Economic Turnaround and Increase in Enterprise Numbers to Foster Growth in the Employment Services Market, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Employment Services markets. World Employment Services market is projected to reach US$354.3 billion by the year 2017. Growth will be primarily influenced by increase in enterprise numbers, GDP trends, rising need for human resources, and increasing role of Internet in Employment Services market.

Employment Services: A Global Strategic Business Report

Follow us on LinkedIn – The global employment services market continues to cope with increasingly complex challenges emerging from the volatile economic climate. Basic demographic, economic and social trends generate unique issues that add to the plethora of challenges in this industry. The recruitment scene in developed countries remains unsteady as the economic volatility takes on the confidence of businesses to hire new candidates. Organizations are being more cautious and selective in their hiring activity and are choosing temporary workers over permanent full-time staff. This trend is being witnessed across major industries particularly for positions that are critical to the daily functioning of the business such as administrative assistants, production or assembly line workers, receptionists, accounting clerks and general labor. With clients seeking to achieve more with less resources and highly skilled staff in shorter time frame, recruitment companies are focusing on redesigning their business models, redefining value propositions, and innovating social systems to compete and survive.

Employment services are one of the most affected markets during times of economic crisis due to the market’s high dependence on a favorable employment environment. Bleak economic conditions and the resultant fall in unemployment have rendered many smaller and middle-sized companies in the employment services market susceptible to acquisitions and mergers, with larger companies holding sufficient cash reserves on the lookout for consolidating their positions. In recent years, the economic turmoil led companies resorting to cost cutting through massive lay-offs, freeze on new hiring, and salary cuts. Temporary workers are easier to hire and fire and as such suffer the most during the recession. Moreover, cost cutting measures by organizations also included bypassing employment agencies to conduct direct recruitment process, thereby further hurting the weak market. As a result, employment services companies revenues declined across most of the developed countries. Even in developing countries, the rate of new job creation slowed down from the robust rates in the preceding years. Smaller recruitment agencies specializing in a particular sector or region in the developed countries were hit harder, while larger agencies had a more cushioned decline owing to their presence in relatively better performing markets such as Asia-Pacific, Africa, and Latin America and across industries such as nursing, medical, and food.

Worldwide Employment Services market is highly competitive and extremely fragmented. Various local players dominate in discrete regional markets. The fragmented nature of the industry creates a situation wherein entry barriers are minimal. Liberalization of world economies and entry of multinational companies has paved the path for increased competition in different regional markets. The recession has exhibited the advantages of diversification, both in terms of industries as well as geographic markets for recruitment companies. For instance, employment services in Asia-Pacific and the Middle East fared better than their counterparts in the developed countries. Also, while sectors such as construction, computing, and IT were battered the most, sectors such as medicine, education, and food were relatively less affected by the recession.

The advent of Internet and its huge popularity has greatly affected the employment services market. Almost all recruitment agencies nowadays own a personal website on which all the available jobs with the agency are posted. In addition, access to Online CV Databases, branded job advertisements on job boards, and the integration of an organization’s internal recruitment management system with career websites, are all facilitating in providing a simplified and quick recruitment process for both recruitment agencies and their clients. Employment services are increasingly taking advantage of the social networking sites such as LinkedIn, Monster and Facebook, among others, to gather information about job seekers. Moreover, the Internet enables recruitment companies to advertise and receive applications from across the world, thereby facilitating in the selection of the best candidate or the most appropriate one for the job.

As stated by the new market research report on Employment Services Europe represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing with a projected CAGR of 5.9%, over the analysis period.

Major players in the marketplace include 51job, Adecco SA, Beijing Foreign Enterprise Human Resource Service Co., Ltd., CDI Corporation, China International Intellectech Corp., China International Talent Development Center, ESI International Inc., Hays Plc, HCL BPO Services (NI) Ltd., Kelly Services Inc., Korn/Ferry International, Manpower Inc., Monster Worldwide Inc., Pasona Inc., Poolia AB, Randstad Holding NV, and Synergie SA, among others.

The research report titled “Employment Services: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides revenues figures (In US$ Million) for major geographic markets including the US, Japan, Europe (France, Germany, UK and Rest of Europe), Asia-Pacific, and Rest of World.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Employment_Services_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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