Recruitment Process Outsourcing Market to Grow USD 21690 Million by 2027 at a CAGR of 17% | Valuates Reports
BANGALORE, India, March 29, 2023 /PRNewswire/ -- The Global Recruitment Process Outsourcing Market is Segmented by Type (Permanent Workforce, Flexible Workforce), by Application (Manufacturing, BFSI, Telecom, Healthcare, Energy): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is published in Valuates Reports under the Business Operations Category.
The global Recruitment Process Outsourcing (RPO) market size is projected to reach USD 21690 million by 2027, from USD 7228.2 million in 2020, at a CAGR of 17.0% during 2021-2027.
Major factors driving the growth of Recruitment Process Outsourcing (RPO) Market
The two primary factors driving market growth are the need for an effective recruiting process and the reduction of overhead costs.The Recruitment Process Outsourcing (RPO) service providers carry out a number of duties, from applicant sourcing to selection and recruitment quality maintenance. To improve their skills, service providers are using cutting-edge technology like artificial intelligence (AI) and machine learning (ML) for self-scheduling interviews and automated CV screening. Chatbots and other evaluation tools are being used by service providers as additional channels for greater candidate interaction.
AI is anticipated to revolutionize the employment market. To enhance strategic workforce planning, it automates a number of processes like candidate sourcing, applicant rediscovery, employee reference checking, and diversity recruiting.
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TRENDS INFLUENCING THE RECRUITMENT PROCESS OUTSOURCING MARKET
RPO providers are unrivaled in their ability to find and deliver high-quality talent to businesses. The expertise of their recruiters is a major reason for this. The best providers hire recruitment experts and invest heavily in their education. Hiring managers must also have a positive experience. RPO providers accomplish this through transparency, regular reporting, and unrestricted access to recruiters. This in turn is expected to drive the growth of the Recruitment Process Outsourcing market.
Another significant advantage of an RPO partnership is that it reduces the time it takes to find great talent. The longer a position is open, the more money or opportunity costs your company loses. RPO providers' ability to reduce time-to-fill is due to a combination of industry expertise, technology, and recruiting acumen. A common error in calculating the cost of talent acquisition is to only consider costs associated with department budgets. This overlooks the hard and soft costs that are hidden in cost centers and line items and must be considered when calculating total cost savings. RPO providers will be able to significantly reduce costs by eliminating waste and improving overall organizational efficiency. This in turn is expected to drive the growth of the Recruitment Process Outsourcing market.
A common error in calculating the cost of talent acquisition is to only consider costs associated with department budgets. This overlooks the hard and soft costs that are hidden in cost centers and line items and must be considered when calculating total cost savings. Your RPO provider will be able to significantly reduce costs by eliminating waste and improving overall organizational efficiency. This in turn is expected to drive the growth of the Recruitment Process Outsourcing market.
A successful talent acquisition function must be able to respond quickly to business demands. You will be able to scale your recruitment team up or down with an RPO partner without the hassle of reducing headcount or hiring and training new employees. In their pursuit of this innovation, many talent acquisition teams have lost their way, relying on automated technologies rather than improving their core recruiting skills. As a result, they've fallen behind on their top priority: attracting top talent. RPO providers will introduce cutting-edge technologies and techniques into your organization, eliminating the need for you to sacrifice effectiveness in order to advance capabilities.
Small and medium-sized businesses are turning to RPO services to transition from traditional HR activities to strategic decision-making processes. RPO is becoming more popular as companies place a greater emphasis on talent acquisition and workforce planning to meet the issues of maintaining human resources. Large companies, on the other hand, want a single solution to handle all of their HR needs. These factors are expected to drive the growth of the Recruitment Process Outsourcing Market.
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RECRUITMENT PROCESS OUTSOURCING MARKET SHARE ANALYSIS:
North America is expected to account for 30% of the global market.
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Key Companies:
- Alexander Mann Solutions
- Randstad
- Adecco
- Manpower Group
- Allegis Group
- Korn Ferry
- ADP
- KellyOCG
- Hays
- Hudson
- HR
- World Health Organization
- Service Providers.
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