2014 global top50 hr service providers ranking and whitepaper by hroot

1

2013, A Year of Slow Recovery of World EconomyIn 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.

Subversion and Rebirth

——On the global human resources services market of 2013-2014

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

2

Development of the Industry: Subversive and CreatorAmong 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.

Industry Annual Revenue Growth Rate and Return on Assets

Industry total asset turnover ratio and accounts receivable turnover ratio

Key rate of Profit

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

online recruitment HR consultingtalents dispatch/rental/placement services

talents dispatch/rental/placement services

headhunting service and RPO


online recruitment HR consulting

HR service outsourcing talents dispatch/rental/placement services

headhunting service and RPO HR management

software

online recruitment HR consulting

3

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 traditionWorkday 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

4

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 silenceSocial 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

5

Industry reshuffle： Home on the later onesWhile 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.

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 surgingIn 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

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.

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 outsourcing

Reason of absence

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

651

304

Revenue in Fiscal 2013

（USD, mn）

Revenue falls below

Ranking in 2013

37

44

6

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

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

7

the long-term steady operation ability of CIIC against the uncertain

economic environment.

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

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.

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 ratioReturn on assets (ROA)

Operating margin

Net profit margin

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

Return on shareholder's equity (ROE)

8

Table4 Financial ratios averages by industry in the “2014 HRoot Global 50 HR Service Providers”



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 serviceoutsourcing

Talent dispatch/ lease /placement Headhunting &RPO HR management

software Online recruitment HR consultingIndustry

Financial Ratio

9

HRoot Global 50 Human Resources Service Providers 2014

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



Headhunting & RPO

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

Talent dispatch/lease/placement









HR service outsourcing and HR consulting


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

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



Talent Management/Headhunting & RPO

Recruitment Process Outsourcing



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%

↑

↓

↑

↓

—

↓

↑

↑

↓

↓

↓

→

↑

↓

—

↓

↑

↓

→

—

↓

↓

↓

↓

↓


Rank 2014

Rank 2013




rate

Operating profit in


Operating margin

in Fiscal 2013

HEIDRICK&STRUGGLES

KORN/FERRY INTERNATIONAL

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


Online recruitment

Headhunting & RPO

Online recruitment



Headhunting & RPO

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%

/


CTPartners Executive Search


Rank 2014

Rank 2013




rate

Operating profit

in Fiscal 2013($ million)

Operatingmargin in

Fiscal2013

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.

HRoot Global 50 Human Resources Service Providers 2014,Sub-Rank Companies




Talent assessment/testing


13

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

（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.

Operating capacity

Profitability

Financial structure

Solvency



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

Competence indicator Financial ratio Formula


14

（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.


HRoot2014全球人力资源服务机构50强

15

HRoot Global 50 Human Resources Service Providers 2014 (by Country)

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

KRONOS

CEB

Monster

Hudson

BBSI

HEIDRICK&STRUGGLES

workday

Ultimate SOFTWARE

Dice Holdings


HR consulting

HR consulting



Online recruitment

Headhunting & RPO

Headhunting & RPO

Other

Online recruitment

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%






Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013









HR Management Cousulting/Headhunting & RPO



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


Headhunting & RPO

Headhunting & RPO

Headhunting & RPO

Headhunting & RPO

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%



Rank 2014

Rank 2013




rate

Operating profit in


Operating margin

in Fiscal 2013


Rank 2014

Rank 2013




rate

Operating profit in


Operating margin

in Fiscal 2013


Rank 2014

Rank 2013




rate

Operating profit in


Operating margin

in Fiscal 2013



HR service outsourcing/HR consulting


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



— 25,898 -1.9% 1,034 4.0%

2

14

2

12

randstad

usg people

—

↓

22,001

3,014

0.2%

-18.4%

486

55

2.2%

1.8%

18 19 SYNERGIE Headhunting & RPO↑ 2,018 8.4% 75 3.7%

49 47 HRnet GroupHead-Hunting/Talent Acquisition/Lease and Talent Management & Retention

↓ 220 2.7% 26 11.8%



Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013


Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013


Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013


Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013


Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013

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%

HRoot Global 50 Human Resources Service Providers 2014 (by Industry)


Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013


Talent Management Consulting/Headhunting & RPO


Head-Hunting/Talent Acquisition/Lease and Talent Management & Retention

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%

1.3%CORPORATE 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%



Rank 2014

Rank 2013




rate

Operating profit in


Operating margin

in Fiscal 2013


Rank 2014

Rank 2013




rate

Operating profit in


Operating margin

in Fiscal 2013













22

/

-32.7%

10.5%

30

42

43

30

44

42

KRONOS

workday

Ultimate SOFTWARE

Workforce Management—

↑

↓

975

469

410

12.1%

71.3%

23.5%

/

-153

43

32 53 CEB Other↑ 820 31.6% 91 11.1%

3.1%

4.1%

50.0%

29.1%

14.1%

23

34

38

47

50

26

29

39

46

48

Linkedin

Monster

seek

www.51job.com

Dice Holdings

Online recruitment

Online recruitment

Online recruitment

Online recruitment

Online recruitment

↑

↓

↑

↓

↓

1,529

808

627

277

214

57.2%

-9.3%

36.0%

15.6%

9.3%

48

33

314

81

30

/

7.8%

13.1%

-4.1%

7.1%

10

11

13

36

39

11

10

13

33

35

MERCER

Aon Hewitt

TOWERS WATSON

Hudson

HR consulting

HR consulting

HR consulting

HR consulting

↑

↓

—

↓

↓

4,241

4,057

3,597

660

556

2.3%

3.4%

5.2%

-15.1%

-2.7%

/

318

472

-27

40 RESOURCES GLOBAL PROFESSIONALS




Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013


Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013


Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013


Rank 2014

Rank 2013




rate

Operating profit


Operatingmargin in

Fiscal2013



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

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%



HRoot Global 50 Human Resources Service Providers 2014( )Ranked by Annual Revenue Growth Rate

Rank Rank 2014

Rank 2013

Company Logo Country Main businessTotal

revenue in Fiscal 2013 ($ million)

Total revenue in Fiscal 2012($ million)


rate









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

Headhunting & RPO

HR consulting

Headhunting & RPO

Headhunting & RPO

Headhunting & RPO


HR consulting


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%


HRoot Global 50 Human Resources Service Providers 2014( )Ranked by Annual Revenue Growth Rate

Rank Rank 2014

Rank 2013



Total revenue in Fiscal 2012($ million)


rate













26

HRoot Global 50 Human Resources Service Providers 2014( )Ranked by Operating Margin

27


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

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 profit in Fiscal 2013($ million)

Operating margin











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

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%

/

/

/



Rank Rank 2014

Rank 2013



Total profit in Fiscal 2013($ million)

Operating margin












29

HRoot Global 50 Human Resources Service Providers 2014( )Ranked by 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

Headhunting & RPO

Headhunting & RPO

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



Rank Rank 2014

Rank 2013



Employee Number

Revenue per Capital($'000)











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

KRONOS

Dice Holdings

TOWERS WATSON

PRIME PEOPLE

Ultimate SOFTWARE

CEB

MERCER

Monster

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





Rank Rank 2014

Rank 2013



Employee Number








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


Rank Rank 2014

Rank 2013



Employee Number



33

HRoot Global 50 Human Resources Service Providers 2014( )Ranked by Operating Profit per Capital

34


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




HR consulting

Other

Headhunting & RPO

Headhunting & RPO


Other

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

Company Logo Country Main businessOperating

Profit in Fiscal 2013 ($ million)

Employee Number

Operating Profit per

Capital($'000)













35


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

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





Rank Rank 2014

Rank 2013



Employee Number


Capital($'000)

Talent Assessment / Testing Service








36


42

48

44

43

workday

Clarius Group Headhunting & RPO

51

52

-59

-103

-153

-41

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).

