Westford, USA, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The current scenario of the recruitment process outsourcing market is highly dynamic. The companies are constantly striving to gain an edge over their competitors by offering innovative and cost-effective solutions to the clients. The RPO providers are also focused on expanding their geographical reach to cater to the needs of the clients from different parts of the world.
The RPO market is expected to grow at a CAGR of 18.2% during the forecast period (2022-2028). The major drivers for the growth of the recruitment process outsourcing market include stringent government regulations, and talent shortage. However, high initial costs and data security concerns are some of the key challenges faced by the RPO providers. Apart from this, there are many reasons why RPO has become so popular in recent years. One of the most important is that it can save companies a significant amount of money. By outsourcing the recruitment process, companies can avoid the high costs associated with traditional recruiting methods, such as advertising, job boards, and headhunters.
Get sample copy of this report:
https://skyquestt.com/sample-request/recruitment-process-outsourcing-rpo-market
In addition to saving money, RPO can also help improve the quality of hires. Because RPO providers have access to a large pool of talent, they can help companies find the best candidates for their open positions. Moreover, RPO providers typically use sophisticated screening and assessment tools to identify the most qualified candidates. Finally, RPO can significantly shorten the time it takes to fill an open position. Traditional recruiting methods can often take weeks or even months to yield results. In contrast, RPO providers generally only need a few days to identify and screen candidates. As a result, companies can fill vacancies much more quickly when they use RPO.
The North American region is expected to dominate the global recruitment process outsourcing market, followed by Europe and Asia-Pacific. The US and Canada are major markets for RPO services in North America due to the presence of a large number of multinational companies and start-ups. Also, there is a growing trend of outsourcing non-core business functions in these countries.
Major vendors recruitment process outsourcing market across the globe include Recruitics (US), Randstad Sourceright (Netherlands), Cielo Talent (US), Futurestep (US), Kenexa (US), PeopleFluent (US), Yoh (US), Allegis Global Solutions (US), The Adecco Group (Switzerland), and ManpowerGroup Solutions (US). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, mergers & acquisitions, partnerships, agreements, and collaborations to expand their geographical reach and increase their market.
SkyQuest Survey Reveals 60% Companies opt for RPO services to Hire Quality Candidate and Reduce Hiring Time
In today's business landscape, the talent war is raging. To win, companies need to invest in their recruitment strategies and tap into new sources of talent. One way to do this is to outsource recruitment process to a specialist provider. SkyQuest has released its survey of recruitment process outsourcing market. The survey looks at the state of the RPO market, key trends and concerns, and how RPO providers are addressing them.
Browse summary of the report and Complete Table of Contents (ToC):
https://skyquestt.com/report/recruitment-process-outsourcing-rpo-market
According to the survey, RPO is becoming an increasingly popular option for companies looking to improve their recruitment processes. In fact, 43% of respondents said they plan to outsource all or part of their recruitment function in the next two years. There are several reasons why companies in the recruitment process outsourcing market are turning to RPO providers: To reduce recruiting costs: This is the number one reason cited by companies for outsourcing their recruitment process. By partnering with an RPO provider, companies can take advantage of economies of scale and save on costs associated with advertising, screening, and interviewing candidates. To improve quality of hire: Over 60% of Companies want to improve the quality of candidates they're hiring, and they believe that working with an RPO will help them achieve the goal.
The majority of organizations in the recruitment process outsourcing market said they were satisfied with their RPO provider, with 72% rating them as good or excellent. The most common challenges cited with RPO were onboarding and management of expectations.
Randstad to Dominate Global Recruitment Process Outsourcing Market
Randstad is the leading player in market, with a market share of over 15%. The company has been growing at a rapid pace, with an annual revenue growth rate of 25%. Randstad's RPO business is its fastest-growing business segment, and it is also the most profitable, with an operating margin of 14.1%. In Q2 2022, the company generate a net income of over $206 million and in Q3, it increased to 224 million. Randstad's success in RPO can be attributed to its strong client relationships, its focus on quality, and its proprietary technology platform, which helps it deliver efficiencies and scale. The company has a diversified client base that includes some of the world's largest companies, such as Amazon, IBM, and HSBC. It has also been successful in winning new business from smaller companies and start-ups.
In addition to organic growth, Randstad has also been active in acquiring other RPO providers to expand its geographic reach and capabilities. In May 2022, the company acquired Side, a digital staffing platform in France. This acquisition strengthened Randstad's position in the France, which is one of the fastest-growing recruitment process outsourcing market.
Looking ahead, Randstad is well-positioned to continue its strong growth in the RPO market. The company is investing heavily in technology and innovation to drive further efficiencies and scale in its operations.
Speak to Analyst for your custom requirements:
https://skyquestt.com/speak-with-analyst/recruitment-process-outsourcing-rpo-market
Top Players in the Global Recruitment Process Outsourcing Market
- ADP, Inc. (US)
- Alexander Mann Solutions (US)
- Cielo, Inc. (US)
- Hudson Global Inc. (US)
- IBM Corporation (US)
- ManpowerGroup (US)
- Korn Ferry (US)
- PeopleScout (TrueBlue Company) (US)
- Pontoon Solutions (Singapore)
- Randstad N.V. (Netherlands)
- Sevenstep (US)
- WilsonHCG (US)
Related Reports in SkyQuest’s Library:
Global Automotive Engineering Services Market
Global Data Preparation Tools Market
Global Customer Experience (CX) Outsourcing Services Market
Global Patent Analytics Market
Global Pure Play Software Testing Services Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
