2014 Global Top50 HR Service Providers Ranking and Whitepaper by HRoot

Subversion and
Rebirth
——On the global human resources
services market of 2013-2014
2013, A Year of Slow Recovery of World Economy
In 2013, the world economy slowly grew in the faltering pace. For 2014, although the financial crisis occurred six years ago, its negative
effect of the crisis is still remaining, and developed countries and emerging economies are still affected to some extent.
World Economic Situation and Prospects 2014-Update as of Mid-2014 issued by the United Nations shows that the year 2013
is another year of slowly world economic growth, and world GDP (WGP) increased by only 2.1% which is lower than expected. Almost
everywhere in the world and the major economies showed their poor performance, and most developed countries were still struggling in
the shadow of the financial crisis. Besides this, some emerging economies experienced a slowdown in the past two years were facing new
domestic and abroad challenges in 2013. The world economy in the near future, however, shows positive signs: Eurozone finally emerges
from recession and a handful of big emerging economies, including China, their economic growth is stabilizing.
Under the long-term impact of the financial crisis and regional labor market, the performance of the global human resources services
market is gradually improving. The list of "2014 HRoot Global 50 Human Resources Services Providers" also highlights the situation. On
the list, the revenue growth of a human resources software company Workday and a business social networking site (LinkedIn) increased
respectively by 71.3% and 57.2% and become the most two eye-catching companies.
In addition, what lift the people’s sprits is that even if global human resources services market performed to the average, but the
company’s performance of CIIC are highlighted this year. With the 23.7% of the revenue growth rate, CIIC ranked No.6 on the list.
Moreover, the growth of the company's operating income per capita was second to none, reached $1.813 million, and ranked first in the
world, which reflects its China human resource services market leadership is unshakeable.
From indexes of "operating profit", 43 companies on this year's top 50 list are profitable. Compared to last year's 40, the number of
profit enterprises is rising. Overall, compared with other industries, the development of the global human resource services industry is
improving steadily in the unrest this year. After the 2008 financial crisis, the global human resources services market experienced the
downturn for a time. On the 2009 top 50 list, there were only 26 profitable enterprises. Until 2011, the number climbed to 44 again. After
that, the global human resources services market fluctuates, but the overall profit is relatively stable.
1
Corporate earnings of Global 50 HR
Services Providers in fiscal 2013
8%
6%
86%
Profitable
Loss-making
Others
Corporate earnings of Global 50 HR Services
Providers (fiscal 2009 - - fiscal 2013)
fiscal 2009 fiscal 2010 fiscal 2011 fiscal 2012 fiscal 2013
60
50
40
30
20
10
0
Profitable number Loss-making number Others

Development of the Industry: Subversive and Creator
Among the top 10 on the list of "2014 HRoot Global 50 Human Resources Services Providers", Adecco, Randstad and ManpowerGroup
ranked the top three positions. It is worth mentioning that, the revenue growth rate of Recruit climbed to 20.5% and ranked NO.4 on the list.
Affected by the global recession, fiscal 2013 compared to fiscal 2012, witnessed the revenue of Adecco and ManpowerGroup dropping. At the
same time, in the 2014 Global 500 ranking published by the Fortune magazine, only one human resources service agency, Adecco, made the list
whose operating income was $25.8 billion, and ranked No.461. But all the top three firms realized their own operating profit growth.
Human resources outsourcing industry will continue to develop, and the business process outsourcing model of services providers
stay ahead in terms of revenue and profit growth. In fiscal 2013, ADP in terms of revenue and operating profits achieved positive growth. It
was No.1 in the world's human resources outsourcing market with its revenue of $11.31 billion and operating profit margin of 18.4% which
ranked No.5 on the list of "2014 HRoot Global 50 Human Resources Services Providers". In addition to the continuous cultivation on salary
welfare outsourcing, ADP also stepped into recruitment process outsourcing field through the 2012 acquisition of The RightThing. ADP is
also the most valuable enterprise in human resources industry. American wage outsourcing services provider, Paychex, continued to pilot
human resources outsourcing area with its operating profit margin 38.9%.
By contrast, the performance of human resource consulting companies in fiscal 2013 was still poor. On the list of "2014 HRoot Group
50 Human Resources Services Providers", there were only four human resources consulting companies. Among them, the Aon Hewitt
dropped out of the top 10 regrettably, ranked 11th. The rank of MERCER improved. As compared to last year, it ranked No.10 this year.
TOWERS WATSON still ranked No.13. In addition to that, the performance of RESOURCES GLOBAL PROFESSIONALS compared with
that of last year was also barely satisfactory with 7.1% of its operating profit margin ranked No.39.
The development of headhunting service and recruitment process outsourcing was weak and fatigue in fiscal 2013. Influenced by the
economic downturn, many service agencies encountered negative growths of revenue and operating profit. Among the top 10, only HAYS listed.
On the list of "2014 HRoot Group 50 Human Resources Services Providers", only three human resources software companies made
the list. In fiscal 2013, while the annual revenue growth rate of the human resources software industry reached 31.0%, ahead of other
human resource industries, but its operating profit margin, net profit margin, and return on net assets were all negative.
Key rate of Profit
Industry Annual Revenue Growth Rate and Return on Assets
Industry total asset turnover ratio and accounts receivable turnover ratio
2
HR service outsourcing
Operating margin Net profit margin Return on Shareholder's Equity
Annual Revenue Growth Rate Return on Assets
Accounts receivable turnover ratio Accounts receivable turnover ratio
headhunting service and
RPO
HR management
software
talents dispatch/rental/ online recruitment HR consulting
placement services
talents dispatch/rental/
placement services
RPO
HR management
software
online recruitment HR consulting
HR service outsourcing talents dispatch/rental/
placement services
RPO HR management
software
online recruitment HR consulting

Employee dispatching/rental/placement services: Giants gathered
According to the analysis of the Staffing Industry Analysts analysis, the American temporary employment market was worth $106
billion. In 2013, it rose 6% in a year-on-year profit. ManpowerGroup though failed to achieve year-on-year revenue growth, but it still
ranked No.3 on the list of "2014 HRoot Group 50 Human Resources Services Providers" by $20.25 billion. During the economic downturn,
temporary employment business even become a main force to pull through for many big European human resources services, and the
two giants Adecco and Randstad whose headquarters located in the Europe continued leading industry and developing. On this year's list,
Recruit in Japan ranked No.4 with $12.154 billion in revenue which was a 20.5% year-on-year increase. Either from revenue or number
of employees, Recruit was close to the first echelon. The first four occupied 48% of the total amount of revenue on the list of "2014 HRoot
Group 50 Human Resources Services Providers".
Enterprise's profit ability is closely related to industrial cycle and macroeconomic environment. Japanese labor dispatching market
operation is relatively more mature than other countries. Since the 1960s’ labor dispatch, Japan formally launched The Labor Dispatching
Act during the 1980s, and it was amended four times in 1990, 1996, 1999 and 2003 successively which gradually opened the limitations of
labor dispatching. Under the bubble economy, Japanese employment system and labor market also took great changes. Enterprises tend
to hire personnel, and labor dispatching rises in Japan.
In addition to continued cultivation on the Japanese market, Japanese companies are also beginning to move towards the world, especially
the attention on the development of European and American markets and acquisitions. In 2013, Recruit made an acquisition of the world's largest
search recruitment patterns company, Indeed, and the move brought in its overseas income growth of 33% in fiscal 2013 which exceeded its
domestic business growth. In the 2010-2012, Recruit has bagged the American temporary employment service agencies CSI, Staffmark and
Advantage Resourcing. In fiscal 2013, Recruit won temporary dispatching revenue a year-on-year growth of 10.8% compared to that of last
fiscal year, and its sales growth increased by 21.1% in overseas markets. Recruit is also the largest of 51 job.
Japanese companies have been actively open up the North American market, and strengthen their local operation ability. Pasona, a
group founded in 1976, is to provide human resources solutions, the temporary worker dispatch, hiring, professional outsourcing solutions,
knowledge sharing, and staff life services, such as human resource services. In recent years, for its revenue contribution, the North
American market is more and more huge.
Human resources management software: subvert the tradition
Workday is a subversion and breaking through the traditional software market of enterprise human resources. From the beginning, it
seized the timing of the fusion between the Software and the Internet,
and it was first to adopt cloud-based SaaS (Software - as - a -
Services, Software as a service) this new business model of human
resource software provider. Compared to the traditional license
centered human resources software, the lease mode of SaaS allows
that customers pay the service fee by usage, which shows its obvious
cost advantages in cost, software updating speed, and compatibility.
Since founded in 2004, Workday quickly accumulated customer
resources, and robbed many big customers from its quite deep
enmity, rival Oracle in the North American market. Its operating
income sustains double-digit growth, and its market share continually
expands. In fiscal 2013, Workday become the fastest growing
company in operating income by 71.3% revenue growth on the list
of "2014 HRoot Group 50 Human Resources Services Providers". Based on cloud computing software, the expansionary path of human
resources software in fiscal 2013 is quite good, which its revenue realized double-digit growth: the revenue of Ultimate SOFTWARE in
fiscal 2013 rose by 23.5% compared to that of the previous year; the cloud business of Kronos, a labor management software, achieved
double-digit or even triple-digit growth continuously in fiscal 2013, which made its overall revenue of achieving 12.1% growth.
SaaS has characteristics in low investment, high yield, and easy to implement and management. According to data from Gartner,
SaaS market climbs by 21% of the compound growth rate from 2012 to 2017, will rise to $45.8 billion in 2017. The long-tail type business
model of SaaS changes the wind direction of the entire human resources software industry. In the next five years, 12% of the world
software market will shift to the cloud computing. IBM, Oracle, SAP, Microsoft and other software companies realized the importance of
SaaS and on-demand computing, embracing SaaS model, and made the market more active. The speed of cloud transformation for Oracle
3

