The global recruitment process outsourcing market is envisioned to garner $26,392.3 million by 2031, growing from $4809.7 million in 2021 at a CAGR of 19.1% from 2022 to 2031.
One of the most obvious advantages of RPO is its low cost. In the end, RPO saves businesses money in the long term. RPO providers can grow up and down their recruiting activities to meet the client's dynamic hiring demands. To borrow an ancient cliché, time is money in business. Every day, a position goes empty costs an organization money. Filling vacancies quickly improves productivity and decreases the amount of HR resources spent on candidate sourcing. RPO services are eventually evaluated based on the time it takes to employ, the cost of hiring, and the quality of hire. Overall, RPO benefits the firm in much more ways than merely lowering recruitment expenses or filling vacancies more quickly. RPO may genuinely assist a company in being a better place to work.
The recruiting process outsourcing reduces the company a lot of time, energy, and resources, however it also has significant downsides. The most significant downside of recruiting is that it causes work in the company to stagnate.
RPO providers implement a new track in a company's recruitment process. An organization can be relieved of the load of recruiting and the pressure of sourcing people. RPO providers implement a new method of consistent recruitment approach to improve employment in the business. Internal RPO resource models are scalable to meet the demand for short time to hire. Most RPO providers have time-to-hire models in place.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. The effects of COVID-19 on businesses are unavoidable; they have negatively impacted everything from the economy to the ability of enterprises and organizations to survive in a challenging period. Companies looked for innovative approaches to maintain smooth operations. Hiring someone to maintain everything is a difficult task. The recruitment process finds the open positions, issues a call for applications, evaluates the job requirements, reviews the applications, screens, lists, and chooses the best applicant for the position. Organizations are using COVID-19's fairway, and their employees are working remotely. Similar other initiatives are projected to relieve the market of the difficulties faced during the pandemic.
The key players profiled in this report include Alexander Mann Solutions, ManpowerGroup Solutions, Hudson Global Inc., IBM Corporation, Randstad Holdings NV, ADP LLC, Advantage Resourcing America Inc., Orion Talent, Kelly Outsourcing and Consulting Group, and Cielo Inc.
One of the most obvious advantages of RPO is its low cost. In the end, RPO saves businesses money in the long term. RPO providers can grow up and down their recruiting activities to meet the client's dynamic hiring demands. To borrow an ancient cliché, time is money in business. Every day, a position goes empty costs an organization money. Filling vacancies quickly improves productivity and decreases the amount of HR resources spent on candidate sourcing. RPO services are eventually evaluated based on the time it takes to employ, the cost of hiring, and the quality of hire. Overall, RPO benefits the firm in much more ways than merely lowering recruitment expenses or filling vacancies more quickly. RPO may genuinely assist a company in being a better place to work.
The recruiting process outsourcing reduces the company a lot of time, energy, and resources, however it also has significant downsides. The most significant downside of recruiting is that it causes work in the company to stagnate.
RPO providers implement a new track in a company's recruitment process. An organization can be relieved of the load of recruiting and the pressure of sourcing people. RPO providers implement a new method of consistent recruitment approach to improve employment in the business. Internal RPO resource models are scalable to meet the demand for short time to hire. Most RPO providers have time-to-hire models in place.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. The effects of COVID-19 on businesses are unavoidable; they have negatively impacted everything from the economy to the ability of enterprises and organizations to survive in a challenging period. Companies looked for innovative approaches to maintain smooth operations. Hiring someone to maintain everything is a difficult task. The recruitment process finds the open positions, issues a call for applications, evaluates the job requirements, reviews the applications, screens, lists, and chooses the best applicant for the position. Organizations are using COVID-19's fairway, and their employees are working remotely. Similar other initiatives are projected to relieve the market of the difficulties faced during the pandemic.
The key players profiled in this report include Alexander Mann Solutions, ManpowerGroup Solutions, Hudson Global Inc., IBM Corporation, Randstad Holdings NV, ADP LLC, Advantage Resourcing America Inc., Orion Talent, Kelly Outsourcing and Consulting Group, and Cielo Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the recruitment process outsourcing market analysis from 2021 to 2031 to identify the prevailing recruitment process outsourcing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the recruitment process outsourcing market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global recruitment process outsourcing market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Permanent Staffing
- Flexible Staffing
- Others
By End-user
- BFSI
- IT and Telecom
- ITES and BPO
- Healthcare
- Manufacturing
- Retail and E-Commerce
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- ADP, Inc.
- Cielo, Inc.
