The report compiled by Persistence Research focuses on factors influencing the present scenario of the ‘Human Resource Outsourcing Market’. The research report also offers concise analysis referring to commercialization aspects, profit estimations and size of the industry. In addition, the report highlights the competitive standing of major players in the projection timeline, which also includes their portfolios and expansion endeavors.
In today’s world, the rapid growth of industrialization has led to increasing the demand for trained and qualified employees to manage personal functions and administrative tasks of an enterprise. In order to improve operational efficiency, companies opt for services like human resource outsourcing in which the company that requires trained professionals, hire employees from firms providing such resources by having a service level agreement where both the groups mutually agree to the services that the resource will provide. Particular companies provide outsourcing resources. These resources join the company for a specified project and stay in the firm until the project ends. Once the project is over, the resource gets outsourced to some other business for another project.
The companies that are small to medium-sized outsource human resources in order to manage their administrative tasks in order to have economic and operational benefits. The key trend in the market is recruiting employees for outsourcing from social media in order to identify the appropriate resource for each project.
Human Resource Outsourcing: Drivers and Restraints
The process of human resource outsourcing is beneficial to many companies since this concept makes business processes very economical and efficient. Such factors drive the growth of human resource outsourcing market. Also, a lot of tedious training is required to have a separate operational HR department. Thus, business organizations prefer outsourcing as a solution. Such factors boost the market for human resource outsourcing.
Factors like loss of control over the staff, lack of flexibility restrains the organizations to adopt this outsourcing process. Also, this method prohibits the enterprise to maintain relationships with their employee, and it is also possible that the outsourced resource is not much benefit to the organization. Such factors hamper the growth of human resource outsourcing market.
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Human Resource Outsourcing: Segmentation
Segmentation based on types of services provided by Human Resource Outsourcing in Market:
- Time tracking
- Insurance Services
- HR Consulting
- Performance Management
Segmentation based on type of outsourcing of Human Resource Outsourcing in Market:
- Business process HR outsourcing: In this process, there is an external supplier that manages all the activities of the resource
- Shared service HR outsourcing: In this process, only transaction or administrative elements of the human resources are subcontracted to an external supplier
- Application (and facilities) service HR outsourcing: In this, the external supplier looks after technological infrastructure in order to support the activities of HR
Europe is expected to be the largest market for Human Resource Outsourcing market. The majority of Human Resource Outsourcing vendors such as Capita plc, Northgate Capital, LLC and Xansa PLC are based in Europe region. This is attributed to increasing number SMBs in the region. The market is anticipated to grow in North America region due to presence of other vendors like Ceridian HCM, Inc., ADP, LLC, in the region.
Regional analysis for Global Human Resource Outsourcing Market includes
- North America Human Resource Outsourcing Market
- Latin America Human Resource Outsourcing Market
- Rest of Latin America
- Western Europe Human Resource Outsourcing Market
- Rest of Western Europe
- Eastern Europe Human Resource Outsourcing Market
- Asia Pacific Human Resource Outsourcing Market
- Australia and New Zealand (A&NZ)
- Rest of Asia Pacific
- Japan Human Resource Outsourcing Market
- The Middle East and Africa Human Resource Outsourcing Market
- GCC Countries
- North Africa
- South Africa
- Rest of MEA
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Human Resource Outsourcing: Competitive Landscape
- Accenture PLC,
- Capita plc.,
- Northgate Capital, LLC,
- Xansa Plc.,
- Vertex Inc.,
- Ceridian HCM, Inc.,
- ADP, LLC.,,