Romania’s EUR 1 bln HR market to shrink by 15% in 2020
The local market for human resources (HR) services, which has reached some RON 4.9 billion (just over EUR 1 bln), will decrease by about 15% in 2020.
This is the first correction for this industry in a decade, determined by market maturation and the coronavirus pandemic, according to a KeysFin study quoted by News.ro.
"Robust players will remain on the market, those having a history behind them, know-how and important customers, while smaller players will either find adjacent niches or will disappear," said Roxana Popescu, managing director of KeysFin.
HR services providers in Romania increased their turnover by 12.3% in 2018, compared to the previous year, and exceeded by almost 337% the level of 2009. Thus, in 2018, the market reached RON 4.2 bln, and KeysFin estimates it came close to RON 4.9 bln (over EUR 1 bln) last year.
In 2019, there were about 3,500 active firms on this market, with 54.500 employees.
(Photo source: Pexels.com)