- alexander mann solutions
- ibm corporation
- Korn Ferry
- ManpowerGroup
- pontoon solutions
- sevensteps uk
- wilsonhcg
- Randstad N.V.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RECRUITMENT PROCESS OUTSOURCING MARKET, BY TYPE
CHAPTER 5: RECRUITMENT PROCESS OUTSOURCING MARKET, BY END-USER
CHAPTER 6: RECRUITMENT PROCESS OUTSOURCING MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Recruitment Process Outsourcing Market," the recruitment process outsourcing market was valued at $4.8 billion in 2021, and is estimated to reach $26.4 billion by 2031, growing at a CAGR of 19.1% from 2022 to 2031.The recruiting process outsourcing (RPO) is a type of business process outsourcing (BPO) in which an employer outsources all or part of its recruitment procedures to an external service provider (RPOA). An RPO provider might supply its own employees or assume the company's workforce, technology, procedures, and reporting. In these circumstances, RPO varies significantly from other providers such as staffing firms and contingent/retained search firms as it takes ownership of the design and administration of the recruiting process as well as accountability for the results. RPO is essential to delivering company value consistently while minimising operating costs wherever possible. In order to reduce the cost per hire, firms are actively pursuing RPO services. A company's recruitment needs to considerably rise as it expands into a new product category or geographic region. Similar workforce layoffs are necessary during economic downturns. Any firm must pay a price for such disparities. RPO partners speed up the hiring process to solve such market inequities.
The COVID-19 epidemic caused a fundamental shift in the way things are done in the business. Businesses modified their employment practises to comply with the social distance standards established across several regions in order to lower the danger of infection. UK-based workforce solutions supplier Datum RPO has advised its clients and resources to be extra cautious when screening candidates, consider where they are, and ask for a 14-day backdated background. Businesses are emphasising the use of cutting-edge recruitment technologies and digital assets in order to avoid face-to-face meetings.
Key factors driving the growth of the recruitment process outsourcing market include stronger quality of hires, scalable model, and cost reduction. One of the most obvious advantages of RPO is its low cost. In the end, RPO saves businesses money in the long term. RPO providers can scale up and scale down their recruiting activities to meet the client's dynamic hiring demands. To borrow an ancient cliché, time is money in business. Every day, when a position goes empty, it costs an organization money. Filling vacancies quickly improves productivity and decreases the amount of HR resources spent on candidate sourcing. RPO services are eventually evaluated based on the time it takes to employ, the cost of hiring, and the quality of hire.
The market offers growth opportunities to the key players in the market. The primary goal of RPO service provider to hire a trained expert. Professional and experienced sourcing agents with expertise and understanding of various job positions devote their time and effort to provide the finest RPO service and resources by finding, screening, and presenting the greatest seed of crops to plant business project goals. This is one of the key reasons why firms pick RPO as an ideal option for their recruiting needs, and it is also one of the primary benefits of RPO. RPO providers adapt to businesses' needs when they face variable hiring in recruitments, thereby providing growth opportunities for the stakeholders in the coming years.
The Recruitment Process Outsourcing market is segmented into type, end user, and region. On the basis of type, the market is categorized into Permanent Staffing, Flexible Staffing, and others. On the basis of end user, it is categorized into BFSI, IT & Telecom, ITES & BPO, Healthcare, Manufacturing, Retail & E-Commerce, and Others . Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, Italy, France, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, United Arab Emirates, South Africa, and rest of LAMEA).
The key players profiled in the study include Alexander Mann Solutions, ManpowerGroup Solutions, Hudson Global Inc., IBM Corporation, Randstad Holdings NV, ADP LLC, Advantage Resourcing America Inc., Orion Talent, Kelly Outsourcing and Consulting Group, and Cielo Inc. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product launch, and expansion to remain competitive and gain advantage over the competitors in the market. For instance, In December 2018, Permira Holdings Limited, a UK-based investment organization, bought the majority stake in Cielo. The acquisition was intended by considering the continued growth of the RPO market.
Key Market Insights
- By type, the flexible staffing segment was the highest revenue contributor to the market in 2021. However, the real time Permanent Staffing segment is estimated to be the fastest growing during the forecast period.
- By end user, the IT and Telecom segment dominated the global market in 2021 and is estimated to be the fastest growing during the forecast years
- By region, Asia-Pacific was the highest revenue contributor to the market in 2021, accounting for a market size of $21.0% million
Companies Mentioned
- ADP, Inc.
- Cielo, Inc.
- alexander mann solutions
- ibm corporation
- Korn Ferry
- ManpowerGroup
- pontoon solutions
- sevensteps uk
- wilsonhcg
- Randstad N.V.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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