HR and recruitment companies rely on a businesses' desire to outsource their recruitment process and human resource management activities. Their performance depends on their major market's economies and the impact these conditions have on labor. Regulation, especially for temporary employees, can hamstring providers, as this makes it more difficult to operate. More liberal labor laws in developed nations have been essential to HR and recruitment companies' growth. Large companies are now focusing on emerging markets that will undergo the same process in the future. COVID-19 put a halt to positive momentum in recent years, as businesses seeking to cut costs were unwilling to hire and minimized their HR programs. Revenue increased at a CAGR of 0.1% to $761.6 billion through the end of 2023. This includes a 1.4% expansion in 2023 alone, as the economy continues to normalize following the pandemic and labor markets are strengthening, which will benefit HR and recruitment companies.
Companies in the Global HR and Recruitment Services industry provide outsourced human resource and employment placement services. These services include selecting and placing permanent and temporary staff, employee leasing, listing employment vacancies and outsourcing management of personnel-related administrative functions, such as payroll and employee benefit administration.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
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