The global Permanent Recruitment market reached a value of about USD 231 billion in 2021. The industry is projected to grow at a CAGR of around 4% in the forecast period of 2022-2027 to reach a value of about USD 292 billion by 2027.
The global Permanent Recruitment industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The demand for an efficient recruitment process is driving the industry's growth. North America is the highest category spender by region, driving the need for the Permanent Recruitment industry.
Permanent recruitment is about hiring highly qualified and bright employees with the skills, aptitude, and experience necessary to contribute to a company's long-term success. Employees hired permanently have full-time contracts and are eligible for the company's benefits. The Permanent Recruitment industry report comprises segments region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
North America holds a significant share in the market as outsourcing recruitment services is expected in the region. Due to substantial global customers' initiatives to consolidate supply bases. The global RPO market has been proliferating and is predicted to increase due to increased technological penetration.
Various digital tools are driving the market for recruitment across geographies by most multinational organisations. Compared to prior tools, suppliers who integrate artificial intelligence deliver excellent decision-making ability. In the retail and IT industries, technology solutions for recruitment are widely used. It offers various benefits like offloading the financial risks associated with the recruitment process to their recruitment partners, resulting in cost savings driving the market demand. The use of social media to find the most acceptable candidates for their internal needs is further leading the industry's growth. It can help streamline the recruitment process. The RPO provider will examine the recruitment process to identify areas of overlap, inefficiency, and high costs and then design a new recruitment strategy, thus resulting in increased demand.
The global Permanent Recruitment industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Permanent Recruitment regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.
The recruiting manager announces an open position and requests candidates to fill it. A job posting is issued, and resumes are reviewed to determine which prospects will be interviewed. Before being shortlisted, candidates are pre-screened to ensure that they will be a good fit for the job. Before reaching out for interviews, consult with the recruiting manager about the shortlisted candidates awaiting approval—the recruiter schedules client-candidate interviews at the client interview stage. A job offer is offered to the candidate if they are successful, and the recruiter handles any employment/salary discussions between the two sides. A recruiter will follow up with clients and applicants at various stages after the hire until the probationary term.
The industry is being propelled by technological advances such as Online recruitment, including artificial intelligence, increased social media usage, big data, and mobile technology. Artificial intelligence is utilised to streamline the overall recruiting process, which also aids in the identification of appropriate candidates through the use of various algorithms and cutting-edge search technology. One of the primary supplier trends is integrating digital tools with their recruitment services through M&A and collaborations. Furthermore, Homegrown programmes exist for automated reporting and analytics, whilst SAP and Oracle offer talent management suites for workforce management. Because of these innovative steps, the industry is progressing steadily.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Google Hire ATS is a clear market disruptor, aiming to reduce businesses' job advertisement costs by combining its Google Ads offerings. Currently, its services are only available to small and medium-sized enterprises. Early users in the "Google Cloud Job Discovery Beta Program" include iCIMS, Hays, Jibe, Johnson & Johnson, FedEx, CareerBuilder, Dice, etc.
1. Executive Summary
2. Permanent Recruitment Industry Snapshot
2.1. Permanent Recruitment Market Outlook
2.2. Regional Overview
2.2.1. North America
2.2.3. Asia Pacific
2.2.4. Latin America
2.2.5. Middle East & Africa
3. Impact of Recent Events
4. Permanent Recruitment Value Chain Analysis
5. Permanent Recruitment Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Permanent Recruitment Cost Structure
9. Permanent Recruitment Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Permanent Recruitment Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. The Adecco Group
14.2. Manpower Group
14.3. Randstad NV
14.4. Alexander Mann Solutions
The global Permanent Recruitment market size was valued at USD 231 billion in 2021.
As per the integration of technology, the artificial intelligence segment is anticipated to lead the market between 2022 and 2027.
The significant demand for recruits in various industries is one of the essential drivers of the Permanent Recruitment market growth.
The Adecco Group, Manpower Group, Randstad Holding N.V, Alexander Mann Solutions, and PeopleScout, Inc. are some of the leading companies in the market.
The North American region of the Permanent Recruitment industry holds a significant share in the market.
The global Permanent Recruitment market attained a value of USD 231 billion in 2021, driven by the use of various digital tools for recruitment across geographies by most multinational organisations and aided by the growing technological advancements, such as Online recruitment, including artificial intelligence, increased usage of social media, big data, and mobile technology, the market is expected to witness further growth in the forecast period of 2022-2027 growing at a CAGR of 4%. The market is projected to reach USD 292 billion by 2027. Some of the leading players in the industry are The Adecco Group, Manpower Group, Randstad Holding N.V, Alexander Mann Solutions, and PeopleScout, Inc.
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