In this piece, we will take a look at the 20 biggest employers in the world. For more companies that sometimes end up employing more than a million people, head on over to 5 Biggest Employers in the World.
Employment or the number of people that have a full time job is a crucial factor for any economy. Growth in employment, and the corresponding fall in unemployment, signals economic progress as more people have more money available to make purchases. However, as has been evident this year, too much employment often ends up worrying policymakers as well, since it can contribute to inflation and end up permanently increasing prices.
The biggest example of this factor is the Federal Reserve’s aggressive interest rate hike cycle for 2022. Throughout the course of this year, the Fed has raised the rate at which banks can lend money to each other in order to bring down inflation. As part of its decision making process, the central bank has been on the lookout for several metrics, one of which is the employment rate. The importance of unemployment to inflation was summed up by the chairman of the Federal Reserve Mr. Jerome Powell, who in a speech in late November at the Brookings Institution, outlined that:
Finally, the labor market, which is especially important for inflation in core services ex housing, shows only tentative signs of rebalancing, and wage growth remains well above levels that would be consistent with 2 percent inflation over time. Despite some promising developments, we have a long way to go in restoring price stability.
The Fed, as counterintuitive as it sounds, is hoping for unemployment to rise and job growth to reduce in order to slow down the economy and ensure that inflation in the U.S. comes down to the 2% goal. It isn’t alone in this fight, and the Bank of England, in a recent statement tied together the link between higher costs, higher wages, low unemployment, and then higher prices, as part of a vicious cycle when it outlined:
There is also pressure on prices from developments in the United Kingdom. Businesses are charging more for their products because of the higher costs they face. There are more job vacancies than there are people to fill them, as fewer people are seeking work following the pandemic. That means that employers are having to offer higher wages to attract job applicants. Prices for services have risen markedly.
Today we will take a look at which companies are the largest employers in the world, but, if we were to include government bodies in our list too then you’d find that the United States Department of Defense (DoD) is one of the largest employers all around with a 2.9 million strong workforce. Other large government employers are the People’s Liberation Army of China and the Russian Ministry of Defense. However, on the corporate side of things, some examples are Walmart Inc. (NYSE:WMT), Amazon.com, Inc. (NASDAQ:AMZN), and Volkswagen AG (FRA:VOW3.DE). These companies are set to benefit over the next decade as improvements in machine learning and robotics will reduce their reliance on human labor.
Copyright: rafaelbenari / 123RF Stock Photo
Our Methodology
We used publicly available data from some of the largest firms to determine their employee base. The firms are ranked by the number of their full time employees. For more cool employment stats, you can also check out 20 Biggest Companies that Sponsor H1B Visas.
20 Biggest Employers in the World
20. Koninklijke Ahold Delhaize N.V. (AMS:AD.AS)
Number of Full Time Employees: 413,000
Koninklijke Ahold Delhaize N.V. (AMS:AD.AS) is a Dutch grocery store company that is headquartered in Zaandam. The firm has more than seven thousand stores in a host of different countries. These stores are operated as local brands, and some present in the U.S. are Shop & Shop, Hannaford, Giant, Giant Food, and Food Lion.
Along with Amazon.com, Inc. (NASDAQ:AMZN), Walmart Inc. (NYSE:WMT) , and Volkswagen AG (FRA:VOW3.DE), Koninklijke Ahold Delhaize N.V. (AMS:AD.AS) is one of the world’s biggest employers.
19. PetroChina Company Limited (SHA:601857.SS)
Number of Full Time Employees: 417,173
PetroChina Company Limited (SHA:601857.SS) is one of the largest oil and gas companies in the world. It is a Chinese state owned entity, with operations all over Europe, Asia, and Africa. PetroChina Company Limited (SHA:601857.SS) is also the third largest oil company in the world in terms of revenue, as it raked in a massive $374 billion last year at current exchange rates.
18. BYD Company Limited (SHE:002594.SZ)
Number of Full Time Employees: 418,700
BYD Company Limited (SHE:002594.SZ) is a Chinese electronics and car manufacturer headquartered in Shenzhen. The firm is one of China’s key electric vehicle manufacturers, and it is known for some unique technologies, such as those that allow batteries to be made at room temperature instead of in heated rooms. BYD Company Limited (SHE:002594.SZ) is currently battling the coronavirus wave in China, which has reduced its daily car production by 2,000 units.
17. Teleperformance SE (EPA:TEP.PA)
Number of Full Time Employees: 420,000
Teleperformance SE (EPA:TEP.PA) is a French company that provides businesses with a host of different services such as debt management, technical guidance, customer relationship management, and social media management. The firm is headquartered in Paris, and it brought in EUR7.1 billion in revenue last year. Additionally, the bulk of its 420,000 strong workforce works from remote locations, as part of a growing trend among service firms – also making it one of the largest employers in the world.
16. Industrial and Commercial Bank of China Limited (HKG:1398.HK)
Number of Full Time Employees: 425,000
Industrial and Commercial Bank of China Limited (HKG:1398.HK) is a Chinese state owned bank that listed its shares on the stock market in 2006 and attracted investment from U.S. firms such as American Express and Goldman Sachs. The firm has subsidiaries in the U.S., Mexico, Canada, Pakistan, and other countries. It was also the second Chinese bank to open a New York office and the largest tenant of the Trump Tower in 2012.
15. China Mobile Limited (SEHK:0941.HK)
Number of Full Time Employees: 449,934
China Mobile Limited (SEHK:0941.HK) is a Chinese telecommunications firm that is based in Central Hong Kong. The firm provides voice telephony, mobile data, broadband, and other services. It is also the largest telecommunications company in the world in terms of subscribers, which stood at a strong 974 million as of September 2022.