giants was not slow. Until February 28, 2014, the quarterly revenue of Oracle cloud business nearly achieved $300 million. At this rate, the
annual revenue of Oracle in the SaaS model will be more than $1 billion. Given that the human resources software revenue in Oracle, SAP
enterprise software giant is less than 50% in the overall income, so they are not included on this list.
There is no exaggeration to say that cloud computing has become the most promising direction of the capital market, and Workday is
considered by analysts as one of the most potential and attractive stocks in software plate. On October 13, 2010, Workday IPO (initial public
offering) shares rose 74% on the first day, with a $4.8 billion market cap, and increasing more all the way up, once even topped $10 billion.
In February 2014, Kronos rejected $4.5 billion takeover bid, and the reason was the low valuation. Kronos performed very well in recent
years with double-digit average growth rate and in May 2014, Kronos revenue topped $1 billion.
However, despite the welcomed capital market, profitability for the Workday is even more of a challenge. In fiscal 2013, Workday lost
$153 million with -32.7% operating profit growth rate, hanging at the end on the list of "2014 HRoot Group 50 Human Resources Services
Providers".
SaaS is not a profiteering industry, only accumulated to a certain degree of customers it can surpass the break-even point. Despite
Workday won a lot of big orders in the North American market and also gradually accumulated local customers in the Chinese market, such
as Lenovo and Dianping, but compared to tens of thousands of customer numbers of its rivals, customer number of Workday is less than
one-tenth than them.
Not every product line can be developed with priority, but the financial products of Workday are very competitive. For the aspect of
human resources software, Workday also maintains enough strength. Early May 2014, Workday announced a set of cloud based human
resources components which was the birth of the Workday Recruiting. In February 2014, the management fund of Blackstone Group and
the Singapore Government Investment Corporation will put $750 million in equity investment in Kronos on the basis of Kronos’s original
investor Hellman & Friedman and JMI equity Investment Company. This investment will help Kronos to speed up the pace of product
innovation, constantly broaden the vertical professional knowledge, and to speed up the global strategic expansion.
Online recruitment: rebirth after the silence
Social recruitment, vertical recruitment and other new forms of recruitment pattern continuously impact the traditional Job Board model,
the old and new model of online recruitment battle intensified. No matter for the pursuit of menacing upstarts, or for the concern about the
big brothers, it hurts the prosperity and flourish of the online recruitment market.
On the list of "2014 HRoot Global 50 human resources services providers", the development of online recruitment sector is particularly
eye-catching. The average profitability of online recruitment is higher than other industries: return on net assets reached 84.1%, accounts
receivable turnover rate reached 30.3%, 19.6% operating profit margin, net profit margin of 11.3%. Among them, the performance of the
traditional online recruitment website of 51 job is remarkable. According to the fourth quarter of fiscal 2013 earnings, revenue in 51 job
online recruitment business accounts for about 61.22% of the total. In fiscal 2013, employer clients of 51 job online recruitment increase
from 272,322 in 2012 to 333,973 in fiscal 2013 with the growth rate of 22.6%. According to the calculated: each employer client contribute
about 3000 Yuan to the online recruitment. For 51 job， total revenue of $227 million in fiscal 2013, 10.9% year-on-year increase, and its
operating profit of $80.7 million, rose 0.6% year-on-year.
At the same time, LinkedIn still maintains a strong momentum of development. In fiscal 2013, LinkedIn's revenue reached $1.529
billion, compared to $972 million in fiscal 2012, sales growth rate reached 57.2%, which ranked the top 1 in the online recruitment sector.
Among them, the income of recruitment is about 840 million, over the same period, the world's largest Job Board model, Monster, is about
$807 million.
In terms of operating profit, SEEK with its proud achievements occupied in the first place. The 50% of its operating profit margin also
made it the top one the list of the operating profit margin in "2014 HRoot Global 50 human resources services providers". SEEK, founded in
1997, operating in 13 countries around the world the in fiscal 2013 and serving for more than 2.5 billion people, is one of the largest online
recruitment groups in Australia and New Zealand. It is the parent company of Zhaopin ("2014 HRoot Global 50 human resources services
providers" deputy 53) and in 2014 bought Jobstreet ("2014 HRoot Global 50 human resources services providers" deputy 63) in 1.73 billion
ringgit Malaysia (about $523.5 million), Jobstreet is an online recruitment company, which faces for Singaporean, Malaysian, the Philippine,
Indonesian, Thai, Vietnamese and Hong Kong enterprises and job seekers. The deal shows the determination that SEEK will continue to
develop markets in Asia, including China.
According to the results of fiscal 2013, SEEK in the international business revenue is close to the local market in Australia and New
Zealand, which contains Zhaopin and JobsDB in Chinese region. In October 2006, SEEK invested Zhaopin and held a 24% stake, then
the stake is rising continually. In June 2009, it became the controlling shareholder of Zhaopin. In June 2014, Zhaopin listed on New York
Stock Exchange in the United States, valued at $732 million. Before listing, Zhaopin acquired 100% stock rights of the Chinese investment
4

corporation of JobsDB.
Though traditional recruitment pattern represented by the Monster (Job Board) in the United States has declined and tomorrow for
the same pattern of 51 Job and Zhaopin also seems very pale, 51 Job and Zhaopin has produced large number of users over the past 10
years, so this "Monster’s tomorrow" may not come at once.
The prosperity of online recruitment industry accelerates the speed of geographic expansion for recruitment giants. China is large in
population and the importance of the Chinese market is becoming more and more evident. On February 25, 2014, LinkedIn moved into
the Chinese market, which launched a Beta in Chinese and published in Chinese called "Lingying". On March 6, LinkedIn Chinese website
officially opened the registration of "Lingying". By the end of May 2014, LinkedIn has more than 5 million users in China. Compared to the
beginning of 2014, LinkedIn new Chinese day subscribers increased by 80%. At the same time, Sina Weibo announced "micro" recruitment
services. Sina said, the number of active users with job requirements reached 100 million on Weibo, and there were also 700,000 certified
enterprises. Predictably, LinkedIn advance into China will change the professional networking and network recruitment market pattern,
greatly impacting on the local traditional recruitment websites, and China's online recruitment field will reshuffle in 2014.
The year 2014 is the cacophony for online recruitment market after a perennial silence. Classified information portal websites 58 city
and Ganji shifted to the recruitment; Lagou, Hunteron and Liepin got the level of millions or even tens of millions of dollars of financing,
which the net $70 million C round of financing of Liepin is the largest domestic online recruitment market financing in the last five years.
These potentials are likely on the list of "Global 50 human resources services providers" in the near future.
Industry reshuffle： Home on the later ones
5
While the global economic development improves steadily, but the
development of human resources service organizations is not balanced. In
fiscal 2013, some happy some worry. On the list of "2014 HRoot Global 50
human resources services providers", there are two companies listed for
the first time, at the same time two enterprises are absent which were listed
on last year. The two absent enterprises, one Japanese human resources
service outsourcing company FULLCAST HLDGS ranked No.38 on
the list of "2013 HRoot Global 50 human resources services providers"
and the other one American human resources software Cornerstone
ONDEMAND ranked No.49 last year were unfortunately absent from the
list this year for their revenue falls. Both the two listed companies Staffline
Group and Empresaria Group are the recruitment process outsourcing
company.
Table 1 Previously listed companies absent from the "2014
HRoot Global 50 Global Human Resources Service Providers”
Ranking
in 2013
49
38
Company
Cornerstone ONDEMAND
FULLCAST HLDGS
Country
US
Japan
Main business
HR management
software
HR outsourcing
Reason of
absence
Revenue falls
below
Revenue falls
below
Companies making debut on the “2014 HRoot Global 50
Global Human Resources Service Providers”
Company
Staffline Group
Empresaria Group
Country
UK
UK
Main business
recruitment process
outsourcing
Headhunting and recruitment
Revenue in
Fiscal 2013
（USD, mn）
651
304
Ranking
in 2013
37
44
In addition, it is worth mentioning, Zhaopin listed on the New York Stock Exchange in the United States in June 2014. According to
a previously submitted prospectus shows that as of March 31, 2014, Zhaopin total revenue reached 756.7 million Yuan and net income
reached 130.1 million Yuan in the first nine months. Among them, online recruitment services revenue was 601.6 million Yuan, 558 million
Yuan higher than the same period last year. Therefore, Zhaopin successfully ranked No.53 among the sub-list of "2014 HRoot Global 50
human resources services providers".
Mergers and Acquisitions waves surging
In 2014, the global mergers and acquisitions market presents a hot trend ever since the financial crisis. As of July 2014, Thomson
Reuters weekly data shows that since this year the global mergers and acquisitions reached $2 trillion, rose 75% from a year earlier.
According to statistics from Bloomberg, if it is in accordance with the speed of the first four months in the rest of this year, the total
size of global mergers and acquisitions could reach $4 trillion this year, and become the second largest mergers and acquisitions year
throughout the history, which have never been seen since the financial crisis.
Meanwhile, the survey from Ernst & Young released on the global 70 countries and 1600 senior management personnel. Survey
results show that the economic recovery fueled confidence in the market growth, and more than 30% companies plan for mergers and
acquisitions this year, more than 70% respondents expect the rising number of mergers and acquisitions and deals in 2014.
Affected by the global economic recovery, mergers and acquisitions of the human resources market also revealed a "true explosive

growth". From 2013 to the first half of 2014, as the competition
of human resources in the industry intensified, the mergers and
acquisitions activities in global human resources industry turned up
frequently, and the consolidation strength continuously enhanced.
Among them, the act of Kronos declining to $4.5 billion takeover bid
was a highlight of industry.
Over the past few years, several major global human resources
software giants, carried out large mergers and acquisitions, and
gradually formed the human resources software industry the "Head
of evergrande, the stronger the strong" pattern. In 2013, according
to Ernst & Young， average of mergers and acquisitions in the field
of big data ranked first for a single transaction, and cloud computing
ranked first in the frequency and total mergers and acquisitions
transaction. Cloud, big data and mobile become the three trends for
the future development of in the human resources software industry.
Huge offer bid of Kronos became an important evidence of this trend.
According to the disclosure of the results in 2013, compared to
the same period of last year, Kronos cloud business growth was 51%.
In the first quarter of fiscal 2014, Kronos labor management cloud
business income reached 137% growth. Kronos actively involved in
the development based on the application of smart phones and social
media at the same time, and advanced in the mobile space. All of
these become the important weights for Kronos value rising.
The "2014 HRoot Global 50 human resources services providers"
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.
First, by comparing revenue growth, total asset turnover, accounts
receivable turnover, asset margin, these four indicators 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 operational capabilities is
stronger. Accounts receivable turnover ratio illustrates the company
within a certain period the average number of accounts receivable into
cash. On the list of "2014 HRoot Global 50 human resources services
providers", Workday and LinkedIn with 71.3% and 57.2% growth in
revenue are the two fastest growing companies, and human resources
management software in the growth rate of 31% still occupied the
fastest industry revenue growth. CIIC, in addition, in fiscal 2013, the
total asset turnover was 7.9, only second to one Corporate Resource
services company of 8.6, and accounts receivable turnover rate was
as high as 121.6, so continued to firmly hold the first. It also highlighted
6
Table 2 Major Mergers& Acquisition events in the HR
industry worldwide, 2013-2014
Time
Jan.2013
Feb.2013
Feb.2013
May.2013
Jun.2013
Jun.2013
Jul.2013
Jul.2013
Aug.2013
Aug.2013
Aug.2013
Sept.2013
Oct.2013
Oct.2013
Nov.2013
Nov.2013
Jan.2014
Feb.2014
Feb.2014
Feb.2014
Mar.2014
Apr.2014
Apr.2014
Apr.2014
Apr.2014
May.2014
May.2014
Particular
XING acquired employee assessment services suppliers Kununu by
$12.3 million
Irish recruitment firm Saongroup announced the purchase agreement
signed with American Monster company to buy a 90% stake in the
Monster's ChinaHR
Manpower acquired Norway's biggest recruitment agency
construction industry Workshop Holding
Corporate Resource services acquired Summit Software which is
human resources industry enterprise application Software and hosting
solution supplier based on cloud
ADP acquired South American human resources outsourcing and pay
and benefits services Payroll company for expanding Latin American
market
Professional compensation processing and employers service
enterprise Paychex acquired applicant tracking software company
myStaffingPro
SFSC acquired Shanghai fulcrum of human resources and Shanghai
union human resources co., LTD
Recruiting Software Bullhorn acquired Software suppliers EASY
Software Solutions
Japanese human resources and information services company
Recruit acquired India's largest headhunters NuGrid Consulting
Australian human resource service provider Staffing 360 Solutions
acquired risk management and consulting, internal audit and
information technology solutions provider Control Solutions
International, Inc.
Workforce management solution provider Kronos acquired labor
management service provider Time Link International Corporation
Australian part-time job platform Freelancer.com refused to be
acquired on IPO
PwC acquired management consulting Company Booz & Company
RPO field giant Alexander Mann Solutions announced it will
be acquired by private-equity investors New Mountain Capital
acquisitions in £260 million
Towers Watson announced a proposed $215 million acquisition of a
private health insurance exchange Liazon
Heidrick & Struggles acquired executive search service for the
financial services industry suppliers Scambler MacGregor
The global executive search firm CTPartners acquired Australian
leading independent executive search and leadership consulting
service enterprise Johnson
LinkedIn acquired data driven recruitment company Bright in $120
million
Human resources software Kronos refused to more than $4.5 billion bid
Australian online recruitment giant SEEK $524 million deal to buy
online recruitment firm JobStreet.com
Human resource management and optimization software product
solution provider ClickSoftware $15 million deal to buy a cloud-based
mobile workforce management solutions provider Xora
HayGroup announced it was buying online psychological evaluation
service supplier Talent Q
Australian online recruitment giant SEEK acquired a 25% stake of
recruitment website jobsDB.com
SAP acquired flexible workforce management technology supplier
Fieldglass
CareerBuilder acquired online recruitment software supplier
Broadbean
Recruitment process optimization full-service supplier WilsonHCG
acquired recruitment process outsourcing company CPH
StepStone acquired British online recruitment website Jobsite.co.uk

