2013 Global top50 hr service providers ranking and whitepaper by HRoot

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slowdown has been replaced by measurable growth, yet recovery remain weak and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

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

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
Executive Summary
3

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）
Executive Summary
4

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
Executive Summary
5

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
Executive Summary
6

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.
Executive Summary
7

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 /
Executive Summary
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
― 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）
placement
21,959 22,560 -2.7% 164 347 0.7%
― 3 3 万宝盛华集团（ManpowerGroup）
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）
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）
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
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）
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
placement
1,390 1,316 5.6% 372 48 26.8%
↑ 23 31 On Assignment
placement
1,240 597 107.6% 93 44 7.5%
↓ 24 22 CDI Corporation
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

Ranking
higher/
lower
Rank
2013
Rank
2012
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
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

Ranking
higher/
lower
Rank
2013
Rank
2012
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

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
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”
12

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”
13

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
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
14

(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
15

Ranking
higher/
lower
Rank
2013
Rank
2012
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
placement
20,678 22,006 -6.0% 412 524 2.0%
placement
5,451 5,551 -1.8% 72 58 1.3%
placement
4,111 3,777 8.8% 344 250 8.4%
↓ 22 19 TRUEBLUE
placement
1,390 1,316 5.6% 372 48 26.8%
placement
1,240 597 107.6% 93 44 7.5%
placement
1,105 1,060 4.3% 32 20 2.9%
HR management
software
870 800 8.8% / / /
placement
640 539 18.7% 2 3.8 0.3%
↓ 35 33
PROFESSIONALS）
HR consulting 572 546 4.8% 73 51 12.8%
HR management
software
332 269 23.4% 29 16 8.8%
→ 44 / workday
HR management
software
274 134 104.2% -118 -78 -43.1%
HR management
software
118 73 61.5% -32 -19 -27.0%
HRoot Global 50 Human Resources Service Providers 2013 (by Country)
16

Ranking
higher/
lower
Rank
2013
Rank
2012
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
placement
2,269 2,324 -2.4% 25 32 1.1%
↓ 38 35 FULLCAST HLDGS HR service outsourcing 461 446 3.4% 18 20 3.9%
Ranking
higher/
lower
Rank
2013
Rank
2012
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
↓ 39 37 seek Online recruitment 461 345 33.7% 137 97 29.7%
Ranking
higher/
lower
Rank
2013
Rank
2012
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
17

Ranking
higher/
lower
Rank
2013
Rank
2012
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
HR management
software
100 87 14.9% 7 15 7.3%
Ranking
higher/
lower
Rank
2013
Rank
2012
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
214 203 5.7% 27 26 12.4%
Ranking
higher/
lower
Rank
2013
Rank
2012
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
Ranking
higher/
lower
Rank
2013
Rank
2012
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
placement
26,391 28,567 -7.6% 865 1,061 3.3%
Ranking
higher/
lower
Rank
2013
Rank
2012
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
placement
21,959 22,560 -2.7% 164 347 0.7%
→ 12 / usg people
placement
3,696 4,512 -18.1% -211 -6 -5.7%
Ranking
higher/
lower
Rank
2013
Rank
2012
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
18

Ranking
higher/
lower
Rank
2013
Rank
2012
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
placement
26,391 28,567 -7.6% 865 1,061 3.3%
placement
21,959 22,560 -2.7% 164 347 0.7%
placement
20,678 22,006 -6.0% 412 524 2.0%
placement
5,451 5,551 -1.8% 72 58 1.3%
placement
4,111 3,777 8.8% 344 250 8.4%
→ 12 / usg people
placement
3,696 4,512 -18.1% -211 -6 -5.7%
placement
2,269 2,324 -2.4% 25 32 1.1%
↓ 22 19 TRUEBLUE
placement
1,390 1,316 5.6% 372 48 26.8%
placement
1,240 597 107.6% 93 44 7.5%
placement
1,105 1,060 4.3% 32 20 2.9%
placement
640 539 18.7% 2 3.8 0.3%
Ranking
higher/
lower
Rank
2013
Rank
2012
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
↓ 38 35 FULLCAST HLDGS HR service outsourcing 461 446 3.4% 18 20 3.9%
HRoot Global 50 Human Resources Service Providers 2013 (by Industry)
19

Ranking
higher/
lower
Rank
2013
Rank
2012
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
HR management
software
870 800 8.8% / / /
HR management
software
332 269 23.4% 29 16 8.8%
→ 44 / workday
HR management
software
274 134 104.2% -118 -78 -43.1%
HR management
software
118 73 61.5% -32 -19 -27.0%
HR management
software
100 87 14.9% 7 15 7.3%
Ranking
higher/
lower
Rank
2013
Rank
2012
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
214 203 5.7% 27 26 12.4%
20

Ranking
higher/
lower
Rank
2013
Rank
2012
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
↓ 35 33
PROFESSIONALS）
HR consulting 572 546 4.8% 73 51 12.8%
Ranking
higher/
lower
Rank
2013
Rank
2012
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
↓ 39 37 seek Online recruitment 461 345 33.7% 137 97 29.7%
21