Rank Rank 2014

Rank 2013



Employee Number


Capital($'000)


37

HRoot Global 50 Human Resources Service Providers 2014(Ranked by Annual Revenue Growth Rate of Main Business)

38

Company LOGO CountryIndustryRank 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


RECRUIT

TRUEBLUE

Robert Half

randstad

KELLY

Adecco

CDI Corporation

ManpowerGroup

PASONA

usg people


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


Annual revenue

growth rate


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


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


40

HRoot Global 50 Human Resources Service Providers 2014(Ranked by Total Asset Turnover Ratio of Main Business)

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


KELLY

Robert Half

ManpowerGroup

CDI Corporation

PASONA

TRUEBLUE

randstad

Adecco

usg people

RECRUIT

On Assignment

Staffline Group

Empresaria Group

HARVEY NASH

HAYS

sthree

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


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


TOWERS WATSON

Aon Hewitt

MERCER

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


average


43

HRoot Global 50 Human Resources Service Providers 2014(Ranked by Accounts Receivable Turnover Ratio of Main Business)

44

7.9

6.2

6.1

5.4

45

35

22

5.329

7.025

6.836

7.026

46

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

9

4

21

2

1

8

27

3

17

44

37

41

28

7

14

/12

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

HEIDRICK&STRUGGLES


HAYS

31 4.2

5.9

5.2

2.4

/

42

43

10

34

/50

6.639

4.213

/30

8.338

/49

/18

4.747

/11

4.148

6.023

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



45

7.9

6.2

6.1

5.4

45

35

22

5.329

7.025

6.836

7.026

46

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

9

4

21

2

1

8

27

3

17

44

37

41

28

7

14

/12

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

HEIDRICK&STRUGGLES


HAYS

31 4.2

5.9

5.2

2.4

/

42

43

10

34

/50

6.639

4.213

/30

8.338

/49

/18

4.747

/11

4.148

6.023

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



7.9

6.2

6.1

5.4

45

35

22

5.329

7.025

6.836

7.026

46

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

9

4

21

2

1

8

27

3

17

44

37

41

28

7

14

/12

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

HEIDRICK&STRUGGLES


HAYS

31 4.2

5.9

5.2

2.4

/

42

43

10

34

/50

6.639

4.213

/30

8.338

/49

/18

4.747

/11

4.148

6.023

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




46

HRoot Global 50 Human Resources Service Providers 2014(Ranked by Return on Assets of Main Business)

47

1.1%

46

45

22

48

/

/

/

/

/

/

/

/

44

7

-19.1%36

41

1.9%26

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%

6

15

40

12

5

16

24

9

4

20

1

3

2

8

27

33

17

14

37

35

28

29

25

21

/19

49

12.1%

6.0%

30

47

13

4.9%39

11

3.9%50

0.8%23

4.3%43

-7.9%42

38

/

18

-0.03%34

10 /

/

/

2.8%31PAYCHEX

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

ROBERT WALTERS

HARVEY NASH

HEIDRICK&STRUGGLES

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



48

1.1%

46

45

22

48

/

/

/

/

/

/

/

/

44

7

-19.1%36

41

1.9%26

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%

6

15

40

12

5

16

24

9

4

20

1

3

2

8

27

33

17

14

37

35

28

29

25

21

/19

49

12.1%

6.0%

30

47

13

4.9%39

11

3.9%50

0.8%23

4.3%43

-7.9%42

38

/

18

-0.03%34

10 /

/

/

2.8%31PAYCHEX

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

ROBERT WALTERS

HARVEY NASH

HEIDRICK&STRUGGLES

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




49

HRoot Global 50 Human Resources Service Providers 2014(Ranked by Operating Margin of Main Business)

50



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%

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%

/

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

HAYS

HEIDRICK&STRUGGLES

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

51



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%

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%

/

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

HAYS

HEIDRICK&STRUGGLES

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



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%

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%

/

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

HAYS

HEIDRICK&STRUGGLES

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

52

HRoot Global 50 Human Resources Service Providers 2014(Ranked by Net Profit Margin of Main Business)

53

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%

1.0%

0.9%

0.6%

-4.6%

/

/

/

/

/

/

/

/

6.2%

-36.8%

/

29.9%

7.6%

1.8%

-0.1%

/

8.9%

3.7%

/

/

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

HEIDRICK&STRUGGLES

sthree

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

54

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%

1.0%

0.9%

0.6%

-4.6%

/

/

/

/

/

/

/

/

6.2%

-36.8%

/

29.9%

7.6%

1.8%

-0.1%

/

8.9%

3.7%

/

/

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

HEIDRICK&STRUGGLES

sthree

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

55

HRoot Global 50 Human Resources Service Providers 2014(Ranked by Return on Shareholder's Equity of Main Business)

