2012, a year of weak global economic recovery
Makes Move Against Changes
On the global human resources services market of ...
Acquisitions in the industry: a trajectory
In line with the volatile global economy, the "HRoot Global 50 Global Human Res...
In the "2013 Global 50 Human Resource Services Providers” ranking list, Adecco, Randstad , ManpowerGroup, and ADP firmly
o...
2011 2012 Year-on-year increase
Gross operating income 522.1 972.3 86.3%
Income of HR solutions 260.8 523.6 101%
Social me...
In response to the threat posed by SaaS providers, in recent years, traditional software giants have also tried to catch u...
On the Top 50 list, in addition to the list of 50 companies, there are some industry giants could not be included in the l...
Table 4 Financial analysis indicators used in the “HRoot Global 50 HR Service Providers 2013”
Competence
indicator
Financi...
Meanwhile, in the calculation of the exchange rate, this list still uses local currencies and the U.S. dollar average exch...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Ranking
higher/
lower
Rank
2013
Rank
2012
Company Logo Country Main busin...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Ranking
higher/
lower
Rank
2013
Rank
2012
Company Logo Country Main busin...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Ranking
higher/
lower
Rank
2013
Rank
2012
Company Logo Country Main busin...
Ranking in 2012 Company Country Main business Reason of absence
39 talent2 HR outsourcing Acquisition
40 Kenexa HR managem...
Industry
Financial Ratio
HR service
outsourcing
Talent dispatch
/ lease /
placement
Headhunting &
RPO
HR
consulting
HR
man...
1. Conditions on entrants: The revenues of human resources service providers shall account for over 50% of their revenues,...
(1) Annual revenue growth rate gauges the ratio of the difference between the revenues of Fiscal 2012 and Fiscal 2011 to t...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Ranking
higher/
lower
Rank
2013
Rank
2012
Company Logo Country Main busin...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Ranking
higher/
lower
Rank
2013
Rank
2012
Company Logo Country Main busin...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Ranking
higher/
lower
Rank
2013
Rank
2012
Company Logo Country Main busin...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Ranking
higher/
lower
Rank
2013
Rank
2012
Company Logo Country Main busin...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Ranking
higher/
lower
Rank
2013
Rank
2012
Company Logo Country Main busin...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Ranking
higher/
lower
Rank
2013
Rank
2012
Company Logo Country Main busin...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Rank of annual
revenue growth
rate
Company Logo Country Main business
Tot...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Rank of annual
revenue growth
rate
Company Logo Country Main business
Tot...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Rank of annual
revenue growth
rate
Company Logo Country Main business
Tot...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Rank of growth rate
of annual revenue
Company Logo Country Main business
...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
2013年排名 公司名称 LOGO 国别 主营业务 2012财年总收入(百万美元) 2012财年营业利润(百万美元) 2012财年营业利润率
24...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
2013年排名 公司名称 LOGO 国别 主营业务 2012财年总收入(百万美元) 2012财年营业利润(百万美元) 2012财年营业利润率
47...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Industry
Rank
2013
Company LOGO Country
Annual
revenue
growth rate
Compar...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Industry
Rank
2013
Company LOGO Country
Annual
revenue
growth rate
Compar...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Industry
Rank
2013
Company LOGO Country
Annual
revenue
growth rate
Compar...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Industry
Rank
2013
Company LOGO Country
Annual
revenue
growth rate
Compar...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Industry
Rank
2013
Company LOGO Country
Annual
revenue
growth rate
Compar...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Industry
Rank
2013
Company LOGO Country
Annual
revenue
growth rate
Compar...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Industry
Rank
2013
Company LOGO Country
Annual
revenue
growth rate
Compar...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Industry
Rank
2013
Company LOGO Country
Annual
revenue
growth rate
Compar...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Industry
Rank
2013
Company LOGO Country
Annual
revenue
growth rate
Compar...
GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013
Industry
Rank
2013
Company LOGO Country
Annual
revenue
growth rate
Compar...
Company name in
Chinese:
德科
Company name in
English:
Adecco
Headquarters: Geneva, Switzerland Country: Switzerland
Establi...
Operating profit Net profit Pre-tax profit Shareholders' equity
164 48 750 3,501
Major financial data in Fiscal 2012(Unit:...
Company name in
Chinese:
万宝盛华
Company name in
English:
ManpowerGroup
Headquarters: Wisconsin, United States of America Cou...
Company name in
Chinese:
安德普翰
Company name in
English:
ADP
Headquarters: New Jersey, United States of America Country: Uni...
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
2013 Global top50 hr service providers ranking and whitepaper by HRoot
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2013 Global top50 hr service providers ranking and whitepaper by HRoot

  1. 1. 2012, a year of weak global economic recovery Makes Move Against Changes On the global human resources services market of 2013-2013 The year 2012 saw a bumpy ride of the recovery of world economic Fiscal tightening, financial turmoil, market vulnerability have made investment, employment, manufacturing, and many other economic indicators show no signs of improvement. In its “World Economic Situation and Prospects 2013-Update as of Mid-2013", the United Nations points out that, as the world economy is still facing the euro zone debt crisis, the U.S. Is facing fiscal cliff and some developing countries are slated for hard landings, and may of them are continuing to be affected by quantitative easing measures of developed countries. Therefore, although the overall scenario has improved, no significant improvement has been seen economic growth; the economic growths show significant gaps between different regions and countries,. Meanwhile, the world gross production (WGP) is expected to pose a growth rate of 2.3% in 2013, 0.1% lower than expected at the beginning of the year. Over the past few years, the lingering, synchronized global economic slowdown has been replaced by measurable growth, yet recovery remain weak and is characterized by it diversity." In line with the weak global economic recovery, the performances of the global human resources markets are also uneven, while the ranking list of "HRoot Global 50 Human Resources Services Providers" reflects the vicissitudes. Similar to the cases in 2012, all the 50 companies on this year's list have posted growth in revenue in fiscal 2012. Among them, On Assignment, focusing on talent placement, and Workday, a human resources software company, respectively post 107.6% and 104.2% in revenue growth, making them most eye-catching two companies. In addition, it is worth mentioning that, despite the complex economic environment, CIIC still achieved a revenue growth of 18.9%, ranking the eighth in the list, and making it an indisputable leader in China's human resources services. Judging from the indicator of "operating profit", there are 40 enterprises on this year's Global 50 list that have proved profit-making, a figure being a slightly lower than last year’s 44. Among them, there are 33 companies that have turned up net profit. Overall, compared to other industries, this year's global human resources services industry is arguably a tough survivor from the turmoil. Corporate earnings of Global 50 HR Service Providers in fiscal 2012 (operating profit) Corporate earnings of Global 50 HR Service Providers in fiscal 2012 (net profit) 1
  2. 2. Acquisitions in the industry: a trajectory In line with the volatile global economy, the "HRoot Global 50 Global Human Resources Services Providers” list telegraphs the tears and cheers of related companies: A total of four companies have made their debut on the list, while four other companies on last year's list have been flunked out, including Talent2, the largest human resources business process outsourcing and management service organizations in Australia (the 39th on the "HRoot Global 50 Global Human Resources Service Providers 2012”), announced on September 13, 2012 to form joint venture with Allegis Group , the third largest staffing company in the U.S., in an effort to enhance the ability to provide worldwide customers with recruitment and human resources outsourcing services. In addition, the integrated human resources services provider Kenexa was acquired by IBM in August 2012 at $1.3 billion, a move that increased IBM’s competitiveness in the field of social media. Among the companies making debut on the list, the human resource software developer Workday is arguably a subversive one to the tradition. Workday is an American online human resources software developer, co-founded in 2005 by Aneel Bhusri and Dave Duffield, mainly relly on cloud-based software deployment model to help companies manage human resources and finance. Workday has deep-rooted connections with Oracle, and it staged a living scene of counter-attack in dire straits. The two co- founders were once at the helm of PeopleSoft, corporate applications software. After Oracle made hostile acquisition of PeopleSoft, the two people left PeopleSoft; meanwhile, they predicted that within a decade, the great migration from the personal computer to the clouds would take place in the software industry. Basing on this concept, the duo formed Workday in 2005. Facts have proved that the foresight of the two. The rapid development of Workday has translated into a staggering operating income that has reached billions of dollars, and the company has turned profit-making several times. On October 12, 2012, Workday went public through initial public offering. It sold nearly 2,800 million shares at the price of $28 per share, raising nearly $637 million dollars. The deal leads to the estimation of market value of Workday to hit 4.5 billion U.S. dollars. Analysts said that since the Facebook IPO on May 18, this has been the largest IPO in the technology industry. Currently, Workday is serving nearly 300 enterprises, and its user base poses an annual growth rate close to 100%, of which about half are from the companies’ competitors such as Oracle or SAP. In Fiscal 2012, Workday's revenue hit $274 million; among them, its revenue underwent "explosive growth" in the fourth-quarter, reaching $81.5 million, an increase of 89% over its revenue in the same period in the previous year. This has made Workday the fastest growing human resources software company, and has secured the company’s position on the Global 50 list, ranked as No. 44. In addition, it is worth mentioning that Recruit, a company that makes its debut in the Global 50 ranking list, is Japan's largest human resources and consumer internet. It is also the largest shareholder of 51job, China’s largest online recruiting agency. According to public information, as of the first quarter of 2011, Recruit held 41.2% of the shares of 51job. Recruit reports an annual revenue exceeding 800 billion yen, and it is also the parent company of Indeed, a representative of the search -recruitment model, which it acquired in September 2012. In fiscal 2012, Recruit ‘s revenue reached 10.083 billion U.S. dollars, an increase of 7.2% in year-on- year profit, while its profit has grown by 14.3% over that of the previous year, and is ranked No. 5 on this year’s Global 50 list. Ranking in 2012 Company Country Main business Reason of absence 39 talent2 Australia HR outsourcing Acquisition 40 Kenexa US HR management software Acquisition 48 The ReThink Group US HR outsourcing Not clear 49 Saba Software US HR management software Not clear Table 1 Previously listed companies absent from the "HRoot Global 50 Global Human Resources Service Providers 2013” Table 2 Companies making debut on the “HRoot Global 50 Global Human Resources Service Providers 2013” Ranking in 2013 Company Country Main business Revenue in Fiscal 2012 (USD, million) 5 RECRUIT Japan Headhunting and recruitment process outsourcing 10,083 12 usg people The Netherlands Talent dispatch/lease/placement 3,695 44 workday US HR management software 274 52 Cornerstone ONDEMAND US HR management software 118 GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Executive Summary 2