the long-term steady operation ability of CIIC against the uncertain
economic environment.
7
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. Based upon the
list, American Paychex ranked first with 32.1%, and Robert Half
ranked second with 27.4%. In addition, from the point of each industry
segment, online recruitment sector with 84.1% of the enterprise net
assets was second to none.
Finally, the current ratio, interest coverage has reflected the
company's solvency. Among them, the current ratio indicates that short-term
solvency of companies, while enterprises have been used to
Table 3 Financial analysis indicators used in the “2014
HRoot Global 50 HR Service Providers”
Operating
capacity
rofitability
Financial
structure
Solvency
Annual revenue
growth rate
Total asset
turnover ratio
Accounts receivable
turnover ratio
Return on assets
(ROA)
Operating margin
Net profit margin
Return on shareholder's
equity (ROE)
Debt-asset ratio
Current ratio
Times interest
earned(TIE)
(Current revenue - on revenue) / on revenue
Revenue / average total assets
Revenue / average accounts receivable balance
Net profit/average total assets
Operating profit/revenue
Net profit/main business income
Net profit/shareholders' equity
Liabilities/total assets
Current assets/current liabilities
EBIT/interest expense
measure the interest cover long-term solvency. In general, the higher the interest earned multiples, the stronger the corporate long-term solvency.
In the ranking, ADP and BBSI with 230.04 and 104.75 interest earned multiples respectively have become the two strongest long-term solvency
companies.
In addition,"2014 HRoot Global 50 human resources services providers" 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 facing reveal the size and
growth. On 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 reflects
the company's profitability in the industry.
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 2014, the domestic and foreign environment still face extensive and profound changes, and uncertainties in world economic
increase. At the same time, disruptive technological changes, for example the Internet of things, cloud computing, and big data have a
profound impact on business, and greatly overturns the traditional business model. Information age and mobile Internet subvert the law
of value creation, and Internet thinking puts forward new challenges to the enterprise talent management. In future, human resource
managers need to actively break the barrier of the thinking; conduct open innovation, and enhance business value, to help enterprises
continue to grow. Facing the globalization brings challenges and opportunities, human resource service agencies need to pursue
innovations and changes in the imbalanced development, and constantly looking for breakthrough and rebirth to resist the uncertainties in
the uncertain economic environment, to earn its own place in future market development.

Table4 Financial ratios averages by industry in the “2014 HRoot Global 50 HR Service Providers”
software Online recruitment Industry HR consulting
8
Annual revenue
growth rate
Total asset
turnover ratio
Accounts receivable
turnover ratio
Return on assets
Operating margin
Net profit margin
ROE
Debt-asset ratio
Current ratio
Times interest earned
3.0%
2.9
25.3
5.0%
7.9%
4.3%
15.8%
58.3%
1.4
134.0
6.0%
2.9
7.5
5.5%
3.9%
2.2%
9.9%
53.0%
1.6
18.6
2.5%
3.3
7.9
1.3%
1.3%
1.4%
1.8%
56.0%
1.2
29.0
31.0%
0.7
4.4
-4.2%
-15.3%
-14.1%
-21.2%
60.1%
2.5
/
11.8%
0.7
30.3
7.5%
19.6%
11.3%
84.1%
43.0%
2.1
15.9
2.0%
1.0
5.4
5.4%
10.1%
6.3%
8.8%
32.0%
2.5
/
HR service
outsourcing
Talent dispatch
/ lease /placement Headhunting &RPO HR management
Financial Ratio

HRoot Global 50 Human Resources Service Providers 2014
9

10
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
1
2
3
5
4
8
6
7
9
11
10
14
13
12
16
17
15
19
18
22
23
20
26
21
25
Adecco
randstad
ManpowerGroup
RECRUIT
ADP
CIIC
HAYS
KELLY
Robert Half
MERCER
Aon Hewitt
TEMP HOLDINGS
TOWERS WATSON
usg people
PAYCHEX
Insperity
PASONA
SYNERGIE
IMPELLAM GROUP
TRUEBLUE
On Assignment
PageGroup
Linkedin
CHANDLER MACLEOD
KFORCE
Talent dispatch/lease/
placement
Headhunting & RPO
HR consulting
and HR consulting
HR consulting
Headhunting & RPO
Headhunting & RPO
Online recruitment
Headhunting & RPO
Ranking
higher/
lower
Rank
2014
Rank
2013
Company Logo Country Main business
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit in
Fiscal 2013
($ million)
Operating
margin
in Fiscal
2013
placement
placement
placement
placement
placement
placement
placement
placement
placement
25,898
22,001
20,250
12,154
11,310
6,598
5,781
5,413
4,246
4,241
4,057
3,697
3,597
3,014
2,326
2,256
2,128
2,018
1,886
1,669
1,632
1,572
1,529
1,504
1,152
-1.9%
0.2%
-2.1%
20.5%
6.5%
23.7%
-0.2%
-0.7%
3.3%
2.3%
3.4%
19.7%
5.2%
-18.4%
4.3%
4.5%
-6.2%
8.4%
-1.8%
20.1%
31.6%
0.2%
57.2%
-2.9%
6.5%
1,034
486
512
1,198
2,084
88
196
53
398
/
318
190
472
55
905
56
33
75
45
60
124
107
48
/
21
4.0%
2.2%
2.5%
9.9%
18.4%
1.3%
3.4%
1.0%
9.4%
/
7.8%
5.1%
13.1%
1.8%
38.9%
2.5%
1.5%
3.7%
2.4%
3.6%
7.6%
6.8%
3.1%
/
1.8%
—
—
—
↑
↓
↑
↓
↓
—
↑
↓
↑
—
↓
↑
↑
↓
↑
↓
↑
↑
↓
↑
↓
—

11
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
36
24
32
27
30
28
53
34
29
31
33
/
39
35
40
37
44
42
/
45
41
46
43
47
48
HARVEY NASH
CDI Corporation
KORN/FERRY
INTERNATIONAL
sthree
KRONOS
ROBERT WALTERS
CEB
Monster
MEITEC
Hudson
Staffline Group
seek
BBSI
workday
Ultimate SOFTWARE
Empresaria Group
hydrogen
bluestone
51job
Clarius Group
HRnet Group
Dice Holdings
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Workforce Management
Headhunting & RPO
Other
Online recruitment
Headhunting & RPO
Online recruitment
HR consulting
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Online recruitment
Headhunting & RPO
Online recruitment
CORPORATE
RESOURCE SERVICES
RESOURCES GLOBAL
PROFESSIONALS
placement
placement
Talent Management/
Headhunting & RPO
Recruitment Process
Outsourcing
HR management
software
HR management
software
Head-Hunting, Talent
Acquisition, Lease and Talent
Management & Retention
1,090
1,088
996
992
975
935
820
820
808
764
660
651
627
556
533
481
469
410
304
284
281
277
225
220
214
17.2%
-1.5%
20.4%
8.4%
12.1%
3.9%
31.6%
28.1%
-9.3%
-8.7%
-15.1%
13.4%
36.0%
-2.7%
32.3%
3.3%
71.3%
23.5%
0.03%
7.3%
-16.0%
15.6%
-17.6%
2.7%
9.3%
11
21
92
25
/
17
91
11
33
71
-27
20
314
40
24
16
-153
43
9
4
-55
81
-41
26
30
1.0%
1.9%
9.2%
2.5%
/
1.8%
11.1%
1.3%
4.1%
9.3%
-4.1%
3.1%
50.0%
7.1%
4.6%
3.2%
-32.7%
10.5%
2.8%
1.4%
-19.6%
29.1%
-18.2%
11.8%
14.1%
Ranking
higher/
lower
↑
↓
↑
↓
—
↓
↑
↑
↓
↓
↓
→
↑
↓
—
↓
↑
↓
→
—
↓
↓
↓
↓
↓
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit in
Fiscal 2013
($ million)
Operating
margin
in Fiscal
2013
HEIDRICK&STRUGGLES

HRoot Global 50 Human Resources Service Providers 2014,Sub-Rank Companies
12
51
52
53
54
55
56
57
58
59
60
61
62
63
49
38
/
/
/
50
51
54
52
56
57
58
/
FULLCAST HLDGS
Zhaopin
Paycor
ClickSoftware
104 Job Bank
ATA
Fortune Industries
DLH
PRIME PEOPLE
NetDimensions
JobStreet.com
HR management
software
Online recruitment
Headhunting & RPO
HR management
software
HR management
software
Online recruitment
Talent assessment/
testing
Headhunting & RPO
HR management
software
Online recruitment
↓
↓
→
→
→
↓
↓
↓
↓
↓
↓
↓
→
185
178
145
134.3
111.3
103
74
61.8
57
54
23
16.2
2.7
57.0%
-61.4%
11.4%
1.0%
/
3.1%
2.8%
10.8%
-6.6%
8.8%
12.3%
17.4%
-28.5%
-34
3
34
-3
/
-6
10
6.7
1.9
0.2
2
-4.9
/
-18.3%
1.9%
23.5%
-2.2%
/
-5.7%
12.9%
10.8%
3.3%
0.5%
7.1%
-30.2%
/
Cornerstone
ONDEMAND
CTPartners
Executive Search
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit
in Fiscal 2013
($ million)
Operating
margin in
Fiscal
2013
Notes:
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 their HR 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 2013 announced by each listed company;
（2）Financial information of 2013 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. Data are collected from websites including http://www.imf.org and
http://www.usforex.com. 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: USD1 to Euro0.7531; USD1 to
JPY97.6536; USD1 to GBP0.6395; USD1 to AUD1.000; USD1 to RMB6.1311; USD1 to HKD7.7567; ; USD1 to NTD 29.7100;
USD1 to SGD1.2511; USD1 to MYR 3.1497.

