Market Snapshot:
Human Resource Outsourcing is a technique in which a company employs a third-party company to manage its human resources and administrative functions. In other words, HR outsourcing is the practice of getting work that has already been performed by corporate employees from other sources. HR functions are among the services that firms are most likely to outsource for a variety of reasons, including cost savings and allowing human resource experts to focus on more strategic endeavors. As a result, HR professionals are being asked to help businesses identify outsourcing alternatives and advise them through vendor selection and relationship management. Employers can choose from a variety of HR outsourcing services. Outsourcing one portion of one HR function, such as application monitoring for affirmative action purposes, or outsourcing the complete human resource department, are both viable possibilities.
Highlights from Outsourced Human Resource Services Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The key Manufacturers profiled in the report are International Business Machines Corp (United States), Accenture (Ireland), Adecco Group AG (Switzerland), Automatic Data Processing Inc (United States), Capgemini Service SAS (France), Capita Plc (United Kingdom), Ceridian HCM Holding Inc (United States), CGI Inc (Canada), Manpower Group (United States) and HCL Technologies Ltd (India). Additionally, other players that are part of this comprehensive study are HP Inc (United States), Infosys Ltd (India), Genpact Ltd (United States), Fidelity Investments Inc (United States) and Hexaware Technologies Ltd (India).
Geographic Breakdown and Segment Analysis
The Global Outsourced Human Resource Services market presents a comprehensive analysis of the Outsourced Human Resource Services market by product type (Software-as-a-service, Business-process outsourcing, Single-source outsourcing, Shared services and shared-services centers and Professional employer organizations), by end-user/application (Compensation, Workforce administration, External recruitment, Relocation, Employee rewards and recognition and Benefits administration), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Outsourced Human Resource Services industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Outsourced Human Resource Services market
Analyst at AMA have segmented the market study of Global Outsourced Human Resource Services market by Type, Application and Region.
Influencing Trend:
Analytics in recruitment has become a major trend in Human Resource Outsourcing. and Growth in the Start-up ecosystem is contributing to the growth of human resource outsourcing.
Market Growth Drivers:
The advancement in technology making the complex process of human resources digitized is driving the growth of Human Resource outsourcing.
Challenges:
Risk of data security and confidentiality. and May hamper relationship of companies with their employees
Restraints:
Loss of control over staff
Opportunities:
Companies are looking to reduce expenses in the human resources but are also looking for better recruitment
Market Developments Activities:
G&A Partners announced today that it has expanded into Iowa and Nebraska with the acquisition of Focus OneSource in Des Moines, Iowa. With this acquisition, G&A Partners will now provide HR services, employee benefits, and technology to more than 3,000 clients nationwide and more than 80,000 worksite employees.
Paychex and Jirav have announced officially an integration that allows accounting firms to provide significant financial strategic planning (FP&A) advice services to their clients utilizing both technological solutions. Accounting firms can also provide reports and insights to clientele faster and with fewer errors with respect to the implementation of Paychex workforce and financial data into Jirav's FP&A solution, which allows them to access data directly from the system of record and automate the refresh of mission-critical reports for clients.
Regulatory Insights:
Per the Employee’s Provident Fund Organisation (EPFO), every organization that has a minimum of 20 employees should register for the PF. Any non-adherence to the rules of EPFO may attract penalties.
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Key Target Audience
Human Resources Service Providers, IT Consultancy service providers, New Entrants and Investors, Air Amplifiers Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others