Automation of Recruitment Processes Drives the Global Recruitment Software Market, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Recruitment Software markets. The global Recruitment Software market is projected to reach US$2.0 billion by 2018, primarily driven by the trend towards implementing HR automation solutions and the growing emphasis on investing in efficiency enhancing Recruitment Tools and Solutions to make wiser human capital investments.

Recruitment Software: A Global Strategic Business Report

Follow us on LinkedIn – Given that people represent a company’s most important asset, one of the vital ingredients of establishing and operating a successful organization is therefore employee recruitment. Attracting the right kind of people, and selecting the best is critical for a company’s successful operation primarily because only motivated and committed employees help a company achieve its preset goals of customer satisfaction. Recruitment is an expensive and continuous process just as employee turnover is also a continuous process that requires proactive management overtime to ensure that turnover rates are kept to a minimum. The worst leak in a company’s revenue bucket that often goes unnoticed is the employee turnover costs. Often camouflaged, the hidden costs of employee turnover is high with several studies indicating that the cost of an employee turnover often equals the employee’s annual pay package and is sometimes 250% to 300% higher for managerial, marketing/sales positions. Under such a scenario, effective recruitment and selection methods are advantageous to companies in more ways than one. Key advantages include superior employee engagement in terms of motivation, enthusiasm, and level of commitment, sustained job performance, higher employee retention and lower turnover. All of the aforementioned benefits are critical for companies in reducing not just hiring and training costs but also in ensuring business continuity.

In an era where organizational success boils down to leadership, culture, and people, the spotlight is currently on solutions that help companies gain maximum leverage in the staffing arena and poised to benefit is recruitment software. Also contemporary employee recruitment strategies are being targeted at passive candidates, all of which require new generation recruitment tools, thus creating a strong business case for recruitment software. As a tool to enhance the recruitment process in a corporate environment, recruitment software is designed to provide the much needed flexibility, and reduction in overall time and costs associated with the recruitment process. Recruitment software also helps automate the recruitment process thus reducing the workload of HR departments. By streamlining the hiring process in a company, the chances of recruiting the right person for the right job is significantly higher and rewarding for both the parties concerned.

The recent world economic recession of 2007-2009 has drastically changed the way companies function and operate. The most important has been the changes effected in a company’s internal structure which has directly impacted the size and behavioral requirements of the recruitable workforce. The prolonged recession, has over last couple of years, resulted in flooding the human resource market with large influx of skilled workers. The scenario is especially pronounced in the developed countries which are even today witnessing anemic recovery and growth.

Developed economies are undergoing a structural change burdened by financial conditions that are now the “New Normal”, and are entering into a new era of depressed GDP growth, federal austerity measures, capital raising constraints and increased taxes. All of these factors will compel companies to do more with less and run leaner, meaner, more efficiently and cost effectively. Companies are pruning down hiring personnel while simultaneously attempting to ensure effectiveness of the hiring process and optimize productivity of available resources. This thereby has and still continues to trigger investments in efficiency enhancing recruitment tools and solutions. The ability of recruitment software to stretch the capabilities of the hiring team was partially responsible for the robust recovery posted by the market in the year 2010. Also, volatile times quite unlike popular perception, has made recruitment an important activity ever more so, since the wrong choice of employees can be a costly mistake especially in an unforgiving, competitive business climate. Loss of valuable human capital and inappropriate selection of personnel can directly result in weakening an organization’s competitive advantage.

Interestingly, unlike popular belief that the value of recruiting software is dependent upon industry employment trends, demand for recruiting software continues to remain steady despite the unyielding and stubbornly highly unemployment rates, particularly in the United States. This is primarily because selecting the right talent most suitable for the job becomes even more challenging during periods of high employment when advertised vacancies bring in overwhelming applicant responses. The fact can be thrown into sharp relief by statistics, which indicate that a large portion of the 10 million unemployed individuals in the country are not optimally qualified for available job openings.

Another noteworthy trend is the rise of Social Recruiting Platforms. The proliferation of the Internet has created numerous talent communities in the virtual world and contemporary hiring processes are increasingly leveraging talent communities for hiring the right talent. Pure-play social recruiting software against this backdrop is therefore rising in popularity. The market is currently flooded with solutions such as, Facebook Recruiting apps, social jobs distribution, among others. Key reasons fingered for the growing importance of social networks in the recruitment process include the ability of talent communities to satisfy top notch requirements of recruiters, easy referrals, higher chances of striking the best hires, optimum candidate engagement, enables mutually beneficial two-way communication, unrivalled platform for targeting passive candidates, among others.

As stated by the new market research report on Recruitment Software, the US is the largest regional market for recruitment software, accounting for a majority share in the global revenues. Asia-Pacific represents the fastest growing regional market for recruitment software, with annual revenue from the region waxing at a CAGR of about 13.6% over the analysis period. Healthy economic growth, rising youth population, increase in employable workforce, mushrooming of new enterprises in diverse industries, shifting of both manufacturing prowess and service expertise from developed to developing countries and the ensuing rise in employment opportunities, are all factors poised to turbo-charge future growth in the region.

Major players in the global marketplace include 2LS Limited, Accolo Inc., Bond International Software Plc, ITS Software Systems Ltd., Jobvite, Inc., Kenexa Corporation, Lumesse, Microdec Plc, Newton Software, Oracle Corporation, Peoplefluent, Swiftpro Limited, SuccessFactors, among others.

The research report titled “Recruitment Software: 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 market estimates and projections by annual revenue (in US$ million) for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, 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/Recruitment_Software_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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