5、The slash mark, or “/”, means no data.
6、The financial data of Mercer are sourced from the 2013 annual financial report of its parent company, Marsh & McLennan.
7、The financial data of Aon Hewitt refer to the Fiscal 2013 data of the HR solutions business of Aon Corporation.
8、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、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.
12、 The data of industry averages are calculated as per the industry categories the 63 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.
13、Interpretations of financial ratios
Competence indicator Financial ratio Formula
（1）(1) Annual revenue growth rate or increase rate of main business revenue gauges the ratio of the difference between the
revenues of Fiscal 2013 and Fiscal 2012 to the latter. It illustrates how fast the revenue is changing.
（2）The total asset turnover ratio or Turnover of total assets 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 or Receivable Turnover 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 profit rate to net worth, 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 Profit Ratio refers in fiscal 2013 the ratio of operating profit and revenue of enterprises, and it reflects the enterprise
the management efficiency without considering the operating cost.
（6） Net profit margin tells net profit for the enterprise with the proportion of main business enterprises in fiscal 2013. The higher a
company's profit margin compared to its competitors, the better.
13
Operating capacity
Profitability
Financial structure
Solvency
Annual revenue growth rate
Total asset turnover ratio
Accounts receivable turnover ratio
ROA (return on assets)
Operating margin
Net profit margin
ROE, return on shareholder's equity
Debt-asset ratio
Current ratio
TIE (times interest earned)
(Current revenue - on revenue) / on revenue
Revenue / average total assets
Revenue / average accounts receivable balance
Net profit / average total assets
Operating profit / Revenue
Net profit / main business income
Net profit / shareholders' equity
Liabilities / total assets
Current assets / current liabilities
EBIT / interest expense

（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's assets
which are financed through debt. Companies with low debt asset ratios are said to be with the strong ability of long-term solvency.
（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). In general, the current ratio in 2-3, the quick ratio is more than 1, current ratio is relatively good.
（10） Number of times interest earned is a metric used to measure a company's ability to meet its debt obligations. Generally, the
higher the number of times interest earned, the more ability the company has to pay its long-term debts.
14、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.
14

HRoot2014全球人力资源服务机构50强
HRoot Global 50 Human Resources Service Providers 2014 (by Country)
15

16
3
5
8
9
10
13
15
16
20
21
23
25
27
28
30
32
33
34
36
39
40
41
42
43
50
3
4
7
9
11
13
16
17
22
23
26
25
24
32
30
53
34
29
33
35
40
37
44
42
48
ManpowerGroup
ADP
KELLY
Robert Half
MERCER
TOWERS WATSON
PAYCHEX
Insperity
TRUEBLUE
On Assignment
Linkedin
KFORCE
CDI Corporation
KORN/FERRY
INTERNATIONAL
KRONOS
CEB
Monster
Hudson
BBSI
HEIDRICK&STRUGGLES
workday
Ultimate SOFTWARE
Dice Holdings
placement
HR consulting
HR consulting
Online recruitment
Headhunting & RPO
Headhunting & RPO
Other
Online recruitment
HR Management
Cousulting/Headhunting
& RPO
HR consulting
Headhunting & RPO
Online recruitment
—
↓
↓
—
↑
—
↑
↑
↑
↑
↑
—
↓
↑
—
↑
↑
↓
↓
↓
—
↓
↑
↓
↓
20,250
11,310
5,413
4,246
4,241
3,597
2,326
2,256
1,669
1,632
1,529
1,152
1,088
996
975
820
820
808
660
556
533
481
469
410
214
-2.1%
6.5%
-0.7%
3.3%
2.3%
5.2%
4.3%
4.5%
20.1%
31.6%
57.2%
6.5%
-1.5%
20.4%
12.1%
31.6%
28.1%
-9.3%
-15.1%
-2.7%
32.3%
3.3%
71.3%
23.5%
9.3%
512
2,084
53
398
/
472
905
56
60
124
48
21
21
92
/
91
11
33
-27
40
24
16
-153
43
30
2.5%
18.4%
1.0%
9.4%
/
13.1%
38.9%
2.5%
3.6%
7.6%
3.1%
1.8%
1.9%
9.2%
/
11.1%
1.3%
4.1%
-4.1%
7.1%
4.6%
3.2%
-32.7%
10.5%
14.1%
CORPORATE
RESOURCE SERVICES
RESOURCES GLOBAL
PROFESSIONALS
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit
in Fiscal 2013
($ million)
Operating
margin in
Fiscal
2013
placement
placement
placement
placement
placement
placement
HR management
software
HR management
software

17
7
11
19
22
26
29
31
37
44
45
6
10
18
20
36
27
28
/
/
45
HAYS
Aon Hewitt
IMPELLAM GROUP
PageGroup
HARVEY NASH
sthree
ROBERT WALTERS
Staffline Group
Empresaria Group
hydrogen
Headhunting & RPO
HR service outsourcing/
HR consulting
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Recruitment Process
Outsourcing
Headhunting & RPO
Headhunting & RPO
↓
↓
↓
↓
↑
↓
↓
→
→
—
5,781
4,057
1,886
1,572
1,090
992
935
651
304
284
-0.2%
3.4%
-1.8%
0.2%
17.2%
8.4%
3.9%
13.4%
0.03%
7.3%
196
318
45
107
11
25
17
20
9
4
3.4%
7.8%
2.4%
6.8%
1.0%
2.5%
1.8%
3.1%
2.8%
1.4%
9.9%
5.1%
1.5%
9.3%
4
12
17
35
5
14
15
31
RECRUIT
TEMP HOLDINGS
PASONA
MEITEC
Headhunting & RPO
↑
↑
↓
↓
12,154
3,697
2,128
764
20.5%
19.7%
-6.2%
-8.7%
1,198
190
33
71
24
38
46
48
21
39
41
43
CHANDLER MACLEOD
seek
bluestone
Clarius Group
Online recruitment
Headhunting & RPO
Headhunting & RPO
↓
↑
↓
↓
1,504
627
281
225
-2.9%
36.0%
-16.0%
-17.6%
/
314
-55
-41
/
50.0%
-19.6%
-18.2%
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit in
Fiscal 2013
($ million)
Operating
margin
in Fiscal
2013
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit in
Fiscal 2013
($ million)
Operating
margin
in Fiscal
2013
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit in
Fiscal 2013
($ million)
Operating
margin
in Fiscal
2013
placement
placement

Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit
in Fiscal 2013
($ million)
Operating
margin in
Fiscal
2013
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit
in Fiscal 2013
($ million)
Operating
margin in
Fiscal
2013
— 25,898 -1.9% 1,034 4.0%
18
6
47
8
46
CIIC
www.51job.com
Online recruitment
↑
↓
6,598
277
23.7%
15.6%
88
81
1.3%
29.1%
1 1 Adecco Talent dispatch/lease/
placement
placement
placement
Rank
2014
2
14
Rank
2013
2
12
randstad
usg people
Ranking
higher/
lower
—
↓
Total
revenue in
Fiscal 2013
($ million)
22,001
3,014
Annual
revenue
growth
rate
0.2%
-18.4%
Operating
profit
in Fiscal 2013
($ million)
486
55
Operating
margin in
Fiscal
2013
2.2%
1.8%
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit
in Fiscal 2013
($ million)
Operating
margin in
Fiscal
2013
↑ 18 19 SYNERGIE Headhunting & RPO 2,018 8.4% 75 3.7%
Rank
2014
Rank
2013
49 47 HRnet Group
Head-Hunting/Talent
Acquisition/Lease and Talent
Ranking
higher/
lower
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit
in Fiscal 2013
($ million)
Operating
margin in
Fiscal
2013
↓ 220 2.7% 26 11.8%

HRoot Global 50 Human Resources Service Providers 2014 (by Industry)
20
7
18
22
25
26
28
29
31
35
36
37
41
44
45
46
48
49
6
19
20
25
36
32
27
28
31
33
/
37
/
45
41
43
47
HAYS
SYNERGIE
PageGroup
KFORCE
HARVEY NASH
sthree
ROBERT WALTERS
MEITEC
Hudson
Staffline Group
EIDRICK&STRUGGLES
Empresaria Group
hydrogen
bluestone
Clarius Group
HRnet Group
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
↓
↑
↓
—
↑
↑
↓
↓
↓
↓
→
↓
→
—
↓
↓
↓
5,781
2,018
1,572
1,152
1,090
996
992
935
764
660
651
481
304
284
281
225
220
-0.2%
8.4%
0.2%
6.5%
17.2%
20.4%
8.4%
3.9%
-8.7%
-15.1%
13.4%
3.3%
0.03%
7.3%
-16.0%
-17.6%
2.7%
196
75
107
21
11
92
25
17
71
-27
20
16
9
4
-55
-41
26
3.4%
3.7%
6.8%
1.8%
1.0%
9.2%
2.5%
1.8%
9.3%
-4.1%
3.1%
3.2%
2.8%
1.4%
-19.6%
-18.2%
11.8%
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit
in Fiscal 2013
($ million)
Operating
margin in
Fiscal
2013
KORN/FERRY
INTERNATIONAL
Talent Management
Consulting/Headhunting &
RPO
Recruitment Process
Outsourcing
Head-Hunting/Talent
Acquisition/Lease and Talent