  3. 3. In the "2013 Global 50 Human Resource Services Providers” ranking list, Adecco, Randstad , ManpowerGroup, and ADP firmly occupy the positions of top four. Affected by the global economic downturn, in fiscal year 2012 the operating incomes of Adecco, Randstad, ManpowerGroup are lower than the figures in fiscal 2011. However, the three companies have achieved positive growth in operating profit. In contrast, ADP’s performance is particularly rosy. In fiscal 2012, ADP achieved positive growth in both revenue and operating profit, securing its ranking as the fourth on the list; as of March 31, 2012, ADP's market capitalization was registered $30.96 billion, outnumbering all other human resource service providers in the world, testifying to the strong growth of human resources outsourcing. In contrast, the performances of human resources consulting firms in fiscal year 2012 performance faired less perfect. In the 2013 Global 50 list, Aon Hewitt and Mercer regrettably fell out of the top ten, while the ranking of Towers Watson (No. 13) is lower than it was last year. It is worth mentioning that, Resources Global Professionals, boasting its 12.8% growth rate of its operating profit, has muscled its way into the top ten companies in profit growth in Fiscal 2012, becoming the fastest growing human resources consulting company. With the rise of social networking recruitment, traditional online recruitment model in the form of job board is showing signs of declining. But in China, due to the strong market demand, companies of the job board online recruitment are still able to maintain a certain growth mode for quite a long time. Among them, the financial performance of 51job continues to maintain a steady upward trend. In Fiscal 2012, the revenue of 51job reached $240 million, a year-on-year increase of 9.9%, while its operating profit increased by 32.1%, making its rate of profit increase the second on the Global 50 ranking list, only behind that of Paychex. After the acquisition of ChinaHR, its market share was taken over by 51job and Zhaopin. Consequently, in January 2013, its parent company, the Australian recruitment service provider Seek Limited, spent $105 million to increase its stake in Zhaopin, to increase its stake from 55.5% to 72.3%. In addition, Seek Limited is also the parent company of JobDB, another Chinese online recruitment agency. Affected by the uncertain economic situation of the world, the average annual revenue growth rate of the HR outsourcing industry in 2012 has declined to 11.4% from 16.4% in 2011. However, on the Global 50 list, Paychex and ADP post operating margin up to 38.3% and 20.9% respectively, leading the pack in the human resource outsourcing industry. Among them, Paychex still topped the list in terms of operating profit growth, making it the world's fastest growing company in the 2012 fiscal year. In addition, the development momentum of recruitment process outsourcing business proves to be very strong. According to "2012 Global RPO Report" released by the Everest Group, in 2011 the capitalization of the global RPO market reached $1.6 billion, showing an annual growth rate of over 25%; the North American market continued to grow, while the size of the market in Europe and Asia are growing fastest. The world's leading RPO providers have entered the Chinese market, and actively flexing their muscle in expansion. The rise of social networks makes the recruitment industry undergo tremendous changes, leaving traditional recruitment network under severe challenges, while executive search industry was the first to be hurt. In the face of such a plight, Renrenlietou join the headhunting industry with its crowdsourcing model. The so-called crowdsourcing model is a new forms of production that the Internet has brought, namely the enterprise use the Internet to distribute its tasks, discover new ideas or solve technical problems. With the control via the Internet, these organizations can take advantage of the creativity and ability of an army of volunteers who have the skills to complete the tasks, willing to work in their spare time, and satisfied with the moderate or zero immediate reward, or are just satisfied for getting more rewards in the future. For the software industry and the service sector, crowdsourcing provides a new way to organize labor. Through crowdsourcing, the company announces the vacancies, and everyone can recommend candidates, a practice that will maximize the efficiency of recruitment, or in other words, everyone becomes a headhunter. The crowdsourcing model to create a new model of corporate recruitment, companies need to seize new wave of crowdsourcing model, can help enterprises to continue to attract the best talent, talent performance optimization, developing human potential, talent management, reduce compliance risk. In addition, as mobile devices increases, employment groups younger, the era of mobile learning, learners achieve anytime, anywhere learning goals fragmentation, and collaborative learning, social learning into the mainstream. These new technologies and concepts have turned learning from the static, instructor-based, traditional classroom training mode into a dynamic, learner-oriented, real-time, interactive learning experience that can happen anywhere. Given this trend, the site Skillshare emerged on the scene. On the Skillshare platforms, each person can either become a teacher or a student. In this mode, everyone can provide training resources can have an important impact on corporate culture in the future. Uneven development of the industry Average year-on-year revenue growth rate of HR service outsourcing industry GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Executive Summary 3
  4. 4. 2011 2012 Year-on-year increase Gross operating income 522.1 972.3 86.3% Income of HR solutions 260.8 523.6 101% Social media recruitment has a bright future LinkedIn is on the Global 50 list because since fiscal 2011, recruitment services have generated more than 50% of its total revenues. As its recruitment business have generated over 50% of total revenue, a fact that comply with the standards to be included in the list, therefore it appear on the Global 50 list as an online recruitment agency. In the 2012 fiscal year, LinkedIn’s revenues grew by leaps and bounds, and reached $972 million, an increase of 86.3% over the US $522.2 million in 2011 while its profits increased by 119%, being ranked the 26th on the list. Its talent solutions pulled in revenues of $523.6 million, accounting for 53.8% of those of its overall business, showing an increase of 101%, or in other words, which have doubled. In addition, the first quarter of 2013, LinkedIn's revenues mainly come from the following three sections: Paid subscription services (generating 20% of its total revenue); marketing programs (23% of total revenue); and talent solutions (57% of its total revenue). Meanwhile, LinkedIn reported revenues of $324.7 million in the first-quarter of Fiscal 2013, a year-on-year increase of 72%, making it the fastest growing company in 2013 among fast-growing technology companies in the United States. In May 2013, LinkedIn’s share price closed at $175.03, a record high since its IPO in May 2011. In May 2011, LinkedIn's IPO price was $45, while its current share price almost quadrangle. The industry believes that, LinkedIn’s “Recruiter” and talent solutions provide a platform of high value for recruiters; based on the powerful network effect, strong revenue-generating capacity and the ability to rapidly develop innovative products, LinkedIn has a very strong competitive edge among competitors in the circle. "In 2008, LinkedIn had 33 million users, and now the number is seven-fold. The revenue of LinkedIn in 2013 year is expected to be close to $1.5 billion. The profit of LinkedIn is also steadily increasing. Analysts expect that LinkedIn's net profit this year will show an increase of about 20 percent, to 26 million U.S. dollars. Pitted against the rapid development of professional social networking sites, traditional online recruitment agencies are obviously overshadowed. In Fiscal 2012, the revenue of the traditional online recruitment site Monster was registered $890 million, showing a decline from $1.04 billion in 2011, down 14.4 percent. In addition, according to its latest financial result, Monster’s revenue in the first quarter of 2013 was $212 million, down 9% from $234 million in the same period the previous year. Meanwhile the financial result of Monster in the third quarter of 2012 shows that its revenue was still below the market expectations, down 10.5% to $222 million, a net loss being a whopping $194.2 million. One major reason is the three-quarter earnings included a loss of $233 million brought by ChinaHR, and the amount of loss forced Monster to give up its China businesses. Meanwhile, in 2013 Monster announced that it will consider "strategic choice" to enhance its shareholders value. This "strategic choice" includes a lot of internal options, and potential sales of the company to increase its shareholder value. In addition to the sales of ChinaHR, Monster will give up its business in Brazil, Mexico and Turkey. Social networking has changed the recruitment industry's marketing, business and product models, and its impact on the traditional online recruitment is becoming increasingly evident. According to the Global Employee Survey Index" released by Kelly Services, a U.S. human resource service provider, in 2012 employers using social media accounted for 89% of the total, 55% of employers will increase investment in social media recruitment. In China, 21% of the employees use social networks to find jobs. In the face of the huge impact social networking sites, traditional online recruitment agencies need to adjust their directions and undergo changes, break the bottleneck of the homogenization, so that they can attract long-term users. Only by doing can they survive from the battle. 2010-2013 LinkedIn Revenue Composition Source: Annual report of LinkedIn Financial figures of LinkedIn(Unit:$, million) GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Executive Summary 4
