The global recruitment process outsourcing market is expected to get a boost from the need to increase the efficiency of recruitment function and the need for quality hires. Lack of essential internal resources for employers to hire employees is estimated to drive the market over the forecast period. Organizations that provide Recruitment Process Outsourcing (RPO) services are liable for performing tasks including job posting, vacancy monitoring, application tracking, candidate/resume searching, resume processing, resume screening, candidate short listing, resume marketing, maintaining database, and finding skilled recruiters.
Growing attrition rate across several industries is anticipated to boost the recruitment process outsourcing market over the next five years. Increasing number of post graduates and fresh graduates every year is expected to provide positive avenues to the RPO market. Additionally, employers choose recruitment process outsourcing services to focus on their core competencies and reduce recruitment costs. Advanced tools and technologies for recruitment processes are expected to play a pivotal role in determining the competitiveness of RPO service providers. Furthermore, service providers take the responsibility of hired candidates. Thus, if any candidate leaves the company in a given period of time, the provider replaces them with another candidate. Understanding the profile required by the employer and accurately mapping it with the employee’s profile is a factor that is expected to play a pivotal role in differentiating the RPO market players and help them in sustaining the fierce market competitiveness.
Recruitment process outsourcing services are segmented based on their services and type of outsourcing. Based on their services, they are bifurcated into off-site and on-site services. On-site RPO chooses the recruitment team within the premise of the employer and provides end-to-end recruitment services. In off-site services, RPO providers are liable for the entire methodology used for hiring new employees. Based on outsourcing, recruitment process outsourcing services are categorized in to fully outsourced and partially outsourced. Fully outsourced RPO market players are responsible for conducting the entire recruitment process. Additionally, they are responsible for document verification of the hired employee. Partially outsourced RPO providers are responsible for understanding the profile requirements for the employer and search & short list candidates for the company.
Asia Pacific region is estimated to grow considerably over the forecast period in the recruitment process outsourcing (RPO) market owing to growing number small, medium, and large organizations. Additionally, the expansion of multinational organizations is expected to drive the regional market. India and China are estimated to grow significantly over the next six years owing to high growth in industrial sectors including, healthcare, pharmaceutical, and manufacturing.
The major players in the recruitment process outsourcing market include Seven Step RPO, Randstad Holding Company, Argus Recruitment Solutions, Pinstripe, Inc., Accolo, Inc., Futurestep, Zyoin, Pontoon Solutions, The Rightthing, TalentFusion, Kelly Outsourcing and Consulting Group, Manpower Group Solutions, and Alexander Mann Solutions.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.