Recruitment Process Outsourcing Market Size is Projected to Generate a Revenue of $26,392.3 Mn by 2031Download Sample Reports Overview
The Global Recruitment Process Outsourcing Market Size is predicted to be valued at $26,392.3 million by 2031, surging from $4,809.7 million in 2021, at a noteworthy CAGR of 19.1 %.
Impact Analysis of COVID-19 on the recruitment process outsourcing Market
With the outbreak of the COVID-19 pandemic, the industry went through a significant change in how things are done. To reduce the risk of infection, businesses altered their hiring procedures to conform to the social distance norms imposed throughout numerous locations. Datum RPO, a provider of workforce solutions based in the UK, recently encouraged its clients and resources to use extra caution when screening applicants, think about where they are, and request a 14-day backdated history. In order to avoid in-person interactions, businesses are also stressing the use of innovative recruiting tools and digital assets.
Global Recruitment Process Outsourcing Market Analysis
Recruitment process outsourcing specializes in locating the ideal talent for the business that can propel a business to the top of the sector. Finding the right candidates for the job entails evaluating them for cultural fit, engagement, productivity, and future potential. As more businesses become aware of the benefits of this strategy, they pick RPO. The important performance criteria for hiring are still quality of hire and time to hire. Companies want their recruiting service providers to offer a wider range of services, however they are not ready to forgo quality or effectiveness in the process. RPO satisfies that expectation with richer talent community capabilities finds and categorizes talent according to modernized technology and more effective data mining techniques.
The hired individual might not be a good fit for the client's organization as a result. Not only does this cause discord inside the company, however it also lowers morale and increases personnel turnover. The possibility that prospective employees have not been fully verified by the recruiting agency is another risk that businesses face when outsourcing their hiring operations. It is unreasonable and illogical to expect each potential applicant to be thoroughly scrutinized when recruitment companies routinely deal with thousands of applications each day.
Work is decentralized and it aids businesses in focusing on their core capabilities. RPO experts assist organizations in finding exceptional individuals as well as placing the best applicant in the best position. The RPO process can speed up an organization's ability to attract & retain top-performing personnel and improve overall corporate performance. It does this by enhancing the capabilities of in-house recruitment teams. When an organization is growing, it could introduce a new product or buy a company that calls for hiring a lot of people on a tight timeframe, possibly across several locations. An internal HR staff expansion and deployment may not be a workable alternative.
Global Recruitment Process Outsourcing Market, Segmentation
The recruitment process outsourcing market is segmented on the basis of type, end user, and region.
By type, the market is classified into permanent staffing, flexible staffing, and others. Among these, the flexible staffing segment is accounted for a dominant market share in 2021. A good RPO partner enables staffing companies to access a high-performing model for outsourcing the recruiting process, which can enhance applicant experience, cost-to-hire, time-to-hire, retention rates, and other metrics. The flexibility, customization, and precise support required to hire for various employment requirements are all extended by a well-defined RPO model. These can be full- or part-time, permanent or contract positions, in a variety of fields such as engineering, education, healthcare, or information technology.
The end user segment is fragmented into BFSI, IT & Telecom, ITES & BPO Healthcare, Manufacturing, Retail & E-Commerce, and others. Among these, the IT and Telecom segment is anticipated to have a dominant market share in 2021. Recruitment process outsourcing is majorly used for IT and Telecom sector increasing the usage of recruitment process outsourcing such as social, mobile, analytics, and cloud (SMAC) are some of the major drivers driving worldwide market expansion.
The recruitment process outsourcing market in the Asia-Pacific region is projected to show the fastest growth. One of the major factors driving the regional industry is the constant expansion of the trained workforce of Asia-Pacific staffing organizations. Another factor driving regional market expansion is the increased implementation of modern technologies such as cloud computing, AI, and RPA. As a result, BPO firms use innovative technology to improve their customer service offerings. Furthermore, suppliers in the region are developing technological platforms and forging alliances to streamline corporate operations such as recruiting. As a consequence, increased technology adoption, technological platform advancements, and cross-industry alliances are projected to result in respectable growth of the market in the area throughout the forecast period.
Key Players in the Global Recruitment Process Outsourcing Market
The leading recruitment process outsourcing market players are
- Alexander Mann Solutions
- ManpowerGroup Solutions
- Hudson Global Inc
- IBM Corporation
- Randstad Holdings NV
- ADP LLC
- Advantage Resourcing America Inc
- Orion Talent
- Kelly Outsourcing
- Consulting Group and Cielo Inc