New Study Unveils the Major Companies Behind the Great US Employment Boom

Job numbers across the USA are up. A recent US Bureau of Labor Statistics report stated that payroll employment rose by 2.7 million in 2023, with an average monthly gain of 225,000.

So, which of the major US companies are behind this good news? You can find all the answers in the latest study from Switch On Business. Using data from LinkedIn, researchers at the business resource guide created several charts and infographics highlighting all the major US companies that hired the most staff between September 2022 and September 2023.

You can see a summary of the results below.

But first, let's take a look at why creating more jobs matters and what it means for the US economy in 2024.

More jobs equal more opportunities

More people in more jobs is a good thing. It's a strong sign of economic growth, with the increased employment rates indicating that businesses are expanding and require more labor to meet demand. This is typically a result of increased consumer spending, which drives economies forward. Consumers spend more on goods and services when they have more disposable income. This extra demand means businesses scale up their operations and services, increasing job openings and opportunities.

Hiring more people then creates a positive feedback loop in the economy. As more individuals gain employment, they have more income to spend, boosting demand for goods and services. And round and round it goes until the broader economy makes a bigger upswing, making everyone a little bit richer and more secure.

And rising employment numbers are a big boost for governments and the most marginalized in society. Additional people in work generate extra tax revenues for governments, which can then be invested in public services, infrastructure, and support programs.

Then there's the role of innovation and new businesses in economic growth. Startups and innovative companies often lead the way in creating new jobs. As these companies grow and succeed, they tend to hire more employees. This growth in employment often accompanies advancements in technology and productivity, which are key drivers of long-term economic growth.
Finally, increased employment rates create greater consumer confidence. When people feel secure in their jobs, they're more likely to make significant purchases, such as homes and cars. This confidence also increases investment in the stock market, as individuals and businesses are more willing to take risks when the long-term economic outlook is positive.

So does an increase in jobs mean the US economy will boom in 2024?

The increase in jobs is a positive indicator for the US economy, suggesting potential for growth in 2024. However, it doesn't guarantee a "boom."

Job growth is critical to economic health, reflecting business confidence and consumer demand. But it's only one part of the economic puzzle. Inflation rates, global economic conditions, geopolitical tensions, and government fiscal policies must be considered when making any economic forecast for 2024.
Plus, the US economy still faces several long-term challenges, such as the lingering effects of the COVID-19 pandemic on the labor market and the need for fiscal reforms to address government debts and deficits.

Which US companies are hiring the most people?

Apple is the US company that created the most new jobs between September 2022 and September 2023, according to the Switch On Business report. The tech giant increased its employee headcount by a massive 95,102.

Apple is the company with the highest employee growth, taking on 95,102 new staff over the past year.

The list of top five companies hiring a significant number of new staff is dominated by other US mega-corporations, including McDonald's (93,817), Amazon (85,793), Walmart (46,327), and banking conglomerate JPMorgan Chase (28,100).

Biggest growth in employee headcount by percentage

Growth is a relative term. So next up, the researchers from Switch on Business looked at which companies created the most new jobs on a percentage basis.
In terms of its relative people resources, hedge fund WorldQuant is the biggest grower of 2022/23, expanding its employee numbers by 60.19%. WorldQuant is a global quantitative asset management firm founded in 2007 by Igor Tulchinsky. It's known for its systematic financial strategies and extensive use of data and mathematical models to drive investment decisions. And WorldQuant uses these same models when looking for new hires.

WorldQuant, a Connecticut financial services company, has the highest employee growth rate, expanding by 60.19% over the past year.

WorldQuant's rapid growth is due to its innovative approach to talent acquisition. The company worked with the online learning platform Udacity to create a pathway for emerging talent. Udacity offers free, online 'nanodegree' programs in areas like artificial intelligence, predictive analytics for business, machine learning engineering, and data science. These programs are available to anyone in the world with an internet connection, creating a global pool of top talent for WorldQuant to tap into during the hiring process.

Biggest employer increases in every US state

When looking at the result on a state-by-state basis, a definite trend emerges. In the US economy, it's pretty clear that the big companies keep getting bigger and bigger.

For example, retail giant Target is the biggest employer in Minnesota, bringing in just under 19,000 new staff, while its rival, Walmart, hired an extra 46,000 staff in Arkansas. And Home Depot created more jobs than any other company in Georgia (19,551).

Biggest employer in every US state based on percentages of new staff

The increasing shift toward renewable energy sources will continue to put a significant demand on electric cars. As such, Tesla is Texas' biggest employer based on the percentages. It increased its employee number by almost one-third (31.15%).

Tesla is one of the most innovative and exciting companies to emerge from the green economy. But let's hope all those new staff are prepared for the 'challenges' of working for Elon Musk. The real-life Tony Stark is notoriously demanding of his staff. He stopped all remote/homework opportunities as he thought it encouraged laziness and once threatened to fire a whole intake of interns for waiting too long in line for coffee.

Do you ever get a craving for custard and hamburgers? Well, you're not alone. Thousands of Americans do, too. And especially in Kansas. The state's biggest growing business percent-wise was restaurant chain Freddy's Frozen Custard and Steakburgers, which now has 20% more staff on the books.

The burger joint is famous for its (yes, you guessed it) steak burgers and frozen custard desserts. It had 400 locations in 36 states in 2021, before adding 40 stores from Sept 2022 to Sept 2023.

Two more US restaurant chains came out on top in their states. They include fast food chain Jacks, which increased its workforce by a quarter in Alabama, and Zaxby's chicken joint, headquartered in Georgia (21% increase in new staff).

Read next: Here Are the Most Valuable Brands in 2024
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