US & Canada, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Recruitment and staffing are the significant functions of sourcing, selecting, and hiring the best-fit candidates for job vacancies within an organization. Recruitment is the initial stage, which is conducted internally or externally via various channels to attract potential applicants. Job boards, social media, employee recommendations, and recruiting companies are a few examples of these channels. Staffing is choosing and employing the most qualified applicant to build a strong workforce to improve productivity and achieve competitive advantages.
The Staffing and Recruitment Market size is expected to reach US$ 2,031.34 billion by 2031 from US$ 757.56 billion in 2023. The market is estimated to record a CAGR of 13.1% from 2023 to 2031.
Market Overview:
Source: The Insight Partners’ Analysis
The increasing number of job vacancies is boosting the adoption of staffing and recruitment solutions. For instance, according to a report published by the World Economic Forum in April 2023, over 803 companies in 45 economies are collectively employing more than 11.3 million workers in 27 industries. The data shows that an increase in employment activity is driven by various factors such as rising investment in green transition of businesses, the broader application of ESG standards, and localization of supply chains, which are creating job opportunities by improving the employment rate worldwide.
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Life Cycle of Staffing and Recruitment:
Source: The Insight Partners’ Analysis
Key Staffing and Recruitment Market Findings:
- Based on geography, the staffing and recruitment market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America. North America dominated the staffing and recruitment market in 2023 and is expected to grow significantly over the forecast period. The US, Canada, and Mexico are the major contributors to the North America staffing and recruitment market. The vast and dynamic economies of North America and enormous job opportunities drive the regional market. For instance, according to the American Staffing Association, the staffing, recruiting, and workforce solutions sector significantly boosts the US economy. According to ManpowerGroup, IT companies based in the US follow the most rigorous process to hire a large workforce.
- Europe is the second-largest contributor to the global staffing and recruitment market, followed by Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period. China, India, and Japan are the highest contributors to the regional market, with massive growth potential.
- The staffing and recruitment market is segmented into staffing type, recruitment channel, end user, and geography. Based on staffing type, the staffing and recruitment market is bifurcated into permanent and temporary. The temporary segment held a larger share of the staffing and recruitment market in 2023. Companies directly employ temporary workers for limited periods, filling for employees who are on family leave, vacations, and sabbaticals. For instance, in March 2022, temporary workers made up 2.1% of the workforce, the highest share in decades; Ohio has 122,280 temporary workers. The growing number of temporary workers is contributing to the large market share in the US.
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Key Staffing and Recruitment Market Dynamics:
Source: The Insight Partners’ Analysis
Huge Job Opportunities:
According to the World Bank data, small and medium enterprises (SMEs) are the major contributors to job creation and global economic development. Nearly 90% of businesses and over 50% of employment worldwide are created by SMEs. Further, SMEs are expected to create approximately 600 million jobs by 2030. 7 out of 10 jobs in countries such as Italy, Japan, India, Indonesia, and South Korea are created by SMEs. Apart from creating jobs, SMEs help generate income and promote innovation by providing opportunities for entrepreneurship and innovation.
Growing Remote Work and Hybrid Business Model:
Flexibility is a new feature of the remuneration package for many workers and employers. It is an effective tool for attracting and retaining talent. Apart from offering job satisfaction, improved health, more work-life balance, and reduced stress to employees, remote and flexible work arrangements can help companies by increasing productivity and lowering absenteeism. Working remotely can help one handle and navigate challenging circumstances such as unfavorable weather conditions and public health catastrophes. Studies have proven that remote work options can help both recruitment and retention. Owing to these benefits, many companies worldwide have adopted work from home model. Thus, the growing traction of remote work and hybrid business models provide lucrative growth opportunities for the staffing and recruitment market growth.
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Competitive Landscape:
Source: The Insight Partners’ Analysis
Adecco Group.; Randstad NV.; ManpowerGroup; Hays plc; and Recruit Holdings Co., Ltd are among the prominent market participants in the global staffing and recruitment market.
Adecco Group: Adecco Group AG is a human resource solutions company providing staffing, career solutions, and outsourcing and consulting services. The company offers temporary, seconded, and non-permanent healthcare professionals, as well as career transition and talent development services, managed service programs, recruitment process outsourcing, and a vendor management system in cross-domains. Its operations are spread over Europe, North America, South America, Asia Pacific, and Eurasia. On December 31, 2022, the company placed 182,666 people in permanent employment. The company conducts its business through eight segments: Adecco France, Adecco Northern Europe, Adecco DACH, Adecco Southern Europe & EEMENA, Adecco Americas, Adecco APAC, LHH, and Akkodis.
