in ruling parties or governmental leadership, trade disputes, protectionism or changes in global trade policies, capital flows, the global refugee crisis, social justice movements, energy shortages or instability in the global energy market, global health crises, changes in immigration policy, the impact of supply chain challenges on our clients, changes in employment policy, changes in interest rates, inflation, the impact of terrorist activity, or by other political or economic developments.
Strategic Risks • Inability to effectively implement our business strategy or achieve our objectives; • Failure to keep pace with technological change and marketplace demand in the development and implementation of our services and solutions; • Our ESG strategy exposes us to business risks; • Costs or disruptions resulting from acquisitions we complete; and • Risks related to dispositions we may undertake via sales, franchises, joint ventures or other exit activities. 12 Financial and Market Risks • Foreign currency fluctuations; • Inability to meet our liquidity or working capital needs; • Inability to maintain effective internal controls; • Material adverse effects on our operating flexibility resulting from our debt levels; • Failure to comply with restrictive covenants under our revolving credit facilities and other debt instruments; • Inability to obtain credit on terms acceptable to us or at all; • The performance of our subsidiaries and their ability to distribute cash to our parent company, ManpowerGroup, may vary; • Inability to secure guarantees or letters of credit on acceptable terms; • Changes in tax legislation; and • Fluctuation of our stock price.
Strategic Risks • Inability to effectively implement our business strategy or achieve our objectives; • Failure to keep pace with technological change and marketplace demand in the development and implementation of our services and solutions; • Our sustainability strategy exposes us to business risks; • Costs or disruptions resulting from acquisitions we complete; and • Risks related to dispositions we may undertake via sales, franchises, joint ventures or other exit activities. 11 Part I Financial and Market Risks • Foreign currency fluctuations; • Inability to meet our liquidity or working capital needs; • Inability to maintain effective internal controls; • Material adverse effects on our operating flexibility resulting from our debt levels; • Failure to comply with restrictive covenants under our revolving credit facilities and other debt instruments; • Inability to obtain credit on terms acceptable to us or at all; • The performance of our subsidiaries and their ability to distribute cash to our parent company, ManpowerGroup, may vary; • Inability to secure guarantees or letters of credit on acceptable terms; • Changes in tax legislation; and • Fluctuation of our stock price.
Similarly, from time to time we make strategic commitments to particular technologies to recruit, manage or analyze our workforce or support our business, and there is a risk they will be unsuccessful. Additionally, there are risks and uncertainties associated with our use of AI technologies which could expose us to regulatory, legal, reputational or financial harm.
Similarly, from time to time we make strategic commitments to particular technologies to recruit, manage or analyze our workforce or support our business, and there is a risk they will be unsuccessful. Additionally, there are risks and uncertainties associated with our use of, and client demand for, AI technologies which could expose us to regulatory, legal, reputational or financial harm.
If any of the participants in the syndicate fails to satisfy its obligations to extend credit under the facility, the other participants refuse or are unable to assume its obligations and we are unable to find an alternative source of funding at comparable rates, our liquidity may be materially adversely affected, or our interest expense may increase substantially. 23 Furthermore, a number of our subsidiaries maintain uncommitted lines of credit with various banks.
If any of the participants in the syndicate fails to satisfy its obligations to extend credit under the facility, the other participants refuse or are unable to assume its obligations and we are unable to find an alternative source of funding at comparable rates, our liquidity may be materially adversely affected, or our interest expense may increase substantially. 21 Part I Furthermore, a number of our subsidiaries maintain uncommitted lines of credit with various banks.
Furthermore, we remain subject to the risk that one of our employees (or one of our associates on a temporary or contract-based assignment) could engage in business practices that are prohibited by our policies and these laws and regulations. Any such violations could materially adversely affect our business.
Furthermore, we remain subject to the risk that one of our employees (or one of our associates on a temporary or contract-based assignment) could engage in business practices that are pro hibited by our policies and these laws and regulations. Any such violations could materially adversely affect our business.
The size and breadth of our organization, comprising approximately 27,900 employees based out of over 2,100 offices in approximately 75 countries and territories, may make it difficult for us to effectively manage our resources, to maintain our corporate culture throughout the organization, to drive service improvements and to provide coordinated solutions to our clients who require our services in multiple locations.
The size and breadth of our organization, comprising approximately 26,700 employees based out of over 2,100 offices in approximately 75 countries and territories, may make it difficult for us to effectively manage our resources, to maintain our corporate culture throughout the organization, to drive service improvements and to provide coordinated solutions to our clients who require our services in multiple locations.
If we fail to recruit, train and retain qualified associates who meet the needs of our clients, our reputation, business and financial results could be materially adversely affected. Our global operations subject us to certain risks beyond our control.
If we fail to recruit, train and retain qualified associates who meet the needs of our clients, our reputation, business and financial results could be materially adversely affected. 16 Part I Our global operations subject us to certain risks beyond our control.
If our business growth is slow, or if it contracts for an extended period of time, this could have a material adverse effect on our business and results of operations. Our profitability is sensitive to decreases in demand.
If our business growth is slow, or if it contracts for an extended period of time, this could have a material adverse effect on our business and results of operations. 12 Part I Our profitability is sensitive to decreases in demand.
More of our employees are working from their homes or other remote locations than before the COVID-19 pandemic, which makes it more difficult for us to monitor their activities, the security of their work locations, insider threats, and data exfiltration.
More of our employees are working from their homes or other remote locations than before, which makes it more difficult for us to monitor their activities, the security of their work locations, insider threats, and data exfiltration.
These claims could harm our reputation, cause us to incur substantial costs or prevent us from offering some services or solutions in the future. 19 Strategic Risks We may be unable to effectively implement our business strategy, and there can be no assurance that we will achieve our objectives.
These claims could harm our reputation, cause us to incur substantial costs or prevent us from offering some services or solutions in the future. 17 Part I Strategic Risks We may be unable to effectively implement our business strategy, and there can be no assurance that we will achieve our objectives.
