LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Recruitment Industry - Procurement Intelligence Report.
In an effort to reduce operational expenses, buyers from most of the organizations across the globe are preferring to outsource support functions, such as recruitment services, to third-party agencies. This is rapidly driving the demand for recruitment process outsourcing services which is a sub-segment of the recruitment industry. Currently, the recruitment industry is being dominated by the temporary staffing services segment owing to the growing demand for temporary marketing professionals in the US. According to forecasts, the recruitment industry will witness a spend momentum of more than 5% between 2018-2023.
Despite predictions of spend growth, frequent changes in the regulatory frameworks across regions and growing stringency of the same will herald complexities and increase the cost of services in the recruitment industry.
“The prevalence of stringent labor laws and the possibilities of amendments done on the existing regulations are expected to hike the pricing for a temporary staffing employee in the global recruitment industry,” says SpendEdge procurement expert Tridib Bora.
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Things You Need to Know Before Venturing into the Recruitment Industry:
Licensing costs constitute another intrinsic spend driving factor in the global recruitment industry. In the markets of Asia and Europe, recruiting agencies are required to pay a significant amount to obtain registration from a government agency. This adds to the cost structure of the service providers which is finally borne by buyers.
Buyers can achieve about 40% of cost savings on overall recruitment-related operations expenditure by leveraging employee referral programs. The basic concept of this program is to utilize the buyer’s own existing employee network to identify potential candidates. Apart from saving costs, this strategy reduces the time to hire a professional and assists in the retention of the workforce.
- Engagement with suppliers who use social media platforms for their preliminary hiring operations will aid buyers to connect with internal recruiters on platforms such as LinkedIn and will also help in their brand-building activities. Buyers are advised to track the supplier’s recent social media activities to assess their level of participation within the social media platforms.
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Other key topics covered in this report are:
- Recruitment industry spend segmentation by region
- Total cost of ownership analysis in the recruitment industry
- Regional spend opportunity for recruitment suppliers
- Recruitment suppliers cost structure
- Recruitment suppliers selection criteria
- Recruitment suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the recruitment industry
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- HR Consulting Industry – Procurement Market Intelligence Report
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