  5. 5. In response to the threat posed by SaaS providers, in recent years, traditional software giants have also tried to catch up, even shelled big money into acquisitions. In December 2011, SAP spent $3.4 billion on the acquisition of the cloud-based human capital management solutions leader SuccessFactors. SuccessFactors is the human resources software industry pioneer of the SaaS model, and it has 40 years experience in intellectual innovation, customer successes and experience in on-demand solutions and prefabricated solutions. In February 2012, Oracle will talent management cloud service provider Taleo bag, purchase price of $1.9 billion. Oracle's acquisition of Taleo is intended for business users to establish a more comprehensive talent management cloud solutions to help companies retain talent, improve operational efficiency, through social media and other ways to help employees in the process and teamwork more good to grow. In August 2012, IBM spent $1.3 billion on the acquisition of Kenexa, a cloud-based HR software provider committed to helping customers improve recruitment efficiency, improve employee productivity and retention rates, and improve managerial decision-making. In the human resources software market, SuccessFactors, Taleo, Kenexa, Workday, etc., have adopted the cloud-based SaaS platform to achieve corporate talent management, which has make them become subjects of acquisition by SAP, Oracle, IBM and other software giants. In addition, customer relationship management solutions leader Salesforce.com also jointed in the competition in the field of human resources software by acquiring performance management software provider Rypple, a provider of cloud-based software that relies on using a social model of human resources. It is able to provide a range of features, from goal setting, giving feedback to striking up dialogues between employees and their directors. In addition, on the Global 50 list, Cornerstone ONDEMAND, Ultimate SOFTWARE, ClickSoftware also boast commendable performances. Cornerstone is an American company that provides cloud-based talent management software solutions for leading enterprises. In Fiscal 2012 it reported revenues of $118 million, an increase of 61.5% from $73 million in 2011, justifying for its position in the Global 50 (ranked No. 49). In March 2013, Gartner Inc.’s Talent Management Suite Magic Quadrant report featured Cornerstone in the "leader quadrant." In addition, in the “Forrester Wave: Talent Management" report of First Quarter 2013 released in March 2013, Cornerstone also has appeared in the "leader" column. Ultimate Software is an American cloud-based SaaS (Software as a Service) company, whose main application area is human resources, from recruitment to retirement offers a range of human resource solutions. Fiscal 2012 revenues of $332 million, with $269 million in 2011 compared to revenue growth of 23.4%, in the Global 50 2013 list, ranked No. 42. ClickSoftware is Israel a service-oriented industry, human resource management and optimization software products and solutions provider, the company through licensing its software products and provide consulting and support services for revenue. Fiscal 2012 revenues of $100 million, with $087 million in 2011 compared to revenue growth of 14.9%, in the Global 50 2013 list (ranked No. 50). From Cornerstone to Clicksoftware then Ultimate Software, cloud-based SaaS companies already dominate the field of human resource services, the era of the cloud lifted from the fundamental transformation of human resources of the big screen. Cloud computing and SaaS software can help human resource managers focus on core business, improve flexibility and effective cost control strategies to maximize the value of play. According to Forrester estimates that the cloud computing market will grow from 2011's $40.7 billion in 2020 to grow to 2,410 billion U.S. dollars, embrace cloud computing and SaaS is becoming a trend. It is foreseeable that the future of cloud computing, mobile devices aggregation, social networking and other new technologies in the field of human resources will lead the new wave of change. Given the uncertainty in the global macroeconomic environment, the global M & A activities slowed down in 2012. Under the global economic downturn pressure, China's economic growth rate fell slightly. Meanwhile, the European debt crisis, the global real economy is facing downward pressure, increasing the uncertainty of economic recovery, which become an obstacle to corporate mergers and acquisitions. However, in stark contrast, in the human resources market M & A is still the key word. In 2012, global HR industry M & A activities were very active, and many human resources companies are looking to enter a new geographic and suitable business to accelerate growth. Among them, the online recruitment industry mergers and acquisitions can be described as turbulent. September 2012, Japan's human resources and information services company acquired the famous North American Recruit career site Indeed.com. October 2012, online recruitment firm Dice Holdings invested U.S. $20 million purchase of Geeknet's online media business, including Slashdot and SourceForge website. February 2013, the Irish online recruitment company is still Dragon Group (Saongroup) announced a partnership with the United States signed a purchase agreement, Monster, Monster's acquisition of ChinaHR 90% of the shares. For these companies, seize the opportunity, contrarian merger is the best way for business expansion. New technologies reign supreme Mergers and acquisitions gain momentum GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Executive Summary 5
  6. 6. On the Top 50 list, in addition to the list of 50 companies, there are some industry giants could not be included in the list due to various reasons. However, the performances of these human resources service providers are no mean feat, and they are driving forces of the global human resources industry nonetheless. Allegis Group is ranked first among human capital management companies in the United States, and it is the world's largest IT staffing and human capital management company. In addition, it is also the world's fifth largest human capital management company; in 2011 its total revenue was $8 billion. Over 50% customers of ALLEGIS come from FTSE100 companies and 90% of them are Fortune 500 companies. Indeed is the world's largest recruitment search engine. In 2010, according to the market research firm comScore, Indeed outflanked Monster for the first time, and became the largest job search site in the United States. Currently, it boasts traffic of visits that is equivalent to that of Monster and CareerBuilder combined. In January 2013, Indeed announced its monthly visitor reached 100 million. In 2012 it was acquired by the Japanese company Recruit; its profit-making model is similar to those of Google. Glassdoor is a professional community site that mainly provides reviews, compares salaries and posts jobs and other services. Glassdoor transforms recruitment sites into community-based job sites that communicate among users to solve the problem of information asymmetry in the recruitment process. In 2012, the growth rate of Glassdoor's revenue hit 175%, mainly driven by display advertising, providing accurate delivery of jobs information, tailoring special page for employers, competitor analysis, and other tools. The Global 50 ranking list still uses the DuPont analysis, considering enterprise ROE as the product of a number of financial ratios, which is helpful with in-depth analysis and comparison of business performances. By a number of ratio that evaluate the business efficiency and financial condition which intrinsically linked organically combined to form a complete index system, and ultimately through the consolidated ROE to reflect. In this ranking, the four dimensions of the 10 indicators selected for comparison, in-depth analysis of the human resources services operating conditions. Time Particular May 2012 Global networking site LinkedIn announces acquisition of professional content sharing community SlideShare for US$118.75 million Jul. 2012 Leading membership-based consulting firm Corporate Executive Board (CEB), announces to acquire the British talent assessment company SHL for US$660 million in cash Aug. 2012 IT and business solutions company IBM has agreed to spend $1.3 billion on the acquisition of Kenexa, a recruitment and talent management software and services provider Sept. 2012 Korn/Ferry International acquires Global Novations, LLC., a Boston-based global leadership development solutions provider Sept. 2012 Talent management solutions provider Talent2 and U.S. human resource services provider Allegis establish a joint venture Sept. 2012 Recruit, a Japanese human resources and information services company, acquires the North American professional website Indeed.com Oct. 2012 Online recruitment firm Dice Holdings invests US$20 million on the purchase of Geeknet, an online media company, including the websites of Slashdot and SourceForge Nov. 2012 Leading American human resources solutions provider Insperity announces acquisition of time and attendance solutions provider Sage TimeSheet Dec. 2012 Korn/Ferry International announced the acquisition of a leading global leadership solutions provider in Minneapolis PDI Ninth House Feb. 2012 Irish online recruitment company Saongroup announces a deal with the Amercian company Monster Group to acquire 90% equity of ChinaHR Mar. 2013 Performance, knowledge and learning management solutions provider NetDimensions spends US$3.5 million on the acquisition of the online learning and compliance solutions provider eHealthcareIT Table 2 Major Mergers& Acquisition events in the HR industry worldwide, 2012-2013 GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Executive Summary 6
  7. 7. Table 4 Financial analysis indicators used in the “HRoot Global 50 HR Service Providers 2013” Competence indicator Financial ratio Formula Operating capacity Annual revenue growth rate (Current revenue - on revenue) / on revenue Total asset turnover ratio Revenue / average total assets Accounts receivable turnover ratio Revenue / average accounts receivable balance Return on assets (ROA) Net profit/average total assets Profitability Operating margin Operating profit/revenue Net profit margin Net profit/main business income Return on shareholder’s equity (ROE) Net profit/shareholders' equity Financial structure Debt-asset ratio Liabilities/total assets Solvency Current ratio Current assets/current liabilities Times interest earned(TIE) EBIT/interest expense First, by comparing revenue growth, total asset turnover, accounts receivable turnover, asset margin four indicators to measure the viability of the enterprise. Among them, the annual revenue growth reflects increases and decreases in revenue. Total asset turnover reflects the overall assets of the enterprise operational capacity. In general, the total asset turnover faster, the stronger operational capabilities. Accounts receivable turnover ratio illustrates the company within a certain period the average number of accounts receivable into cash. The Top 50 rankings, On Assignment and workday to 107.6% and 104.2% of the revenue growth to become the fastest-growing companies, and human resource management software places the growth rate of 35.1% become the fastest growing industry revenue. In addition, CIIC the company's total asset turnover was flat with 2012, continue to maintain 8.4, second only to the company's 11.4 Corporate Resource Services, and accounts receivable turnover rate as high as 152.2, showing the CIIC uncertainty in the economic environment of robust operational capability. Secondly, operating margin, net profit margin, return on net assets three indicators reflect the company's profitability. Among them, the ROE reflects the profitability of shareholders' investment funds, corporate finance, operations and other activities with a DuPont analysis of the most important indicators. From the list view, Japan's Fullcast Holdings Company ranked first by 22.2%, while the future worries (51job) ranked second with 17.6%. In addition, from the sub-industry perspective, online recruitment industry with 9.7% ROE companies come out on top. Finally, the current ratio, interest coverage has been reflected in the company's solvency. Among them, the current ratio indicates that short-term solvency of companies, while enterprises have been used to measure the interest cover long-term solvency. In general, the higher the interest earned multiples, the stronger the corporate long-term solvency. In this ranking, ADP and CIIC to 276.6 and 174.0, respectively, the interest coverage ratio has been a long-term solvency of the strongest companies. In addition, the Top 50 list also introduces the concept of the industry average value for the field of human resources services to provide different industries the benchmark. This method can be more intuitive and objective for investors to determine the human resources services institution's financial position overall level of risk they face reveal the size and growth. In this list, the industry average is 59 enterprises on human resources outsourcing, temporary staffing / Lease / placement services, executive search and recruitment process outsourcing services, human resources consulting, human resource management software, online recruiting division of industry classification, various financial ratios mean. By various indicators of human resources services and comparative analysis of the industry average, giving composite score, according to grade level to assess its financial level, which reflect the company's profitability in the industry. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Executive Summary 7