These activities involve significant strategic and operational risks, including: • they may fail to achieve our strategic objectives or fail to meet our performance expectations, including as a result of challenges integrating the acquired company and assimilating their corporate culture; • over-valuation by us of any companies or assets that we acquire; • we may have difficulties integrating the operations, leadership, personnel, financial reporting, services or other functions of acquired companies; • we may experience disputes that arise with the sellers; • we may fail to effectively monitor compliance with corporate policies as well as regulatory requirements; • we may face unanticipated risks and liabilities in connection with the acquired company's operations; • we may obtain insufficient indemnification from the selling parties for liabilities incurred by the acquired companies prior to the acquisitions; and • acquisition transactions, and the integration of acquired entities, may result in a diversion of our management’s attention from other business concerns.
These activities involve significant strategic and operational risks, including: • in some instances, we have failed to, and may in the future fail to achieve our strategic objectives or fail to meet our performance expectations, including as a result of challenges integrating the acquired company and assimilating their corporate culture; • over-valuation by us of any companies or assets that we acquire; • we may have difficulties integrating the operations, leadership, personnel, financial reporting, services or other functions of acquired companies; • we have experienced, and may in the future experience disputes that arise with the sellers; • we may fail to effectively monitor compliance with corporate policies as well as regulatory requirements; 19 Part I • we may face unanticipated risks and liabilities in connection with the acquired company's operations; • we may obtain insufficient indemnification from the selling parties for liabilities incurred by the acquired companies prior to the acquisitions; and • acquisition transactions, and the integration of acquired entities, may result in a diversion of our management’s attention from other business concerns.
Any such future events, such as unauthorized access or fraudulent activity with our third parties could have a material adverse effect on our business and financial results.
Any such future events, such as unauthorized access or fraudulent activity with our third party vendors could have a material adverse effect on our business and financial results.
If, for these or other reasons, we are not successful in implementing our business strategy or achieving the anticipated results of our transformation initiatives, our business, financial condition and results of operations could be materially adversely affected.
If, for these or other reasons, we are not successful in implementing our business strategy or achieving the anticipated results of our transformation initiatives, our business, financial condition, results of operations, and internal control over financial reporting could be materially adversely affected.
There is a risk that economic conditions in European markets or elsewhere may continue to be negatively impacted by geopolitical events. In recent years these have included labor unrest, civil protest, heightened trade tensions, refugee crises, the ongoing conflict between Russia and Ukraine and, most recently, the ongoing conflict between Israel and Hamas.
There is a risk that economic conditions in European markets or elsewhere may continue to be negatively impacted by geopolitical events. In recent years these have included labor unrest, civil protest, heightened trade tensions, refugee crises, and military conflicts, including the ongoing conflicts between Russia and Ukraine and Israel and Hamas.
Furthermore, some countries are adopting more restrictive immigration regulations, which may lead to greater expense or inability to fulfill client demand, particularly in our cross-border Talent Solutions business. All of these continuously-evolving regulations could have a significant impact to our revenues, costs, and operating margins as we and customers adjust to these new regulations.
Furthermore, some countries are adopting more restrictive immigration regulations, which may lead to greater expense or inability to fulfill client demand, particularly in our cross-border Talent Solutions business. All of these continuously-evolving regulations could have a significant impact on our revenues, costs, and operating margins.
Our business could be impacted in several ways by our corporate environmental, social and governance (ESG) initiatives, including our goals for sustainability, diversity, equity, and inclusion. • Our positions and disclosures on these matters, or failure to achieve our commitments, could harm our reputation or brand image.
Our business could be impacted in several ways by our corporate sustainability initiatives, including our goals for sustainability, diversity, and inclusion. • Our positions and disclosures on these matters, or failure to achieve our commitments, could harm our reputation or brand image.
Occasionally, we dispose of parts of our operations based on risk considerations and to optimize our global strategic and geographic footprint and overall efficiency. We have engaged in such dispositions in the past, including the dispositions of our businesses in the Philippines in September 2023 and Russia and Hungary in January and December 2022, respectively.
Occasionally, we dispose of parts of our operations based on risk considerations and to optimize our global strategic and geographic footprint and overall efficiency. We have engaged in such dispositions in the past, including the dispositions of our businesses in Korea and Austria in 2024, the Philippines in 2023 and Russia and Hungary in 2022, respectively.
If any of these were to occur, the market price of our securities and our ability to obtain new business could be materially adversely affected. Our debt levels could materially adversely affect our operating flexibility and put us at a competitive disadvantage. As of December 31, 2023, we had $1,002.6 million of total debt.
If any of these were to occur, the market price of our securities and our ability to obtain new business could be materially adversely affected. Our debt levels could materially adversely affect our operating flexibility and put us at a competitive disadvantage. As of December 31, 2024, we had $952.8 million of total debt.
With operations in approximately 75 countries and territories around the world, we are subject to numerous risks outside of our control, including risks arising from political unrest and other political events, regional and international hostilities and international responses to these hostilities, strikes and other worker unrest, natural disasters, the impact of global climate change, acts of war, including the ongoing conflicts between Russia and Ukraine as well as Israel and Hamas, terrorism, international conflict, severe weather conditions, pandemics, including COVID-19 and other global health emergencies, disruptions of infrastructure and utilities including energy, cyberattacks, and other events beyond our control.
With operations in approximately 75 countries and territories around the world, we are subject to numerous risks outside of our control, including risks arising from political unrest and other political events, regional and international hostilities and international responses to these hostilities, strikes and other worker unrest, natural disasters, the impact of global climate change, acts of war, terrorism, international conflict, severe weather conditions, pandemics, and other global health emergencies, disruptions of infrastructure and utilities including energy, cyberattacks, and other events beyond our control.
We could also incur impairment losses on goodwill and other intangible assets with an indefinite life or restructuring charges as a result of acquisitions we make. 21 From time to time, we undertake dispositions via sales, franchises, joint ventures or other exit activities, and we may face risks related to such transactions.
