LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global market for recruitment services is expected to grow at a CAGR of 8.6% over the next five years due to the need for accessing high-quality candidates, so as to reduce training costs and maximize benefits.
The research report titled ‘Global Recruitment Services: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the market is expected to witness an increase in the use of smart data technologies and cloud-based recruitment solutions as these tools help recruiters expand their reach to a larger talent pool and gain a competitive edge in the market,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, the need for employers to focus on core competencies and generate cost savings drives them to outsource the recruitment process to agencies, thereby facilitating the growth of the market,” adds Angad.
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Cost saving opportunities in the recruitment services market
The adoption of various cost-optimization levers helps buyers of recruitment services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the recruitment services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as video and mobile technologies and CRM software applications help to track and update candidates and can minimize recruitment costs, sometimes up to 20% of total category spend.
Employers understand the significance of hiring candidates via non-traditional recruitment platforms such as Facebook and blogs to reduce TATs and enhance brand reach from a recruitment and marketing perspective.
Adoption of negotiation strategies saving aspects
Choosing the right candidate is critical in the global recruitment services market. Technavio analysts suggest a reduction in TATs and working on a risk-sharing basis as possible negotiation strategies with recruitment service providers. It is imperative for organizations to evaluate engagement opportunities with recruitment agencies that can provide access to the right talent pool and enable filling up of vacancies in quick TATs.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global recruitment services market is the need for bundling of core recruiting services with corollary services such as background checks, testing, and contracting. Category managers look for agencies that can provide minimum tenure guarantees for specific candidates. This helps employers maximize the ROI on their category spend.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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