  8. 8. Meanwhile, in the calculation of the exchange rate, this list still uses local currencies and the U.S. dollar average exchange rate for the year, an exchange rate calculation method adopted by Fortune magazine in its workout of the Global 500 ranking. We convert the company’s sales revenues into U.S. Dollar amounts before working out the final sorting: This algorithm excludes the impact of annual changes in interest rates on rankings, and hence minimize the likelihood of errors. In 2013, the world economy will slowly recover in turmoil, and enterprises will still face more complex environmental challenges. The general global economy has improved, but its downside risks and uncertainties still exist. In the future, the global competitions of human resource management will meet head-on with such challenges as economic globalization, information proliferation on the Net, popularization of knowledge, talent internationalization and extensive changes to corporate management. In this situation, corporate human resources managers need to continuously upgrade their maturity so as to adapt to requirements on organizational survival and development brought by globalization. In an era of globalization, the market environment is so complex that organizations of human resources services need to judge situations, make timely change, constantly stimulate endogenous power, so as to harness the uncertainty of future competition, and create their own unparalleled competitive advantage. Table 5 Financial ratios averages by industry in the “HRoot Global 50 HR Service Providers 2013” Industry Financial Ratio HR service outsourcing Talent dispatch / lease / placement Headhunting & RPO HR consulting HR management software Online recruitment Annual revenue growth rate 11.4% 9.7% 2.4% 35.1% 19.1% 4.3% Total asset turnover ratio 3.2 3.5 2.5 0.8 0.7 1.0 Accounts receivable turnover ratio 22.5 15.0 7.2 4.2 11.2 5.3 Return on assets 5.2% 2.3% 0.5% -5.0% 5.1% 7.0% Operating margin 7.8% 4.4% 3.4% -12.6% 18.4% 12.2% Net profit margin 4.9% 0.9% 1.5% -10.4% 6.4% 7.4% ROE 19.5% 1.5% -3.4% -11.5% 5.3% 10.9% Debt-asset ratio 58.3% 53.8% 45.8% 51.3% 37.6% 34.6% Current ratio 1.3 1.8 1.9 2.1 2.1 2.6 Times interest earned 180.0 8.8 28.5 / 8.8 / GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Executive Summary 8
  9. 9. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ― 1 1 德科(Adecco) Talent dispatch/lease/ placement 26,391 28,567 -7.6% 865 1,061 3.3% ― 2 2 任仕达(randstad) Talent dispatch/lease/ placement 21,959 22,560 -2.7% 164 347 0.7% ― 3 3 万宝盛华集团(ManpowerGroup) Talent dispatch/lease/ placement 20,678 22,006 -6.0% 412 524 2.0% ― 4 4 安德普翰(ADP) HR service outsourcing 10,172 9,880 3.0% 2,122 1,933 20.9% → 5 / RECRUIT Headhunting & RPO 10,083 9,409 7.2% 1,438 1,131 14.3% ― 6 6 瀚纳仕(HAYS) Headhunting & RPO 5,794 5,222 10.9% 203 183 3.5% ↓ 7 5 必胜人力资源(KELLY) Talent dispatch/lease/ placement 5,451 5,551 -1.8% 72 58 1.3% ― 8 8 中智(CIIC) HR service outsourcing 5,333 4,484 18.9% 74 55 1.4% ↑ 9 10 罗致恒富(Robert Half) Talent dispatch/lease/ placement 4,111 3,777 8.8% 344 250 8.4% ↓ 10 7 怡安翰威特(Aon Hewitt) HR consulting 3,925 3,781 3.8% 289 336 7.4% ↓ 11 9 美世(MERCER) HR consulting 3,916 3,782 3.5% / / / → 12 / usg people Talent dispatch/lease/ placement 3,696 4,512 -18.1% -211 -6 -5.7% ↓ 13 11 韬睿惠悦(TOWERS WATSON) HR consulting 3,420 3,259 4.9% 400 313 11.7% ↓ 14 12 TEMP HOLDINGS HR service outsourcing 3,090 3,032 1.9% 123 106 4.0% ↓ 15 13 保圣那(PASONA) Talent dispatch/lease/ placement 2,269 2,324 -2.4% 25 32 1.1% ↓ 16 14 PAYCHEX HR service outsourcing 2,230 2,084 7.0% 854 786 38.3% ↓ 17 15 Insperity HR service outsourcing 2,159 1,976 9.2% 68 57 3.1% ↓ 18 17 IMPELLAM GROUP HR service outsourcing 1,920 1,757 9.3% 54 54 2.8% ↓ 19 16 SYNERGIE Headhunting & RPO 1,862 1,875 -0.7% 46 57 2.5% ↓ 20 18 米高蒲志国际(PageGroup) Headhunting & RPO 1,569 1,635 -4.0% 103 138 6.6% ↓ 21 20 CHANDLER MACLEOD HR service outsourcing 1,549 1,168 32.6% / / / ↓ 22 19 TRUEBLUE Talent dispatch/lease/ placement 1,390 1,316 5.6% 372 48 26.8% ↑ 23 31 On Assignment Talent dispatch/lease/ placement 1,240 597 107.6% 93 44 7.5% ↓ 24 22 CDI Corporation Talent dispatch/lease/ placement 1,105 1,060 4.3% 32 20 2.9% ↓ 25 21 KFORCE Headhunting & RPO 1,082 1,111 -2.6% -54 45 -5.0% HRoot Global 50 Human Resources Service Providers 2013 9
  10. 10. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ↑ 26 34 Linkedin Online recruitment 972 522 86.3% 57 26 5.8% ↓ 27 26 sthree Headhunting & RPO 915 842 8.8% 40 47 4.3% ― 28 28 华德士(ROBERT WALTERS) Headhunting & RPO 900 820 9.8% 13 25 1.5% ↓ 29 23 monsterworldwide Online recruitment 890 1,040 -14.4% 32 77 3.6% ↓ 30 29 克罗诺思(KRONOS) HR management software 870 800 8.8% / / / ↓ 31 25 明达科(MEITEC) Headhunting & RPO 837 870 -3.8% 68 71 8.1% ↓ 32 27 光辉国际(KORN/FERRY INTERNATIONAL) Headhunting & RPO 827 776 6.5% 83 86 10.0% ↓ 33 24 翰德(Hudson) Headhunting & RPO 778 934 -16.7% -7 17 -0.9% ↑ 34 36 CORPORATE RESOURCE SERVICES Talent dispatch/lease/ placement 640 539 18.7% 2 3.8 0.3% ↓ 35 33 荟才 (RESOURCES GLOBAL PROFESSIONALS) HR consulting 572 546 4.8% 73 51 12.8% ↓ 36 30 HARVEY NASH Headhunting & RPO 533 655 -18.7% 9 10 1.7% ↓ 37 32 海德思哲(HEIDRICK&STRUGGLES) Headhunting & RPO 466 554 -15.9% 20 -11 4.2% ↓ 38 35 FULLCAST HLDGS HR service outsourcing 461.2 446 3.4% 18 20 3.9% ↓ 39 37 seek Online recruitment 461.1 345 33.7% 137 97 29.7% ↓ 40 38 BBSI HR service outsourcing 403 315 27.9% 19 4 4.7% ↑ 41 44 bluestone Headhunting & RPO 334 222 50.6% -33 -2 -9.8% ↓ 42 41 Ultimate SOFTWARE HR management software 332 269 23.4% 29 16 8.8% ↓ 43 42 Clarius Group Headhunting & RPO 283 267 6.0% -8 -7 -2.7% → 44 / workday HR management software 274 134 104.2% -118 -78 -43.1% ↓ 45 43 hydrogen Headhunting & RPO 265 242 9.3% 5 6 2.0% ↓ 46 45 前程无忧(www.51job.com) Online recruitment 240 218 9.9% 77 70 32.1% ↓ 47 46 HRnet One Head-Hunting, Talent Acquisition, Lease and Talent Management & Retention 214 203 5.7% 27 26 12.4% ↓ 48 47 Dice Holdings Online recruitment 195 179 9.1% 59 55 30.1% ↑ 49 52 Cornerstone ONDEMAND HR management software 118 73 61.5% -32 -19 -27.0% ― 50 50 ClickSoftware HR management software 100 87 14.9% 7 15 7.3% HRoot Global 50 Human Resources Service Providers 2013 10
  11. 11. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ― 51 51 104人力银行(104 Job Bank) Online recruitment 72 79.8 -9.7% 7.0 8.7 9.7% ↑ 52 53 Fortune Industries HR service outsourcing 61 64.3 -5.3% 2.3 1.9 3.8% → 53 / 世泓(shl) Talent assessment/testing service 59 / / -12.3 / / ↑ 54 55 全美测评 (ATA) Talent assessment/testing service 56 48.1 15.8% 10.2 3.3 18.3% ↓ 55 54 HJB Headhunting & RPO 49.4 55.7 -11.3% 0.6 0.4 1.2% ― 56 56 DLH HR service outsourcing 49.2 41.9 17.3% -2.2 -4.2 -4.5% ― 57 57 PRIME PEOPLE Headhunting & RPO 20 19.7 1.7% 1.5 1.4 7.4% ― 58 58 网维(NetDimensions) HR management software 14 12.3 12.2% -0.3 0.6 -2.0% ― 59 59 HRsoft HR management software 7 7.6 -5.9% -1.4 -0.6 -19.5% HRoot Global 50 Human Resources Service Providers 2013, Sub-Rank Companies 11
  12. 12. Ranking in 2012 Company Country Main business Reason of absence 39 talent2 HR outsourcing Acquisition 40 Kenexa HR management software Acquisition 48 The ReThink Group HR outsourcing Not clear 49 Saba Software HR management software Not clear Financial analysis indicators used in the “HRoot Global 50 HR Service Providers 2013” Competence indicator Financial ratio Formula Operating capacity Annual revenue growth rate (Current revenue - on revenue) / on revenue Total asset turnover ratio Revenue / average total assets Accounts receivable turnover ratio Revenue / average accounts receivable balance Return on assets (ROA) Net profit/average total assets Profitability Operating margin Operating profit/revenue Net profit margin Net profit/main business income Return on shareholder’s equity (ROE) Net profit/shareholders' equity Financial structure Debt-asset ratio Liabilities/total assets Solvency Current ratio Current assets/current liabilities Times interest earned(TIE) EBIT/interest expense Table 1 Previously listed companies absent from the "HRoot Global 50 Global Human Resources Service Providers 2013” GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 12
  13. 13. Industry Financial Ratio HR service outsourcing Talent dispatch / lease / placement Headhunting & RPO HR consulting HR management software Online recruitment Annual revenue growth rate 11.4% 9.7% 2.4% 35.1% 19.1% 4.3% Total asset turnover ratio 3.2 3.5 2.5 0.8 0.7 1.0 Accounts receivable turnover ratio 22.5 15.0 7.2 4.2 11.2 5.3 Return on assets 5.2% 2.3% 0.5% -5.0% 5.1% 7.0% Operating margin 7.8% 4.4% 3.4% -12.6% 18.4% 12.2% Net profit margin 4.9% 0.9% 1.5% -10.4% 6.4% 7.4% ROE 19.5% 1.5% -3.4% -11.5% 5.3% 10.9% Debt-asset ratio 58.3% 53.8% 45.8% 51.3% 37.6% 34.6% Current ratio 1.3 1.8 1.9 2.1 2.1 2.6 Times interest earned 180.0 8.8 28.5 / 8.8 / Table 2 Companies making debut on the “HRoot Global 50 Global Human Resources Service Providers 2013” Ranking in 2013 Company Country Main business Revenue in Fiscal 2012 (USD, million) 5 RECRUIT Headhunting and recruitment process outsourcing 10,083 12 usg people Talent dispatch/lease/placement 3,695 44 workday HR management software 274 52 Cornerstone ONDEMAND HR management software 118 Financial ratios averages by industry in the “HRoot Global 50 HR Service Providers 2013” GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 13