Additionally, we have incurred, and may in the future incur impairment losses on goodwill and other intangible assets with an indefinite life or restructuring charges as a result of acquisitions we make. From time to time, we undertake dispositions via sales, franchises, joint ventures or other exit activities, and we may face risks related to such transactions.
Our exposure to foreign currencies, in particular the Euro, could have a material adverse effect on our reported results and shareholders’ equity, however, such fluctuations generally do not affect our cash flow or result in actual economic gains or losses unless we repatriate funds. Furthermore, the volatility of currencies may make year-over-year comparability of our financial results difficult.
Our exposure to foreign currencies, in particular the Euro, could have a material adverse effect on our reported results and shareholders’ equity, however, such fluctuations generally do not affect our cash flow or result in actual economic gains or losses unless we repatriate funds.
These proposed and enacted changes in tax laws, treaties or regulations, or their interpretation or enforcement, could have a material adverse impact on our current or future tax positions. 24 The price of our common stock may fluctuate significantly, which may result in losses for investors. The market price for our common stock may be subject to significant volatility.
These proposed and enacted changes in tax laws, treaties or regulations, or their interpretation or enforcement, could have a material adverse impact on our current or future tax positions. 22 Part I The price of our common stock may fluctuate significantly, which may result in losses for investors.
These and similar risks could have a negative effect on our services and solutions, our results of operations, and our ability to develop and maintain a competitive advantage in the marketplace. 20 Our environmental, social, and governance (ESG) commitments and disclosures may expose us to risks, legal liability, and increased costs.
These and similar risks could have a negative effect on our services and solutions, our results of operations, and our ability to develop and maintain a competitive advantage in the marketplace. 18 Part I Our sustainability commitments and disclosures may expose us to risks, legal liability, and increased costs.
For example, the Organization for Economic Co-operation and Development (“OECD”), which represents a coalition of member countries, agreed to enact Pillar Two, which introduces a global minimum effective tax rate whereby certain multinational groups are subject to a 15% minimum tax on income derived in low-tax jurisdictions. These rules become effective in some countries beginning in 2024.
For example, a number of members of the Organization for Economic Co-operation and Development have agreed to enact the Pillar Two international tax reform, which introduces a global minimum effective tax rate whereby certain multinational groups are subject to a 15% minimum tax on income derived in low-tax jurisdictions. These rules became effective in some countries in 2024.
Our acquisition strategy may be unsuccessful and may introduce unexpected costs. From time to time, we make acquisitions of other companies or operating assets, including a significant acquisition of ettain group, in 2021.
Our acquisition strategy may be unsuccessful and may introduce unexpected costs. From time to time, we make acquisitions of other companies or operating assets.
In connection with the operation of our business, we store, process and transmit a large amount of data, including personnel and payment data, about our employees, clients, associates and candidates, a portion of which is personal data and/or confidential data.
In connection with the operation of our business, we store, process and transmit a large amount of data, including personnel and payment data, about our employees, clients, associates and candidates, a portion of which is personal data and/or confidential data. We expect our use of data to increase, including through the use of analytics, AI and machine learning (ML).
Failure to comply with antibribery and corruption laws could materially adversely affect our business. We are additionally subject to numerous legal and regulatory requirements that prohibit bribery and corrupt acts. These include the Foreign Corrupt Practices Act and the UK Bribery Act 2010, as well as similar legislation in many of the countries and territories in which we operate.
We are additionally subject to numerous legal and regulatory requirements that prohibit bribery and corrupt acts. These include the Foreign Corrupt Practices Act and the UK Bribery Act 2010, as well as similar legislation in many of the countries and territories in which we operate.
Our operating countries and regions, which are increasingly interdependent, have experienced periods of volatile growth patterns or declines, and we expect that global conditions will continue to be characterized by instability and unpredictability.
We have at times experienced uncertainty and volatility in global economic conditions, including in rates of growth or decline in the markets we serve. Our operating countries and regions, which are increasingly interdependent, have experienced periods of volatile growth patterns or declines, and we expect that global conditions will continue to be characterized by instability and unpredictability.
During 2023, approximately 84% of our revenues were generated outside of the United States, the majority of which were generated in Europe. Furthermore, $1,002.6 million of our outstanding indebtedness as of December 31, 2023 was denominated in foreign currencies, including $988.2 million related to our Euro-denominated notes (€900.0 million).
During 2024, approximately 85% of our revenues were generated outside of the United States, the majority of which were generated in Europe. Furthermore, $952.8 million of our outstanding indebtedness as of December 31, 2024 was denominated in foreign currencies, including $928.4 million related to our Euro-denominated notes (€900.0 million).
The countries and territories in which we operate may, among other things: • create additional regulations that prohibit or restrict the types of employment services or categories of job roles that we may provide; • expand governmental or regulatory scrutiny on the use of AI within the recruitment process; • require new or additional benefits be paid to our associates; • require pay parity for our associates or impose mandatory thresholds for employee diversity; • regulate the period of time for which we may or may not employ our workers, including maximum term limits or minimum time requirements for associates on assignment at our clients; • require us to obtain additional licensing to provide employment services; or • increase taxes, such as sales or value-added taxes. 25 Other types of future regulation may have a material adverse effect on our business and financial results by making it more difficult or expensive for us to continue to cost-effectively provide employment services, particularly if we cannot pass along increases in costs to our clients.
The countries and territories in which we operate may, among other things: • create additional regulations that prohibit or restrict the types of employment services or categories of job roles that we may provide; • expand governmental or regulatory scrutiny of the use of AI within the employment context or recruitment process; • require new or additional benefits be paid to our associates; • require pay parity for our associates or impose mandatory thresholds for employee diversity; • regulate the period of time for which we may or may not employ our workers, including maximum term limits or minimum time requirements for associates on assignment at our clients; 23 Part I • require us to obtain additional licensing to provide employment services; or • increase taxes, such as sales or value-added taxes.
This has increased the risk of security incidents, which could include unauthorized access to, disclosure of, or loss of personal and/or confidential data, as well as other types of fraudulent activity.