56



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%

6.1%

2.5%

-40.9%

/

/

/

/

/

/

/

/

/

13.5%

-14.5%

/

15.0%

9.7%

1.0%

-0.1%

/

11.7%

5.8%

/

/

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

HARVEY NASH

HEIDRICK&STRUGGLES

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

57



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%

6.1%

2.5%

-40.9%

/

/

/

/

/

/

/

/

/

13.5%

-14.5%

/

15.0%

9.7%

1.0%

-0.1%

/

11.7%

5.8%

/

/

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

HARVEY NASH

HEIDRICK&STRUGGLES

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


58

HRoot Global 50 Human Resources Service Providers 2014(Ranked by Asset-Debt Ratio of Main Business)

59



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%

53%

55%

55%

59%

60%

68%

100%

124%

/

/

/

/

45%

69%

/

19%

21%

41%

47%

60%

16%

49%

/

/

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

Hudson

KFORCE

HEIDRICK&STRUGGLES

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

60



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%

53%

55%

55%

59%

60%

68%

100%

124%

/

/

/

/

45%

69%

/

19%

21%

41%

47%

60%

16%

49%

/

/

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

Hudson

KFORCE

HEIDRICK&STRUGGLES

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


61

HRoot Global 50 Human Resources Service Providers 2014(Ranked by Current Ratio of Main Business)

62



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

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

/

/

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


Hudson

HEIDRICK&STRUGGLES

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

63



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

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

/

/

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


Hudson

HEIDRICK&STRUGGLES

hydrogen

sthree

Staffline Group

SYNERGIE

Empresaria Group

bluestone

HARVEY NASH

HAYS

ROBERT WALTERS

PageGroup

workday

Ultimate SOFTWARE

KRONOS

Linkedin

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Monster

seek

Dice Holdings

TOWERS WATSON

MERCER

Aon Hewitt


64

HRoot Global 50 Human Resources Service Providers 2014(Ranked by Times Interest Earned of Main Business)

