LONDON--(EON: Enhanced Online News)--According to the latest procurement intelligence report from Technavio, the global market for head hunting services is expected to grow at a CAGR of 4.49% over the next five years due to an increased business opportunities and need for suitable executive talent to manage businesses.
“During the forecast period, the market will witness increased competition among suppliers to offer efficient services to buyers by accessing passive candidates and screening candidates using advanced assessment methods”
The research report titled ‘Global Head Hunting Services: Procurement Intelligence Report 2016-2020’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the market will witness increased competition among suppliers to offer efficient services to buyers by accessing passive candidates and screening candidates using advanced assessment methods,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, increased business opportunities in developing economies due to political stability, economic reforms, and increased FDI, will drive the market for head hunting services,” adds Angad.
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Cost saving opportunities in the head hunting services market
The adoption of various cost-optimization levers helps buyers of head hunting services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the head hunting services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Adoption of technologies such as cloud computing, SaaS-based solutions and recruiting CRM help to source and track suitable applicants efficiently as buyers expect suppliers to operate on low TATs. The resume pool for headhunting services is relatively shallow compared to traditional recruitment services. For instance, suppliers such as Human Capital Group have a TAT of 20 business days to finalize the list of final candidates, which is much lower than the industry average of 6–8 weeks.
Adoption of negotiation strategies saving aspects
Factors such as experience, expertise, network, and incentives can be used for negotiating strategic opportunities. A comprehensive network of business contacts is a major selling point for suppliers
As the risk associated with hiring for critical executive requirements is high, buyers expect suppliers to possess an extensive global database and market intelligence on the top talent in various industries.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global head hunting services market is the need for consolidation all hiring-related requirements, such as staffing technology, recruitment marketing activities, and re-engineering of hiring processes.
Suppliers are expected to conduct an initial assessment of candidates to evaluate the appropriateness of their candidacy for a position. Many headhunting firms have their proprietary assessment tools to carry out this assessment.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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