Over the five years to 2013, revenue for the Global Recruitment Services market and HR services industry is expected to decline at an annualized rate of 1.7% to $589.5 billion. The industry relies on organizations outsourcing recruitment processes and human resource (HR) management activities. Industry performance is largely dependent on economic conditions in major markets and the flow-on effects these have on the demand for labor around the world.
Labor market regulation is also important, particularly regulation relating to temporary employees. While the liberalization of labor laws in developed nations has historically been a key to the industry's growth, large players are now focusing efforts on emerging markets. Growth in these regions is expanding as emerging markets follow suit in the liberalization of labor laws.
Industry revenue plunged 23.0% in 2009, as much of the world endured recession and rising unemployment. This drastic decline caused profit margins to fall to about 1.5% during the year. Although improvement in developed nations' labor markets boosted industry revenue in 2010 and 2011, the rising value of the US dollar drowned any marginal improvements that occurred in 2012.
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