65


5

40

6

16

15

19

24

12

20

17

3

21

33

27

9

8

1

2

4

14

28

25

49

35

48

230.04

104.75

67.11

/

/

/

/

/

51.75

19.39

14.51

6.86

0.23

/

/

/

/

/

/

/

2.0

2.3

/

/

/

/

/

/

/

/

/

/

/

/

/

/

/

/

/

/

16.33

15.37

/

/

/

/

/

/

/

ADP

BBSI

CIIC

Insperity

PAYCHEX

IMPELLAM GROUP

CHANDLER MACLEOD

TEMP HOLDINGS

TRUEBLUE

PASONA

ManpowerGroup

On Assignment

CDI Corporation

Robert Half

KELLY

Adecco

randstad

RECRUIT

usg people


KFORCE

HRnet Group

MEITEC

Clarius Group

Hudson

HEIDRICK&STRUGGLES

hydrogen

sthree

Staffline Group

SYNERGIE

Empresaria Group

bluestone

HARVEY NASH

HAYS

ROBERT WALTERS

PageGroup

KRONOS

workday

Ultimate SOFTWARE

seek

Dice Holdings

Linkedin

www.51job.com

Monster

Aon Hewitt

MERCER

TOWERS WATSON

RESOURCES GLOBAL PROFES-SIONALS

66


5

40

6

16

15

19

24

12

20

17

3

21

33

27

9

8

1

2

4

14

28

25

49

35

48

230.04

104.75

67.11

/

/

/

/

/

51.75

19.39

14.51

6.86

0.23

/

/

/

/

/

/

/

2.0

2.3

/

/

/

/

/

/

/

/

/

/

/

/

/

/

/

/

/

/

16.33

15.37

/

/

/

/

/

/

/

ADP

BBSI

CIIC

Insperity

PAYCHEX

IMPELLAM GROUP

CHANDLER MACLEOD

TEMP HOLDINGS

TRUEBLUE

PASONA

ManpowerGroup

On Assignment

CDI Corporation

Robert Half

KELLY

Adecco

randstad

RECRUIT

usg people


KFORCE

HRnet Group

MEITEC

Clarius Group

Hudson

HEIDRICK&STRUGGLES

hydrogen

sthree

Staffline Group

SYNERGIE

Empresaria Group

bluestone

HARVEY NASH

HAYS

ROBERT WALTERS

PageGroup

KRONOS

workday

Ultimate SOFTWARE

seek

Dice Holdings

Linkedin

www.51job.com

Monster

Aon Hewitt

MERCER

TOWERS WATSON

RESOURCES GLOBAL PROFES-SIONALS


67

Introduction


68

Operating profit Net profit Pre-tax profit Shareholders' equity

1,034 740 927 4,723

Total assets by the end of 2013

Average total assets Current assets Current liabilities

12,388 12,371 6,298 5,096

Receivable by the end of 2013

Average receivable Total liabilities Interest expense

4,682 4,585 7,665 -105

Major financial data in Fiscal 2013（Unit: $ million）

Major financial ratios in Fiscal 2013

Indicator RatioCompared with industry average

Net profit margin 2.9% Higher

ROE 15.7% Higher

Debt-asset ratio 61.9% Higher

Current ratio 1.2 Lower

Times Interest Earned / /


Revenue growth rate -1.9% Lower

Total turnover ratio 2.1 Lower

Accounts receiv-able turnover ratio 5.5 Lower

ROA 6.0% Higher

Operating margin 4.0% Higher

Introduction

Company name in Chinese：

德科Company name in English:

Adecco

Headquarters： Zurich-Glattbrugg, Switzerland Country: Switzerland

Established: 1957 Website: http://www.adecco.com

Main Business: Talent Dispatch/Lease/ PlacementAnnual revenue of 2013

25,898 million dollars

Stock Exchange：New York, Pairs, Switzerland Stock Exchange

Stock Code: ADEN/ADE

About：

AdeccoNO.1

The Adecco Group (SWX: ADEN; EURONEXT: ADE) is the

world’s leading provider of HR solutions. Adecco has over 5,000

offices in over 60 countries, with over 31,000 employees. Every

day, Adecco provides 650,000 employees and 100,000 companies

temporary staffing, permanent placement, career transition, talent development,

outsourcing and consulting. Founded in 1957, headquartered in Zurich-Glattbrugg,

Switzerland, Adecco (SWX: ADEN; EURONEXT: ADE) is placed no.461 of Global

Fortune 500 companies in the fiscal year 2013.


69


486 306 456 3,861



8,774 8,755 4,161 3,806



3,893 4,045 4,913 /




Net profit margin 1.4% Lower

ROE 7.9% Lower





Revenue growth rate 0.2% Lower



ROA 3.5% Lower

Operating margin 2.2% Lower


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/ PlacementAnnual reve-nue of 2013


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 re-sources service transnational company that covers over 39 coun-

tries worldwide and over 4,587 branches. The core business of the group includes: the services of recruitment of professional staff, flexible recruitment, dispatch of professional staff, resident ser-vices and integrated human resources service solutions. Randstad Group entered Chinese mar-ket 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 personnel for the Chinese enterprises, and manage tens of thousands of dispatched and out-sourced employees.


70


512 288 476 2,914



7,288 7,151 5,243 3,510



4,278 4,228 4,374 35





ROE 9.9% Equal



Times Interest Earned 14.5 Lower





ROA 4.0% Lower



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/PlacementAnnual revenue of 2013


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 resources solutions, creates and delivers services to help customers to achieve their goals on business and human resources objectives and meanwhile enhances customers’competitiveness. With annual turnover of 22 billion USD, Manpower provides a series of services covering the whole employment 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.


71


1,198 667 1,218 4,721



8,776 8,428 3,981 2,378



1,657 1,687 3,200 /





ROE 14.1% Higher

Debt-asset ratio 36.5% Lower

Current ratio 1.7 Higher



Revenue growth rate 20.5% Higher



ROA 7.6% Higher



/Company name in English:

RECRUIT

Headquarters： New York Country: Japan

Established: 1960 Website: http://www.recruit-rgf.com/



Stock Exchange： / Stock Code: /

About：

RECRUITNO.4

Founded on March 31, 1960, Recruit in Japan is known as

RGF overseas. Recruit Group delivers “Meet your opportu-

nity.” to the world. since 2009, RECRUIT Group have devel-

oped under the corporate brand name “RGF”. Individual talent varies from person to

person. Recruit is committed to helping create a world in which everyone can live out

their dreams and shine like a star.