This has increased the risk of security incidents, which could include unauthorized access to, disclosure of, or loss of personal and/or confidential data, as well as other types of fraudulent activity. Any such unauthorized access or fraudulent activity could have a material adverse effect on our business and financial results.
Any such unauthorized access or fraudulent activity could have a material adverse effect on our business and financial results. 16 The potential risk of security breaches, fraud and cyberattacks may increase as we continue to introduce services and offerings, whether mobile, cloud, or otherwise. Any additional services and offerings inevitably increase the potential for a cyberattack against us.
The potential risk of security breaches, fraud and cyberattacks may increase as we continue to introduce services and offerings, whether mobile, cloud, or otherwise. Any additional services and offerings inevitably increase the potential for a cyberattack against us.
The increased availability and maturation of artificial intelligence (AI) tools may enable clients to use advanced automation capabilities in lieu of services provided by our employees, contractors and associates. 15 We could incur liabilities or suffer reputational damage from a cyberattack or improper disclosure or loss of personal or confidential data, and our use of data is subject to complex and ever-changing privacy and cybersecurity legal requirements that could negatively impact our business or subject us to claims and/or fines for non-compliance.
We could incur liabilities or suffer reputational damage from a cyberattack or improper disclosure or loss of personal or confidential data, and our use of data is subject to complex and ever-changing privacy and cybersecurity legal requirements that could negatively impact our business or subject us to claims and/or fines for non-compliance.
Differing economic conditions and patterns of economic growth or contraction may affect demand for our solutions and services, and there is a risk that, even during times of strengthening global economic conditions, we may not experience uniform, or any, increases in demand for our solutions and services within the markets where our business is concentrated. 14 Even without uncertainty and volatility, it is difficult for us to forecast future demand for our services due to the inherent difficulty in forecasting the direction and strength of economic cycles, and the short-term nature of many of our staffing assignments.
Differing economic conditions and patterns of economic growth or contraction may affect demand for our solutions and services, and there is a risk that, even during times of strengthening global economic conditions, we may not experience uniform, or any, increases in demand for our solutions and services within the markets where our business is concentrated.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also could materially adversely affect our business, financial condition, results of operations or stock price. 13 Company and Operational Risks Our results of operations have been and may in the future be materially adversely affected by volatile, negative, or uncertain economic conditions, including the risk of recession.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also could materially adversely affect our business, financial condition, results of operations or stock price.
If we are not effective at anticipating or meeting the widely ranging needs of our current and prospective clients, or our competitors are more agile or effective at doing so, our business and financial results could be materially adversely affected.
If we are not effective at anticipating or meeting the widely ranging needs of our current and prospective clients, or our competitors are more agile or effective at doing so, our business and financial results could be materially adversely affected. 13 Part I Our ability to perform at speed, and to meet client expectations, may also be adversely affected by limitations in our own information systems and those of our third-party vendors.
We seek to mitigate our exposure to foreign currency fluctuations by utilizing net investment hedges and, from time to time, foreign currency forward exchange contracts and cross-currency swaps. Our Euro-denominated notes are designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2023, to mitigate our Euro currency translation exposure.
Our Euro-denominated notes are designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2024, to mitigate our Euro currency translation exposure.
Despite our efforts to identify and address vulnerabilities in our systems, vulnerabilities in software products used by us are disclosed by our software providers on a daily basis, and attackers grow continuously more sophisticated in their attack methods, which may additionally make use of AI technology, making it impossible to give assurance that our cybersecurity efforts will be successful.
Despite our efforts to identify and address vulnerabilities in our systems, vulnerabilities in software products used by us are disclosed by our software providers on a daily basis, and attackers grow continuously more sophisticated in their attack methods, which may additionally make use of AI technology such as AI-generated 'deep-fake' impersonation or social engineering, making it impossible to give assurance that our cybersecurity efforts will be successful. 14 Part I There is a risk that our and our third-party vendors’ preventative security controls and practices will be inadequate to prevent unauthorized access to, disclosure of, or loss of personal and/or confidential data, or fraudulent activity, especially given that third party attacks have become more common.
For example, during 2023, the price of our common stock as reported on the New York Stock Exchange ranged from a high of $91.50 to a low of $67.09. Our stock price can fluctuate as a result of a variety of factors, including factors listed in these “Risk Factors” and others, many of which are beyond our control.
Our stock price can fluctuate as a result of a variety of factors, including factors listed in these “Risk Factors” and others, many of which are beyond our control.
This may worsen as clients increasingly take advantage of low-cost alternatives including using their own in-house resources rather than engaging a third party.
This may worsen as clients increasingly take advantage of low-cost alternatives including using their own in-house resources rather than engaging a third party. The increased availability and maturation of artificial intelligence (AI) tools may enable clients to use advanced automation capabilities in lieu of services provided by our employees, contractors and associates.
Our business strategy also includes continuing efforts to transform how we use personnel and technology to manage our financial administration and to enhance our delivery of services. These projects are complex, and may consume considerable financial and personnel resources.
Our business strategy also includes continuing efforts to transform how we use personnel and technology to manage our financial administration and to enhance our delivery of services. For example, in 2024 we continued to progress in our deployment of PowerSuite, our global cloud-based platforms for front and back office.
Our business is sensitive to changes in global macroeconomic conditions. We have at times experienced uncertainty and volatility in global economic conditions, including in rates of growth or decline in the markets we serve.
Company and Operational Risks Our results of operations have been and may in the future be materially adversely affected by volatile, negative, or uncertain economic conditions, including the risk of recession. Our business is sensitive to changes in global macroeconomic conditions.
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Our ability to perform at speed, and to meet client expectations, may also be adversely affected by limitations in our own information systems and those of our third-party vendors.
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Even without uncertainty and volatility, it is difficult for us to forecast future demand for our services due to the inherent difficulty in forecasting the direction and strength of economic cycles, and the short-term nature of many of our staffing assignments.
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We expect our use of data to increase, including through the use of analytics, artificial intelligence (AI) and machine learning (ML).
