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Staffing is the practice of finding, evaluating, and establishing a working relationship with future colleagues on a project and firing them when they are no longer needed. Staffing involves finding people, who may be hired or already working for the company (organization) or may be working for competing companies. In knowledge economies, where talent becomes the new capital, this discipline takes on added significance to help organizations achieve a competitive advantage in each of their marketplaces. "Staffing" can also refer to the industry and/or type of company that provides the functions described in the previous definition for a price. A staffing company may offer a variety of services, including temporary help, permanent placement, temporary-to-permanent placement, long-term and contract help, managed services (often called outsourcing), training, human resources consulting, and PEO arrangements (Professional Employer Organization), in which a staffing firm assumes responsibility for payroll, benefits, and other human resource functions. The term "staffing company" has replaced the term "temporary service". Large staffing firms
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