72


2,084 1,406 2,084 6,190



32,268 31,542 26,201 24,733



1,598 1,499 26,078 9





ROE 22.7% Higher



Times Interest Earned 230.0 Higher





ROA 4.4% Lower



安德普翰Company name in English:

ManpowerGroup

Headquarters：New Jersey, United States of America


Established: 1949 Website: http://www.adp.com

Main Business: Human Resource OutsourcingAnnual revenue of 2013


Stock Exchange： NASDAQ Stock Market Stock Code: ADP

About：

ADPNO.5

ADP (NASDAQ:ADP), founded in 1949, with annual income of nearly 10 bil-lion USD and 570, 000 customers all over the world, is one of the world larg-est 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.


73


88 73 97 344



924 840 879 581



52 54 581 1





ROE 21.3% Higher






Total turnover ratio 7.9 Higher

Accounts receiv-able turnover ratio 121.6 Higher

ROA 7.9% Higher



中国国际技术智力合作公司Company name in English:

CIIC

Headquarters： Beijing, China Country: China

Established: 1987 Website: http://www.ciic.com.cn

Main Business: Human Resource OutsourcingAnnual reve-nue of 2013



About：

CIICNO.6

Founded in 1987, China International Intellectech Corporationis one of the state-owned backbone enterprises under the direct management of the Chinese Central Government. Headquartered in Beijing, it has 87 subsidiaries and branches focusing on international cooperation in the fields of economy, technology and talent in China and other 76 coun-tries and regions around the world. Keeping abreast of the latest development of knowl-

edge-powered productivity amid the global economic integration, the mega trends of structural change and transfer of worldwide service sector as well as complete outsourcing especially offshore arrangements, and ca-tering for China’s demands for restructuring of service industry and growing of new economic paradigms, CIIC has been building its core competence in the field of intellectual services, standing out as the leading HR service provider which demonstrates proven competitiveness and influence in talents, resources, networks, scale and experience. Furthermore, it is extending its expertise to new fields like investment and trading services. CIIC has becoming a newly exploring enterprise with its high competence and leading advantages. In 2011, CIIC’s operating income was 22.2 billion RMB and ranked the No.336 in top 500 enterprises in China in 2011.


74


186 / 185 339



1,382 1,375 947 -737



582 718 -1,044 /




Net profit margin / /

ROE / /

Debt-asset ratio / /

Current ratio -1.3 Lower






ROA / /



瀚纳仕Company name in English:

HAYS

Headquarters： London, The United Kingdom Country: The United Kingdom

Established: 1867 Website: http://www.haysplc.com

Main Business: Headhunting&RPOAnnual revenue of 2013


Stock Exchange： London Stock Exchange Stock Code: HAS

About：

HAYSNO.7

HAYS（LON:HAS）is a United Kingdom-based recruitment group engaged in the provision of specialist recruitment activities. As a professional human resources consulting service provider, Hays(LON:HAS), headquartered in Great Britain, is the largest

headhunting company in Great Britain. Hays has 7,620 staff operating from 255 offices in 31 countries . Hays has market-leading positions in the UK, Asia Pacific, Continental Europe and Latin America. Hays is the largest professional recruitment consulting company in Asia Pacific and it has set up 45 branches in Asia Pacific. In 2010, Hays declared the strategic measures of entering Chinese market which aims to become Chinese largest recruitment and consulting company, expects to rapidly expand its scale on the basis of its existing three subsidiaries in China in the next five years, and increase its headhunting consults to 300 from the current number of 80.


75


53 59 49 823



1,799 1,717 1,237 762



1,023 1,019 976 /





ROE 7.2% Lower


Current ratio 1.6 Equal






ROA 3.3% Lower



上海必胜人力资源有限公司Company name in English:

KELLY

Headquarters： Michigan, United States of America Country: United States of America

Established: 1946 Website: http://www.kellyservices.com

Main Business: Talent Dispatch/Lease/ Placement Annual reve-nue of 2013


Stock Exchange： NASDAQ Stock Market Stock Code: KELYA，KELYB

About：

KELLYNO.8

KELLY (NASDAQ: KELYA) founded in 1946, headquartered in Michigan, the USA. As

the world’s leading HR solutions provider and workforce management service consult-

ing firm, Kelly Services can meet the wide range and cross-departmental HR manage-

ment demands of enterprises, including office management, marketing, finance, engi-

neering, law, science, IT, education, and outsourcing consulting. Kelly Services has 2,600

branches in 37 countries and provides job opportunities for over 550,000 people every year. It provides services

for over 90% of the Fortune Top 500 companies. It entered China since 2002. Its service network covers Bei-

jing, Shanghai, Guangzhou, Suzhou, Chengdu, Nanchang, Tianjin, Shenzhen and Hong Kong. Kelly Services

China provides all-rounded HR solutions, including middle- and senior-level talent selection, outsourcing, and

third-party management, for famous enterprises.


