Automation and AI-Driven Recruitment to Fuel Staffing and Recruitment Market Growth During Forecast Period
The incorporation of recruitment technology, including artificial intelligence (AI) and automation, for the purpose of hiring by various enterprises is increasing rapidly. It provides benefits such as efficiency, personalization, and data-informed decision-making and also helps companies shortlist ideal candidates, automate manual tasks, and streamline the recruitment workflow, among other tasks. There are many ways to leverage AI and automation technology for talent attraction and candidate experience. For example, AI technology allows personalizing outreach while tracking candidates’ behavior on the website and sends them customized content and messages based on their interests. Further, AI helps find the best-fit candidate by matching an applicant’s experience and skills with the job description. The recruitment chatbox is another AI technology that offers job seekers real-time updates and interaction 24/7. It allows them to ask questions about job requirements or recruitment timelines while providing helpful feedback and suggestions. Further, AI-based video interview software helps assess a candidate’s word choices, speech patterns, and also facial expressions to check if the candidate is the right fit for the position. For instance, Brother International Corporation adopted an AI-powered Intelligent Talent Experience platform to attract, engage, and convert more job explorers with industry-leading AI technology. The platform integrates with the company’s Workday Recruiting ATS to provide candidates with a smooth end-user experience. In addition, the platform also helps the company to manage content and easily make edits to their career site without any IT technicians or an outside agency for coding. AI and automation have led to significant changes in the recruitment process and have revolutionized the entire process. Thus, automation and AI-driven recruitment will further contribute to the staffing and recruitment market growth in the coming years.
Staffing and Recruitment Market: Industry Overview
The staffing and recruitment market is segmented based on staffing type, recruitment channel, end user, and geography. Based on staffing type, the staffing and recruitment market is bifurcated into permanent and temporary. Based on recruitment channel, the staffing and recruitment market is categorized into online, hybrid, and offline. By end user, the staffing and recruitment market is segmented into IT and telecom, BFSI, healthcare, retail and e-commerce, and others. By geography, the staffing and recruitment market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
In 2022, North America led the staffing and recruitment market with a substantial revenue share, followed by Europe and APAC. The staffing and recruitment market in North America is segmented into the US, Canada, and Mexico. The staffing and recruitment industry is projected to increase significantly due to the presence of various human resource management (HRM) solution providers. Businesses in the US are focusing on enhancing employee’s efficiency and productivity by implementing HRM (human resource management) solutions in numerous activities such as payroll, time & attendance, and talent management. Cloud-based solutions offer robust processing and ease of accessing the software for employers. According to Glassdoor, as each job opening gets more than 250 applications, the use of AI-based intelligent algorithms supports employers in filtering the candidate’s profiles that match closely to the job descriptions. The rising adoption of new technologies such as AI, cloud, and automation by SMEs and other employers is boosting the staffing and recruitment market growth in the region.
Staffing and Recruitment Market: Competitive Landscape and Key Developments
Adecco Group AG, ALLIANCE RECRUITMENT AGENCY, BAC Middle East, Brunel, Hays plc, Korn Ferry, Medacs Healthcare Limited, Morgan Philips Group SA, NES Fircrof, and Randstad N.V. are among the leading players profiled in the staffing and recruitment market report. Several other essential staffing and recruitment market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. As per the company press releases, below are a few recent key developments:
- In 2023, the American Association for Physician Leadership (AAPL) formed a partnership with Korn Ferry, an organizational consulting firm. This partnership will leverage the experience of both organizations in leadership development and training to provide professional growth, leadership education, and management training for physicians and healthcare leaders. This collaboration aims to enhance patient outcomes, workforce wellness, and healthcare delivery.
- In 2022, Randstad India invested INR 50 crores to create new opportunities for attracting a local talent pool in the IT sector. The company planned to open a new center by creating more than 3,000 domestic IT jobs by 2023 and approximately 6,000 by the end of 2024 across the country.
- In 2022, Medacs Healthcare and Global Medics announced their partnership with Onwards, an online community designed to offer education and peer support to junior doctors and healthcare professionals in Australia. The collaboration is aimed at providing ongoing career support and empowering the next generation of healthcare professionals to deliver top-notch patient care. As part of the partnership, the companies will co-produce various informative content, including podcasts and blogs, to support the growth of the healthcare community.