21
1
2
3
4
8
9
14
17
20
21
27
33
1
2
3
5
7
9
12
15
22
23
24
34
Adecco
randstad
ManpowerGroup
RECRUIT
KELLY
Robert Half
usg people
PASONA
TRUEBLUE
On Assignment
CDI Corporation
—
—
—
↑
↓
—
↓
↓
↑
↑
↓
↑
25,898
22,001
20,250
12,154
5,413
4,246
3,014
2,128
1,669
1,632
1,088
820
-1.9%
0.2%
-2.1%
20.5%
-0.7%
3.3%
-18.4%
-6.2%
20.1%
31.6%
-1.5%
28.1%
1,034
486
512
1,198
53
398
55
33
60
124
21
11
4.0%
2.2%
2.5%
9.9%
1.0%
9.4%
1.8%
1.5%
3.6%
7.6%
1.9%
CORPORATE 1.3%
RESOURCE SERVICES
5
6
12
15
16
19
24
40
4
8
14
16
17
18
21
40
ADP
CIIC
TEMP HOLDINGS
PAYCHEX
Insperity
IMPELLAM GROUP
CHANDLER MACLEOD
BBSI
↓
↑
↑
↑
↑
↓
↓
—
11,310
6,598
3,697
2,326
2,256
1,886
1,504
533
6.5%
23.7%
19.7%
4.3%
4.5%
-1.8%
-2.9%
32.3%
2,084
88
190
905
56
45
/
24
18.4%
1.3%
5.1%
38.9%
2.5%
2.4%
/
4.6%
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit in
Fiscal 2013
($ million)
Operating
margin
in Fiscal
2013
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit in
Fiscal 2013
($ million)
Operating
margin
in Fiscal
2013
placement
placement
placement
placement
placement
placement
placement
placement
placement
placement
placement
placement

Ranking
higher/
lower
Rank
2014
Rank
2013
— Workforce Management
HR management
software
HR management
software
Talent Management
Consulting/Headhunting
& RPO
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit
in Fiscal 2013
($ million)
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit
in Fiscal 2013
($ million)
RESOURCES GLOBAL 40
PROFESSIONALS
22
Operating
margin in
Fiscal
2013
/
-32.7%
10.5%
30
42
43
30
44
42
KRONOS
workday
Ultimate SOFTWARE
↑
↓
975
469
410
12.1%
71.3%
23.5%
/
-153
43
Operating
margin in
Fiscal
2013
/
7.8%
13.1%
-4.1%
7.1%
Operating
margin in
Fiscal
2013
3.1%
4.1%
50.0%
29.1%
14.1%
Rank
2014
10
11
13
36
39
Rank
2014
23
34
38
47
50
Rank
2013
11
10
13
33
35
Rank
2013
26
29
39
46
48
MERCER
Aon Hewitt
TOWERS WATSON
Hudson
Linkedin
Monster
seek
www.51job.com
Dice Holdings
HR consulting
HR consulting
HR consulting
HR consulting
Online recruitment
Online recruitment
Online recruitment
Online recruitment
Online recruitment
Ranking
higher/
lower
↑
↓
—
↓
↓
Ranking
higher/
lower
↑
↓
↑
↓
↓
4,241
4,057
3,597
660
556
Total
revenue in
Fiscal 2013
($ million)
1,529
808
627
277
214
2.3%
3.4%
5.2%
-15.1%
-2.7%
Annual
revenue
growth
rate
57.2%
-9.3%
36.0%
15.6%
9.3%
/
318
472
-27
Operating
profit
in Fiscal 2013
($ million)
48
33
314
81
30
Ranking
higher/
lower
Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Annual
revenue
growth
rate
Operating
profit
in Fiscal 2013
($ million)
Operating
margin in
Fiscal
2013
↑ 32 53 CEB Other 820 31.6% 91 11.1%

HRoot Global 50 Human Resources Service Providers 2014( R a n k e d b y A n n u a l )
24
42
23
38
40
21
32
33
6
43
4
28
20
12
26
47
37
30
50
18
29
45
5
25
13
16
44
26
39
40
23
53
34
8
42
5
32
22
14
36
46
/
30
48
19
27
45
4
25
13
17
workday
Linkedin
seek
BBSI
On Assignment
CEB
CIIC
Ultimate SOFTWARE
RECRUIT
TRUEBLUE
TEMP HOLDINGS
HARVEY NASH
www.51job.com
Staffline Group
KRONOS
Dice Holdings
SYNERGIE
sthree
hydrogen
ADP
KFORCE
TOWERS WATSON
Insperity
Online recruitment
Online recruitment
Other
Other
HR management
software
Headhunting & RPO
Online recruitment
Online recruitment
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
HR consulting
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
469
1,529
627
533
1,632
820
820
6,598
410
12,154
996
1,669
3,697
1,090
277
651
975
214
2,018
992
284
11,310
1,152
3,597
2,256
274
972
461
403
1,240
623
640
5,333
332
10,083
827
1,390
3,090
930
240
574
870
195
1,862
915
265
10,616
1,082
3,420
2,159
71.3%
57.2%
36.0%
32.3%
31.6%
31.6%
28.1%
23.7%
23.5%
20.5%
20.4%
20.1%
19.7%
17.2%
15.6%
13.4%
12.1%
9.3%
8.4%
8.4%
7.3%
6.5%
6.5%
5.2%
4.5%
CORPORATE
RESOURCE SERVICES
KORN/FERRY
INTERNATIONAL
Revenue Growth Rate
Rank Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Total revenue in
Fiscal 2012
($ million)
Annual
revenue
growth
rate
HR management
software
placement
placement
placement
placement
HR consulting
Recruitment Process
Outsourcing

HRoot Global 50 Human Resources Service Providers 2014( R a n k e d b y A n n u a l )
25
15
31
11
41
9
49
10
22
2
44
7
8
27
19
1
3
39
24
17
35
34
36
46
48
14
16
28
10
37
9
47
11
20
2
/
6
7
24
18
1
3
35
21
15
31
29
33
41
43
12
PAYCHEX
ROBERT WALTERS
Aon Hewitt
HEIDRICK&STRUGGLES
Robert Half
HRnet Group
MERCER
PageGroup
randstad
Empresaria Group
HAYS
KELLY
CDI Corporation
IMPELLAM GROUP
Adecco
ManpowerGroup
CHANDLER MACLEOD
PASONA
MEITEC
Monster
Hudson
bluestone
Clarius Group
usg people
Headhunting & RPO
HR consulting
Headhunting & RPO
HR consulting
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
placement
HR consulting
placement
Headhunting & RPO
Online recruitment
Headhunting & RPO
Headhunting & RPO
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
2,326
935
4,057
481
4,246
220
4,241
1,572
22,001
304
5,781
5,413
1,088
1,886
25,898
20,250
556
1,504
2,128
764
808
660
281
225
3,014
2,230
900
3,925
466
4,111
214
4,147
1,569
21,959
304
5,794
5,451
1,105
1,920
26,391
20,678
572
1,549
2,269
837
890
778
334
273
3,696
4.3%
3.9%
3.4%
3.3%
3.3%
2.7%
2.3%
0.2%
0.2%
0.03%
-0.2%
-0.7%
-1.5%
-1.8%
-1.9%
-2.1%
-2.7%
-2.9%
-6.2%
-8.7%
-9.3%
-15.1%
-16.0%
-17.6%
-18.4%
RESOURCES GLOBAL
PROFESSIONALS
Revenue Growth Rate
Rank Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Total revenue in
Fiscal 2012
($ million)
Annual
revenue
growth
rate
placement
placement
placement
placement
placement
Talent Management
Consulting/Headhunting &
RPO
placement

HRoot Global 50 Human Resources Service Providers 2014( R a n k e d b y )
26
Operating Margin

27
Operating Margin
38
15
47
5
50
13
49
32
43
4
9
35
28
11
21
39
22
12
40
34
1
18
20
7
41
39
16
46
4
48
13
47
53
42
5
9
31
32
10
23
35
20
14
40
29
1
19
22
6
37
seek
PAYCHEX
www.51job.com
ADP
Dice Holdings
TOWERS WATSON
HRnet Group
CEB
Ultimate SOFTWARE
RECRUIT
Robert Half
MEITEC
Aon Hewitt
On Assignment
PageGroup
TEMP HOLDINGS
BBSI
Monster
Adecco
SYNERGIE
TRUEBLUE
HAYS
HEIDRICK&STRUGGLES
Online recruitment
Online recruitment
Online recruitment
HR consulting
Other
placement
Headhunting & RPO
Headhunting & RPO
HR consulting
Headhunting & RPO
Online recruitment
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
627
2,326
277
11,310
214
3,597
220
820
410
12,154
4,246
764
996
4,057
1,632
556
1,572
3,697
533
808
25,898
2,018
1,669
5,781
481
314
905
81
2,084
30
472
26
91
43
1,198
398
71
92
318
124
40
107
190
24
33
1,034
75
60
196
16
50.0%
38.9%
29.1%
18.4%
14.1%
13.1%
11.8%
11.1%
10.5%
9.9%
9.4%
9.3%
9.2%
7.8%
7.6%
7.1%
6.8%
5.1%
4.6%
4.1%
4.0%
3.7%
3.6%
3.4%
3.2%
Rank Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Total profit in
Fiscal 2013
($ million)
Operating
margin
KORN/FERRY
INTERNATIONAL
RESOURCES GLOBAL
PROFESSIONALS
HR management
software
placement
HR consulting
placement
placement
placement

28
Linkedin
Staffline Group
Empresaria Group
ManpowerGroup
Insperity
sthree
IMPELLAM GROUP
randstad
CDI Corporation
KFORCE
usg people
ROBERT WALTERS
PASONA
hydrogen
CIIC
HARVEY NASH
KELLY
Hudson
Clarius Group
bluestone
workday
MERCER
CHANDLER MACLEOD
KRONOS
23
37
44
3
16
29
19
2
27
25
14
31
17
45
6
33
26
8
36
48
46
42
10
24
30
26
/
/
3
17
27
18
2
24
25
12
28
15
45
8
34
36
7
33
43
41
44
11
21
30
Online recruitment
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
placement
Talent Management
& RPO
Headhunting & RPO
Headhunting & RPO
HR consulting
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
1,529
651
304
20,250
2,256
992
1,886
22,001
1,088
1,152
3,014
935
2,128
284
6,598
820
1,090
5,413
660
225
281
469
4,241
1,504
975
48
20
9
512
56
25
45
486
21
21
55
17
33
4
88
11
11
53
-27
-41
-55
-153
/
/
/
3.1%
3.1%
3.0%
2.5%
2.5%
2.5%
2.4%
2.2%
1.9%
1.8%
1.8%
1.8%
1.5%
1.4%
1.3%
1.3%
1.0%
1.0%
-4.1%
-18.2%
-19.6%
-32.7%
/
/
/
CORPORATE
RESOURCE SERVICES
Operating Margin
Rank Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Total profit in
Fiscal 2013
($ million)
Operating
margin
Recruitment Process
Outsourcing
placement
placement
placement
placement
placement
placement
HR management
software

