The global recruitment services market was valued at around USD 468 billion in 2016 and is expected to surpass USD 707 billion by 2021.
Procurement market intelligence analysts have announced the launch of their latest market research report on recruitment services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that influence the growth of the recruitment services market during the forecast period. Some of the top vendors listed in this industry analysis include Adecco, MANPOWER, Randstad, Allegis, and Hays.
In terms of geographical analysis, the Americas is the largest shareholder in the global market, with a market share of around 55%.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “Organizations across the globe are increasingly implementing employee referral programs. Employee referral programs are important in sourcing quality candidates. In this process, existing employees can refer candidates for the vacancy and are rewarded based on the candidate’s success. The increased adoption of such strategies leads to significant cost savings.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Easing up of recruitment policies
Easing up of regulatory frameworks associated with recruitment policies is prompting companies across the globe to adopt a more aggressive hiring environment. For instance, the UK has one of the most flexible recruitment policies in the world. This has led to the recruitment industry in the country posting a growth rate of around 10% in 2015.
Demand for quality hires
Employers seek the services of recruitment agencies to identify experienced and highly qualified and skilled candidates due to the latter’s access to a large talent pool. The outsourcing of the recruitment process also gives buyers access to the expertise of service providers, which can help in identifying best-suited candidates in the shortest possible timeframe.
Need to reduce operational expenses
Organizations outsource their recruitment services to have an effective recruitment experience at a comparatively lower cost in an attempt to reduce their operational costs. The cost in the case of outsourcing is fixed and involves setting fees initially based on the placement’s starting salary, which can vary from 15% to 25% for standard contingency recruitment.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Recruitment Services – Procurement Market Intelligence 2017’.
