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1、IBISW1-800-330-3772infoIBISW INDUSTRY REPORT L6741-GLGlobal HR&Recruitment ServicesMatthew Buchko|September 2021Global HR&Recruitment ServicesSeptember 20212IBISWContentsCOVID-19(Coronavirus)Impact Update.3ABOUT THIS INDUSTRY.5Industry Definition.5Major Players.5Main Activities.5Supply Chain.6INDUST
2、RY AT A GLANCE.7Executive Summary.9INDUSTRY PERFORMANCE.10Key External Drivers.10Current Performance.11INDUSTRY OUTLOOK.14Outlook.14Industry Life Cycle.16PRODUCTS&MARKETS.17Supply Chain.17Products&Services.17Demand Determinants.18Major Markets.19Business Locations.21COMPETITIVE LANDSCAPE.23Market Sh
3、are Concentration.23Key Success Factors.23Cost Structure Benchmarks.24Basis of Competition.26Barriers to Entry.27Industry Globalization.28MAJOR COMPANIES.29Other Companies.29OPERATING CONDITIONS.31Capital Intensity.31Technology&Systems.32Revenue Volatility.33Regulation&Policy.33Industry Assistance.3
4、5KEY STATISTICS.36Industry Data.36Annual Change.36Key Ratios.36ADDITIONAL RESOURCES.37Additional Resources.37Industry Jargon.37Glossary.37Global HR&Recruitment ServicesSeptember 20213IBISWCOVID-19(Coronavirus)Impact UpdateIBISWorlds analysts constantly monitor the industry impacts of current events
5、in real-time here is an update ofhow this industry is likely to be impacted as a result of the global COVID-19 pandemic:Revenue growth for the Global HR and Recruitment Services industry has been adjusted to forecast growth of7.9%in 2021,due to an expected surge in demand resulting from an improved
6、business landscape.For more detail,please see the Current Performance chapter.The industry exhibits a moderate degree of globalization,which will leave it exposed to the volatility caused by thespread of coronavirus.For more detail,please see the Industry Globalization chapter.In 2020,profit is expe
7、cted to fall as a result of a complicated operating environment.In 2021,improved businessactivity is expected to spur growth in industry profit.For more detail,please see the Cost Structure Benchmarkschapter.Note:The content in this report is currently being updated to reflect the trends outlined ab
8、ove.Global HR&Recruitment ServicesSeptember 20214IBISWAbout IBISWorldIBISWorld specializes in industry research with coverage on thousands of global industries.Our comprehensive data and in-depth analysis helpbusinesses of all types gain quick and actionable insights on industries around the world.B
9、usy professionals can spend less time researchingand preparing for meetings,and more time focused on making strategic business decisions that benefit you,your company and your clients.Weoffer research on industries in the US,Canada,Australia,New Zealand,Germany,the UK,Ireland,China and Mexico,as wel
10、l as industries thatare truly global in nature.Global HR&Recruitment ServicesSeptember 20215IBISWAbout This IndustryIndustry DefinitionCompanies in the Global HR and Recruitment Services industry provide outsourced human resource andemployment placement services.These services include selecting and
11、placing permanent and temporary staff,employee leasing,listing employment vacancies and outsourcing management of personnel-related administrativefunctions,such as payroll and employee benefit administration.Major PlayersThere are no major players in this industryMain ActivitiesThe primary activitie
12、s of this industry are:Operating employment agencies or registriesOperating employment referral agencies or registriesProviding permanent placement servicesProviding temporary placement servicesProviding online job and resume listing servicesThe major products and services in this industry are:Tempo
13、rary placementPermanent staffingManaged services programmeOther servicesGlobal HR&Recruitment ServicesSeptember 20216IBISWSupply ChainSIMILAR INDUSTRIESGlobal Business ActivitiesGlobal Public Relations AgenciesGlobal Management ConsultantsGlobal Accounting Services RELATED INTERNATIONAL INDUSTRIESHu
14、man Resources&BenefitsAdministration in the USOffice Staffing&Temp Agenciesin the USProfessional EmployerOrganizations in the USOnline Recruitment SitesBusiness Process OutsourcingServicesHealthcare Staff RecruitmentAgenciesCasting AgenciesExecutive Search RecruitersEmployee Assistance ProgramServic
15、esEmployment Placement andRecruitment Services in AustraliaTemporary Staff Services inAustraliaEmployment Placement Agencies inthe UKTemporary-EmploymentPlacement Agencies in the UKHuman Resources Provision inthe UKExecutive Search Recruiters inthe UKHuman Resources&BenefitsAdministration in CanadaE
16、mployment&RecruitingAgencies in CanadaOffice Staffing&Temp Agenciesin CanadaEmployment Placement andRecruitment Services in NewZealandTemporary Staff Services in NewZealandEmployment Placement Agenciesin IrelandTravel Agencies and TourOperators in Ireland Global HR&Recruitment ServicesSeptember 2021
17、7IBISWIndustry at a GlanceKey Statistics$737.0bnRevenueAnnual Growth201620211.9%Annual Growth202120263.7%Annual Growth20162026$38.3bnProfitAnnual Growth20162021-2.8%Annual Growth20162021 5.2%Profit MarginAnnual Growth20162021-1.4pp Annual Growth20162021 574kBusinessesAnnual Growth201620214.9%Annual
