With business structures becoming more complex, enterprises are increasingly outsourcing their recruitment process to instead focus on their core competencies. In a new report, titled “Recruitment Process Outsourcing (RPO) Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2014 – 2020,” Transparency Market Research studies the various factors that have been encouraging businesses around the world to opt for recruitment process outsourcing.
Recruitment process outsourcing (RPO), also known as employment process outsourcing, is an important segment of business process outsourcing (BPO). Under RPO, companies or employers outsource their recruitment operations to a third party service provider. This outsourcing service is considered beneficial for enterprises, particularly those lacking internal resources essential for hiring new talent. The process has been designed to help small and medium-sized companies stay competitive in the market.
Companies offering recruitment process services take the responsibility of performing tasks such as job posting, vacancy monitoring, application tracking, candidate/resume searching, resume processing, candidate screening/shortlisting, maintaining database, and finding skilled recruiters.
The increasing attrition rate across industries has been the primary factor fuelling demand from the recruitment process outsourcing market. The rising number of fresh graduates and postgraduates every year also has been positively impacting the market. Consolidating the required talent is often considered a tough job for companies that might lack certain resources and software solutions required to acquire the desired human resources. Services offering RPO prove helpful in such scenarios, since they enable the companies to streamline their recruitment process and also provide opportunities for new players to enter the recruitment process market.
However, the major challenge faced by companies offering RPO services is understanding the desired profile and being able to deliver results as per the expected standard. To overcome this challenge, the third party service providers must coordinate with the employers to understand their expectations.
The report provides a comprehensive overview of the global RPO market, estimating the value of the various segments of the market. RPO services available in the market are majorly classified into on-site and off-site RPO services. Based on type of outsourcing, the RPO services market is segmented into partially outsourced or fully outsourced RPO. In the fully outsourced RPO services, the services providers take the full responsibility of the entire process, starting from understanding the specific requirements of the employers to the onboarding of the candidate.
Regionally, the global recruitment process outsourcing market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific exhibits the maximum potential for the growth of the RPO services market due to the rapid proliferation of small and medium-sized organizations in the region.
To study the prevailing competitive landscape, the report also profiles companies such as Seven Step RPO, Argus Recruitment Solutions, Zyoin, Randstad Holding Company, Futurestep, and others.
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