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Breakthroughs that will re-shape hiring and payment processes within companies

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Global Human Resources Industry Analysis


Part of the global business services industry, the world human resource and employment services industry exceeded $356 billion in 2010, reports MarketLine. Market growth is expected to maintain a yearly rate of 5% between 2010 and 2015 to exceed $454 billion. Temporary staffing services represent the leading market segment, exceeding $256 billion, or more than 70% of the overall market.


Koncept Analytics reports there are two key categories within the recruitment industry: general and professional staffing on one hand, and then outsourcing, temporary and permanent staffing on the other. General staffing predominantly involves lower wage, less-skilled workers, and is the most common type of staffing. It also encompasses professional staffing, which involves professionals with a broader skill set earning a higher wage.


The EU represents the largest regional market within the global recruitment industry, with North America representing the second-largest region. The market has expanded due to the advantages it affords companies such as expertise, a wide potential candidate base and a large network.


Key Market Segments


The world human resource outsourcing (HRO) industry is forecast to reach a worth of $162 billion by 2015, according to research from Global Industry Analysts. The market is characterized by a high degree of fragmentation. Market growth is fuelled by demand for HRO services to boost efficiency and secure scalable operations. The economic recession has brought cost reduction to the fore, making it important for companies to review business strategies with HR expenses in mind. Among the business functions that are outsourced by companies, payroll is one of the most externalized due to the need for accuracy regarding this complex function. HR benefits administration in particular is commonly outsourced due to its high degree of complexity. Benefits represent an increasingly difficult business function within HR because of ongoing technological developments, rising healthcare costs, the need to comply with changing regulations, and the increasingly multifaceted area of retirement, welfare and health plans. Asia is the fastest-growing region within the benefits administration market segment. Leading companies operating in the HRO market include TriCore, Accenture, A Xerox Company, IBM Global Business Services, Fidelity Management and Research, Ultimate Software Group, Talx, Paychex, Adecco, Ceridian, Genesys, Automatic Data Processing, and Hewitt Associates.


The global employment services market is expected to exceed $319 billion by 2015, reports Global Industry Analysts. Market growth will be fuelled by economic recovery in the short term, and by globalization and development of emerging economies in the long run. The EU dominates the market. Asia-Pacific is expected to record the highest yearly rate of market growth. Developing economies in Latin America, Eastern Europe and Asia-Pacific are attracting employment service providers due to their huge growth potential. Construction and manufacturing generates the highest percentage of revenue in the overall market. The industry is characterized by intense competition and a high degree of fragmentation. Leading companies operating in the employment services market include CDI, Beijing Foreign Enterprise Human Resource Service, Pasona, Synergie, China International Intellectech, Manpower, Randstad Holding, China International Talent Development Center, Adecco, Poolia, Monster Worldwide, 51job, ESI International, Korn/Ferry International, and Kelly Services.



Regional Market Share


The US employment services market generated close to $75 billion in 2010, reports MarketLine. Yearly growth between 2006 and 2010 was at -4%, and is expected to rise to almost 5% between 2010 and 2015, bringing the market to over $94 billion.


The EU employment services market generated just over $135 billion in 2010, reports MarketLine. Yearly market growth is expected to exceed 6% between 2010 and 2015, raising the market to almost $182 billion.



Industry Leaders


The seven leading outfits operating in the global recruitment market generate around 25% of revenue. Adecco is the leading company in the market, followed by Randstad. Manpower and Kelly Services are the next largest players in the industry.



Market Outlook


Emerging nations are likely to be the main factor fuelling the global recruitment market moving forward. According to Koncept Analytics, rising GDP will positively impact employment over the coming years.


In addition, an aging global population means that the world’s labor force will decline, which will in turn push demand for staffing solutions. Demand for skilled professionals remains high, and it is likely that there will not be enough skilled workers to meet demand.



Leading Industry Associations




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