29
Revenue per Capital

30
6
26
27
33
16
18
1
3
37
2
45
7
8
21
14
48
20
25
24
4
29
31
52
36
12
8
36
24
34
17
19
1
3
/
2
45
6
7
23
12
43
22
25
21
5
27
28
38
33
14
CIIC
HARVEY NASH
CDI Corporation
Insperity
SYNERGIE
Adecco
ManpowerGroup
Staffline Group
randstad
hydrogen
HAYS
KELLY
On Assignment
usg people
Clarius Group
TRUEBLUE
KFORCE
CHANDLER MACLEOD
RECRUIT
sthree
ROBERT WALTERS
FULLCAST HLDGS
Hudson
TEMP HOLDINGS
Headhunting & RPO
Headhunting & RPO
Other
Recruitment Process
Outsourcing
Headhunting & RPO
Headhunting & RPO
Recruitment Process
Outsourcing
HR consulting
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
1,813
1,331
1,209
1,025
981
841
835
810
797
785
741
737
668
604
596
563
522
443
442
434
426
405
394
388
348
6,598
1,090
1,088
820
2,256
2,018
25,898
20,250
651
22,001
284
5,781
5,413
1,632
3,014
225
1,669
1,152
1,504
12,154
992
935
178
660
3,697
3,640
819
900
800
2,300
2,400
31,000
25,000
817
28,030
383
7,840
8,100
2,700
5,057
400
3,200
2,600
3,400
28,000
2,327
2,307
452
1,700
10,629
CORPORATE
RESOURCE SERVICES
Revenue per Capital
Rank Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Employee
Number
Revenue per
Capital($'000)
placement
placement
placement
placement
placement
placement
Talent Management
& RPO

31
17
9
41
19
22
23
28
54
30
50
13
61
43
32
10
34
39
5
15
51
42
56
58
57
35
15
9
37
18
20
26
32
/
30
48
13
57
42
53
11
29
35
4
16
49
44
50
54
51
31
PASONA
Robert Half
HEIDRICK&STRUGGLES
IMPELLAM GROUP
PageGroup
Linkedin
KORN/FERRY
INTERNATIONAL
KRONOS
Dice Holdings
TOWERS WATSON
PRIME PEOPLE
Ultimate SOFTWARE
CEB
MERCER
Monster
RESOURCES GLOBAL
PROFESSIONALS
ADP
PAYCHEX
workday
ClickSoftware
ATA
104 Job Bank
MEITEC
Headhunting & RPO
Headhunting & RPO
Online recruitment
Headhunting & RPO
Headhunting & RPO
Online recruitment
HR consulting
Headhunting & RPO
Other
HR consulting
Online recruitment
HR consulting
Online recruitment
Headhunting & RPO
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
337
327
321
314
306
303
293
292
287
283
248
247
215
210
209
202
191
189
188
188
180
171
136
128
125
2,128
4,246
481
1,886
1,572
1,529
996
134.3
975
214
3,597
23
410
820
4,241
808
556
11,310
2,326
185
469
103
61.8
74
764
6,316
13,000
1,499
6,000
5,130
5,045
3,396
460
3,400
755
14,500
91
1,913
3,900
20,300
4,000
2,915
60,000
12,400
987
2,600
602
454
579
6,114
CTPARTNERS
EXECUTIVE SEARCH
Cornerstone
ONDEMAND
Revenue per Capital
Rank Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Employee
Number
Revenue per
Capital($'000)
placement
placement
HR management
software
HR management
software
HR management
software
HR management
software
Talent Assessment /
Testing Service

32
38
47
60
53
40
39
46
56
/
40
seek
www.51job.com
DLH
zhaopin.com
BBSI
Online recruitment
Online recruitment
Online recruitment
51
52
53
54
55
105
50
45
38
7
627
277
54
145
533
6,000
5,499
1,200
3800
79,315
Revenue per Capital
Rank Rank
2014
Rank
2013
Total
revenue in
Fiscal 2013
($ million)
Employee
Number
Revenue per
Capital($'000)

HRoot Global 50 Human Resources Service Providers 2014( R a n k e d b y O p e ra t in g )
33
Profit per Capital

34
Profit per Capital
15
21
4
50
5
1
13
18
9
28
7
37
16
6
32
27
43
22
3
20
12
61
2
57
47
16
23
5
48
4
1
13
19
9
32
6
/
17
8
53
24
42
20
3
22
14
57
2
51
46
PAYCHEX
On Assignment
RECRUIT
Dice Holdings
ADP
Adecco
TOWERS WATSON
SYNERGIE
Robert Half
HAYS
Staffline Group
Insperity
CIIC
CEB
CDI Corporation
Ultimate SOFTWARE
PageGroup
ManpowerGroup
TRUEBLUE
TEMP HOLDINGS
PRIME PEOPLE
randstad
104 Job Bank
www.51job.com
placement
HR consulting
Other
Headhunting & RPO
Headhunting & RPO
Recruitment Process
Outsourcing
HR consulting
Other
HR management
software
Headhunting & RPO
Headhunting & RPO
Online recruitment
Online recruitment
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
73
46
43
40
35
33
33
31
31
27
25
24
24
24
23
23
23
21
20
19
18
18
17
17
15
905
124
1,198
30
2,084
1,034
472
75
398
92
196
20
56
88
91
21
43
107
512
60
190
2
486
10
81
12,400
2,700
28,000
755
60,000
31,000
14,500
2,400
13,000
3,396
7,840
817
2,300
3,640
3,900
900
1,913
5,130
25,000
3,200
10,629
91
28,030
579
5,499
Rank Rank
2014
Rank
2013
Operating
Profit in
Fiscal 2013
($ million)
Employee
Number
Operating
Profit per
Capital($'000)
KORN/FERRY
INTERNATIONAL
placement
placement
placement
placement
placement
placement
placement

35
Profit per Capital
58
39
26
33
35
14
29
41
45
23
38
53
34
25
52
19
31
8
17
44
60
54
56
36
51
54
35
36
34
31
12
27
37
45
26
39
/
29
25
38
18
28
7
15
/
56
/
50
33
49
ATA
RESOURCES GLOBAL
PROFESSIONALS
HARVEY NASH
MEITEC
usg people
sthree
HEIDRICK&STRUGGLES
hydrogen
Linkedin
seek
zhaopin.com
Monster
KFORCE
FULLCAST HLDGS
IMPELLAM GROUP
ROBERT WALTERS
KELLY
PASONA
Empresaria Group
DLH
ClickSoftware
Hudson
HR consulting
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Online recruitment
Online recruitment
Online recruitment
Online recruitment
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
Headhunting & RPO
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
15
14
14
13
12
11
11
10
10
9
9
9
8
8
8
7
7
7
5
1
0.2
-6
-10
-16
-34
6.7
40
11
11
71
55
25
16
4
48
52
34
33
21
3
45
17
53
33
9
0.2
-2.7
-6
-27
-34
454
2,915
819
800
6,114
5,057
2,327
1,499
383
5,045
6,000
3800
4,000
2,600
452
6,000
2,307
8,100
6,316
6000
1,200
460
602
1,700
987
CORPORATE
RESOURCE SERVICES
CTPartners Executive
Search
Cornerstone
ONDEMAND
Rank Rank
2014
Rank
2013
Operating
Profit in
Fiscal 2013
($ million)
Employee
Number
Operating
Profit per
Capital($'000)
Talent Assessment /
Testing Service
placement
placement
placement
placement
HR management
software
Talent Management
& RPO
HR management
software

36
Profit per Capital
Rank Rank
2014
42
48
Rank
2013
44
43
workday
HR management
software
Clarius Group Headhunting & RPO
51
52
Operating
Profit per
Capital($'000)
-59
-103
Operating
Profit in
Fiscal 2013
($ million)
-153
-41
Employee
Number
2,600
400
Notes:
Failure to collect or obtain some companies' employees number in fiscal year 2013 ,So these compaies are not included in HRoot
Global 50 Human Resources Service Providers 2014(Ranked by Revenue per Capital)and HRoot Global 50 Human Resources
Service Providers 2014(Ranked by Operating Profit per Capital).

(Ranked by Annual Revenue Growth Rate of Main Business)
37

Industry Company LOGO Country
38
Rank
2014
Annual
revenue
growth rate
Compared
with industry
average
32.3%
23.7%
19.7%
6.5%
4.5%
4.3%
-1.8%
-2.9%
32%
28%
21%
20%
3%
0.2%
-1%
-2%
-2%
-2%
-6%
-18%
20.4%
17.2%
13.4%
8.4%
8.4%
Higher
Higher
Higher
Higher
Higher
Higher
Lower
Lower
Higher
Higher
Higher
Higher
Lower
Lower
Lower
Lower
Lower
Lower
Lower
Lower
Higher
Higher
Higher
Higher
Higher
BBSI
CIIC
TEMP HOLDINGS
ADP
Insperity
PAYCHEX
IMPELLAM GROUP
CHANDLER MACLEOD
On Assignment
CORPORATE RESOURCE SERVICES
RECRUIT
TRUEBLUE
Robert Half
randstad
KELLY
Adecco
CDI Corporation
ManpowerGroup
PASONA
usg people
KORN/FERRY INTERNATIONAL
HARVEY NASH
Staffline Group
SYNERGIE
sthree
40
6
12
5
16
15
19
24
21
33
4
20
9
2
8
1
27
3
17
14
28
26
37
18
29
HR service
outsourcing
Talent dispatch/
lease/placement
Headhunting &
RPO

39
Rank
2014
Annual
revenue
growth rate
Compared
with industry
average
7.3%
6.5%
3.9%
3.3%
2.7%
0.2%
0.03%
-0.2%
-8.7%
-15.1%
-16.0%
-17.6%
71%
24%
12%
57.2%
36.0%
15.6%
9.3%
-9.3%
5%
3%
2%
-3%
Higher
Higher
Higher
Higher
Higher
Lower
Lower
Lower
Lower
Lower
Lower
Lower
Higher
Lower
Lower
Higher
Higher
Higher
Lower
Lower
Higher
Higher
Equal
Lower
hydrogen
KFORCE
ROBERT WALTERS
HEIDRICK&STRUGGLES
HRnet Group
PageGroup
Empresaria Group
HAYS
MEITEC
Hudson
bluestone
Clarius Group
workday
Ultimate SOFTWARE
KRONOS
Linkedin
seek
www.51job.com
Dice Holdings
Monster
TOWERS WATSON
Aon Hewitt
MERCER
RESOURCES GLOBAL PROFESSIONALS
45
25
31
41
49
22
44
7
35
36
46
48
42
43
30
23
38
47
50
34
13
11
10
39
Headhunting &
RPO
HR
management
software
Online
recruitment
HR consulting

