The
global human
resource outsourcing market is subject to witness a substantial growth
due to the increasing demand for outsourcing activities associated with human
resource services such as recruitment, payroll, training and development,
employee policies, compensation and compliance management.
The
other human resource services such as pension and health benefits
administration are outsourced as well. Organizations tend to outsource human
resource related services in order to limit operational costs and improve
business productivity. Globally, the market is predicted to generate massive
revenue over next seven years, providing numerous opportunities for market
players to invest for research and development in the human resource
outsourcing market.
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Growing
demand for optimization of various business processes related to human resource
services are expected to stimulate the growth of the market over the forecast
period. Growing importance towards adoption of organizational-level align
strategic planning and increasing adoption of advanced operational strategies
are expected to boost the growth of human resource outsourcing market over the
next seven years.
However,
factors such as growing complexity of the applications portfolio and
unfavorable government policies are expected to limit market growth to certain
extent. Yet, easy availability of skilled & cheaper talent-pool in overseas
market and aligning human resource services to meet the end-goal are estimated
to foster market expansion in the near future.
Use
of social media as a recruitment platform is considered as key contributing
factor for the rapid growth of human resource outsourcing market in the recent
years. Number of organizations prefer social media platform to source and
advertise for job vacancies, thus generating crucial leads for the suitable
candidate. Payroll outsourcing organization are tapping onto social networking
sites in order to search and screen potential talent pool. Organization are
able to perform necessary checks on professional and personal history of
potential candidate to verify credentials and to obtain an insight into their
personality.
The
market is broadly categorized into six major segments based on the application
type such as banking, financial services and insurance (BFSI), government
sector, telecommunication sector, energy & utilities sector, manufacturing
sector and healthcare sector. The banking, financial services and insurance
(BFSI) is considered as one of the fastest growing segment in the market with substantial
revenue generation in the last few years.
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Market Segment:
The key players covered in this study
•
Accenture Plc (Ireland)
•
Adecco S.A. (Switzerland)
•
Aon Hewitt LLC (USA)
•
Automatic Data Processing, Inc. (USA)
•
Capita HR Solutions (UK)
•
Cielo, Inc.
•
Ceridian HCM, Inc. (USA)
•
CGI Group Inc. (Canada)
Market segment by Type, the product can
be split into
•
Payroll Outsourcing
•
Benefits Administration Outsourcing
•
Multiprocess Human Resource Outsourcing
•
Recruitment Process Outsourcing
•
Learning Services Outsourcing
Market segment by Application, split
into
•
BFSI
•
Healthcare
•
IT
•
Hospitality
•
Retail
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