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Risks and uncertainties related to the development and use of AI could harm our business operations, reduce demand for our services, and raise legal or regulatory challenges .
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There is a risk that our and our third-party vendors’ preventative security controls and practices will be inadequate to prevent unauthorized access to, disclosure of, or loss of personal and/or confidential data, or fraudulent activity, especially given that third party attacks have become more common.
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Leveraging AI-based technology for our internal operations and service offerings presents risks, costs, and challenges as we begin to implement AI capabilities, including generative AI, to improve our operating efficiency and develop client offerings.
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In the United States, various proposals to raise corporate income taxes are periodically considered such as the Inflation Reduction Act, which introduced a 15% Corporate Alternative Minimum Tax beginning in 2023.
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If we fail to continue to develop and implement AI-based services and solutions or if those technologies fail to perform as predicted, we may not be able to recover our investment in these technologies and we may fail to realize the potential benefits of AI. 15 Part I The rapidly increasing deployment of AI technology by our customers may lead to reduced demand for our services and solutions.
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As these technologies evolve, some services and tasks currently performed by our associates may be replaced by AI automation, which could lead to reduced demand for our services if we cannot replace such demand with new services. The development, adoption, and use of AI technologies is still in early stages and could involve significant legal, reputational and financial harm.
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AI algorithms and training methodologies may be flawed and datasets may be overbroad, insufficient, or contain biased information. Moreover, the use of AI may give rise to risks related to harmful content, accuracy, bias, intellectual property infringement or misappropriation, defamation, data privacy, cybersecurity and health and safety, among others.
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These risks also bring the possibility of new or enhanced governmental or regulatory scrutiny, litigation or other legal liability, or ethical concerns that could adversely affect our business, reputation, or financial results.
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Evolving rules, regulations, and industry standards governing AI may require us to incur significant costs to modify, maintain, or align our business practices, services and solutions to comply with US and non-US rules and regulations, the nature of which cannot be determined at this time and may be inconsistent across jurisdictions.
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Several jurisdictions where we operate are considering or have enacted legislation and policies regulating AI, such as the European Union’s AI Act. These regulations may impose significant requirements on how we design, build and deploy AI and use AI to make employment decisions on behalf of ourselves or our clients.
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In addition, during 2024, we opened our Global Business Services center in Porto, Portugal, our regional finance center to serve all of Europe and a central component of our global strategy to standardize, centralize and transform finance service delivery. These projects are complex and may consume considerable financial and personnel resources.
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We will be required to report on CSRD commencing in 2025 (filing in 2026) and will be subject to limited assurance requirements by a third party.
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If we are not able to implement processes and controls to accumulate data to support the disclosures in a timely manner, we may not be able to meet the regulatory requirements and reporting timelines or fail to meet the limited assurance requirements. • Our ability to achieve our sustainability commitments may be subject to numerous external factors outside of our control, including: (1) the availability and cost of low-carbon energy sources; (2) evolving regulatory requirements affecting sustainability standards or disclosures; (3) the availability of vendors and other business partners that can meet our sustainability, diversity, and other standards; and (4) our ability to recruit, develop, and retain diverse talent. • Standard methodologies and frameworks, as well as our processes and controls, for measuring and reporting sustainability matters across our operations are continuously evolving, including sustainability-related disclosures that may be required by the SEC, European and other regulators; and such changing standards could result in significant revisions to our current goals, reported progress in achieving such goals, or our ability to achieve such goals in the future.
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Methodologies for reporting sustainability data may be updated and previously reported sustainability data may be adjusted to reflect improvement in availability and quality of third-party data, changing assumptions, changes in the nature and scope of our operations and other changes in circumstances. • Our positions and disclosures on these matters may be challenged by the US Federal government or state governments.
Added
For example, on January 21, 2025, President Trump issued an Executive Order directing the Attorney General to make recommendations for enforcing Federal civil rights laws and taking other appropriate measures to encourage the private sector to end illegal discrimination and preferences, including a proposed strategic enforcement plan.
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Despite our efforts to ensure that our positions on these matters are compliant with all applicable laws, any challenges may be costly and time-consuming to resolve, and may not be resolved in our favor, which may have a material adverse effect on our business, including our ability to attract and retain employees, our reputation and our results of operations.
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Furthermore, the volatility of currencies may make year-over-year comparability of our financial results difficult. 20 Part I We seek to mitigate our exposure to foreign currency fluctuations by utilizing net investment hedges and, from time to time, foreign currency forward exchange contracts and cross-currency swaps.
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As another example, in February 2025 the French government enacted legislation resulting in a one-year temporary increase in the corporate income tax rate for our French business from 25.825% to 36.125% for 2025 and a three-year delay to the scheduled phase-out of the French business tax (CVAE).
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We estimate this legislation will increase our consolidated global effective tax rate in the range of 4% to 5% based on current projections.
Added
The market price for our common stock may be subject to significant volatility. For example, during 2024, the price of our common stock as reported on the New York Stock Exchange ranged from a high of $79.12 to a low of $56.82.
Added
Other types of future regulation may have a material adverse effect on our business and financial results by making it more difficult or expensive for us to continue to cost-effectively provide employment services, particularly if we cannot pass along increases in costs to our clients. Failure to comply with antibribery and corruption laws could materially adversely affect our business.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeHowever, to date these incidents have not had a material impact on our services, information systems or business. Any significant disruption to our services or access to our systems could result in a loss of clients and adversely affect our business and results of operation.
Biggest changeHowever, to date these incidents have not had a material impact on our services, information systems or business . Any significant disruption to our services or access to our systems could result in a loss of clients and adversely affect our business and results of operations.
The Audit Committee of the Board of Directors oversees our cybersecurity risk and regularly receives reports from our CISO on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance. 28
The Audit Committee of the Board of Directors oversees our cybersecurity risk and regularly receives reports from our CISO on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.
Item 1C. Cybersecurity We have an enterprise-wide information security program designed to identify, protect, detect, and respond to and manage reasonably foreseeable cybersecurity risks and threats. To protect our information systems from cybersecurity threats, we use various security tools that help prevent, detect, escalate, investigate, and remediate identified risks and security incidents in a timely manner.