(Ranked by Total Asset Turnover Ratio of Main Business)
40

41
7.9
4.1
3.4
3.0
2.4
2.0
0.4
0.4
8.6
3.2
3.0
2.8
2.7
2.6
2.5
2.5
2.1
1.8
1.4
1.4
6.8
6.4
4.4
4.2
3.8
Higher
Higher
Higher
Higher
Lower
Lower
Lower
Lower
Higher
Higher
Higher
Lower
Lower
Lower
Lower
Lower
Lower
Lower
Lower
Lower
Higher
Higher
Higher
Higher
Higher
CIIC
CHANDLER MACLEOD
IMPELLAM GROUP
Insperity
TEMP HOLDINGS
BBSI
ADP
PAYCHEX
CORPORATE RESOURCE SERVICES
KELLY
Robert Half
ManpowerGroup
CDI Corporation
PASONA
TRUEBLUE
randstad
Adecco
usg people
RECRUIT
On Assignment
Staffline Group
Empresaria Group
HARVEY NASH
HAYS
sthree
Rank
2014
6
24
19
16
12
40
5
15
33
8
9
3
27
17
20
2
1
14
4
21
37
44
26
7
29
HR service
outsourcing
Total asset
turnover
ratio
Compared
with industry
average
Talent dispatch/
lease/placement
Headhunting &
RPO

42
3.7
3.7
3.4
3.1
3.0
2.8
2.6
1.8
1.1
0.9
0.9
/
0.7
0.3
/
0.6
0.6
0.5
0.5
0.3
1.3
0.7
/
/
Higher
Higher
Higher
Lower
Lower
Lower
Lower
Lower
Lower
Lower
Lower
/
Equal
Lower
/
Lower
Lower
Lower
Lower
Lower
Higher
Lower
/
/
Hudson
hydrogen
KFORCE
bluestone
ROBERT WALTERS
PageGroup
Clarius Group
HRnet Group
MEITEC
HEIDRICK&STRUGGLES
SYNERGIE
Ultimate SOFTWARE
workday
KRONOS
Linkedin
Dice Holdings
Monster
www.51job.com
seek
RESOURCES GLOBAL PROFESSIONALS
TOWERS WATSON
Aon Hewitt
MERCER
Rank
2014
36
45
25
46
31
22
48
49
35
41
28
18
43
42
30
23
50
34
47
38
39
13
11
10
Headhunting &
RPO
HR
management
software
Online
recruitment
HR consulting
Total asset
turnover
ratio
Compared
with industry
average

(Ranked by Accounts Receivable Turnover Ratio of Main Business)
43

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3BOLFECZDDPVOUT3FDFJWBCMF5VSOPWFS3BUJPPG.BJO#VTJOFTT

12 /
44
6 121.6
32.8
11.3
9.2
7.5
7.1
5.3
16.0
9.1
9.0
8.0
7.2
6.5
5.8
5.6
5.3
4.8
4.8
/
13.6
12.4
12.3
10.2
8.0
15
16
24
5
40
19
33
20
14
9
4
21
2
1
8
27
3
17
44
37
41
28
7
CIIC
PAYCHEX
Insperity
CHANDLER MACLEOD
ADP
BBSI
IMPELLAM GROUP
TEMP HOLDINGS
TRUEBLUE
usg people
Robert Half
RECRUIT
On Assignment
randstad
Adecco
KELLY
CDI Corporation
ManpowerGroup
PASONA
Empresaria Group
Staffline Group
HEIDRICKSTRUGGLES
HAYS
*OEVTUSZ $PNQBOZ -0(0 $PVOUSZ
3BOL

DDPVOUT
SFDFJWBCMF
UVSOPWFS
SBUJP
$PNQBSFE
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310
CORPORATE RESOURCE
SERVICES
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46
46
26 7.0
26 7.0
25 7.0
36 6.8
25 7.0
36 6.8
48 4.1
48 4.1
49 /
49 /
18 /
18 /
30 /
30 /
38 8.3
38 8.3
23 6.0
23 6.0
47 4.7
47 4.7
50 /
50 /
RESOURCES GLOBAL
PROFESSIONALS
RESOURCES GLOBAL
PROFESSIONALS
39 6.6
39 6.6
13 4.2
13 4.2
11 /
11 /
45
7.9
6.2
6.1
5.4
45
35
22
29 5.3
31 4.2
5.9
5.2
2.4
/
42
43
34
10

3BOL

DDPVOUT
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$PNQBSFE
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bluestone
HARVEY NASH
KFORCE
Hudson
hydrogen
MEITEC
PageGroup
sthree
ROBERT WALTERS
Clarius Group
HRnet Group
SYNERGIE
workday
Ultimate SOFTWARE
KRONOS
seek
Linkedin
www.51job.com
Monster
Dice Holdings
TOWERS WATSON
Aon Hewitt
MERCER
RVBM
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS

)JHIFS
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7.9
6.2
6.1
5.4
45
35
22
29 5.3
31 4.2
5.9
5.2
2.4
/
42
43
34
10

3BOL

DDPVOUT
SFDFJWBCMF
UVSOPWFS
SBUJP
$PNQBSFE
XJUIJOEVTUSZ
BWFSBHF
)FBEIVOUJOH
310
)3
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bluestone
HARVEY NASH
KFORCE
Hudson
hydrogen
MEITEC
PageGroup
sthree
ROBERT WALTERS
Clarius Group
HRnet Group
SYNERGIE
workday
Ultimate SOFTWARE
KRONOS
seek
Linkedin
www.51job.com
Monster
Dice Holdings
TOWERS WATSON
Aon Hewitt
MERCER
RVBM
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS

)JHIFS
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-PXFS
-PXFS
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)JHIFS
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(Ranked by Return on Assets of Main Business)
46

$PNQBSFE
XJUIJOEVTUSZ
BWFSBHF )3TFSWJDF
PVUTPVSDJOH
19 /
47
9.2%
7.9%
5.7%
5.6%
4.4%
4.2%
3.0%
16.9%
7.6%
6.7%
6.2%
6.0%
4.0%
3.5%
3.3%
3.2%
2.0%
0.7%
/
9.0%
6.5%
5.9%
4.4%
3.1%
15
6
40
12
5
16
24
9
4
21
20
1
3
2
8
27
33
17
14
37
35
28
29
25
3BOLFECZ3FUVSOPOTTFUTPG.BJO#VTJOFTT

3BOL

30
5BMFOUEJTQBUDI
MFBTFQMBDFNFOU
)FBEIVOUJOH
310
PAYCHEX
CIIC
BBSI
TEMP HOLDINGS
ADP
Insperity
CHANDLER MACLEOD
IMPELLAM GROUP
Robert Half
RECRUIT
On Assignment
TRUEBLUE
Adecco
ManpowerGroup
randstad
KELLY
CDI Corporation
PASONA
usg people
Staffline Group
MEITEC
sthree
KFORCE
)JHIFS
)JHIFS
)JHIFS
)JHIFS
-PXFS
-PXFS
-PXFS

)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
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-PXFS
-PXFS
-PXFS
-PXFS
-PXFS

)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
CORPORATE RESOURCE
SERVICES

3BOLFECZ3FUVSOPOTTFUTPG.BJO#VTJOFTT

31 2.8%
26 1.9%
41
36 -19.1%
43 4.3%
42 -7.9%
/
50 3.9%
23 0.8%
48
1.1%
46
45
22
48
/
/
/
/
/
/
/
/
44
7
49
12.1%
/
6.0%
30
47
38
13
39 4.9%
11
/
18
34 -0.03%
10 /
3BOL

30
$PNQBSFE
XJUIJOEVTUSZ
BWFSBHF
)FBEIVOUJOH
310
)3
NBOBHFNFOU
TPGUXBSF
0OMJOF
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)3DPOTVMUJOH
ROBERT WALTERS
HARVEY NASH
HEIDRICKSTRUGGLES
Hudson
Empresaria Group
HAYS
bluestone
hydrogen
PageGroup
Clarius Group
HRnet Group
SYNERGIE
Ultimate SOFTWARE
workday
KRONOS
www.51job.com
Dice Holdings
Linkedin
Monster
seek
TOWERS WATSON
Aon Hewitt
MERCER
)JHIFS
)JHIFS
-PXFS
-PXFS

)JHIFS
-PXFS

)JHIFS
-PXFS
-PXFS
-PXFS

)JHIFS
-PXFS

RESOURCES GLOBAL
PROFESSIONALS

(Ranked by Operating Margin of Main Business)
49

3BOLFECZ0QFSBUJOH.BSHJOPG.BJO#VTJOFTT

$PNQBSFE
XJUIJOEVTUSZ
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50
CORPORATE RESOURCE
SERVICES
15
5
12
40
16
19
6
24
4
9
21
1
20
3
2
27
14
17
33
8
49
35
28
22
18
38.9%
18.4%
5.1%
4.6%
2.5%
2.4%
1.3%
/
9.9%
9.4%
7.6%
4.0%
3.6%
2.5%
2.2%
1.9%
1.8%
1.5%
1.3%
1.0%
11.8%
9.3%
9.2%
6.8%
3.7%
3BOL

0QFSBUJOH
NBSHJO
5BMFOUEJTQBUDI
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310
PAYCHEX
ADP
TEMP HOLDINGS
BBSI
Insperity
IMPELLAM GROUP
CIIC
CHANDLER MACLEOD
RECRUIT
Robert Half
On Assignment
Adecco
TRUEBLUE
ManpowerGroup
randstad
CDI Corporation
usg people
PASONA
KELLY
HRnet Group
MEITEC
PageGroup
SYNERGIE
)JHIFS
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-PXFS
-PXFS
-PXFS
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)JHIFS
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51
RESOURCES GLOBAL
PROFESSIONALS

3.4%
3.2%
3.1%
2.8%
2.5%
1.8%
1.8%
1.4%
1.0%
-4.1%
-18.2%
-19.6%
10.5%
-32.7%
/
50.0%
29.1%
14.1%
4.1%
3.1%
13.1%
7.8%
7.1%
/
3BOL

0QFSBUJOH
NBSHJO
$PNQBSFE
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HAYS
HEIDRICKSTRUGGLES
Staffline Group
Empresaria Group
sthree
KFORCE
ROBERT WALTERS
hydrogen
HARVEY NASH
Hudson
Clarius Group
bluestone
Ultimate SOFTWARE
workday
KRONOS
seek
www.51job.com
Dice Holdings
Monster
Linkedin
TOWERS WATSON
Aon Hewitt
MERCER
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
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)JHIFS
)JHIFS
-PXFS
-PXFS
-PXFS
)JHIFS
-PXFS
-PXFS

RESOURCES GLOBAL
PROFESSIONALS

3.4%
3.2%
3.1%
2.8%
2.5%
1.8%
1.8%
1.4%
1.0%
-4.1%
-18.2%
-19.6%
10.5%
-32.7%
/
50.0%
29.1%
14.1%
4.1%
3.1%
13.1%
7.8%
7.1%
/
3BOL

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HAYS
HEIDRICKSTRUGGLES
Staffline Group
Empresaria Group
sthree
KFORCE
ROBERT WALTERS
hydrogen
HARVEY NASH
Hudson
Clarius Group
bluestone
Ultimate SOFTWARE
workday
KRONOS
seek
www.51job.com
Dice Holdings
Monster
Linkedin
TOWERS WATSON
Aon Hewitt
MERCER
)JHIFS
)JHIFS
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)JHIFS
)JHIFS
-PXFS
-PXFS
-PXFS
)JHIFS
-PXFS
-PXFS

