Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Recruitment Process Outsourcing Market by Type, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report 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.
Key Market Players
- ADP, Inc.
- Cielo, Inc.
- alexander mann solutions
- ibm corporation
- Korn Ferry
- ManpowerGroup
- pontoon solutions
- sevensteps uk
- wilsonhcg
- Randstad N.V.
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 cliche, 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.
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
For more information about this report visit https://www.researchandmarkets.com/r/vlij5b
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