The Global Recruitment Process Outsourcing (RPO) market is expected to grow with a substantial CAGR, during the forecast period, 2020 to 2026. Recruitment process outsourcing services have surfaced as a significant aid in curbing the surging attrition rate across several industrial verticals. This factor is driving the Global Recruitment Process Outsourcing (RPO) market.
Recruitment Process Outsourcing (RPO) is when a company transfers all or part of its permanent recruitment to an external provider. An RPO provider can work as an extension of a company’s HR or Resourcing function, sitting on site with the client offering a holistic hiring solution. An RPO provider can deliver the necessary staff, technology, and methodology required to fulfill a client’s recruitment requirements.
According to the Recruitment Process Outsourcing Association (RPOA), an RPO provider can offer its own or may assume the company’s staff, technology, methodologies, and reporting. In all cases, RPO differs greatly from providers such as staffing companies and contingent/ retained search providers in that it assumes ownership of the design and management of the recruitment process and the responsibility of results. Today, the recruiting environment is rather complex. In order to efficiently recruit top talent, companies need to go through a tight labor market; become proficient in a set of relevant technologies; and manage and nurture candidates and hiring managers. RPO providers are subject-matter-experts; talent acquisition is their core competency. They know how to navigate the recruiting environment, stay current with the latest recruiting technology and have the resources to scale recruiting capacity to meet hiring demands. RPOs bring people, technology, process, and metrics into a talent acquisition function.
Market Trends, Drivers, Restraints, and Opportunities:
- Many employers have increasingly begun opting for RPO services to aim at their core competencies and cost reduction. This factor is projected to drive the market growth, during the forecast period.
- Moreover, the surging number of fresh graduates and post graduates has bolstered the need for such services, which in turn is expected to drive the market growth, in the coming years.
- Furthermore, the rising adoption of cloud and web-based services and software solutions has supported in streamlining RPO, in turn, driving the growth of the market.
- However, selectivity becomes a big challenge for service providers. Most of the time it is difficult for them to comprehend the profile desired by the employer and is able to customize the process as per their standards. This can be a restraining factor for the market growth.
Key players include ManpowerGroup Solutions, Alexander Mann Solutions, Hudson Global, Randstad Holding NV, and Kenexa Corporation.
The Global Recruitment Process Outsourcing (RPO) market has been segmented on the basis of:
- Blended RPO
- End-to-end RPO models
- North America
- Latin America
- Middle East & Africa
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Recruitment Process Outsourcing (RPO) Market Overview
- Global Recruitment Process Outsourcing (RPO) Market Analysis and Forecast by Type
- Global Recruitment Process Outsourcing (RPO) Market Analysis and Forecast by Application
- Global Recruitment Process Outsourcing (RPO) Market Analysis and Forecast by Sales Channel
- Global Recruitment Process Outsourcing (RPO) Market Analysis and Forecast by Region
- North Recruitment Process Outsourcing (RPO) Market Analysis and Forecast
- Latin Recruitment Process Outsourcing (RPO) Market Analysis and Forecast
- Europe Recruitment Process Outsourcing (RPO) Market Analysis and Forecast
- Asia Pacific Recruitment Process Outsourcing (RPO) Market Analysis and Forecast
- Middle East & Africa Recruitment Process Outsourcing (RPO) Market Analysis and Forecast
- Competition Landscape
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