(Ranked by Net Profit Margin of Main Business)
52

3BOLFECZ/FU1SPGJU.BSHJOPG.BJO#VTJOFTT
*OEVTUSZ $PNQBSFE
XJUIJOEVTUSZ
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PVUTPVSDJOH
53
$03103534063$
437*$4
15
5
40
12
16
6
24
19
9
4
21
1
20
3
2
27
8
33
17
14
28
35
37
41
29
24.5%
12.4%
3.4%
2.7%
1.4%
1.1%
0.7%
/
5.9%
5.5%
5.2%
2.9%
2.7%
1.4%
1.4%
1.2%
1.1%
0.3%
0.3%
-1.1%
7.3%
5.3%
2.5%
1.3%
1.1%
$PNQBOZ -0(0 $PVOUSZ
3BOL

0QFSBUJOH
NBSHJO
5BMFOUEJTQBUDI
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)FBEIVOUJOH
310
PAYCHEX
ADP
BBSI
TEMP HOLDINGS
Insperity
CIIC
CHANDLER MACLEOD
IMPELLAM GROUP
Robert Half
RECRUIT
On Assignment
Adecco
TRUEBLUE
ManpowerGroup
randstad
CDI Corporation
KELLY
PASONA
usg people
MEITEC
Staffline Group
HEIDRICKSTRUGGLES
sthree
)JHIFS
)JHIFS
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-PXFS
-PXFS
-PXFS
-PXFS

)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
)JHIFS
)JHIFS
)JHIFS
-PXFS
-PXFS

54
34063$4(-0#-
130'44*0/-4

1.0%
0.9%
0.6%
-4.6%
/
/
/
/
/
/
/
/
6.2%
-36.8%
/
29.9%
7.6%
1.8%
-0.1%
/
8.9%
3.7%
/
/
3BOLFECZ/FU1SPGJU.BSHJOPG.BJO#VTJOFTT

3BOL

0QFSBUJOH
NBSHJO
$PNQBSFE
XJUIJOEVTUSZ
BWFSBHF
)FBEIVOUJOH
310
)3
NBOBHFNFOU
TPGUXBSF
0OMJOF
SFDSVJUNFOU
)3DPOTVMUJOH
ROBERT WALTERS
KFORCE
HARVEY NASH
Hudson
HRnet Group
PageGroup
SYNERGIE
HAYS
Empresaria Group
hydrogen
Clarius Group
bluestone
Ultimate SOFTWARE
workday
KRONOS
www.51job.com
Dice Holdings
Linkedin
Monster
seek
TOWERS WATSON
MERCER
Aon Hewitt
-PXFS
-PXFS
-PXFS
-PXFS

-PXFS
-PXFS

)JHIFS
-PXFS
-PXFS
-PXFS

)JHIFS
-PXFS

(Ranked by Return on Shareholder's Equity of Main Business)
55

3BOLFECZ3FUVSOPO4IBSFIPMEFSTRVJUZPG.BJO#VTJOFTT
*OEVTUSZ $PNQBSFE
XJUIJOEVTUSZ
BWFSBHF )3TFSWJDF
PVUTPVSDJOH
56
CORPORATE RESOURCE
SERVICES
15
40
5
6
16
24
12
19
9
1
4
21
20
33
3
2
8
27
17
14
37
35
28
31
25
32.1%
24.7%
22.7%
21.3%
12.6%
7.2%
/
/
27.4%
15.7%
14.1%
13.2%
11.4%
10.4%
9.9%
7.9%
7.2%
4.5%
2.5%
-5.7%
22.3%
10.4%
9.6%
7.2%
6.9%
3BOL

0QFSBUJOH
NBSHJO
5BMFOUEJTQBUDI
MFBTFQMBDFNFOU
)FBEIVOUJOH
310
PAYCHEX
BBSI
ADP
CIIC
Insperity
CHANDLER MACLEOD
TEMP HOLDINGS
IMPELLAM GROUP
Robert Half
Adecco
RECRUIT
On Assignment
TRUEBLUE
ManpowerGroup
randstad
KELLY
CDI Corporation
PASONA
usg people
Staffline Group
MEITEC
ROBERT WALTERS
KFORCE
)JHIFS
)JHIFS
)JHIFS
)JHIFS
-PXFS
-PXFS

)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
RVBM
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS

57
RESOURCES GLOBAL
PROFESSIONALS

6.1%
2.5%
-40.9%
/
/
/
/
/
/
/
/
/
13.5%
-14.5%
/
15.0%
9.7%
1.0%
-0.1%
/
11.7%
5.8%
/
/
3BOLFECZ3FUVSOPO4IBSFIPMEFSTRVJUZPG.BJO#VTJOFTT

3BOL

0QFSBUJOH
NBSHJO
$PNQBSFE
XJUIJOEVTUSZ
BWFSBHF
)FBEIVOUJOH
310
)3
NBOBHFNFOU
TPGUXBSF
0OMJOF
SFDSVJUNFOU
)3DPOTVMUJOH
HARVEY NASH
HEIDRICKSTRUGGLES
Hudson
sthree
HRnet Group
PageGroup
SYNERGIE
HAYS
Empresaria Group
hydrogen
Clarius Group
bluestone
Ultimate SOFTWARE
workday
KRONOS
www.51job.com
Dice Holdings
Linkedin
Monster
seek
TOWERS WATSON
MERCER
Aon Hewitt
)JHIFS
)JHIFS
-PXFS

)JHIFS
)JHIFS

)JHIFS
-PXFS
-PXFS
-PXFS

)JHIFS
-PXFS

(Ranked by Asset-Debt Ratio of Main Business)
58

3BOLFECZTTFU%FCU3BUJPPG.BJO#VTJOFTT
*OEVTUSZ $PNQBSFE
XJUIJOEVTUSZ
BWFSBHF )3TFSWJDF
PVUTPVSDJOH
59
CORPORATE RESOURCE
SERVICES
24
6
16
19
15
40
5
12
27
4
9
20
21
8
2
3
14
1
17
33
49
48
28
35
45
58%
63%
67%
69%
71%
77%
81%
/
30%
36%
38%
45%
49%
54%
56%
60%
61%
62%
64%
81%
25%
36%
39%
41%
47%
3BOL

TTFUEFCU
SBUJP
5BMFOUEJTQBUDI
MFBTFQMBDFNFOU
)FBEIVOUJOH
310
CHANDLER MACLEOD
CIIC
Insperity
IMPELLAM GROUP
PAYCHEX
BBSI
ADP
TEMP HOLDINGS
CDI Corporation
RECRUIT
Robert Half
TRUEBLUE
On Assignment
KELLY
randstad
ManpowerGroup
usg people
Adecco
PASONA
HRnet Group
Clarius Group
MEITEC
hydrogen
-PXFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS

-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS

60
RESOURCES GLOBAL
PROFESSIONALS

53%
55%
55%
59%
60%
68%
100%
124%
/
/
/
/
45%
69%
/
19%
21%
41%
47%
60%
16%
49%
/
/
3BOLFECZTTFU%FCU3BUJPPG.BJO#VTJOFTT

3BOL

TTFUEFCU
SBUJP
$PNQBSFE
XJUIJOEVTUSZ
BWFSBHF
)FBEIVOUJOH
310
)3
NBOBHFNFOU
TPGUXBSF
0OMJOF
SFDSVJUNFOU
)3DPOTVMUJOH
Hudson
KFORCE
HEIDRICKSTRUGGLES
Empresaria Group
Staffline Group
sthree
SYNERGIE
bluestone
ROBERT WALTERS
HARVEY NASH
PageGroup
HAYS
workday
Ultimate SOFTWARE
KRONOS
www.51job.com
Linkedin
seek
Monster
Dice Holdings
TOWERS WATSON
MERCER
Aon Hewitt
-PXFS
-PXFS
-PXFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS

-PXFS
)JHIFS

-PXFS
-PXFS
-PXFS
)JHIFS
)JHIFS
-PXFS
)JHIFS

(Ranked by Current Ratio of Main Business)
61

3BOLFECZ$VSSFOU3BUJPPG.BJO#VTJOFTT
*OEVTUSZ $PNQBSFE
XJUIJOEVTUSZ
BWFSBHF )3TFSWJDF
PVUTPVSDJOH
62
CORPORATE RESOURCE
SERVICES
6
40
16
5
15
19
24
12
20
27
9
21
4
8
3
17
1
33
2
14
49
35
48
25
28
1.5
1.4
1.3
1.1
1.1
1.1
1.1
/
2.9
2.8
2.2
2.1
1.7
1.6
1.5
1.3
1.2
1.2
1.1
0.1
4.0
3.6
2.5
2.3
2.0
3BOL

$VSSFOUSBUJP
5BMFOUEJTQBUDI
MFBTFQMBDFNFOU
)FBEIVOUJOH
310
CIIC
BBSI
Insperity
ADP
PAYCHEX
IMPELLAM GROUP
CHANDLER MACLEOD
TEMP HOLDINGS
TRUEBLUE
CDI Corporation
Robert Half
On Assignment
RECRUIT
KELLY
ManpowerGroup
PASONA
Adecco
randstad
usg people
HRnet Group
MEITEC
Clarius Group
KFORCE
)JHIFS
RVBM
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS

)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
RVBM
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS

63
RESOURCES GLOBAL
PROFESSIONALS

1.9
1.7
1.4
1.4
1.3
1.3
1.2
0.7
-1.1
-1.3
-1.3
-1.9
4.8
1.2
/
4.3
4.0
1.0
0.9
0.7
3.5
1.5
/
/
3BOLFECZ$VSSFOU3BUJPPG.BJO#VTJOFTT

3BOL

$VSSFOUSBUJP
$PNQBSFE
XJUIJOEVTUSZ
BWFSBHF
)FBEIVOUJOH
310
)3
NBOBHFNFOU
TPGUXBSF
0OMJOF
SFDSVJUNFOU
)3DPOTVMUJOH
Hudson
HEIDRICKSTRUGGLES
hydrogen
sthree
Staffline Group
SYNERGIE
Empresaria Group
bluestone
HARVEY NASH
HAYS
ROBERT WALTERS
PageGroup
workday
Ultimate SOFTWARE
KRONOS
Linkedin
www.51job.com
Monster
seek
Dice Holdings
TOWERS WATSON
MERCER
Aon Hewitt
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
)JHIFS
RVBM
-PXFS
-PXFS
-PXFS
-PXFS
-PXFS
)JHIFS
-PXFS

)JHIFS
)JHIFS
-PXFS
-PXFS
-PXFS
)JHIFS
-PXFS

(Ranked by Times Interest Earned of Main Business)
64

2014 Global Top50 HR Service Providers Ranking and Whitepaper by HRoot

2014 Global Top50 HR Service Providers Ranking and Whitepaper by HRoot

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2014 Global Top50 HR Service Providers Ranking and Whitepaper by HRoot