Significant Quantity of Talented Workforce Coupled with Rapid Increase in Industrialization and Commercialization, Requiring Huge Human Workforce in Asia Pacific is Showcasing a Lucrative Market Space for Recruitment Process Outsourcing Companies
Latest market study on “Recruitment Process Outsourcing Market to 2027 by Type (Technical Staff, Sales & Marketing, Office / Admin Support, & Others) and Industries (Manufacturing, Construction, Retail, IT, Hospitality, BFSI, Oil & Gas, Telecom, & Others) - Global Analysis and Forecast”, the recruitment process outsourcing market is estimated to reach US$ 40.57 Bn by 2027 from US$ 4.16 Bn in 2018. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Recruitment Process Outsourcing (RPO) is a type of business process outsourcing in which a company employer outsources some part or all of the recruitment processes to a third party service provider. An RPO service provider not only offers staffing services to an employer but it takes the responsibility of designing and managing the entire recruitment process as well as the responsibility of outcomes. An RPO service provider facilitates the necessary expertise, skillsets, technologies and hiring process methodologies to employers in various modes including on-site, off-site, or virtual delivery model. The RPO services include candidate, profile research, training of the hiring manager, compliance tracking, reporting, process mapping, technology consulting, third-party vendor management and others. Some of the significant benefits of RPO which are driving the growth of this market include requirement analysis, customized solutions based on specific hiring demand, cost-benefit, and time savings.
The key factors driving the global recruitment process outsourcing market include advantages of RPO over traditional recruiting and time and cost savings. The restraining factors for the RPO market include data security and privacy concerns, high attrition rates in some industries and uncertain technology and policy landscape in different regions. The increasing demand for Multi-Country RPOs by employers and adoption of Applicant tracking system (ATS) are considered to be the opportunities for this market in the coming future. Introduction of Big Data and advanced analytics in Recruitment Process Outsourcing solutions will be a future trend that will further drive the growth of the RPO market.
Unlike traditional recruitment firms, RPOs offer customized solutions to their clients after understanding company specific hiring needs, company culture and brand. In addition to this, RPO also looks at scalability, turnover rates, technology, and time required in hiring good talent which makes RPO a much better choice for today’s employers. All these benefits offered by RPO service providers over traditional hiring agencies/firms are driving the growth of the RPO market. Some of the market initiatives in the recent years include:
In 2018, Sevenstep announced expansion of delivery in APAC, adding business operations in Australia. This expansion is expected to add value to the current and future customers
In 2018, Randstad Sourceright expanded its RPO operations to meet the increasing demand for advanced talent acquisition models and advanced technologies. The company announced expansion plan in Asia through investments
In 2017, ManpowerGroup Solutions launched New Insight and Data-Led Total Workforce Index&trade to help companies in identifying best countries to find skilled talent. Through the data and the company’s expertise organizations would be able to meet their goals
The key companies operating in the field of recruitment process outsourcing that are profiled in the report include Seven Step RPO, Kites Consulting, Randstad Sourceright, ManpowerGroup, Solutions, Alexandar Mann, Adam Recruitment, Proven SA, Talent Hunters, TASC Outsourcing, AJEETS Management & Manpower Consulting among others. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
The report segments the global recruitment process outsourcing market as follows:
Global Recruitment Process Outsourcing Market – By Type
Global Recruitment Process Outsourcing Market – By Industry
Global Recruitment Process Outsourcing Market – By Geography
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