  14. 14. 1. Conditions on entrants: The revenues of human resources service providers shall account for over 50% of their revenues, and the listed companies can provide financial data audited by third-party audits or notarized by the government departments. Therefore, listed companies such as Oracle, SAP, Kingdee, Yonyou are not presented as as their software business did not generate more than 50% of their total revenues. DDI, HayGroup, and Career International, are absent from the rankings as they have not gone public or their financial data are not available, albeit they specialize in human resources services. 2.The data adopted in the ranking come from below sources: (1) Financial reports of 2012 announced by each listed company; (2) Financial information of 2012 announced by the stock exchanges where the companies are traded; (3) The data of unlisted companies are provided by third-party auditors or financial statements approved by the government departments available to HRoot. 3. The annual financial data in the rankings are divided by the fiscal year involved in the financial reports rather than the calendar year. 4. The rankings take the US dollar as the standard currency. Financial data of non-US companies are converted into US dollars at the average exchange rate of a whole year ending on the last day of their fiscal years. The exchange rates are listed as follows: GBP1 to USD1.5851; Euro1 to USD1.2851; AUD1 to USD1.0356; SGD1 to USD0.8005; RMB1 to USD0.1584; HKD1 to USD0.1289, NTD1 to USD0.0337; JPY1 to USD0.0125. 5. The slash mark, or “/”, means no data. 6. The financial data of Mercer are sourced from the 2012 annual financial report of its parent company, Marsh & McLennan. 7. The financial data of Aon Hewitt refer to the Fiscal 2012 data of the HR solutions business of Aon Corporation. 8. In 2012, as its revenue of human resources services accounted for more than 50% of its total revenue, LinkedIn is qualified as an entrant in the rankings. 9. Insperity was formerly named Administaff. 10. DLH Holdings Corp.was formerly named TeamStaff. 11. Monster is the parent company of ChinaHR.com. 12. SEEK is the parent company of zhaopin.com. 13.Total Revenue is the operating income of the companies in the sales of goods or services, and other operations, including the basic operating revenue and other operating income. It is an important part of corporate cash inflows, the operating results of the enterprise. Therefore, the rankings refer to the total revenue of the enterprises. 14. The data of industry averages are calculated as per the industry categories the 59 companies fall into, i.e., human resources outsourcing, talent dispatch/lease/placement services, executive search services, recruitment process outsourcing, human resource consulting, human resource management software, and online recruitment. 15. Interpretations of financial ratios Notes: Competence indicator Financial ratio Formula Operating capacity Annual revenue growth rate (Current revenue - on revenue) / on revenue Total asset turnover ratio Revenue / average total assets Accounts receivable turnover ratio Revenue / average accounts receivable balance ROA (return on assets) Net profit / average total assets Profitability Operating margin Operating profit / Revenue Net profit margin Net profit / main business income ROE, return on shareholder’s equity Net profit / shareholders' equity Financial structure Debt-asset ratio Liabilities / total assets Solvency Current ratio Current assets / current liabilities TIE (times interest earned) EBIT / interest expense GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 14
  15. 15. (1) Annual revenue growth rate gauges the ratio of the difference between the revenues of Fiscal 2012 and Fiscal 2011 to the latter. It illustrates how fast the revenue is changing. (2) The total asset turnover ratio measures the ability of a company to use its assets to efficiently generate sales. This ratio considers all assets, current and fixed. Those assets include fixed assets, like plant and equipment, as well as inventory, accounts receivable, as well as any other current assets. The fast the turnover of a company, the stronger its operating capacity is. (3) Accounts receivable turnover ratio refers to the number of times that accounts receivable amount is collected throughout the year. The average accounts receivable looks at the accounts receivable balance at the beginning of the year as well as the end of the year. A high accounts receivable turnover ratio indicates a tight credit policy. A low or declining accounts receivable turnover ratio indicates a collection problem, part of which may be due to bad debts. Yet an extremely high ratio can mean that the company is under the heavy debts that may curb the increase of its sales amount and profit. (4) ROA, or return on assets, is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings. Calculated by dividing a company's annual earnings by its total assets, ROA is displayed as a percentage. (5) Operating margin is a measure of profitability that indicates how much of each dollar of revenues is left over after both costs of goods sold and operating expenses are considered. (6) Net profit margin tells how much profit a company makes for every one dollar. The higher a company's profit margin compared to its competitors, the better. (7) ROE, or Return on shareholder’s equity, is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. (8) Debt-asset ratio is total liabilities divided by total assets. The debt asset ratio shows the proportion of a company'sassets which are financed through debt. Companies with high debt/asset ratios are said to be "highly leveraged," and could be in danger if creditors start to demand repayment of debt. (9) Current ratio suggests the company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations. (10) Multiples of interest earned is a metric used to measure a company's ability to meet its debt obligations. It is calculated by taking a company's earnings before interest and taxes (EBIT) and dividing it by the total interest payable on bonds and other contractual debt. It is usually quoted as a ratio and indicates how many times a company can cover its interest charges on a pretax basis. The higher the TIE, the more ability the company has to pay its long-term debts. 16. The column of “Ranking higher/lower” illustrates with signs, of which an upward arrow means the company ranks higher than before and a downward arrow means the opposite; a bar means staying unchanged while an arrow pointing right means the company is a new entrant to the rankings. Notes: USA Japan Australia Canada UK Singapore France Switzerland ChinaThe Netherlands Israel GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 15
  16. 16. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ― 3 3 万宝盛华集团(ManpowerGroup) Talent dispatch/lease/ placement 20,678 22,006 -6.0% 412 524 2.0% ― 4 4 安德普翰(ADP) HR service outsourcing 10,172 9,880 3.0% 2,122 1,933 20.9% ↓ 7 5 必胜人力资源(KELLY) Talent dispatch/lease/ placement 5,451 5,551 -1.8% 72 58 1.3% ↑ 9 10 罗致恒富(Robert Half) Talent dispatch/lease/ placement 4,111 3,777 8.8% 344 250 8.4% ↓ 11 9 美世(MERCER) HR consulting 3,916 3,782 3.5% / / / ↓ 13 11 韬睿惠悦(TOWERS WATSON) HR consulting 3,420 3,259 4.9% 400 313 11.7% ↓ 16 14 PAYCHEX HR service outsourcing 2,230 2,084 7.0% 854 786 38.3% ↓ 17 15 Insperity HR service outsourcing 2,159 1,976 9.2% 68 57 3.1% ↓ 22 19 TRUEBLUE Talent dispatch/lease/ placement 1,390 1,316 5.6% 372 48 26.8% ↑ 23 31 On Assignment Talent dispatch/lease/ placement 1,240 597 107.6% 93 44 7.5% ↓ 24 22 CDI Corporation Talent dispatch/lease/ placement 1,105 1,060 4.3% 32 20 2.9% ↓ 25 21 KFORCE Headhunting & RPO 1,082 1,111 -2.6% -54 45 -5.0% ↑ 26 34 Linkedin Online recruitment 972 522 86.3% 57 26 5.8% ↓ 29 23 monsterworldwide Online recruitment 890 1,040 -14.4% 32 77 3.6% ↓ 30 29 克罗诺思(KRONOS) HR management software 870 800 8.8% / / / ↓ 32 27 光辉国际(KORN/FERRY INTERNATIONAL) Headhunting & RPO 827 776 6.5% 83 86 10.0% ↓ 33 24 翰德(Hudson) Headhunting & RPO 778 934 -16.7% -7 17 -0.9% ↑ 34 36 CORPORATE RESOURCE SERVICES Talent dispatch/lease/ placement 640 539 18.7% 2 3.8 0.3% ↓ 35 33 荟才 (RESOURCES GLOBAL PROFESSIONALS) HR consulting 572 546 4.8% 73 51 12.8% ↓ 37 32 海德思哲(HEIDRICK&STRUGGLES) Headhunting & RPO 466 554 -15.9% 20 -11 4.2% ↓ 40 38 BBSI HR service outsourcing 403 315 27.9% 19 4 4.7% ↓ 42 41 Ultimate SOFTWARE HR management software 332 269 23.4% 29 16 8.8% → 44 / workday HR management software 274 134 104.2% -118 -78 -43.1% ↓ 48 47 Dice Holdings Online recruitment 195 179 9.1% 59 55 30.1% ↑ 49 52 Cornerstone ONDEMAND HR management software 118 73 61.5% -32 -19 -27.0% HRoot Global 50 Human Resources Service Providers 2013 (by Country) 16
  17. 17. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 → 5 / RECRUIT Headhunting & RPO 10,083 9,409 7.2% 1,438 1,131 14.3% ↓ 14 12 TEMP HOLDINGS HR service outsourcing 3,090 3,032 1.9% 123 106 4.0% ↓ 15 13 保圣那(PASONA) Talent dispatch/lease/ placement 2,269 2,324 -2.4% 25 32 1.1% ↓ 31 25 明达科(MEITEC) Headhunting & RPO 837 870 -3.8% 68 71 8.1% ↓ 38 35 FULLCAST HLDGS HR service outsourcing 461 446 3.4% 18 20 3.9% Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ↓ 21 20 CHANDLER MACLEOD HR service outsourcing 1,549 1,168 32.6% / / / ↓ 39 37 seek Online recruitment 461 345 33.7% 137 97 29.7% ↑ 41 44 bluestone Headhunting & RPO 334 222 50.6% -33 -2 -9.8% ↓ 43 42 Clarius Group Headhunting & RPO 283 267 6.0% -8 -7 -2.7% Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ― 6 6 瀚纳仕(HAYS) Headhunting & RPO 5,794 5,222 10.9% 203 183 3.5% ↓ 10 7 怡安翰威特(Aon Hewitt) HR consulting 3,925 3,781 3.8% 289 336 7.4% ↓ 18 17 IMPELLAM GROUP HR service outsourcing 1,920 1,757 9.3% 54 54 2.8% ↓ 20 18 米高蒲志国际(PageGroup) Headhunting & RPO 1,569 1,635 -4.0% 103 138 6.6% ↓ 27 26 sthree Headhunting & RPO 915 842 8.8% 40 47 4.3% ― 28 28 华德士(ROBERT WALTERS) Headhunting & RPO 900 820 9.8% 13 25 1.5% ↓ 36 30 HARVEY NASH Headhunting & RPO 533 655 -18.7% 9 10 1.7% ↓ 45 43 hydrogen Headhunting & RPO 265 242 9.3% 5 6 2.0% HRoot Global 50 Human Resources Service Providers 2013 (by Country) 17
  18. 18. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ― 50 50 ClickSoftware HR management software 100 87 14.9% 7 15 7.3% Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ↓ 47 46 HRnet One Head-Hunting, Talent Acquisition, Lease and Talent Management & Retention 214 203 5.7% 27 26 12.4% Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ↓ 19 16 SYNERGIE Headhunting & RPO 1,862 1,875 -0.7% 46 57 2.5% Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ― 1 1 德科(Adecco) Talent dispatch/lease/ placement 26,391 28,567 -7.6% 865 1,061 3.3% Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ― 2 2 任仕达(randstad) Talent dispatch/lease/ placement 21,959 22,560 -2.7% 164 347 0.7% → 12 / usg people Talent dispatch/lease/ placement 3,696 4,512 -18.1% -211 -6 -5.7% Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ― 8 8 中智(CIIC) HR service outsourcing 5,333 4,484 18.9% 74 55 1.4% ↓ 46 45 前程无忧(www.51job.com) Online recruitment 240 218 9.9% 77 70 32.1% HRoot Global 50 Human Resources Service Providers 2013 (by Country) 18
  19. 19. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ― 1 1 德科(Adecco) Talent dispatch/lease/ placement 26,391 28,567 -7.6% 865 1,061 3.3% ― 2 2 任仕达(randstad) Talent dispatch/lease/ placement 21,959 22,560 -2.7% 164 347 0.7% ― 3 3 万宝盛华集团(ManpowerGroup) Talent dispatch/lease/ placement 20,678 22,006 -6.0% 412 524 2.0% ↓ 7 5 必胜人力资源(KELLY) Talent dispatch/lease/ placement 5,451 5,551 -1.8% 72 58 1.3% ↑ 9 10 罗致恒富(Robert Half) Talent dispatch/lease/ placement 4,111 3,777 8.8% 344 250 8.4% → 12 / usg people Talent dispatch/lease/ placement 3,696 4,512 -18.1% -211 -6 -5.7% ↓ 15 13 保圣那(PASONA) Talent dispatch/lease/ placement 2,269 2,324 -2.4% 25 32 1.1% ↓ 22 19 TRUEBLUE Talent dispatch/lease/ placement 1,390 1,316 5.6% 372 48 26.8% ↑ 23 31 On Assignment Talent dispatch/lease/ placement 1,240 597 107.6% 93 44 7.5% ↓ 24 22 CDI Corporation Talent dispatch/lease/ placement 1,105 1,060 4.3% 32 20 2.9% ↑ 34 36 CORPORATE RESOURCE SERVICES Talent dispatch/lease/ placement 640 539 18.7% 2 3.8 0.3% Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ― 4 4 安德普翰(ADP) HR service outsourcing 10,172 9,880 3.0% 2,122 1,933 20.9% ― 8 8 中智(CIIC) HR service outsourcing 5,333 4,484 18.9% 74 55 1.4% ↓ 14 12 TEMP HOLDINGS HR service outsourcing 3,090 3,032 1.9% 123 106 4.0% ↓ 16 14 PAYCHEX HR service outsourcing 2,230 2,084 7.0% 854 786 38.3% ↓ 17 15 Insperity HR service outsourcing 2,159 1,976 9.2% 68 57 3.1% ↓ 18 17 IMPELLAM GROUP HR service outsourcing 1,920 1,757 9.3% 54 54 2.8% ↓ 21 20 CHANDLER MACLEOD HR service outsourcing 1,549 1,168 32.6% / / / ↓ 38 35 FULLCAST HLDGS HR service outsourcing 461 446 3.4% 18 20 3.9% ↓ 40 38 BBSI HR service outsourcing 403 315 27.9% 19 4 4.7% HRoot Global 50 Human Resources Service Providers 2013 (by Industry) 19