Randstad NV: Randstad NV is a human resource company that offers staffing, recruitment, consulting, and other related services. It serves engineering, healthcare, finance and accounting, IT, HR, legal affairs, marketing, and communications sectors. It has placed 342,700 permanent candidates, as well as trained 374,900 candidates and 49,300 employees till 2022. It has 4,905 outlets and operates in 2,086 in-house locations. Randstad NV operates its business through three segments: Staffing, In-house, and Professionals.
ManpowerGroup: ManpowerGroup Inc. provides innovative workforce solutions and services for staffing and recruitment, providing strategic and operational flexibility. It offers workforce recruitment and assessment, upskilling, reskilling, training & development, career management, outsourcing, and workforce consulting. The company markets through its brands, such as Manpower, Experis, and Talent Solutions, catering to multiple industries across the world. The company had a network of over 2,200 offices in approximately 75 countries and territories till 2022. The company operates its business through four segments, defined by geographic region: Americas, Southern Europe, Northern Europe, and APME.
Hays Plc: Hays Plc is a consultant company that offers contractor, permanent, and temporary recruitment services to multiple domains. It serves 35 countries with 21 specialisms. It had 9,037 consultants, filled 83,750 permanent jobs, 250,000 temporary roles, and 35,000 talent networks till 2022. Hays Plc conducts its business through four segments: Australia & New Zealand, the United Kingdom & Ireland, Germany, and the Rest of the World. The major clients it serves are Bristol-Myers Squibb Co, Suncorp Group Ltd, Stada Arzneimittel AG, Nippon Express Co Ltd, and Tencent Holdings Ltd.
Recruit Holdings Co: Recruit Holdings Co. Ltd. provides human resource technology, marketing media, and temporary staffing services. The company offers technological solutions for recruiting and hiring and uses digital platforms for advertising and business sales promotion. The company also provides administration software as a service to SMEs. The company runs two online job search engines, Glassdoor and Indeed, that post vacancies. It operates in North America, Europe, Japan, and Australia. The company operates through three segments: HR Technology, Matching & Solutions, and Staffing.
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Key Company Offerings:
| Sr. No | Companies | Products/Solutions/Services |
| 1 | Adecco Group. | Adecco Staffing
|
| 2 | Randstad NV. | Temporary and Permanent Staffing |
| 3 | ManpowerGroup | Manpower:
Talent Solutions:
|
| 4 | Hays plc | Recruitment Services |
| 5 | Recruit Holdings Co., Ltd. |
|
Source: Company Websites and Annual Reports
Recent Staffing and Recruitment Market Developments:
- In March 2024, Bullhorn, the global leader in software for the staffing and recruitment industry, launched its AI solution, Bullhorn Copilot. Bullhorn Copilot will span the entire Bullhorn platform, beginning with Copilot Starter, a set of generative AI capabilities embedded directly in recruiters' ATS/CRM. Copilot allows staffing professionals to harness the benefits of AI right in the workflows.
- In April 2023, the American Association for Physician Leadership (AAPL) formed a partnership with Korn Ferry, an organizational consulting firm. This partnership will leverage the experience of both organizations in leadership development and training to provide professional development, leadership education, and management training for physicians and healthcare leaders. This collaboration aims to enhance patient outcomes, workforce wellness, and healthcare delivery.
- In December 2023, Hays, a global leader in workforce solutions and specialist recruitment, announced its expansion to Bangkok, Thailand. This expansion aims to strengthen Hays' presence and capacity in Asia and enhance partnerships in its seven operating markets—China, Hong Kong SAR, Japan, Malaysia, Singapore, India, and Thailand. The decision to expand into Thailand is part of Hays' strategy to grow its footprint in Asia, considering Thailand's proximity to Malaysia and the substantial number of international and domestic companies with investments and operations in various industries.
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Technology Landscape - Staffing and Recruitment Market:
- AI And Staffing: Artificial intelligence (AI) offers unprecedented opportunities for efficiency and insights. Recruiters use AI-powered algorithms to analyze massive data, use resources, find trends, and forecast future employment needs.