18、Growth202120264.0%Annual Growth20162026 12mEmploymentAnnual Growth201620211.7%Annual Growth202120263.5%Annual Growth20162026$493.6bnWagesAnnual Growth201620211.9%Annual Growth202120263.6%Annual Growth20162026Key External Drivers%=201621 Annual Growth-0.2ppGlobal unemployment rate0.8%Industrial produ
19、ction index ofOECD countries3.9%GDP of the BRIC nations-0.8%Global investor confidence Industry StructurePOSITIVE IMPACT Capital IntensityLow ConcentrationLowMIXED IMPACT Life CycleMature Revenue VolatilityMedium Technology ChangeMedium Industry GlobalizationMedium/SteadyNEGATIVE IMPACT Industry Ass
20、istanceNone/Steady Regulation&PolicyHeavy/Decreasing Barriers to EntryLow/Decreasing CompetitionHigh/Increasing Global HR&Recruitment ServicesSeptember 20218IBISWProducts&Services Segmentation Major PlayersThere are no major players in this industrySWOTSTRENGTHS Low Capital Requirements WEAKNESSES L
21、ow Profit vs.Sector Average High Customer Class Concentration High Product/Service Concentration Low Revenue per Employee OPPORTUNITIES High Revenue Growth(2016-2021)High Revenue Growth(2021-2026)High Performance Drivers THREATS Very Low Revenue Growth(2005-2021)Low Outlier GrowthGlobal HR&Recruitme
22、nt ServicesSeptember 20219IBISWExecutive SummaryThe Global HR and Recruitment Services industry relies on an organizations demand for outsourcing its recruitmentprocesses and human resource management activities.Industry performance largely depends on economicconditions in major markets and the effe
23、ct these conditions have on demand for labor worldwide.Labor marketregulation,particularly relating to temporary employees,is also important to industry performance.While theliberalization of labor laws in developed nations has historically been essential to industry growth,large players havenow foc
24、used on emerging markets.Industry growth in these regions has expanded as the industrys largestcompanies expand into developing economies to connect employers with potential employees in industries such asconstruction and manufacturing.However,government shutdowns in response to the COVID-19(coronav
25、irus)outbreak hindered industry demand in 2020.As a result,IBISWorld projects industry revenue will increase at anannualized rate of 1.9%to$737.0 billion over the five years to 2021,including forecast growth of 7.9%in 2021 aloneas demand is expected to increase following the distribution of the COVI
26、D-19(coronavirus)vaccine in many parts ofthe world.The industry experienced a moderate level of revenue volatility over the past five years.Moreover,the industry isheavily fragmented due to low barriers of entry.With more companies competing through price,profit and industryservices have shifted ove
27、r the five years to 2021.Consequently,though major players have continued to acquiresmaller companies and invest in new services,market share concentration has remained low over the past fiveyears.IBISWorld projects the coronavirus pandemic will hinder industry profit in 2020 due to the surge in the
28、 numberof unemployed workers that have been either furloughed or laid off.As a result,operators in the industry areexperiencing more rapid declines than the global financial crisis more than a decade ago.Over the five years to 2026,the industry is expected to recover from the coronavirus pandemic.In
29、 addition,IBISWorld expects the industry to benefit from improvements in developed nations labor markets and the continuedgrowth of emerging markets.However,any unforeseen economic recovery delays,trouble with coronavirus variantstrains,travel restrictions and trade regulations pose a threat to indu
30、stry performance over the next five years.Consequently,IBISWorld projects industry revenue will increase at an annualized rate of 3.7%to$884.1 billion overthe five years to 2026.Global HR&Recruitment ServicesSeptember 202110IBISWIndustry PerformanceKey ExternalDriversGlobal unemployment rateThe Glob
31、al HR and Recruitment Services industry is sensitive to the overall level of job vacancies and operates bestwhen major markets are actively searching for employees.During recessionary periods,companies often cut backon hiring,increasing the national pools of unemployed labor.When global unemployment
32、 rises,demand foremployment agencies generally falls.The global unemployment rate is expected to decrease in 2021,representinga potential opportunity for the industry.GDP of the BRIC nationsThe GDP growth of emerging and newly industrialized economies can significantly influence demand for HR andrec
33、ruitment services.Consequently,GDP growth in these markets boosts industry revenue.The GDP of BRICnations(Brazil,Russia,India and China)is expected to increase in 2021.Global investor confidenceStrong investment activity suggests businesses are seeking to grow and expand.Amid an expanding economy,mo
34、re businesses will likely grow,necessitating outsourced HR and employment activities.Global investorconfidence is expected to increase in 2021 but has endured significant volatility over the five years to 2021,posing apotential threat to the industry.Industrial production index of OECD countriesThe
35、industrial production index(IPI)measures the output from the mining,manufacturing,electric and gas sectors.Many mining and manufacturing companies rely on the temporary labor services that companies in this industryprovide.As a result,an increase in the IPI will likely boost demand for the industry.
