In this article, we will take a look at the 20 companies with the most employees in the US. If you want to skip our discussion on the employment trends in the US, you can go directly to the 5 Companies With The Most Employees In The US.
The US labor market has experienced significant changes following the COVID-19 pandemic. In 2022, over 50 million employees chose to leave their jobs, building upon the 47.8 million resignations observed in 2021. The trend began to change in 2023, with a gradual decline, as 30.5 million workers resigned by August 2023. According to labor economists, the majority of individuals who resign from their jobs do so to pursue alternative opportunities rather than exiting the workforce entirely. This point is also reiterated by the fact that the rate of hiring has consistently exceeded the rate of resignations across most industries. For instance, while the leisure and hospitality industry lost 837 thousand employees in September last year, the sector also hired 1.1 million new individuals during the same month. The leisure and hospitality industry has consistently held the top position in hiring rates across all industries since November 2020, ranging from 6% to around 19%. This hiring pace surpasses the national average, which was recorded at 3.7% in September 2023.
The most recent jobs report from the Bureau of Labor Statistics indicates a significant increase in the active workforce, signaling a positive trend in employment. However, the current labor force participation falls short of pre-pandemic levels. If we were to match the labor force participation rate with the February 2020 benchmark, an additional 2.2 million individuals would be part of the workforce. This shortage is having a widespread impact across all industries and is noticeable in nearly every state. The education, health services, and professional and business services sectors currently have the highest number of job openings. You can also check out the 20 States with the Highest Unemployment Rates here.
Numerous companies have expanded their workforce significantly due to the nature of their business models. Most of the top 20 companies with the most employees in the US are featured on the Fortune 500 list and collectively employ over 10 million people in the US. This means these 20 companies contribute to employing over 6% of the total workforce, which stands at around 168 million as of December 2023. Some of the largest US companies by employee size are JPMorgan Chase & Co. (NYSE:JPM) and International Business Machines Corporation (NYSE:IBM). The companies employ 293,723 and 288,300 individuals, respectively. Overall, the federal government is the largest employer in the US. As of September 2023, approximately 2.95 million individuals were part of the US Federal workforce.
Here's what Vltava Fund said about JPMorgan Chase & Co. (NYSE:JPM) in its Q4 2023 investor letter:
"Last spring, the US went through a brief banking crisis that cost several smaller and medium-sized banks their lives. One of them, First Republic Bank, with assets of $230 billion, went into receivership and was bought out by the largest US bank, JPMorgan Chase & Co. (NYSE:JPM). The acquisition terms were very favourable for JPM and the facts that few, if any, other banks could have taken over the whole of First Republic Bank in its then-present state while guaranteeing more than $100 billion of its deposits played a role. JPM could do it. It is not only the largest, but also by its balance sheet the strongest US bank and, in our opinion, clearly the best managed. It has come out of this crisis even stronger. We have actively followed the banking sector for 20 years in many countries around the world. Our view is that a well-managed bank can be a very good long-term investment but that it is better to focus on the best and highest quality available. Banking is not a sector where it pays to trade quality for cheaper valuations. That is why we hold JPM."
With this context in mind, let’s find out which company employs the most employees in the US and is also the largest employer in the world.
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Our Methodology
To compile our list of the 20 companies with the most employees in the US, we consulted Stock Analysis, a source that regularly updates a list of the largest US companies based on total employee count. We also cross-referenced our list with other sources, such as Forbes, to ensure that we did not skip any large private employer. The companies have been ranked in ascending order of the total number of employees.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years(see the details here). Whether you are a beginner investor or a professional looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
20. HCA Healthcare, Inc. (NYSE:HCA)
No. of Employees: 294,000
HCA Healthcare, Inc. (NYSE:HCA) offers healthcare services through its general and acute care hospitals. The company has 182 hospitals across 20 states in the US. HCA Healthcare, Inc.’s (NYSE:HCA) services include medical and surgical care, inpatient care, cardiac services, intensive care, and diagnostic services. HCA Healthcare, Inc. (NYSE:HCA) also offers outpatient services such as surgery, laboratory work, radiology, respiratory care, and physical therapy.
19. CVS Health Corporation (NYSE:CVS)
No. of Employees: 300,000
CVS Health Corporation (NYSE: CVS) operates a diverse portfolio of healthcare services, including the management of CVS Pharmacies, CVS Caremark (a pharmacy benefits manager), and Aetna (a health insurance provider). The company has approximately 10,000 CVS pharmacies across the US, along with approximately 1,200 walk-in medical clinics.
18. Lowe's Companies, Inc. (NYSE: LOW)
No. of Employees: 307,000
Lowe's Companies, Inc. (NYSE:LOW) runs home improvement retail outlets across the US. The stores offer home improvement goods through multiple product ranges covering construction, maintenance, repair, remodeling, and decorating. The stores also offer installation services for many products.
17. Concentrix Corporation (NASDAQ:CNXC)
No. of Employees: 315,000
Concentrix Corporation (NASDAQ:CNXC) offers business services focused on customer engagement and business performance. The company offers businesses customer support services through different media channels. Concentrix Corporation (NASDAQ:CNXC) has operations across 40 countries.