Rank of annual
revenue growth
rate
Total revenue in Fiscal 2012
($ million)
($ 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

Rank of annual
revenue growth
rate
($ million)
($ million)
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%
23

Rank of annual
revenue growth
rate
($ million)
($ million)
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%
24

Rank of growth rate
of annual revenue
($ 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

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%
26

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 / /
27

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
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

Industry
Rank
2013
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
0.9 Lower
32
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
PROFESSIONALS）
1.3 Higher
13
WATSON）
0.7 Lower
10 怡安翰威特（Aon Hewitt） / /
11 美世（MERCER） / /
Industry
Rank
2013
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

Industry
Rank
2013
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
Online
recruitment
46 前程无忧（www.51job.com） 31.3 Higher
39 seek 8.2 Lower
26 Linkedin 6.2 Lower
HR consulting
35
PROFESSIONALS）
6.5 Higher
13
WATSON）
4.1 Lower
美世（MERCER） / /
Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
HR service
outsourcing
38 FULLCAST HLDGS 16.9 Lower
17 Insperity 11.9 Lower
21 CHANDLER MACLEOD 9.2 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
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
INTERNATIONAL）
11.8 Higher
41 bluestone 9.1 Higher
37
海德思哲
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

Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
Headhunting
& RPO
43 Clarius Group -2.8% 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
Online
recruitment
46 前程无忧（www.51job.com） 16.3% Higher
48 Dice Holdings 11.2% Higher
26 Linkedin 1.9% Lower
39 seek / /
HR consulting
35
PROFESSIONALS）
9.1% Higher
13
WATSON）
5.0% Lower
Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
HR service
outsourcing
38 FULLCAST HLDGS 16.5% Higher
16 PAYCHEX 9.2% 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
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
Headhunting
& RPO
20 米高蒲志国际（PageGroup） 18.0% Higher
32
INTERNATIONAL）
5.5% Higher
31 明达科（MEITEC） 4.8% Higher
37
海德思哲
1.2% Higher
HRoot Global 50 HR Service Providers 2013 (Ranked by Return on Assets of Main Business)
31

Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
Headhunting
& RPO
22
海德思哲
4.2% 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
HR
management
software
Online
recruitment
4 seek 29.7% Higher
25 monsterworldwide 3.6% Lower
HR consulting
8
PROFESSIONALS）
12.8% Higher
10
WATSON）
11.7% Lower
16 怡安翰威特（Aon Hewitt） 7.4% Lower
Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
HR service
outsourcing
6 安德普翰（ADP） 20.9% Higher
20 BBSI 4.7% Lower
36 中智（CIIC） 1.4% Lower
49 CHANDLER MACLEOD / /
Talent
dispatch/
lease/
placement
27 德科（Adecco） 3.3% 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
40
CORPORATE RESOURCE
SERVICES
0.3% Lower
Headhunting
& RPO
9 HRnet One 12.4% Higher
11
INTERNATIONAL）
10.0% Higher
HRoot Global 50 HR Service Providers 2013 (Ranked by Operating Margin of Main Business)
32

Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
Headhunting
& RPO
19 SYNERGIE 1.0% Lower
45 hydrogen / /
27 sthree / /
28
华德士（ROBERT
WALTERS）
/ /
36 HARVEY NASH / /
47 HRnet One / /
HR
management
software
Online
recruitment
39 seek / /
HR consulting
13
WATSON）
7.6% Higher
35
PROFESSIONALS）
7.2% Lower
Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
HR service
outsourcing
40 BBSI 3.3% Lower
8 中智（CIIC） 1.1% Lower
Talent
dispatch/
lease/
placement
3
万宝盛华集团
（ManpowerGroup）
1.0% Higher
7 必胜人力资源（KELLY） 0.9% Equal
34
CORPORATE RESOURCE
SERVICES
-0.5% Lower
Headhunting
& RPO
32
INTERNATIONAL）
6.6% Higher
37
海德思哲
1.3% Lower
HRoot Global 50 HR Service Providers 2013 (Ranked by Net Profit Margin of Main Business)
33

Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
Headhunting
& RPO
19 SYNERGIE / /
45 hydrogen / /
27 sthree / /
28
华德士（ROBERT
WALTERS）
/ /
36 HARVEY NASH / /
47 HRnet One / /
HR
management
software
Online
recruitment
39 seek / /
HR consulting
35
"荟才（RESOURCES GLOBAL
PROFESSIONALS）"
11.2% Higher
13
WATSON）
10.6% Lower
Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
HR service
outsourcing
38 FULLCAST HLDGS 26.4% Higher
40 BBSI 24.4% Higher
Talent
dispatch/
lease/
placement
3
万宝盛华集团
（ManpowerGroup）
7.9% Higher
34
CORPORATE RESOURCE
SERVICES
-22.9% Lower
Headhunting
& RPO
32
INTERNATIONAL）
8.6% Higher
37
海德思哲
2.5% Higher
HRoot Global 50 HR Service Providers 2013 (Ranked by Return on Shareholder's Equity of Main Business)
34

Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
Headhunting
& RPO
33 翰德（Hudson） 44.9% Lower
32
INTERNATIONAL）
47.4% Higher
28
华德士（ROBERT
WALTERS）
48.8% Higher
25 KFORCE 61.0% Higher
19 SYNERGIE 62.5% Higher
47 HRnet One / /
HR
management
software
44 workday 38.2% Lower
49 Cornerstone ONDEMAND 72.7% Higher
Online
recruitment
46 前程无忧（www.51job.com） 17.7% Lower
39 seek 44.6% Higher
29 monsterworldwide 47.8% Higher
HR consulting
35
PROFESSIONALS）
15.0% Lower
13
WATSON）
54.1% Higher
Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
HR service
outsourcing
18 IMPELLAM GROUP 61.8% Higher
17 Insperity 67.9% Higher
40 BBSI 76.5% Higher
Talent
dispatch/
lease/
placement
9 罗致恒富（Robert Half） 39.0% Lower
22 TRUEBLUE 44.5% Lower
23 On Assignment 51.5% Lower
2 任仕达（randstad） 59.9% 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
Headhunting
& RPO
45 hydrogen 25.8% Lower
43 Clarius Group 27.2% Lower
41 bluestone 35.4% Lower
37
海德思哲
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

Industry
Rank
2013
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
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
Online
recruitment
46 前程无忧（www.51job.com） 5.0 Higher
26 Linkedin 2.5 Higher
39 seek 0.7 Lower
HR consulting
35
PROFESSIONALS）
3.7 Higher
13
WATSON）
1.6 Lower
Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
HR service
outsourcing
38 FULLCAST HLDGS 2.7 Higher
17 Insperity 1.3 Equal
40 BBSI 1.3 Equal
21 CHANDLER MACLEOD 1.2 Lower
18 IMPELLAM GROUP 0.5 Lower
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
3
万宝盛华集团
（ManpowerGroup）
1.4 Lower
34
CORPORATE RESOURCE
SERVICES
1.0 Lower
Headhunting
& RPO
47 HRnet One 3.8 Higher
31 明达科（MEITEC） 3.6 Higher
32
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

Industry
Rank
2013
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
/ /
27 sthree / /
41 bluestone / /
19 SYNERGIE / /
HR
management
software
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
13
WATSON）
/ /
35
PROFESSIONALS）
/ /
Industry
Rank
2013
Annual
revenue
growth rate
Compared
with industry
average
HR service
outsourcing
4 安德普翰（ADP） 276.6 Higher
38 FULLCAST HLDGS 90.2 Equal
17 Insperity / /
40 BBSI / /
21 CHANDLER MACLEOD / /
16 PAYCHEX / /
18 IMPELLAM GROUP / /
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 / /
Headhunting
& RPO
31 明达科（MEITEC） 63.8 Higher
5 RECRUIT 40.4 Higher
32
INTERNATIONAL）
25.1 Higher
36 HARVEY NASH 18.9 Higher
HRoot Global 50 HR Service Providers 2013 (Ranked by Current Ratio of Main Business)
37

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
38

164 48 750 3,501
8,735 9,772 4,002 5,074
3,692 4,045 5,233 /
Indicator Ratio
Compared with in-
dustry average
Net profit margin 0.20% Lower
ROE 1.40% Lower
Current ratio 0.8 Lower
Times Interest
Earned
/ /
Indicator Ratio
Compared with in-
dustry average
Revenue growth
rate
-2.70% 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
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.
39

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
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.
412 198 368 2,502
7,013 6,956 5,061 3,677
4,179 4,180 4,511 35
Indicator Ratio
Compared with in-
dustry average
ROE 7.90% Higher
Times Interest
Earned
11.5 Higher
Indicator Ratio
Compared with in-
dustry average
Revenue growth
rate
-6.00% Lower
Accounts receivable
turnover ratio
4.9 Lower
ROA 2.80% Higher
Operating margin 2.00% Lower
40

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
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.
21 14 2,122 6,114
30,816 32,527 25,156 23,239
1,399 1,382 24,702 8
Indicator Ratio
Compared with in-
dustry average
ROE 22.70% Higher
Times Interest
Earned
276.6 Higher
Indicator Ratio
Compared with in-
dustry average
Revenue growth
rate
3.00% Lower
Accounts receivable
turnover ratio
7.4 Lower
ROA 4.30% Lower
Operating margin 20.90% Higher
41

2013 Global top50 hr service providers ranking and whitepaper by HRoot

2013 Global top50 hr service providers ranking and whitepaper by HRoot

Recommended

Recommended

More Related Content

What's hot

What's hot (19)

Viewers also liked

Viewers also liked (7)

Similar to 2013 Global top50 hr service providers ranking and whitepaper by HRoot

Similar to 2013 Global top50 hr service providers ranking and whitepaper by HRoot (20)

More from anson tang

More from anson tang (7)

Recently uploaded

Recently uploaded (20)

2013 Global top50 hr service providers ranking and whitepaper by HRoot