Item 1C. C ybersecurity We have an enterprise-wide information security program designed to identify, protect, detect, and respond to and manage reasonably foreseeable cybersecurity risks and threats. To protect our information systems from cybersecurity threats, we use various security tools that help prevent, detect, escalate, investigate, and remediate identified risks and security incidents in a timely manner.
The Chief Information Security Officer (CISO) leads our global information security organization responsible for overseeing the Company’s information security program. Our CISO has over 25 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other public companies.
The Chief Information Security Officer (CISO) leads our global information security organization responsible for overseeing the Company’s information security program. Our CISO has over 30 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other public companies.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeAn employee of ManpowerGroup since January 2013. 30 OTHER INF ORMATION Audit Committee Approval of Audit-Related and Non-Audit Services The Audit Committee of our Board of Directors has approved the following audit-related and non-audit services performed or to be performed for us by our independent registered public accounting firm, Deloitte & Touche LLP and Affiliates, in 2023: (a) preparation and/or review of tax returns, including sales and use tax, excise tax, income tax, local tax, property tax, and value added tax and consultation regarding appropriate handling of items on the United States and international tax returns; (b) advice and assistance with respect to transfer pricing matters, as well as communicating with various taxing authorities regarding the requirements associated with royalties and inter-company pricing, and tax audits; and (c) audit services with respect to certain procedures and certifications where required. 31 PAR T II
Biggest changeA director of RXO, Inc. since November 2022. 27 Part I OTHER INF ORMATION Audit Committee Approval of Audit-Related and Non-Audit Services The Audit Committee of our Board of Directors has approved the following audit-related and non-audit services performed or to be performed for us by our independent registered public accounting firm, Deloitte & Touche LLP and Affiliates, in 2024: (a) tax compliance services with respect to tax compliance review for international returns, preparation and/or review of tax returns, including sales and use tax, excise tax, income tax, local tax, property tax, and value added tax and consultation regarding appropriate handling of items on the United States and international tax returns, assistance with U.S. and non-U.S. tax audits and examinations and advise and assist with respect to transfer pricing matters; (b) tax consulting services with respect to U.S. federal, state, local and international tax research and consultation related to US tax reform and regulatory changes, U.S. foreign tax credit research and consultation and advice and assistance with respect to transfer pricing matters; and (c) audit-related services with respect certifications and attestation reports related to certain financial and non-financial information for specific client requirements and government subsidies for certain of our foreign subsidiaries and sustainability advisory services related to advice and recommendations regarding management’s sustainability program. 28 Part II PAR T II
McGinnis Age 57 Executive Vice President, Chief Financial Officer of ManpowerGroup since February 2016. Global Controller of Morgan Stanley from January 2014 to February 2016. Chief Financial Officer, HSBC North America from July 2012 to January 2014. Chief Financial Officer, HSBC Bank USA from July 2010 to January 2014. An employee of ManpowerGroup since February 2016. Michelle S.
McGinnis Age 58 Executive Vice President, Chief Financial Officer of ManpowerGroup since February 2016. Global Controller of Morgan Stanley from January 2014 to February 2016. Chief Financial Officer, HSBC North America from July 2012 to January 2014. Chief Financial Officer, HSBC Bank USA from July 2010 to January 2014. An employee of ManpowerGroup since February 2016.
Item 4. Mine Saf ety Disclosures Not applicable. 29 EXECUTIVE OFFICERS OF MANPOWERGROUP (as of February 16, 2024) Name of Officer Office Jonas Prising Age 59 Chairman of ManpowerGroup since December 2015. Chief Executive Officer of ManpowerGroup since May 2014. ManpowerGroup President from November 2012 to May 2014.
Item 4. Mine Saf ety Disclosures Not applicable. 26 Part I I NFORMATION ABOUT OUR EXECUTIVE OFFICERS (as of February 19, 2025) Name of Officer Office Jonas Prising Age 60 Chairman of ManpowerGroup since December 2015. Chief Executive Officer of ManpowerGroup since May 2014. ManpowerGroup President from November 2012 to May 2014.
Nettles Age 52 Executive Vice President, Chief People and Culture Officer since May 2022. Senior Vice President, Chief People and Culture Office from July 2019 to May 2022. Chief People and Diversity Officer of Molson Coors Brewing Company from October 2016 to July 2019. Chief Human Resources Officer of MillerCoors from October 2014 to October 2016.
Nettles Age 53 Executive Vice President, Chief People and Legal Officer since January 2025. Executive Vice President, Chief People and Culture Officer from May 2022 to December 2024. Senior Vice President, Chief People and Culture Office from July 2019 to May 2022. Chief People and Diversity Officer of Molson Coors Brewing Company from October 2016 to July 2019.
Removed
Prior thereto, held other positions at MillerCoors since 2009. An employee of ManpowerGroup since July 2019. A director of RXO, Inc. since November 2022. Richard D. Buchband Age 60 Senior Vice President, General Counsel and Secretary of ManpowerGroup since January 2013. Partner and Associate General Counsel for Accenture plc from 2006 to 2011.
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Becky Frankiewicz Age 53 Regional President, North America and Chief Commercial Officer since June 2022. Regional President, North America from July 2017 to June 2022. General Manager Quaker Foods North America at PepsiCo from October 2014 to July 2017. An employee of ManpowerGroup since July 2017. A director of Energizer Holdings, Inc. since January 2020. Michelle S.
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Chief Human Resources Officer of MillerCoors from October 2014 to October 2016. Prior thereto, held other positions at MillerCoors since 2009. An employee of ManpowerGroup since July 2019.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeTotal number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plan or programs Maximum number of shares that may yet be purchased under the plan or programs October 1 - 31, 2023 484,355 (1) $ 71.55 482,174 4,811,019 November 1 - 30, 2023 212,783 72.84 212,783 4,598,236 December 1 - 31, 2023 — — — 4,598,236 Total 697,138 $ 71.95 694,957 4,598,236 (1) Includes 2,181 shares of common stock withheld by ManpowerGroup to satisfy tax withholding obligations on shares acquired by certain officers in settlement of restricted stock. 32 Performance Graph Set forth below is a graph for the periods ending December 31, 2018-2023 comparing the cumulative total shareholder return on our common stock with the cumulative total return of companies in the Standard & Poor’s 400 Midcap Stock Index and the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index.
