According to a newly released IDC study, the market for talent acquisition and staffing services demonstrated solid growth in 2004, and early indications reveal that this trend is continuing through 2005. The study revealed that total market spending on recruiting and staffing services in 2004 grew 10.8% over 2003. IDC forecasts that worldwide recruiting and staffing services spending will experience a compound annual growth rate (CAGR) of 8.3 percent during the 2005-2009 forecast period. The comprehensive study also analyzes emerging market trends and technologies and examines the performance of over 40 staffing and talent-related vendors."All areas of talent management are experiencing growth, and sourcing and contingent staffing are no exceptions," said Lisa Rowan, program manager for IDC's HR and Talent Management Services. "The war for talent is re-emerging and employers are realizing that a high performing workforce is key to competitive advantage. Suppliers are responding with new strategies and offerings to help them win the battle."
The improved employment outlook in North America fueled much of the growth for talent acquisition and staffing services. The U.S. held the largest share of spending with 10.5 percent growth in 2004, and will lead in growth throughout the forecast period. EMEA, the second largest region in terms of spending, has relatively high unemployment rates, and slower growth is expected for this region as compared to the Americas and Asia/Pacific regions.
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