- Blockchain: Blockchain technology significantly reduces the sourcing and recruiting cycles while enhancing applicant quality assurance. Staffing companies need to consider how to integrate blockchain technology into both front- and back-office operations in order to safeguard their business and profit margins.
- Automation: Automation tools streamline repetitive tasks such as resume screening, candidate sourcing, and scheduling interviews, freeing up recruiters to focus on more strategic initiatives in staffing companies. Therefore, companies are advancing to become highly automated to provide unique services, expedite processes, and cut expenses.
- Conversational Systems, Chat Bots, and Texting Tech: Engaging with candidates, hiring managers, and field workers can be facilitated by conversational systems, such as messaging systems and chatbots. Although next-generation conversational systems are developing quickly, many staffing companies are either not utilizing them or are not fully utilizing their extensive range of features.
- Social Recruiting: Social recruiting in the staffing industry enables recruiters to locate and interact with potential candidates using digital platforms. It offers valuable resources for recruiters looking to find and connect with talent, advertise job openings, and interact with applicants during the hiring process.
- Integration Of Predictive Analytics Into Recruitment: By utilizing historical and present data, predictive analytics provides data-driven decision-making, enabling recruiters to make well-informed projections regarding future hiring results. Predictive analytics identify applicants more likely to be interviewed, hired, and stay with the company.
- Cloud-Based Staffing Solutions: Staffing firms can have the freedom to oversee their operations from any location at all times with the use of cloud-based platforms. Cloud-based platforms promote a more flexible and responsive staffing strategy by facilitating easy team collaboration and guaranteeing data security and accessibility.
The Impact of Technology on Staffing and Recruitment Market:
As staffing agencies continue to evolve with these technological integrations, the possibilities for innovation and efficiency seem boundless. The emergence of innovative tools and platforms is revolutionizing the staffing industry bringing unprecedented efficiency, accuracy, and connectivity to the forefront of recruitment processes. Technology has revolutionized the recruitment and staffing process in several ways:
- Increased Efficiency and Speed: Hiring procedures that used to take months can be completed in a matter of days or hours. Employers can now expedite their hiring procedures by using technology to automate resume screening, candidate sourcing, interview scheduling, and other recruitment-related tasks. This reduces the hiring time, increases efficiency, and decreases hiring expenses.
- Improved Candidate Experience: Technological advancements improve the hiring experience by introducing chatbots, automated email responses, and online application forms. This helps candidates in submitting applications more quickly, get timely feedback on their submissions, and remain updated all the way through the hiring process.
- Enhanced Data Analysis and Predictive Hiring: Employers can now collect and examine an enormous amount of data on job candidates due to technology. Using the data analysis techniques, employers can select the best applicants, forecast work performance, and make more advanced recruiting decisions.
- Remote Recruitment: Employers are able to conduct recruitment processes remotely to hire people globally, creating a workforce that is more inclusive and diverse.
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Staffing & Recruitment Ecosystem:
Source: The Insight Partners’ Analysis
The staffing and recruitment market ecosystem constitutes the significant stakeholders—solution providers, service providers, job seekers & employers, and end users. The demand for staffing & recruitment solutions is high owing to the growing demand and adoption of automation in HR functions and the increasing number of jobs after the COVID-19 pandemic. The critical functions of the staffing & recruitment solution include recruitment, selection, training, development, compensation, promotion, and performance appraisal of the workforce. A few of the staffing & recruitment solution providers include Adecco Group AG, ALLIANCE RECRUITMENT AGENCY, BAC Middle East, Brunel, Hays plc, Korn Ferry, Medacs Healthcare Limited, Morgan Philips Group SA, NES Fircrof, and Randstad NV, among others.
Related Report Titles:
- Middle East Staffing & Recruitment Market
- India Staffing and Recruitment Market
- Recruitment and Staffing Market
- Talent Acquisition and Staffing Technology and Services Market
- On-Demand Staffing Platform Market
- North America On-Demand Staffing Platform Market
- Recruitment Software Market
- Recruitment Market
- Online Recruitment Market
- US and Europe Online Recruitment Market
- North America Online Recruitment Market
- Middle East and Africa Online Recruitment Market
- Europe Online Recruitment Market
- Asia Pacific Online Recruitment Market
- Recruitment Process Outsourcing Market
- Canada Recruitment Process Outsourcing Market
- Healthcare Staffing Market
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