Biggest change(b) Includes 1,145 shares of common stock withheld by ManpowerGroup to satisfy tax withholding obligations on shares acquired by certain officers in settlement of restricted stock. 29 Part II Performance Graph Set forth below is a graph for the periods ending December 31, 2019-2024 comparing the cumulative total shareholder return on our common stock with the cumulative total return of companies in the Standard & Poor’s 400 Midcap Stock Index and the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index.
The graph assumes a $100 investment on December 31, 2018 in our common stock, the Standard & Poor’s 400 Midcap Stock Index and the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index and assumes the reinvestment of all dividends.
The graph assumes a $100 investment on December 31, 2019 in our common stock, the Standard & Poor’s 400 Midcap Stock Index and the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index and assumes the reinvestment of all dividends.
We are included in the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index and we estimate that we constituted 2% of the total market capitalization of the companies included in the index.
We are included in the Standard & Poor’s 1500 Human Resources and Employment Services Sub-Industry Index and we estimate that we constituted 1% of the total market capitalization of the companies included in the index.
Item 5. Market for Registrant’s Common Equity, Related Shar eholder Matters and Issuer Purchases of Equity Securities Common Stock Listing and Trading The Company's common stock is listed for trading on the New York Stock Exchange under the symbol MAN. Shareholders of Record As of February 14, 2024, the Company's common stock was held by approximately 2,500 record holders.
Item 5. Market for Registrant’s Common Equity, Related Shar eholder Matters and Issuer Purchases of Equity Securities Common Stock Listing and Trading The Company's common stock is listed for trading on the New York Stock Exchange under the symbol MAN. Shareholders of Record As of February 17, 2025, the Company's common stock was held by approximately 2,500 record holders.
Issuer Purchases of Equity Securities In August 2023 and August 2021, the Board of Directors authorized the repurchase of 5.0 million shares and 4.0 million shares of our common stock, respectively. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities.
Issuer Purchases of Equity Securities In August 2023, the Board of Directors authorized the repurchase of 5.0 million shares of our common stock. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities.
The following table shows the total number of shares repurchased during the fourth quarter of 2023. As of December 31, 2023, there were 4.6 million shares remaining authorized for repurchase under the 2023 authorization and no shares remaining authorized for repurchase under the 2021 authorization.
The following table shows the total number of shares repurchased during the fourth quarter of 2024. As of December 31, 2024, there were 2.6 million shares remaining authorized for repurchase under the 2023 authorization.
December 31 2018 2019 2020 2021 2022 2023 ManpowerGroup $ 100 $ 150 $ 139 $ 150 $ 128 $ 123 S&P 400 Midcap Stock Index 100 124 139 171 146 167 S&P 1500 Human Resources and Employment Services Sub-Industry Index 100 121 120 179 131 137
December 31 2019 2020 2021 2022 2023 2024 ManpowerGroup $ 100 $ 93 $ 100 $ 86 $ 82 $ 59 S&P 400 Midcap Stock Index 100 112 138 118 135 151 S&P 1500 Human Resources and Employment Services Sub-Industry Index 100 99 148 109 113 132
Added
Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plan or programs Maximum number of shares that may yet be purchased under the plan or programs October 1 - 31, 2024 254,386 (a) $ 63.09 253,605 2,893,160 2 November 1 - 30, 2024 142,747 (b) 63.56 141,602 2,751,558 December 1 - 31, 2024 156,631 57.46 156,631 2,594,927 Total 553,764 $ 61.61 551,838 2,594,927 (a) Includes 781 shares of common stock withheld by ManpowerGroup to satisfy tax withholding obligations on shares acquired by certain officers in settlement of restricted stock.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeShareholders’ equity decreased by $30.0 million, net of tax, due to changes in accumulated other comprehensive loss during 2023, due to the currency impact on these designated borrowings. 50 The hypothetical impact of the stated change in rates on 2023 total other comprehensive income (loss) for the Euro Notes and forward contracts is as follows: 2023 (in millions) Market Sensitive Instrument 10% Depreciation in Exchange Rates 10% Appreciation in Exchange Rates Euro Notes: €500.0, 1.81% Notes due June 2026 $ 55.2 $ (55.2 ) €400.0, 3.50% Notes due June 2027 44.1 (44.1 ) Forward contracts: €(261.2) to $(281.6) 28.8 (28.8 ) ¥308.0 to $2.2 (0.2 ) 0.2 KRW (6,000.0) to $(4.7) 0.5 (0.5 ) Interest Rates Our exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations.
Biggest changeThe hypothetical impact of the stated change in rates on 2024 total other comprehensive income (loss) for the Euro Notes and forward contracts is as follows: 2024 (in millions) Market Sensitive Instrument 10% Depreciation in Exchange Rates 10% Appreciation in Exchange Rates Euro Notes: €500.0, 1.81% Notes due June 2026 $ 51.8 $ (51.8 ) €400.0, 3.50% Notes due June 2027 41.4 (41.4 ) Forward contracts: €(126.7) to $(131.9) 13.1 (13.1 ) ¥340.0 to $2.2 (0.2 ) 0.2 43 Part II Interest Rates Our exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations.
The United States dollar weakened relative to many foreign currencies as of December 31, 2023 compared to December 31, 2022. Consequently, shareholders’ equity increased by $17.1 million as a result of the foreign currency translation as of December 31, 2023.
The United States dollar weakened relative to many foreign currencies as of December 31, 2023 compared to December 31, 2022. Consequently, shareholders’ equity increased by $17.1 as a result of the foreign currency translation as of December 31, 2023.
