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This IDC study presents the 2008 actual revenue of the worldwide and U.S. markets for talent acquisition and staffing services, comparing growth over the prior year to 2007, and a five-year forecast. The war for talent has reached a cease-fire for the moment, and hiring has slowed dramatically especially in North America. Many large multinational employers have already and are still taking steps to reduce their workforces. The economic crisis does not mean no hiring but it does mean slower and much more selective hiring, as a result many of the services associated with hiring will be negatively impacted. The situation is not going to improve dramatically in the short term. The worldwide market for talent acquisition and staffing services in 2008 showed growth of 4.1% over 2007. As has been the case, the United States accounted for the largest share of spending; U.S. spending was up 2.2% in 2008. Actual spending both worldwide and U.S. was lower than prior forecasts.
"Suppliers of talent acquisition, staffing, and related services must continue to enhance their offerings in order to continue to win what business is available and to be positioned well when economic conditions improve," said Lisa Rowan, IDC's program director of HR and Talent Management Services. "In addition, they should consider the role that outsourcing can play as it is often appealing to buyers in a downturn, they should also consider the new buyer that may not be in recruiting, and they should strive to hold on to clients with superior service during this time."