  20. 20. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ↓ 30 29 克罗诺思(KRONOS) HR management software 870 800 8.8% / / / ↓ 42 41 Ultimate SOFTWARE HR management software 332 269 23.4% 29 16 8.8% → 44 / workday HR management software 274 134 104.2% -118 -78 -43.1% ↑ 49 52 Cornerstone ONDEMAND HR management software 118 73 61.5% -32 -19 -27.0% ― 50 50 ClickSoftware HR management software 100 87 14.9% 7 15 7.3% Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 → 5 / RECRUIT Headhunting & RPO 10,083 9,409 7.2% 1,438 1,131 14.3% ― 6 6 瀚纳仕(HAYS) Headhunting & RPO 5,794 5,222 10.9% 203 183 3.5% ↓ 19 16 SYNERGIE Headhunting & RPO 1,862 1,875 -0.7% 46 57 2.5% ↓ 20 18 米高蒲志国际(PageGroup) Headhunting & RPO 1,569 1,635 -4.0% 103 138 6.6% ↓ 25 21 KFORCE Headhunting & RPO 1,082 1,111 -2.6% -54 45 -5.0% ↓ 27 26 sthree Headhunting & RPO 915 842 8.8% 40 47 4.3% ― 28 28 华德士(ROBERT WALTERS) Headhunting & RPO 900 820 9.8% 13 25 1.5% ↓ 31 25 明达科(MEITEC) Headhunting & RPO 837 870 -3.8% 68 71 8.1% ↓ 32 27 光辉国际(KORN/FERRY INTERNATIONAL) Headhunting & RPO 827 776 6.5% 83 86 10.0% ↓ 33 24 翰德(Hudson) Headhunting & RPO 778 934 -16.7% -7 17 -0.9% ↓ 36 30 HARVEY NASH Headhunting & RPO 533 655 -18.7% 9 10 1.7% ↓ 37 32 海德思哲(HEIDRICK&STRUGGLES) Headhunting & RPO 466 554 -15.9% 20 -11 4.2% ↑ 41 44 bluestone Headhunting & RPO 334 222 50.6% -33 -2 -9.8% ↓ 43 42 Clarius Group Headhunting & RPO 283 267 6.0% -8 -7 -2.7% ↓ 45 43 hydrogen Headhunting & RPO 265 242 9.3% 5 6 2.0% ↓ 47 46 HRnet One Head-Hunting, Talent Acquisition, Lease and Talent Management & Retention 214 203 5.7% 27 26 12.4% HRoot Global 50 Human Resources Service Providers 2013 (by Industry) 20
  21. 21. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ↓ 10 7 怡安翰威特(Aon Hewitt) HR consulting 3,925 3,781 3.8% 289 336 7.4% ↓ 11 9 美世(MERCER) HR consulting 3,916 3,782 3.5% / / / ↓ 13 11 韬睿惠悦(TOWERS WATSON) HR consulting 3,420 3,259 4.9% 400 313 11.7% ↓ 35 33 荟才 (RESOURCES GLOBAL PROFESSIONALS) HR consulting 572 546 4.8% 73 51 12.8% Ranking higher/ lower Rank 2013 Rank 2012 Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate Operating profit in Fiscal 2012 ($ million) Operating profit in Fiscal 2011 ($ million) Operating margin in Fiscal 2012 ↑ 26 34 Linkedin Online recruitment 972 522 86.3% 57 26 5.8% ↓ 29 23 monsterworldwide Online recruitment 890 1,040 -14.4% 32 77 3.6% ↓ 39 37 seek Online recruitment 461 345 33.7% 137 97 29.7% ↓ 46 45 前程无忧(www.51job.com) Online recruitment 240 218 9.9% 77 70 32.1% ↓ 48 47 Dice Holdings Online recruitment 195 179 9.1% 59 55 30.1% HRoot Global 50 Human Resources Service Providers 2013 (by Industry) 21
  22. 22. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Rank of annual revenue growth rate Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate 1 On Assignment Talent dispatch/lease/placement 1,240 597 107.6% 2 workday HR management software 274 134 104.2% 3 Linkedin Online recruitment 972 522 86.3% 4 Cornerstone ONDEMAND HR management software 118 73 61.5% 5 bluestone Headhunting & RPO 334 222 50.6% 6 seek Online recruitment 461 345 33.7% 7 CHANDLER MACLEOD HR service outsourcing 1,549 1,168 32.6% 8 BBSI HR service outsourcing 403 315 27.9% 9 Ultimate SOFTWARE HR management software 332 269 23.4% 10 中智(CIIC) HR service outsourcing 5,333 4,484 18.9% 11 CORPORATE RESOURCE SERVICES Talent dispatch/lease/placement 640 539 18.7% 12 ClickSoftware HR management software 100 87 14.9% 13 瀚纳仕(HAYS) Headhunting & RPO 5,794 5,222 10.9% 14 前程无忧(www.51job.com) Online recruitment 240 218 9.9% 15 华德士(ROBERT WALTERS) Headhunting & RPO 900 820 9.8% 16 IMPELLAM GROUP HR service outsourcing 1,920 1,757 9.3% 17 hydrogen Headhunting & RPO 265 242 9.3% 18 Insperity HR service outsourcing 2,159 1,976 9.2% 19 Dice Holdings Online recruitment 195 179 9.1% 20 罗致恒富(Robert Half) Talent dispatch/lease/placement 4,111 3,777 8.8% 21 sthree Headhunting & RPO 915 842 8.8% 22 克罗诺思(KRONOS) HR management software 870 800 8.8% 23 RECRUIT Headhunting & RPO 10,083 9,409 7.2% HRoot Global 50 Human Resources Service Providers 2013 (Ranked by Annual Revenue Growth Rate) 22
  23. 23. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Rank of annual revenue growth rate Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate 24 PAYCHEX HR service outsourcing 2,230 2,084 7.0% 25 光辉国际(KORN/FERRY INTERNATIONAL) Headhunting & RPO 827 776 6.5% 26 Clarius Group Headhunting & RPO 283 267 6.0% 27 HRnet One Head-Hunting, Talent Acquisition, Lease and Talent Management & Retention 214 203 5.7% 28 TRUEBLUE Talent dispatch/lease/placement 1,390 1,316 5.6% 29 韬睿惠悦(TOWERS WATSON) HR consulting 3,420 3,259 4.9% 30 荟才 (RESOURCES GLOBAL PROFESSIONALS) HR consulting 572 546 4.8% 31 CDI Corporation Talent dispatch/lease/placement 1,105 1,060 4.3% 32 怡安翰威特(Aon Hewitt) HR consulting 3,925 3,781 3.8% 33 美世(MERCER) HR consulting 3,916 3,782 3.5% 34 FULLCAST HLDGS HR service outsourcing 461 446 3.4% 35 安德普翰(ADP) HR service outsourcing 10,172 9,880 3.0% 36 TEMP HOLDINGS HR service outsourcing 3,090 3,032 1.9% 37 SYNERGIE Headhunting & RPO 1,862 1,875 -0.7% 38 必胜人力资源(KELLY) Talent dispatch/lease/placement 5,451 5,551 -1.8% 39 保圣那(PASONA) Talent dispatch/lease/placement 2,269 2,324 -2.4% 40 KFORCE Headhunting & RPO 1,082 1,111 -2.6% 41 任仕达(randstad) Talent dispatch/lease/placement 21,959 22,560 -2.7% 42 明达科(MEITEC) Headhunting & RPO 837 870 -3.8% 43 米高蒲志国际(PageGroup) Headhunting & RPO 1,569 1,635 -4.0% 44 万宝盛华集团(ManpowerGroup) Talent dispatch/lease/placement 20,678 22,006 -6.0% 45 德科(Adecco) Talent dispatch/lease/placement 26,391 28,567 -7.6% 46 monsterworldwide Online recruitment 890 1,040 -14.4% HRoot Global 50 Human Resources Service Providers 2013 (Ranked by Annual Revenue Growth Rate) 23
  24. 24. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Rank of annual revenue growth rate Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total revenue in Fiscal 2011 ($ million) Annual revenue growth rate 47 海德思哲(HEIDRICK&STRUGGLES) Headhunting & RPO 466 554 -15.9% 48 翰德(Hudson) Headhunting & RPO 778 934 -16.7% 49 usg people Talent dispatch/lease/placement 3,696 4,512 -18.1% 50 HARVEY NASH Headhunting & RPO 533 655 -18.7% HRoot Global 50 Human Resources Service Providers 2013 (Ranked by Annual Revenue Growth Rate) 24
  25. 25. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Rank of growth rate of annual revenue Company Logo Country Main business Total revenue in Fiscal 2012 ($ million) Total profit in Fiscal 2012 ($ million) Operating margin 1 PAYCHEX HR service outsourcing 2,230 854 38.3% 2 前程无忧(www.51job.com) Online recruitment 240 77 32.1% 3 Dice Holdings Online recruitment 195 59 30.1% 4 seek Online recruitment 461 137 29.7% 5 TRUEBLUE Talent dispatch/lease/placement 1,390 372 26.8% 6 安德普翰(ADP) HR service outsourcing 10,172 2,122 20.9% 7 RECRUIT Headhunting & RPO 10,083 1,438 14.3% 8 荟才 (RESOURCES GLOBAL PROFESSIONALS) HR consulting 572 73 12.8% 9 HRnet One Head-Hunting, Talent Acquisition, Lease and Talent Management & Retention 214 27 12.4% 10 韬睿惠悦(TOWERS WATSON) HR consulting 3,420 400 11.7% 11 光辉国际(KORN/FERRY INTERNATIONAL) Headhunting & RPO 827 83 10.0% 12 Ultimate SOFTWARE HR management software 332 29 8.8% 13 罗致恒富(Robert Half) Talent dispatch/lease/placement 4,111 344 8.4% 14 明达科(MEITEC) Headhunting & RPO 837 68 8.1% 15 On Assignment Talent dispatch/lease/placement 1,240 93 7.5% 16 怡安翰威特(Aon Hewitt) HR consulting 3,925 289 7.4% 17 ClickSoftware HR management software 100 7 7.3% 18 米高蒲志国际(PageGroup) Headhunting & RPO 1,569 103 6.6% 19 Linkedin Online recruitment 972 57 5.8% 20 BBSI HR service outsourcing 403 19 4.7% 21 sthree Headhunting & RPO 915 40 4.3% 22 海德思哲(HEIDRICK&STRUGGLES) Headhunting & RPO 466 20 4.2% 23 TEMP HOLDINGS HR service outsourcing 3,090 123 4.0% HRoot Global 50 Human Resources Service Providers 2013 (Ranked by Operating Margin) 25
  26. 26. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 2013年排名 公司名称 LOGO 国别 主营业务 2012财年总收入(百万美元) 2012财年营业利润(百万美元) 2012财年营业利润率 24 FULLCAST HLDGS HR service outsourcing 461 18 3.9% 25 monsterworldwide Online recruitment 890 32 3.6% 26 瀚纳仕(HAYS) Headhunting & RPO 5,794 203 3.5% 27 德科(Adecco) Talent dispatch/lease/placement 26,391 865 3.3% 28 Insperity HR service outsourcing 2,159 68 3.1% 29 CDI Corporation Talent dispatch/lease/placement 1,105 32 2.9% 30 IMPELLAM GROUP HR service outsourcing 1,920 54 2.8% 31 SYNERGIE Headhunting & RPO 1,862 46 2.5% 32 hydrogen Headhunting & RPO 265 5 2.0% 33 万宝盛华集团(ManpowerGroup) Talent dispatch/lease/placement 20,678 412 2.0% 34 HARVEY NASH Headhunting & RPO 533 9 1.7% 35 华德士(ROBERT WALTERS) Headhunting & RPO 900 13 1.5% 36 中智(CIIC) HR service outsourcing 5,333 74 1.4% 37 必胜人力资源(KELLY) Talent dispatch/lease/placement 5,451 72 1.3% 38 保圣那(PASONA) Talent dispatch/lease/placement 2,269 25 1.1% 39 任仕达(randstad) Talent dispatch/lease/placement 21,959 164 0.7% 40 CORPORATE RESOURCE SERVICES Talent dispatch/lease/placement 640 2 0.3% 41 翰德(Hudson) Headhunting & RPO 778 -7 -0.9% 42 Clarius Group Headhunting & RPO 283 -8 -2.7% 43 KFORCE Headhunting & RPO 1,082 -54 -5.0% 44 usg people Talent dispatch/lease/placement 3,696 -211 -5.7% 45 bluestone Headhunting & RPO 334 -33 -9.8% 46 Cornerstone ONDEMAND HR management software 118 -32 -27.0% HRoot Global 50 Human Resources Service Providers 2013 (Ranked by Operating Margin) 26
  27. 27. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 2013年排名 公司名称 LOGO 国别 主营业务 2012财年总收入(百万美元) 2012财年营业利润(百万美元) 2012财年营业利润率 47 workday HR management software 274 -118 -43.1% 48 美世(MERCER) HR consulting 3,916 / / 49 CHANDLER MACLEOD HR service outsourcing 1,549 / / 50 克罗诺思(KRONOS) HR management software 870 / / HRoot Global 50 Human Resources Service Providers 2013 (Ranked by Operating Margin) 27
  28. 28. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average Headhunting & RPO 23 RECRUIT 7.2% Higher 25 光辉国际(KORN/FERRY INTERNATIONAL) 6.5% Higher 26 Clarius Group 6.0% Higher 27 HRnet One 5.7% Higher 37 SYNERGIE -0.7% Lower 40 KFORCE -2.6% Lower 42 明达科(MEITEC) -3.8% Lower 43 米高蒲志国际(PageGroup) -4.0% Lower 47 海德思哲 (HEIDRICK&STRUGGLES) -15.9% Lower 48 翰德(Hudson) -16.7% Lower 50 HARVEY NASH -18.7% Lower HR management software 2 workday 104.2% Higher 4 Cornerstone ONDEMAND 61.5% Higher 9 Ultimate SOFTWARE 23.4% Lower 12 ClickSoftware 14.9% Lower 22 克罗诺思(KRONOS) 8.8% Lower Online recruitment 3 Linkedin 86.3% Higher 6 seek 33.7% Higher 14 前程无忧(www.51job.com) 9.9% Lower 19 Dice Holdings 9.1% Lower 46 monsterworldwide -14.4% Lower HR consulting 29 韬睿惠悦(TOWERS WATSON) 4.9% Higher 30 荟才 RESOURCES GLOBAL PROFESSIONALS) 4.8% Lower 32 怡安翰威特(Aon Hewitt) 3.8% / 33 美世(MERCER) 3.5% / Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average HR service outsourcing 7 CHANDLER MACLEOD 32.6% Higher 8 BBSI 27.9% Higher 10 中智(CIIC) 18.9% Higher 16 IMPELLAM GROUP 9.3% Lower 18 Insperity 9.2% Lower 24 PAYCHEX 7.0% Lower 34 FULLCAST HLDGS 3.4% Lower 35 安德普翰(ADP) 3.0% Lower 36 TEMP HOLDINGS 1.9% Lower Talent dispatch/ lease/ placement 1 On Assignment 107.6% Higher 11 CORPORATE RESOURCE SERVICES 18.7% Higher 20 罗致恒富(Robert Half) 8.8% Lower 28 TRUEBLUE 5.6% Lower 31 CDI Corporation 4.3% Lower 38 必胜人力资源(KELLY) -1.8% Lower 39 保圣那(PASONA) -2.4% Lower 41 任仕达(randstad) -2.7% Lower 44 万宝盛华集团 (ManpowerGroup) -6.0% Lower 45 德科(Adecco) -7.6% Lower 49 usg people -18.1% Higher Headhunting & RPO 5 bluestone 50.6% Higher 13 瀚纳仕(HAYS) 10.9% Higher 15 华德士(ROBERT WALTERS) 9.8% Higher 17 hydrogen 9.3% Higher 21 sthree 8.8% Higher HRoot Global 50 HR Service Providers 2013 (Ranked by Annual Revenue Growth Rate of Main Business) 28
