Procurement Market Intelligence Engagement Helps an HR Recruitment Company Understand the Supplier Market Landscape
Category Overview The HR recruitment market is driven by the organizations’ need to outsource support functions such as recruitment to third-party agencies. This helps organizations focus on their core competencies and cut-down the recruitment budget. Moreover, engaging with recruitment agencies help large and mid-sized businesses follow the best-in-class HR recruitment trends in the market. To […]READ MORE >>
The HR recruitment market is driven by the organizations’ need to outsource support functions such as recruitment to third-party agencies. This helps organizations focus on their core competencies and cut-down the recruitment budget. Moreover, engaging with recruitment agencies help large and mid-sized businesses follow the best-in-class HR recruitment trends in the market. To meet the buyer’s demands, professional agencies focus on aligning their recruitment processes with buyer-specific recruitments and cross-collaborate to get the right talent pool. The majority of HR agencies also focus on candidate relationship management to manage a large talent pool.
However, these agencies face challenges in terms of matching skill sets of job-specific criteria, which can include a combination of challenges. Furthermore, these challenges include blended skills, characteristics beyond educational qualifications, and the employment history.
The Procurement Pain Point
The client – a global recruitment service provider – approached SpendEdge to engage in a procurement market intelligence study to get strategic market insights in terms of category spend analysis, demand-supply shifts, and major growth constraints in the specific category domain. Moreover, this study also helped the client analyze service level agreement terms, supplier evaluation criteria, and category risk analysis.
The primary objective of this procurement market intelligence engagement was to help the client understand the supplier market landscape elucidating the supplier operational capabilities, key clients, and supplier selection criteria. Moreover, this engagement helped the client understand the major regulatory framework, strategic sustainability practices, and history of innovation.
To gain a comprehensive understanding of the category, SpendEdge’s team of procurement market intelligence experts followed an integrated research approach including primary and secondary research to gain a detailed overview of the market trends and best practices. Our experts reached out to category experts, procurement managers, category consultants, and client consultants to understand the long-term and short-term growth prospects and rapidly shifting trends in the HR recruitment industry.
Procurement Insights Offered and the Outcome
To address the procurement market intelligence requirements specific to the needs of the client – a global HR recruitment service provider – we deployed a team of FTE analysts with expertise in sourcing and procurement services. The process also helped the client gain insights on supplier cost break up, supplier positioning, and category negotiation strategies.
In just four weeks, the client was able to gain a clear view of recent market insights, demand-supply shifts, category spend analysis, and supplier market landscape.
This procurement market intelligence helped the client understand the procurement best practices by assessing the key competitors’ functional and operational capabilities in terms of hiring and outsourcing.
This case study offers comprehensive information on how our supplier landscape assessment helped a global client understand the market space for HR recruitment.