Saudi Arabia HR Outsourcing Services Market

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4. Market Insights The Saudi Arabia HR Outsourcing Services Market is projected to grow at a CAGR of around 7.2% during the forecast period, i.e., 2024-2030. The market growth is attributed to the surging focus of the Saudi government to diversify their economic revenue from service-based industries. The focus has been surging as part of Saudi Arabia’s “Vision 2030”, launched in 2016, under which the government announced various programs like the Financial Sector Development Program, Health Sector Transformation Program Privatization Program, National Transformation Program, etc. These programs have helped attract many local & foreign investments to the country, which, in turn, is driving the need for HR outsourcing services for hiring human resources & managing business operations efficiently.

5. Market Trends Growing Inclination Towards Shared Services Augmenting the Market Growth – The demand for shared HR outsourcing is rising in Saudi Arabia due to the evolving needs of businesses and government entities for enhanced operational efficiency & cost savings. In today's era, organizations are increasingly recognizing the importance of achieving full integration to seamlessly connect with customers, suppliers, and multi-site company locations worldwide. As Saudi Arabia is working towards diversifying its economy, both public & private sector entities in the country are focusing on their core competencies. This leads to increased outsourcing of non-core functions like shared HR services that would help them allocate resources more strategically.

6. Market Segments By Services (Payroll [Payroll Management, Loans & Other Benefits Processing, Payroll Master Data Management, Pension Administration, etc.], Benefits Administration [Health Insurance, Retirement Accounts, Vacations & Leaves, Employee Visa Processing Services, Employee Data Administration, etc.], Recruitment Process [Talent Acquisition, Recruiting, etc.], Learning Services [Talent Development & Management, Employee Collaboration & Engagement, etc.], Multi Process Human Resource [HR Tools, Workforce Planning & Analytics, Budgeting, Integrated HR Services, etc.], Others [HR consultancy etc.]), By End User (Oil & Gas, BFSI, Hospitality, Healthcare, IT & Telecom, Public Utilities, Others), By Region (Central, East, West, South)

7. Top Companies • Sovereign Group, Nathan & Nathan, Miza Business Solutions, Tharwah, Respeed, IRSAA Business Solutions, The First national Human Resource Company (FNRCO), ETISAL International, Marcom Arabia, Raya Customer Experience, Other

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