  29. 29. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average Headhunting & RPO 41 bluestone 3.0 Higher 25 KFORCE 2.9 Higher 20 米高蒲志国际(PageGroup) 2.9 Higher 36 HARVEY NASH 2.6 Higher 43 Clarius Group 2.5 Equal 47 HRnet One 1.9 Lower 5 RECRUIT 1.2 Lower 31 明达科(MEITEC) 1.1 Lower 37 海德思哲 (HEIDRICK&STRUGGLES) 0.9 Lower 32 光辉国际(KORN/FERRY INTERNATIONAL) 0.8 Lower 19 SYNERGIE / / HR management software 50 ClickSoftware 1.1 Higher 42 Ultimate SOFTWARE 0.8 Equal 49 Cornerstone ONDEMAND 0.8 Equal 44 workday 0.5 Lower 30 克罗诺思(KRONOS) / / Online recruitment 26 Linkedin 0.9 Higher 48 Dice Holdings 0.6 Lower 46 前程无忧(www.51job.com) 0.5 Lower 29 monsterworldwide 0.5 Lower 39 seek 0.4 Lower HR consulting 35 荟才 (RESOURCES GLOBAL PROFESSIONALS) 1.3 Higher 13 韬睿惠悦(TOWERS WATSON) 0.7 Lower 10 怡安翰威特(Aon Hewitt) / / 11 美世(MERCER) / / Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average HR service outsourcing 8 中智(CIIC) 8.0 Higher 21 CHANDLER MACLEOD 4.6 Higher 38 FULLCAST HLDGS 4.3 Higher 18 IMPELLAM GROUP 3.6 Higher 17 Insperity 3.0 Lower 14 TEMP HOLDINGS 2.6 Lower 40 BBSI 1.8 Lower 16 PAYCHEX 0.4 Lower 4 安德普翰(ADP) 0.3 Lower Talent dispatch/ lease/ placement 34 CORPORATE RESOURCE SERVICES 13.7 Higher 7 必胜人力资源(KELLY) 3.4 Lower 9 罗致恒富(Robert Half) 3.1 Lower 3 万宝盛华集团 (ManpowerGroup) 3.0 Lower 24 CDI Corporation 2.8 Lower 15 保圣那(PASONA) 2.5 Lower 22 TRUEBLUE 2.4 Lower 2 任仕达(randstad) 2.2 Lower 1 德科(Adecco) 2.1 Lower 12 usg people 1.8 Lower 23 On Assignment 1.6 Lower Headhunting & RPO 6 瀚纳仕(HAYS) 4.2 Higher 33 翰德(Hudson) 3.8 Higher 45 hydrogen 3.7 Higher 27 sthree 3.3 Higher 28 华德士(ROBERT WALTERS) 3.2 Higher HRoot Global 50 HR Service Providers 2013 (Ranked by Total Asset Turnover Ratio of Main Business) 29
  30. 30. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average Headhunting & RPO 33 翰德(Hudson) 6.5 Lower 45 hydrogen 6.2 Lower 31 明达科(MEITEC) 6.1 Lower 20 米高蒲志国际(PageGroup) 5.3 Lower 27 sthree 5.2 Lower 43 Clarius Group 5.0 Lower 28 华德士(ROBERT WALTERS) 4.7 Lower 36 HARVEY NASH 4.7 Lower 5 RECRUIT 2.0 Lower HRnet One / / 19 SYNERGIE / / HR management software 42 Ultimate SOFTWARE 5.2 Higher 44 workday 4.5 Higher 50 ClickSoftware 4.2 Equal 49 Cornerstone ONDEMAND 2.9 Lower 30 克罗诺思(KRONOS) / / Online recruitment 46 前程无忧(www.51job.com) 31.3 Higher 39 seek 8.2 Lower 48 Dice Holdings 7.9 Lower 26 Linkedin 6.2 Lower 29 monsterworldwide 2.6 Lower HR consulting 35 荟才(RESOURCES GLOBAL PROFESSIONALS) 6.5 Higher 13 韬睿惠悦(TOWERS WATSON) 4.1 Lower 10 怡安翰威特(Aon Hewitt) / / 美世(MERCER) / / Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average HR service outsourcing 8 中智(CIIC) 121.6 Higher 38 FULLCAST HLDGS 16.9 Lower 16 PAYCHEX 14.7 Lower 17 Insperity 11.9 Lower 21 CHANDLER MACLEOD 9.2 Lower 4 安德普翰(ADP) 7.4 Lower 40 BBSI 7.0 Lower 18 IMPELLAM GROUP 5.8 Lower 14 TEMP HOLDINGS / / Talent dispatch/ lease/ placement 34 CORPORATE RESOURCE SERVICES 93.5 Higher 22 TRUEBLUE 8.7 Lower 9 罗致恒富(Robert Half) 8.2 Lower 23 On Assignment 7.4 Lower 12 usg people 6.4 Lower 7 必胜人力资源(KELLY) 5.6 Lower 1 德科(Adecco) 5.5 Lower 2 任仕达(randstad) 5.4 Lower 24 CDI Corporation 4.9 Lower 3 万宝盛华集团 (ManpowerGroup) 4.9 Lower 15 保圣那(PASONA) / / Headhunting & RPO 32 光辉国际(KORN/FERRY INTERNATIONAL) 11.8 Higher 41 bluestone 9.1 Higher 37 海德思哲 (HEIDRICK&STRUGGLES) 8.9 Higher 6 瀚纳仕(HAYS) 6.8 Lower 25 KFORCE 6.6 Lower HRoot Global 50 HR Service Providers 2013 (Ranked by Accounts Receivable Turnover Ratio of Main Business) 30
  31. 31. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average Headhunting & RPO 33 翰德(Hudson) -2.6% Lower 43 Clarius Group -2.8% Lower 25 KFORCE -3.8% Lower 41 bluestone -29.2% Lower 6 瀚纳仕(HAYS) / / 45 hydrogen / / 27 sthree / / 28 华德士(ROBERT WALTERS) / / 36 HARVEY NASH / / 47 HRnet One / / 19 SYNERGIE / / HR management software 50 ClickSoftware 8.1% Higher 42 Ultimate SOFTWARE 3.5% Higher 44 workday -20.0% Lower 49 Cornerstone ONDEMAND -20.4% Lower 30 克罗诺思(KRONOS) / / Online recruitment 46 前程无忧(www.51job.com) 16.3% Higher 48 Dice Holdings 11.2% Higher 26 Linkedin 1.9% Lower 29 monsterworldwide -13.8% Lower 39 seek / / HR consulting 35 荟才(RESOURCES GLOBAL PROFESSIONALS) 9.1% Higher 13 韬睿惠悦(TOWERS WATSON) 5.0% Lower 10 怡安翰威特(Aon Hewitt) / / 11 美世(MERCER) / / Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average HR service outsourcing 38 FULLCAST HLDGS 16.5% Higher 16 PAYCHEX 9.2% Higher 8 中智(CIIC) 8.5% Higher 18 IMPELLAM GROUP 7.2% Higher 14 TEMP HOLDINGS 6.3% Higher 40 BBSI 5.8% Higher 17 Insperity 5.5% Higher 21 CHANDLER MACLEOD 4.7% Lower 4 安德普翰(ADP) 4.3% Lower Talent dispatch/ lease/ placement 9 罗致恒富(Robert Half) 15.6% Higher 22 TRUEBLUE 5.8% Higher 23 On Assignment 5.7% Higher 24 CDI Corporation 4.9% Higher 1 德科(Adecco) 3.8% Higher 7 必胜人力资源(KELLY) 3.1% Higher 3 万宝盛华集团 (ManpowerGroup) 2.8% Higher 2 任仕达(randstad) 0.5% Lower 34 CORPORATE RESOURCE SERVICES -7.2% Lower 12 usg people -12.2% Lower 15 保圣那(PASONA) / / Headhunting & RPO 20 米高蒲志国际(PageGroup) 18.0% Higher 5 RECRUIT 5.7% Higher 32 光辉国际(KORN/FERRY INTERNATIONAL) 5.5% Higher 31 明达科(MEITEC) 4.8% Higher 37 海德思哲 (HEIDRICK&STRUGGLES) 1.2% Higher HRoot Global 50 HR Service Providers 2013 (Ranked by Return on Assets of Main Business) 31
  32. 32. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average Headhunting & RPO 21 sthree 4.3% Higher 22 海德思哲 (HEIDRICK&STRUGGLES) 4.2% Higher 26 瀚纳仕(HAYS) 3.5% Higher 31 SYNERGIE 2.5% Lower 32 hydrogen 2.0% Lower 34 HARVEY NASH 1.7% Lower 35 华德士(ROBERT WALTERS) 1.5% Lower 41 翰德(Hudson) -0.9% Lower 42 Clarius Group -2.7% Lower 43 KFORCE -5.0% Lower 45 bluestone -9.8% Lower HR management software 12 Ultimate SOFTWARE 8.8% Higher 17 ClickSoftware 7.3% Higher 46 Cornerstone ONDEMAND -27.0% Lower 47 workday -43.1% Lower 50 克罗诺思(KRONOS) / / Online recruitment 2 前程无忧(www.51job.com) 32.1% Higher 3 Dice Holdings 30.1% Higher 4 seek 29.7% Higher 19 Linkedin 5.8% Lower 25 monsterworldwide 3.6% Lower HR consulting 8 荟才(RESOURCES GLOBAL PROFESSIONALS) 12.8% Higher 10 韬睿惠悦(TOWERS WATSON) 11.7% Lower 16 怡安翰威特(Aon Hewitt) 7.4% Lower 48 美世(MERCER) / / Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average HR service outsourcing 1 PAYCHEX 38.3% Higher 6 安德普翰(ADP) 20.9% Higher 20 BBSI 4.7% Lower 23 TEMP HOLDINGS 4.0% Lower 24 FULLCAST HLDGS 3.9% Lower 28 Insperity 3.1% Lower 30 IMPELLAM GROUP 2.8% Lower 36 中智(CIIC) 1.4% Lower 49 CHANDLER MACLEOD / / Talent dispatch/ lease/ placement 5 TRUEBLUE 26.8% Higher 13 罗致恒富(Robert Half) 8.4% Higher 15 On Assignment 7.5% Higher 27 德科(Adecco) 3.3% Lower 29 CDI Corporation 2.9% Lower 33 万宝盛华集团 (ManpowerGroup) 2.0% Lower 37 必胜人力资源(KELLY) 1.3% Lower 38 保圣那(PASONA) 1.1% Lower 39 任仕达(randstad) 0.7% Lower 40 CORPORATE RESOURCE SERVICES 0.3% Lower 44 usg people -5.7% Lower Headhunting & RPO 7 RECRUIT 14.3% Higher 9 HRnet One 12.4% Higher 11 光辉国际(KORN/FERRY INTERNATIONAL) 10.0% Higher 14 明达科(MEITEC) 8.1% Higher 18 米高蒲志国际(PageGroup) 6.6% Higher HRoot Global 50 HR Service Providers 2013 (Ranked by Operating Margin of Main Business) 32
  33. 33. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average Headhunting & RPO 19 SYNERGIE 1.0% Lower 33 翰德(Hudson) -0.7% Lower 43 Clarius Group -1.1% Lower 25 KFORCE -1.3% Lower 41 bluestone -9.8% Lower 6 瀚纳仕(HAYS) / / 45 hydrogen / / 27 sthree / / 28 华德士(ROBERT WALTERS) / / 36 HARVEY NASH / / 47 HRnet One / / HR management software 50 ClickSoftware 7.5% Higher 42 Ultimate SOFTWARE 4.4% Higher 49 Cornerstone ONDEMAND -26.6% Lower 44 workday -43.6% Lower 30 克罗诺思(KRONOS) / / Online recruitment 46 前程无忧(www.51job.com) 31.3% Higher 48 Dice Holdings 19.5% Higher 26 Linkedin 2.2% Lower 29 monsterworldwide -29.1% Lower 39 seek / / HR consulting 13 韬睿惠悦(TOWERS WATSON) 7.6% Higher 35 荟才(RESOURCES GLOBAL PROFESSIONALS) 7.2% Lower 10 怡安翰威特(Aon Hewitt) / / 11 美世(MERCER) / / Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average HR service outsourcing 16 PAYCHEX 24.6% Higher 4 安德普翰(ADP) 13.7% Higher 38 FULLCAST HLDGS 3.9% Lower 40 BBSI 3.3% Lower 14 TEMP HOLDINGS 2.4% Lower 18 IMPELLAM GROUP 2.0% Lower 17 Insperity 1.9% Lower 8 中智(CIIC) 1.1% Lower 21 CHANDLER MACLEOD 1.0% Lower Talent dispatch/ lease/ placement 9 罗致恒富(Robert Half) 5.1% Higher 23 On Assignment 3.4% Higher 22 TRUEBLUE 2.4% Higher 1 德科(Adecco) 1.8% Higher 24 CDI Corporation 1.8% Higher 3 万宝盛华集团 (ManpowerGroup) 1.0% Higher 7 必胜人力资源(KELLY) 0.9% Equal 2 任仕达(randstad) 0.2% Lower 34 CORPORATE RESOURCE SERVICES -0.5% Lower 12 usg people -6.7% Lower 15 保圣那(PASONA) / / Headhunting & RPO 32 光辉国际(KORN/FERRY INTERNATIONAL) 6.6% Higher 20 米高蒲志国际(PageGroup) 6.2% Higher 5 RECRUIT 4.6% Higher 31 明达科(MEITEC) 4.2% Higher 37 海德思哲 (HEIDRICK&STRUGGLES) 1.3% Lower HRoot Global 50 HR Service Providers 2013 (Ranked by Net Profit Margin of Main Business) 33
  34. 34. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average Headhunting & RPO 43 Clarius Group -3.9% Lower 33 翰德(Hudson) -5.0% Lower 25 KFORCE -8.2% Lower 41 bluestone -95.4% Lower 19 SYNERGIE / / 6 瀚纳仕(HAYS) / / 45 hydrogen / / 27 sthree / / 28 华德士(ROBERT WALTERS) / / 36 HARVEY NASH / / 47 HRnet One / / HR management software 42 Ultimate SOFTWARE 12.8% Higher 50 ClickSoftware 11.9% Lower 44 workday -20.1% Lower 49 Cornerstone ONDEMAND -67.0% Lower 30 克罗诺思(KRONOS) / / Online recruitment 48 Dice Holdings 20.0% Higher 46 前程无忧(www.51job.com) 17.8% Higher 26 Linkedin 2.4% Lower 29 monsterworldwide -29.4% Lower 39 seek / / HR consulting 35 "荟才 (RESOURCES GLOBAL PROFESSIONALS)" 11.2% Higher 13 韬睿惠悦(TOWERS WATSON) 10.6% Lower 10 怡安翰威特(Aon Hewitt) / / 11 美世(MERCER) / / Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average HR service outsourcing 16 PAYCHEX 34.1% Higher 38 FULLCAST HLDGS 26.4% Higher 40 BBSI 24.4% Higher 4 安德普翰(ADP) 22.7% Higher 8 中智(CIIC) 21.1% Higher 18 IMPELLAM GROUP 18.6% Lower 17 Insperity 16.6% Lower 21 CHANDLER MACLEOD 10.1% Lower 14 TEMP HOLDINGS 9.2% Lower Talent dispatch/ lease/ placement 9 罗致恒富(Robert Half) 24.9% Higher 1 德科(Adecco) 10.2% Higher 22 TRUEBLUE 10.2% Higher 23 On Assignment 8.0% Higher 3 万宝盛华集团 (ManpowerGroup) 7.9% Higher 24 CDI Corporation 6.9% Higher 7 必胜人力资源(KELLY) 6.7% Higher 2 任仕达(randstad) 1.4% Lower 34 CORPORATE RESOURCE SERVICES -22.9% Lower 12 usg people -38.5% Lower 15 保圣那(PASONA) / / Headhunting & RPO 20 米高蒲志国际(PageGroup) 34.0% Higher 5 RECRUIT 11.3% Higher 32 光辉国际(KORN/FERRY INTERNATIONAL) 8.6% Higher 31 明达科(MEITEC) 7.6% Higher 37 海德思哲 (HEIDRICK&STRUGGLES) 2.5% Higher HRoot Global 50 HR Service Providers 2013 (Ranked by Return on Shareholder's Equity of Main Business) 34
  35. 35. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average Headhunting & RPO 33 翰德(Hudson) 44.9% Lower 32 光辉国际(KORN/FERRY INTERNATIONAL) 47.4% Higher 31 明达科(MEITEC) 47.7% Higher 28 华德士(ROBERT WALTERS) 48.8% Higher 27 sthree 49.8% Higher 25 KFORCE 61.0% Higher 20 米高蒲志国际(PageGroup) 61.2% Higher 19 SYNERGIE 62.5% Higher 5 RECRUIT 70.2% Higher 6 瀚纳仕(HAYS) 77.9% Higher 47 HRnet One / / HR management software 50 ClickSoftware 33.4% Lower 44 workday 38.2% Lower 49 Cornerstone ONDEMAND 72.7% Higher 42 Ultimate SOFTWARE 78.2% Higher 30 克罗诺思(KRONOS) / / Online recruitment 46 前程无忧(www.51job.com) 17.7% Lower 26 Linkedin 34.3% Lower 39 seek 44.6% Higher 48 Dice Holdings 46.2% Higher 29 monsterworldwide 47.8% Higher HR consulting 35 荟才(RESOURCES GLOBAL PROFESSIONALS) 15.0% Lower 13 韬睿惠悦(TOWERS WATSON) 54.1% Higher 10 怡安翰威特(Aon Hewitt) / / 11 美世(MERCER) / / Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average HR service outsourcing 14 TEMP HOLDINGS 33.9% Lower 38 FULLCAST HLDGS 34.4% Lower 21 CHANDLER MACLEOD 56.8% Lower 18 IMPELLAM GROUP 61.8% Higher 8 中智(CIIC) 64.3% Higher 17 Insperity 67.9% Higher 16 PAYCHEX 75.2% Higher 40 BBSI 76.5% Higher 4 安德普翰(ADP) 80.2% Higher Talent dispatch/ lease/ placement 24 CDI Corporation 30.2% Lower 9 罗致恒富(Robert Half) 39.0% Lower 22 TRUEBLUE 44.5% Lower 23 On Assignment 51.5% Lower 7 必胜人力资源(KELLY) 54.6% Higher 2 任仕达(randstad) 59.9% Higher 1 德科(Adecco) 61.5% Higher 12 usg people 63.0% Higher 3 万宝盛华集团 (ManpowerGroup) 64.3% Higher 34 CORPORATE RESOURCE SERVICES 69.2% Higher 15 保圣那(PASONA) / / Headhunting & RPO 45 hydrogen 25.8% Lower 43 Clarius Group 27.2% Lower 41 bluestone 35.4% Lower 37 海德思哲 (HEIDRICK&STRUGGLES) 38.0% Lower 36 HARVEY NASH 44.4% Lower HRoot Global 50 HR Service Providers 2013 (Ranked by Asset-Debt Ratio of Main Business) 35