14. Target Corporation (NYSE:TGT)
Number of Full Time Employees: 450,000
Target Corporation (NYSE:TGT) is an American company with close to 2,000 stores all over the country. Its 450,000 full time employees also make it one of the world’s largest employers.
Target Corporation (NYSE:TGT), like other retailers, suffered from inflation reducing its revenue as its third quarter profit dropped by a massive 52%. This was a practical example of the Fed’s attempts to cut inflation, as the reduced demand led to the firm reducing its prices.
52 of the 920 hedge funds part of Insider Monkey’s Q3 2022 survey had bought Target Corporation (NYSE:TGT)’s shares.
Target Corporation (NYSE:TGT)’s largeset investor is Ken Fisher’s Fisher Asset Management which owns 4.7 million shares that are worth $711 million.
13. Agricultural Bank of China Limited (SHA:601288.SS)
Number of Full Time Employees: 455,174
Agricultural Bank of China Limited (SHA:601288.SS) is a Chinese state owned bank that is headquartered in Beijing. The firm has tens of thousands of branches and hundreds of millions of customers. Not only is it one of the largest banks in China, but also the third largest in the world with a whopping $4.3 trillion in assets.
12. Public Joint Stock Company Gazprom (MCX:GAZP.ME)
Number of Full Time Employees: 468,000
Public Joint Stock Company Gazprom (MCX:GAZP.ME) is a Russian company that is one of the largest natural gas suppliers in the world. The firm has been at the center of world attention this year, due to sanctions on its management after the Russian invasion of Ukraine. In response, it has increased its sales to China.
11. Compass Group PLC (LON:CPG.L)
Number of Full Time Employees: 480,000
Compass Group PLC (LON:CPG.L) is a British restaurant and support services firm that offers services such as reception, cleaning, and grounds keeping. It is also one of the largest contract food service companies in the world, and one that has dozens of subsidiaries all over the globe. As part of its efforts to help employees through the devastating inflation hitting the U.K., Compass Group PLC (LON:CPG.L) announced in November 2022 that it will let employees withdraw pay in advance.
10. The Home Depot, Inc. (NYSE:HD)
Number of Full Time Employees: 500,000
The Home Depot, Inc. (NYSE:HD) is an American home improvement retailer that is headquartered in Atlanta, Georgia. The firm provides different products such as garden equipment and central air systems.
The Home Depot, Inc. (NYSE:HD) is feeling the pinch of an economic slowdown as its revenues are impacted by the housing market. The firm’s cash flow to net income percentage dropped to 0.77% during its third quarter, more than half of the 2021 reading of 1.64%.
By the end of this year’s third quarter, 89 of the 920 hedge funds polled by Insider Monkey had bought The Home Depot, Inc. (NYSE:HD)’s shares.
The Home Depot, Inc. (NYSE:HD)’s largest hedge fund investor is Ken Fisher’s Fisher Asset Management which owns 8.1 million shares that are worth $2.2 billion.
9. The Kroger Co. (NYSE:KR)
Number of Full Time Employees: 500,000
The Kroger Co. (NYSE:KR) is an American grocery store company that is based out of Cincinnati, Ohio.
The Kroger Co. (NYSE:KR) was one of the first to report the positive effects of the Fed’s inflation fight, with its chief executive officer highlighting in December 2022 that food inflation is starting to come down, with fresh food categories leading the charge.
Insider Monkey took a look at 920 hedge fund holdings for 2022’s September quarter to discover that 49 had bought The Kroger Co. (NYSE:KR)’s shares.
The Kroger Co. (NYSE:KR)’s largest investor is Warren Buffett’s Berkshire Hathaway which owns 50 million shares that are worth $2.1 billion.
8. United Parcel Service, Inc. (NYSE:UPS)
Number of Full Time Employees: 500,000
United Parcel Service, Inc. (NYSE:UPS) is a courier company that was set up in 1907 and is headquartered in Atlanta, Georgia.
Deutsche Bank analyst Amit Mehrotra is quite optimistic about United Parcel Service, Inc. (NYSE:UPS)’s future, as he increased the company’s share price target to $220 from $197 in November 2022, outlining that the firm’s ability to boost margins in an inflationary environment is a good signal for management prowess.
55 of the 920 hedge funds polled by Insider Monkey during Q3 2022 had bought United Parcel Service, Inc. (NYSE:UPS)’s shares.
United Parcel Service, Inc. (NYSE:UPS)’s largest investor is Michael Larson’s Bill & Melinda Gates Foundation Trust which owns 740,689 shares that are worth $119 million.
7. Deutsche Post AG (ETR:DPW.DE)
Number of Full Time Employees: 590,000
Deutsche Post AG (ETR:DPW.DE) is a German courier that is probably one of the oldest companies in existence as it was set up in 1490. The firm is headquartered in Bonn, Germany and it provides services throughout the globe in regions including North America, Europe, Africa, Asia, and the Middle East.
6. Tata Consultancy Services Limited (NSE:TCS.NS)
Number of Full Time Employees: 616,171
Tata Consultancy Services Limited (NSE:TCS.NS) is an Indian technology services company that lets other firms manage their procurement, IT processes, commerce platforms, human resources, and corporate decision making. The company has a diverse global presence as it operates in dozens of countries such as South Africa, U.S., Canada, and Mexico.
Tata Consultancy Services Limited (NSE:TCS.NS), Walmart Inc. (NYSE:WMT), Amazon.com, Inc. (NASDAQ:AMZN), and Volkswagen AG (FRA:VOW3.DE) are some of the biggest employers in the world.
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Disclosure: None. 20 Biggest Employers in the World is originally published on Insider Monkey.
