Global procurement market intelligence advisory firm, SpendEdge, has announced the release of their 'Recruitment Services Procurement Research Report.' The insights and data in this report provide an in-depth strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the corporate services industry. This report breaks down the data and analysis behind the procurement of recruitment services and acts as an all-inclusive guide for making smart purchasing decisions.
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Global Recruitment Services Procurement Market Intelligence Report (Graphic: Business Wire)
"The HR recruitment market is driven by the organizations' need to outsource support functions such as recruitment to third-party agencies," says SpendEdge procurement research analyst Tridib Bora. "This helps organizations reduce operational expenses and absorb cuts in recruitment budgets," added Tridib.
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Key Report Features
|Supply Market Insights||Negotiation Strategies|
|Procurement Best Practices||Category Risk Analysis|
|Cost Saving Opportunities||Key Supplier Analysis|
|Pricing Models||Supplier Capability Matrix|
- Increased innovations related to professional social networks, videos, and virtual interviewing have fuelled the growth of hiring via digital platforms, thus increasing the growth of the overall recruitment services market. The need for employers to focus on core competencies and generate cost savings drives them to outsource the recruitment process to agencies, thereby facilitating market growth.
- Small businesses should adopt cost-effective ways to post job requirements and enhance brand recognition. The classifieds section in newspapers is a method of finding the right candidates among older age groups who are not well-versed with digital platforms. Furthermore, agencies prefer to post IT-related job openings on digital platforms (online job portals) as candidates that suit these job profiles usually search on online portals for relevant openings.
- There is a huge gap between hiring volumes and the allocated recruitment budgets. Many large organizations are scaling down hiring budgets and recruiting internally via internal job postings and employee referral programs. These budget cuts have also forced organizations to prioritize job vacancies based on the revenue generated by certain positions and their impact on the business.
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Recruitment Services Pricing Trends
The value-based is the most-widely adopted pricing model in the recruitment services market. This pricing model offers transparency in services and helps track conversions, resulting in better ROI. Moreover, it encourages agencies to provide effective and efficient services as performance is associated with incentives/penalties.
However, hybrid pricing is more effective and has a higher potential compared to the value-based pricing model. It Integrates two functions to eliminate process confusion, control costs, consolidate redundant technologies, and improve effectiveness in talent acquisition. It also helps in saving costs by performing recruitment activities in-house.
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