With the growing competition in terms of recruiting the best professional, the need for recruitment process outsourcing is also increasing, states Transparency Market Research (TMR) in a research report. The companies are working towards making their services more reliable, swift, and readily available so that they could get an upper hand over their competitors.
The impact of globalization is clearly visible here as more and more companies are opting for recruitment process outsourcing for recruiting talented professionals from across different regions. Thus, the companies providing these services have also rolled up their sleeves to be prepared for an upcoming competition in the global market. Some of the top drawers companies operating in the market are Kelly Outsourcing and Consulting Group, Zyoin Web Pvt. Ltd., Hudson Global, Inc., Talent Fusion, Atterro Human Capital Group, and Randstad Holding NV.
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According to a TMR analyst, “The Southeast Asia recruitment process outsourcing market is expected to witness a 19.3% CAGR from 2014 to 2020. The market was worth US$45.6 mn in 2013 and by the end of 2020 it is expected to touch a valuation of US$154.7 mn.
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On-demand RPO to be Leading Engagement Type
Based on the engagement type, the Southeast Asia recruitment process outsourcing market has been classified into end-to-end RPO and on-demand RPO. Among these engagement types, the segment of on-demand RPO dominated the Southeast Asia market with maximum share in terms of revenue in 2013. This dominant position can be credited to the grander advantages of on-demand RPO engagement in comparison to the end-to-end one.
For instance, the on-demand RPO comprises outsourcing some portions of the complete recruitment procedure. This makes on-demand RPO services inexpensive in comparison to the end-to-end recruitment process outsourcing and permits client establishments to have enhanced control over their recruitment procedures.
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Region-wise, the market has been segmented into Vietnam, Indonesia, Thailand, and the Rest of Southeast Asia. In 2013, the Rest of Southeast Asia held for the leading share of around 78% of the Southeast Asia recruitment process outsourcing (RPO) market. This progress can be attributed to equally high acceptance of these facilities in Singapore and Malaysia. Furthermore, the demand for recruitment process outsourcing in the Rest if Southeast Asia is also driven by the growing IT outsourcing industry in Myanmar and Philippines.
Mounting Client Demand to be Favorable for Market
Recruitment process outsourcing (RPO) denotes to outsourcing of diverse recruitment procedures to an exterior service supplier. It is a sort of business process outsourcing (BPO) where the company removes all or a part of the recruitment processes to a RPO provider. The RPO providing corporations work as an allowance to the human resource subdivision of the client group and manages the recruitment process liable upon the necessities of the client. Diverse procedures outsourced by the client association include probing for candidates, arranging their interviews, careers posting and other significant roles in recruitment.
The market for recruitment process outsourcing (RPO) in Southeast Asia is driven by high advantages obtainable by these solutions over traditional in-house recruitment processes. The most important benefit of outsourcing the recruitment processes is the decrease in the costs of operations. Moreover, RPO providers have a devoted team of recruiters that safeguard the capable management of the recruitment procedures of the client association. Other than this, RPO suppliers undertake the responsibility of hiring applicants and other recruitment procedures for the client establishments. Therefore, by outsourcing recruitment processes to the RPO provider, the client groups can pay attention on their essential competencies more professionally.