36、The IPI of OECD countries isexpected to increase in 2021.Global HR&Recruitment ServicesSeptember 202111IBISWCurrentPerformanceOperators in the Global HR and Recruitment Services industry aresensitive to changes in business investment and employment growth,which means that industry performance is lar
37、gely linked to the economiccycle.The industry is also sensitive to the outsourcing of employment-related functions,including training,outplacementand career counseling services.Other factors,such as the outsourcing of personnel functions that were formerlycompleted in-house,also have an influence on
38、 demand for human resources(HR)and recruitment services.However,due to the COVID-19(coronavirus)pandemic,IBISWorld expects government shutdowns and the overalleconomic slowdown to hinder demand for industry services in 2020.As a result,IBISWorld projects industry revenuewill increase at an annualize
39、d rate of 1.9%to$737.0 billion over the five years to 2021,with expected growth of7.9%in 2021 alone due to expectations for an improved business landscape following the development of thecoronavirus vaccine.VOLATILE ECONOMYThe industry is highly sensitive to changes in macroeconomic indicators,espec
40、ially those that are linked to employment.Furthermore,the industry must contend with technological,occupational and geographic shifts in the labor market.Technology is critically important for industry operators,particularly the need for a website that lists job vacancies sothat job seekers can appl
41、y to jobs electronically.A large,flexible database of potential employees and employersmust support the website.The industry has benefited from strengthening economic conditions over the past decade,with economic stimulushelping to stabilize the economies of Japan and Europe.Additionally,the industr
42、y has benefited from improving USand global employment rates and a steady supply of jobs among emerging economies.Although emergingeconomies combined revenue share has remained relatively small compared with industrialized nations,growth indeveloping markets has helped the industry grow over the fiv
43、e years to 2021.SERVICE CHANGEWhile companies have expanded their workforces over the past five years,many businesses are cautious about the long-term stability of the globaleconomy due to the recent pandemic.As a result,many operators have chosen to use temporary employees to manage the increase in
44、 demand for theirservices.Temporary employees afford companies flexibility within their labor force,as they are only under contractGlobal HR&Recruitment ServicesSeptember 202112IBISWfor a set amount of time and are less expensive to release from their duties,should demand decrease markedly.Temporary
45、 staffing is one of the main services industry operators provide to clients.However,this segments shareof revenue has decreased over the five years to 2021 as more operators have outsourced operations to save costs.Furthermore,the coronavirus pandemic is expected to further hinder demand for tempora
46、ry placement services.MARKET DISRUPTIONThe industry is hypersensitive to a changing economic climate and thespread of coronavirus in 2020 caused a significant decline in downstreamdemand for industry services.This is due to the surge in the number of unemployed workers that were furloughed or laid o
47、ff due to the pandemic.As a result,operators in the industry are experiencing diminished demand,similar to the global financial crisis morethan a decade ago.However,unlike the financial crisis,the threat of the coronavirus pandemic posesunprecedented challenges such as the pandemic affecting the glo
48、bal economy,social distancing being a normalpractice for employees when they return back to work and a disruption in the supply chain for all businesses.Moreover,the potential spread of variants has added extra uncertainty to the whole situation.INDUSTRY PROFITIBISWorld projects industry profit,meas
49、ured as earnings before interestand taxes,will account for 5.2%of industry revenue in 2021,down from6.6%in 2016 due to the coronavirus outbreak.With profit for employment and recruitment agencies tending to be low,industry operators have also responded tothe pandemic by implementing a short-term fur
50、loughing strategy and voluntary executive salary reductions.As aresult,operators in the industry are experiencing similar declines as the global financial crisis more than a decadeago.INDUSTRY TRANSFORMATIONThere have been significant changes in companies operations over thepast decade,including the