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The local human resources market will shrink by about 15 percent in 2020, as a result of the market's maturation and of the coronavirus pandemic, reveals a KeysFin survey.
The 2018 turnover of Romanian HR service providers was by 12.3 percent higher compared to the previous year, and exceeded by almost 337 percent the level of 2009, totaling 4.2 billion lei at the end of 2018. For 2019, KeysFin experts expect the figure to near the threshold of 4.9 billion lei, followed by a drop this year, the company said in a release this Thursday.
According to the KeysFin survey, there were approximately 3,500 active HR companies (NACE code 78) in Romania at the end of 2019. The net result of HR service providers in 2018 was 3.3 percent up from 2017 at 228 million lei (823 percent higher compared to 2009). Of the almost 3,460 surveyed companies, more than half, specifically 1,795 (52 percent) registered profit, 1,119 had losses (32 percent), and the rest reported zero profit for 2018. There were 54,000 employees in the field in 2018, 4 percent less compared to 2017.
A KeysFin ranking of the HR service companies by the 2018 turnover places Lugera & Makler SRL on top; the market leader's turnover of 321 ml-plus lei (7.6 pct of the market) exceeds by only 762,000 lei the figure of the second-ranked Adecco Resurse Umane SRL (which was the main player in 2017).
Manpower HR SRL is third in the ranking with 195.6 million lei, respectively 4.6 percent of the market.
"However, considering the centralized group data (based on the shareholdership structure), Adecco (through Adecco Human Resources SRL and Adecco Romania SRL) leads the local HR services industry with business worth over 416 million lei in 2018," the survey notes.
The survey does not include companies such as EJobs Group SRL or BestJobs Recrutare SA, as these fall under the NACE code assigned to the IT&C sector. If these companies were also included in the survey, the industry's turnover would be by over 70.5 million lei higher in 2018.
The KeysFin survey is based on the annual unadjusted aggregate financial data reported to the Finance Ministry (at the end of the period) by companies whose main field of activity is covered by the NACE code 78: workforce-related services. All figures are expressed in lei, and the data was extracted at the beginning of 2020.
KeysFin offers commercial risk reduction solutions using data on Romanian and foreign companies via dedicated tools. With a portfolio of over 500 clients, KeysFin is one of the most important providers of business information solutions in Romania.