These notes have been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2023. Since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, both net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss.
These notes have been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2024. Since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, both net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss.
However, adverse economic conditions in any of our largest markets, or in several markets simultaneously, would have a material impact on our consolidated financial results. Recently Issued Accounting Standards See Note 1 to the Consolidated Financial Statements found in Item 8. "Financial Statements and Supplementary Data." 51
However, adverse economic conditions in any of our largest markets, or in several markets simultaneously, would have a material impact on our consolidated financial results. Recently Issued Accounting Standards See Note 1 to the Consolidated Financial Statements found in Item 8. "Financial Statements and Supplementary Data." 44 Part II
To reduce the currency risk related to these transactions, we may borrow funds in the relevant foreign currency under our revolving credit agreement or we may enter into a forward contract to hedge the transfer. As of December 31, 2023, we had outstanding $988.2 million in principal amount of Euro-denominated notes (€900.0 million).
To reduce the currency risk related to these transactions, we may borrow funds in the relevant foreign currency under our revolving credit agreement or we may enter into a forward contract to hedge the transfer. As of December 31, 2024, we had outstanding $928.4 in principal amount of Euro-denominated notes (€900.0).
For our foreign subsidiaries, exchange rates impact the United States dollar value of our reported earnings, our investments in the subsidiaries and the intercompany transactions with the subsidiaries. Approximately 84% of our revenues are generated outside of the United States, with 47% generated from our European operations with a Euro-functional currency.
For our foreign subsidiaries, exchange rates impact the United States dollar value of our reported earnings, our investments in the subsidiaries and the intercompany transactions with the subsidiaries. 42 Part II Approximately 85% of our revenues are generated outside of the United States, with 48% generated from our European operations with a Euro-functional currency.
Consequently, shareholders’ equity decreased by $116.3 million as a result of the foreign currency translation as of December 31, 2022. If the United States dollar had strengthened an additional 10% as of December 31, 2022, resulting translation adjustments recorded in shareholders’ equity would have decreased by approximately $170.0 million from the amounts reported.
Consequently, shareholders’ equity decreased by $4.0 as a result of the foreign currency translation as of December 31, 2024. If the United States dollar had strengthened an additional 10% as of December 31, 2024, resulting translation adjustments recorded in shareholders’ equity would have decreased by approximately $6.0 from the amounts reported.
Fluctuations in currency exchange rates also impact the United States dollar amount of our shareholders’ equity. The assets and liabilities of our non-United States subsidiaries are translated into United States dollars at the exchange rates in effect at year-end. The resulting translation adjustments are recorded in shareholders’ equity as a component of accumulated other comprehensive loss.
The assets and liabilities of our non-United States subsidiaries are translated into United States dollars at the exchange rates in effect at year-end. The resulting translation adjustments are recorded in shareholders’ equity as a component of accumulated other comprehensive loss. The United States dollar strengthened relative to many foreign currencies as of December 31, 2024 compared to December 31, 2023.
As of December 31, 2023, we had the following fixed- and variable-rate borrowings: (in millions) Amount Weighted- Average Interest Rate (1) Variable-rate borrowings $ 9.0 17.4 % Fixed-rate borrowings 993.6 2.6 % Total debt $ 1,002.6 (1) The rates are impacted by currency exchange rate movements.
As of December 31, 2024, we had the following fixed- and variable-rate borrowings: (in millions) Amount Weighted- Average Interest Rate (a) Variable-rate borrowings $ 21.0 33.3 % Fixed-rate borrowings 931.8 2.6 % Total debt $ 952.8 (a) The rates are impacted by currency exchange rate movements.
Consequently, as the value of the United States dollar changes relative to the currencies of our major markets, our reported results vary. The United States dollar was generally stable relative to the currencies of our major markets during 2023, whereas it strengthened in 2022 on average. Revenues from services in constant currency were 0.6% higher than reported revenues in 2023.
Consequently, as the value of the United States dollar changes relative to the currencies of our major markets, our reported results vary. The United States dollar strengthened in 2024 on average, where as it was generally stable relative to the currencies of our major markets during 2023.
In 2022, revenues from services in constant currency were 9.2% higher than reported revenues. A change in the strength of the United States dollar by an additional 10% would have impacted our revenues from services by approximately 8.4% and 8.2% from the amounts reported in 2023 and 2022, respectively.
A change in the strength of the United States dollar by an additional 10% would have impacted our revenues from services by approximately 8.5% and 8.4% from the amounts reported in 2024 and 2023, respectively. Fluctuations in currency exchange rates also impact the United States dollar amount of our shareholders’ equity.
Although currency fluctuations impact our reported results and shareholders’ equity, such fluctuations generally do not affect our cash flow or result in actual economic gains or losses. Substantially all of our subsidiaries derive revenues and incur expenses within a single country and, consequently, do not generally incur currency risks in connection with the conduct of their normal business operations.
Substantially all of our subsidiaries derive revenues and incur expenses within a single country and, consequently, do not generally incur currency risks in connection with the conduct of their normal business operations.
If the United States dollar had weakened an additional 10% as of December 31, 2023, resulting translation adjustments recorded in shareholders’ equity would have increased by approximately $60.0 million from the amounts reported. As of December 31, 2022, the United States dollar strengthened relative to many foreign currencies as of December 31, 2022 compared to December 31, 2021.
If the United States dollar had weakened an additional 10% as of December 31, 2023, resulting translation adjustments recorded in shareholders’ equity would have increased by approximately $60.0 from the amounts reported. Although currency fluctuations impact our reported results and shareholders’ equity, such fluctuations generally do not affect our cash flow or result in actual economic gains or losses.
Added
Revenues from services in constant currency were 2.2% higher than reported revenues in 2024. In 2023, revenues from services in constant currency were 0.6% higher than reported revenues.
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Shareholders’ equity decreased by $61.5, net of tax, due to changes in accumulated other comprehensive loss during 2024, due to the currency impact on these designated borrowings.

Other MAN 10-K year-over-year comparisons