  36. 36. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average Headhunting & RPO 25 KFORCE 1.7 Lower 5 RECRUIT 1.7 Lower 20 米高蒲志国际(PageGroup) 1.6 Lower 45 hydrogen 1.5 Lower 37 海德思哲 (HEIDRICK&STRUGGLES) 1.5 Lower 28 华德士(ROBERT WALTERS) 1.4 Lower 27 sthree 1.4 Lower 36 HARVEY NASH 1.1 Lower 41 bluestone 0.8 Lower 6 瀚纳仕(HAYS) 0.5 Lower 19 SYNERGIE / / HR management software 44 workday 3.5 Higher 50 ClickSoftware 3.3 Higher 49 Cornerstone ONDEMAND 1.2 Lower 42 Ultimate SOFTWARE 1.1 Lower 30 克罗诺思(KRONOS) / / Online recruitment 46 前程无忧(www.51job.com) 5.0 Higher 26 Linkedin 2.5 Higher 29 monsterworldwide 1.0 Lower 48 Dice Holdings 0.8 Lower 39 seek 0.7 Lower HR consulting 35 荟才(RESOURCES GLOBAL PROFESSIONALS) 3.7 Higher 13 韬睿惠悦(TOWERS WATSON) 1.6 Lower 10 怡安翰威特(Aon Hewitt) / / 11 美世(MERCER) / / Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average HR service outsourcing 38 FULLCAST HLDGS 2.7 Higher 8 中智(CIIC) 1.5 Higher 17 Insperity 1.3 Equal 40 BBSI 1.3 Equal 21 CHANDLER MACLEOD 1.2 Lower 4 安德普翰(ADP) 1.1 Lower 16 PAYCHEX 1.1 Lower 18 IMPELLAM GROUP 0.5 Lower 14 TEMP HOLDINGS / / Talent dispatch/ lease/ placement 22 TRUEBLUE 3.9 Higher 24 CDI Corporation 2.7 Higher 23 On Assignment 2.5 Higher 9 罗致恒富(Robert Half) 2.1 Higher 7 必胜人力资源(KELLY) 1.7 Lower 3 万宝盛华集团 (ManpowerGroup) 1.4 Lower 1 德科(Adecco) 1.3 Lower 34 CORPORATE RESOURCE SERVICES 1.0 Lower 2 任仕达(randstad) 0.8 Lower 12 usg people 0.7 Lower 15 保圣那(PASONA) / / Headhunting & RPO 47 HRnet One 3.8 Higher 31 明达科(MEITEC) 3.6 Higher 33 翰德(Hudson) 2.3 Higher 32 光辉国际(KORN/FERRY INTERNATIONAL) 2.3 Higher 43 Clarius Group 2.1 Higher HRoot Global 50 HR Service Providers 2013 (Ranked by Current Ratio of Main Business) 36
  37. 37. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average Headhunting & RPO 28 华德士(ROBERT WALTERS) 10.8 Lower 47 HRnet One / / 43 Clarius Group / / 25 KFORCE / / 20 米高蒲志国际(PageGroup) / / 45 hydrogen / / 37 海德思哲 (HEIDRICK&STRUGGLES) / / 27 sthree / / 41 bluestone / / 6 瀚纳仕(HAYS) / / 19 SYNERGIE / / HR management software 30 克罗诺思(KRONOS) / / 42 Ultimate SOFTWARE / / 44 workday / / 49 Cornerstone ONDEMAND / / 50 ClickSoftware / / Online recruitment 39 seek 8.8 Higher 26 Linkedin / / 29 monsterworldwide / / 39 seek / / 48 Dice Holdings / / HR consulting 10 怡安翰威特(Aon Hewitt) / / 11 美世(MERCER) / / 13 韬睿惠悦(TOWERS WATSON) / / 35 荟才(RESOURCES GLOBAL PROFESSIONALS) / / Industry Rank 2013 Company LOGO Country Annual revenue growth rate Compared with industry average HR service outsourcing 4 安德普翰(ADP) 276.6 Higher 8 中智(CIIC) 174.0 Higher 38 FULLCAST HLDGS 90.2 Equal 17 Insperity / / 40 BBSI / / 21 CHANDLER MACLEOD / / 16 PAYCHEX / / 18 IMPELLAM GROUP / / 14 TEMP HOLDINGS / / Talent dispatch/ lease/ placement 3 万宝盛华集团 (ManpowerGroup) 11.5 Higher 7 必胜人力资源(KELLY) 9.6 Higher 23 On Assignment 5.2 Higher 22 TRUEBLUE / / 24 CDI Corporation / / 9 罗致恒富(Robert Half) / / 1 德科(Adecco) / / 34 CORPORATE RESOURCE SERVICES / / 2 任仕达(randstad) / / 12 usg people / / 15 保圣那(PASONA) / / Headhunting & RPO 31 明达科(MEITEC) 63.8 Higher 5 RECRUIT 40.4 Higher 32 光辉国际(KORN/FERRY INTERNATIONAL) 25.1 Higher 36 HARVEY NASH 18.9 Higher 33 翰德(Hudson) 12.1 Higher HRoot Global 50 HR Service Providers 2013 (Ranked by Current Ratio of Main Business) 37
  38. 38. Company name in Chinese: 德科 Company name in English: Adecco Headquarters: Geneva, Switzerland Country: Switzerland Established: 1957 Website: http://www.adecco.com Main Business: Talent Dispatch/Lease/ Placement Annual revenue of 2012 26,391 million dollars Stock Exchange: New York, Pairs, Switzerland Stock Exchange Stock Code: ADEN/ADE About: Operating profit Net profit Pre-tax profit Shareholders' equity 865 485 750 4,754 Major financial data in Fiscal 2012(Unit: $ million) Major financial ratios in Fiscal 2012 The Adecco Group (SWX: ADEN; EURONEXT: ADE) is the world’s leading provider of HR solutions. Adecco has over 5,500 offices in over 60 countries, with over 33,000 employees. Every day, Adecco provides 700,000 employees and 100,000 companies headhunting services of middle and senior management positions, temporary staffing, permanent placement, outsourcing, outplacement, training and consulting. Founded in 1957, headquartered in Switzerland, Adecco (SWX: ADEN; EURONEXT: ADE) is placed no.443 of Global Fortune 500 companies in the fiscal year 2013. Total assets by the end of 2012 Average total assets Current assets Current liabilities 12,355 12,679 12,679 4,977 Receivable by the end of 2012 Average receivable Total liabilities Interest expense 4488 4,833 7,601 / Indicator Ratio Compared with in- dustry average Net profit margin 1.80% Higher ROE 10.20% Higher Debt-asset ratio 61.50% Higher Current ratio 1 Lower Times Interest Earned / / Indicator Ratio Compared with in- dustry average Revenue growth rate -7.60% Lower Total turnover ratio 2.1 Lower Accounts receivable turnover ratio 5.5 Lower ROA 3.80% Higher Operating margin 3.30% Higher Company Profile Adecco IncNO.1 GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 38
  39. 39. Operating profit Net profit Pre-tax profit Shareholders' equity 164 48 750 3,501 Major financial data in Fiscal 2012(Unit: $ million) Major financial ratios in Fiscal 2012 Total assets by the end of 2012 Average total assets Current assets Current liabilities 8,735 9,772 4,002 5,074 Receivable by the end of 2012 Average receivable Total liabilities Interest expense 3,692 4,045 5,233 / Indicator Ratio Compared with in- dustry average Net profit margin 0.20% Lower ROE 1.40% Lower Debt-asset ratio 59.90% Higher Current ratio 0.8 Lower Times Interest Earned / / Indicator Ratio Compared with in- dustry average Revenue growth rate -2.70% Lower Total turnover ratio 2.2 Lower Accounts receivable turnover ratio 5.4 Lower ROA 0.50% Lower Operating margin 0.70% Lower Company name in Chinese: 任仕达 Company name in English: randstad Headquarters: Amsterdam, Netherlands Country: Netherlands Established: 1960 Website: http://www.randstad.com Main Business: Talent Dispatch/Lease/ Placement Annual revenue of 2012 21,959 million dollars Stock Exchange: Amsterdam Stock Exchange Stock Code: RAND About: randstadNO.2 Randstad (AMS:RAND), founded in 1960 and headquartered in Amsterdam, the Netherlands, is a listed company in New York Stock Exchange. Starting as a talent dispatch company in the 1960s, Randstad Group has been developed into a human resources service transnational company that covers over 40 countries worldwide and over 4100 branches. The core business of the group includes: the services of recruitment of professional staff, flexible recruitment, dispatch of professional staff, resident services and integrated human resources service solu- tions. Randstad Group entered Chinese market in 2006, and currently it has branches in Beijing, Shanghai, Guangzhou, Shenzhen,Suzhou and other cities. Each year it successfully recruited more than thousands of senior management per- sonnel for the Chinese enterprises, and manage tens of thousands of dispatched and outsourced employees. Randstad had an operating revenue of 225, 60 million dollars, ranking 489 in Fortune Global 500 in 2012. GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 39
  40. 40. Company name in Chinese: 万宝盛华 Company name in English: ManpowerGroup Headquarters: Wisconsin, United States of America Country: United States of America Established: 1948 Website: http://www.manpowergroup.com Main Business: Talent Dispatch/Lease/Placement Annual revenue of 2012 20,678 million dollars Stock Exchange: New York Stock Exchange Stock Code: MAN About: ManpowerGroupNO.3 ManpowerGroup (NYSE:MAN), founded in 1948, is a world leader in global pioneering human re- sources solutions, creates and delivers services to help customers to achieve their goals on business and human resources objectives and meanwhile enhances customers’competitiveness. With an- nual turnover of 22 billion USD, Manpower provides a series of services covering the whole employ- ment life cycle and business cycle to employers, including talents searching and selecting, temporary and contractual dispatch services, employee assessment and selection, training service, outplacement service, as well as outsourcing and consulting services. Manpower has the largest service network in global human resources service industry, and its worldwide network of nearly 3,900 offices in 80 countries and territories enables the company to meet the needs of its 400,000 clients per year. In 1994, for the first time Manpower developed its business to Great China, and presently it has over 500 professional recruiters in 22 main cities in Chinese Mainland. In Chinese mainland, it has customers of over 3500 transnational companies and local companies and has over 500,000 medium-and-high-level urgently-needed talents. It ranked 500 in Fortune Global 500 in 2012. Operating profit Net profit Pre-tax profit Shareholders' equity 412 198 368 2,502 Major financial data in Fiscal 2012(Unit: $ million) Major financial ratios in Fiscal 2012 Total assets by the end of 2012 Average total assets Current assets Current liabilities 7,013 6,956 5,061 3,677 Receivable by the end of 2012 Average receivable Total liabilities Interest expense 4,179 4,180 4,511 35 Indicator Ratio Compared with in- dustry average Net profit margin 1.00% Higher ROE 7.90% Higher Debt-asset ratio 64.30% Higher Current ratio 1.4 Lower Times Interest Earned 11.5 Higher Indicator Ratio Compared with in- dustry average Revenue growth rate -6.00% Lower Total turnover ratio 3.0 Lower Accounts receivable turnover ratio 4.9 Lower ROA 2.80% Higher Operating margin 2.00% Lower GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 40
  41. 41. Company name in Chinese: 安德普翰 Company name in English: ADP Headquarters: New Jersey, United States of America Country: United States of America Established: 1949 Website: http://www.adp.com Main Business: Human Resource Outsourcing Annual revenue of 2012 10,172 million dollars Stock Exchange: NASDAQ Stock Market Stock Code: ADP About: ADPNO.4 ADP (NASDAQ:ADP), founded in 1949, with annual income of nearly 10 billion USD and 570, 000 customers all over the world, is one of the world largest outsourcing solution providers. With nearly 60 years’ senior experience in the industry, ADP provides the most comprehensive human resources, remuneration, taxes and welfare management solutions in the industry. ADP also provides world’s leading integrated computer information solutions to global sedan, truck, motorcycle, ship and recreational vehicle dealers. In 2006, ADP entered Chinese market and began to provide world first-class human resources services and dealer services to companies in China through products of GlobalView® and Autoline®. In 2009, ADP successfully purchased China Link with an aim to bring more comprehensive localized human resources outsourcing solutions to Chinese market. Operating profit Net profit Pre-tax profit Shareholders' equity 21 14 2,122 6,114 Major financial data in Fiscal 2012(Unit: $ million) Major financial ratios in Fiscal 2012 Total assets by the end of 2012 Average total assets Current assets Current liabilities 30,816 32,527 25,156 23,239 Receivable by the end of 2012 Average receivable Total liabilities Interest expense 1,399 1,382 24,702 8 Indicator Ratio Compared with in- dustry average Net profit margin 13.70% Higher ROE 22.70% Higher Debt-asset ratio 80.20% Higher Current ratio 1.1 Lower Times Interest Earned 276.6 Higher Indicator Ratio Compared with in- dustry average Revenue growth rate 3.00% Lower Total turnover ratio 0.3 Lower Accounts receivable turnover ratio 7.4 Lower ROA 4.30% Lower Operating margin 20.90% Higher GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2013 41

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