LONDON--(EON: Enhanced Online News)--According to the latest procurement intelligence report from Technavio, the global contract or temporary staffing services market is expected to grow at a CAGR of 6.9% over the next five years due to the need for cost-effective and high-quality staffing solutions in shorter TATs.
“The need for a flexible workforce to fulfill business requirements and to fill vacancies caused by unforeseen situations is driving the demand for this market”
The research report titled ‘Global Contract or Temporary Staffing Services Market: Procurement Market Intelligence Report 2017-2021’ 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.
“The need for a flexible workforce to fulfill business requirements and to fill vacancies caused by unforeseen situations is driving the demand for this market,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Also, the need for employers to focus on core competencies while generating cost savings is another important factor for buyers to opt for services from the market,” adds Angad.
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Cost saving opportunities in the global contract or temporary staffing services market
The adoption of various cost-optimization levers helps buyers of the global contract or temporary staffing services market 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 global contract or temporary staffing services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Unbundling of services
Adoption of technology saving aspects
Buyers prefer to engage with staffing firms that consistently update and improve their recruitment strategies and technologies. The efficient use of technologies can result in savings up to 20% of the total category spend.
Suppliers of the market are widely adopting technologies such as CRM systems, advanced applicant tracking systems, automated testing system, automated hiring system, and enterprise workforce planning.
Supplier competition saving aspects
Competitive bidding is carried out by suppliers to gain buyers based on expertise and knowledge of clients' industry and transparency in pricing. Suppliers capable of procuring insights into the physical and climate requirements of work, understanding working conditions, equipment provided for jobs offered, and existing career path are likely to close deals in this competitive market space.
Adoption of negotiation strategies saving aspects
Reduction in TATs and adoption of risk-sharing by vendors to link performance of hired candidates with variable payouts to suppliers leads to enhanced performance and a stronger supplier-buyer relationship.
This strategy alone can save up to 15% of the overall category spend, with more buyers looking to engage with staffing firms that train employees involved in recruitment to enhance their skills.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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, resellers, and end-users.
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