16. PepsiCo, Inc. (NASDAQ:PEP)
No. of Employees: 315,000
PepsiCo, Inc. (NASDAQ:PEP) is a global manufacturer and seller of multiple brands of popular beverages and convenience foods. The company’s beverage portfolio includes fountain syrups, ready-to-drink tea, coffee, juices, and sparkling water. PepsiCo, Inc. (NASDAQ:PEP) runs its operations through multiple product lines, including dips, snacks, chips, cereals, and granola bars.
15. Costco Wholesale Corporation (NASDAQ:COST)
No. of Employees: 316,000
Costco Wholesale Corporation (NASDAQ:COST) sells branded and private-label products in a broad range of categories. The company is particularly recognized for its Kirkland Signature private label brand, discounted pricing strategy, and loyalty programs. The company is in the fifteenth position on our list of the 20 companies with the most employees in the US.
14. The TJX Companies, Inc. (NYSE:TJX)
No. of Employees: 329,000
The TJX Companies, Inc. operates discounted or off-price retail stores for both apparel and home fashions across the United States, Canada, Europe, and Australia. In the home fashions category, the company provides a range of items such as home basics, furniture, rugs, lighting options, giftware, decorative accessories, tabletop items, cookware, and pet and gourmet foods. The company has four business segments, namely, Marmaxx, HomeGoods, TJX Canada, and TJX International. As of December 2023, the number of TJ Maxx stores in the US stood at 1,309, with a global store count of over 4,800.
13. Walgreens Boots Alliance, Inc. (NASDAQ:WBA)
No. of Employees: 331,000
Walgreens Boots Alliance, Inc. (NASDAQ:WBA) runs a chain of healthcare and pharmacy stores across the United States, the United Kingdom, and Germany. The company has around 8,700 stores in the US, while the total store count is over 13,000. Walgreens Boots Alliance divides its operations into three segments: US Retail Pharmacy, International, and US Healthcare. The US Retail Pharmacy segment oversees retail drugstores and health and wellness services. The US Healthcare segment includes VillageMD, which provides primary, multi-specialty, and urgent care services for patients through clinics, home services, and online appointments.
12. Cognizant Technology Solutions Corporation (NASDAQ:CTSH)
No. of Employees: 355,300
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) offers IT consulting and business process outsourcing assistance for multiple industries like banking, health care, manufacturing, media, and entertainment. The company operates 66 offices and retail stores all over the US.
11. Marriott International, Inc. (NASDAQ:MAR)
No. of Employees: 377,000
Marriott International, Inc. (NASDAQ:MAR) is a global entity engaged in franchising and licensing hotels, residential, and other lodging establishments worldwide. As of November 2023, the chain manages over 5,800 locations across the United States.
10. Starbucks Corporation (NASDAQ:SBUX)
No. of Employees: 381,000
Starbucks Corporation (NASDAQ:SBUX) operates roasteries and coffee retail outlets globally through its franchises. The company offers coffee and tea options, roasted whole beans and ground coffees, single-serve products, beverages, and food options like pastries, breakfast sandwiches, and lunch options. As of December 2023, Starbucks Corporation (NASDAQ:SBUX) has approximately 16,397 stores in the United States.
9. Berkshire Hathaway Inc. (NYSE:BRK.B)
No. of Employees: 383,000
Berkshire Hathaway Inc. (NYSE:BRK.B) is a holding company that operates multiple business lines through its subsidiaries. The company’s main business lines include insurance and rail freight transport in the US. Berkshire Hathaway Inc. (NYSE:BRK.B) also manages utility businesses globally.
8. UnitedHealth Group Incorporated (NYSE:UNH)
No. of Employees: 400,000
UnitedHealth Group Incorporated (NYSE:UNH) is a healthcare company with two distinct business lines, Optum and UnitedHealthcare. The company is known for offering healthcare and pharmacy services.
7. The Kroger Co. (NYSE:KR)
No. of Employees: 430,000
The Kroger Co. (NYSE:KR) runs a variety of food and drug stores, multi-department stores, fuel centers, and price-impact warehouses all over the US. The company is well-known for its “fresh for everyone” tagline. There are around 1270 Kroger stores in the US as of December 2023. The Kroger Co. (NYSE:KR) is in seventh place on our list of 20 companies with the most employees in the US.
6. Target Corporation (NYSE:TGT)
No. of Employees: 440,000
Target Corporation (NYSE:TGT) runs a chain of over 1900 retail stores across the US. These stores offer a wide range of products, including apparel for all age groups, jewelry, accessories, cleaning and paper products, as well as pet supplies. Furthermore, Target stores offer dry groceries, food and beverages, and other consumer staple items.
In addition to Target Corporation (NYSE:TGT), JPMorgan Chase & Co. (NYSE:JPM) and International Business Machines Corporation (NYSE:IBM) are also amongst some of the largest US companies by employee size.
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Disclosure: None. 20 Companies With The Most Employees In The US is originally published on Insider Monkey.