76


398 252 398 920



1,490 1,436 1,173 536



552 532 571 /





ROE 27.4% Higher








ROA 16.9% Higher


Robert HalfNO.9


罗致恒富Company name in English:

Robert Half

Headquarters： California, United States of America Country: United States of America

Established: 1948 Website: http://www.rhi.com



Stock Exchange： New York Stock Exchange Stock Code: RHI

About：

Robert Half (NYSE: RHI)provides specialized staffing and risk consulting services through such divisions as Accountemps, Robert Half Finance & Accounti ng, Offi ceTeam, Robert Half Technology, Robert Half Management Resources, Robert Half Legal, The Creative

Group, and Protiviti. Through its Accountemps, Robert Half Finance & Accounting, and Robert Half Management Resources divisions, is a provider of temporary, full-ti me, and project professionals in the fields of accounting and finance. Office Team specializes in temporary administrative support personnel. Robert Half Technology provides information technology professionals. Robert Half Legal provides temporary, project, and full-time staffing of attorneys and specialized support personnel within law firms and corporate legal departments. The Creati ve Group provides project staffing in the advertising, marketing, and Web design fields. Protiviti is a global business consulting and internal audit firm.


77


/ / / /



/ / / /



/ / / /





ROE / /


Current ratio / /



Revenue growth rate 2.3% Equal

Total turnover ratio / /

Accounts receiv-able turnover ratio / /

ROA / /

Operating margin / /


美世Company name in English:

MERCER

Headquarters： New York, United States Country: United States

Established: 1937 Website: http://www.mercer.com

Main Business: HR ConsultingAnnual reve-nue of 2013


Stock Exchange：New York, Chicago, London Stock Exchange

Stock Code: MMC

About：

MERCERNO.10

MERCER, founded in 1937 and headquartered in America, is a world lead-ing consulting outsourcing and investment service provider, and is world largest human resources management consulting company and world largest benefits outsourcing provider with 25,000 customers. Mercer helps

its customers to maximally enhance performance of their staff’s health, benefits and retirement plan, and opti-mize labor force performance while managing costs. Mercer also provides customized management, technical and overall benefits outsourcing solutions. The investment services of Mercer include world leading design and management of investment, consulting and retirement as well as investment management of multiple manag-ers. Mercer has over 20,000 employees in over 40 countries. As a wholly-owned subsidiaries of MMC, Mercer together with Marsh, Kroll and Guy Carpenter provides overall services to customers. Mercer entered Chinese market in 1995, and currently it has 7 branches in Beijing, Shanghai, Guangzhou, Shenzhen, Dalian, Hong Kong and Taiwan with over 600 consultants and over 3,000 customers in China.


78


318 / / /



/ / / /



/ / / /





ROE / /


Current ratio / /






ROA / /



怡安翰威特Company name in English:

AON Hewitt

Headquarters： London Country: Britain

Established: 1982 Website: http://www.aonhewitt.com/

Main Business: HR service outsourcing and HR consulting

Annual revenue of 2013



About：

AON HewittNO.11

In 2010, Aon Consulting mergered with Hewitt Associates to establish

Aon Hewitt. Aon Hewitt is the world largest comprehensive human

resources outsourcing and human resources management consulting

company, which carries out business in 90 countries and territories with

29,000 employees and which had 4.3 billion joint income in 2010. Aon Hewitt provides consulting,

remuneration and welfare management services to more than half of world top 500 companies.

Aon Hewitt’s headquarter in China is located in Shanghai, and it has 6 offices and over 300 staff

in Shanghai, Beijing, Guangzhou, Shenzhen, Chengdu, Nanjing,Taibei and Hongkong in Great

China, which plays a leading role in human resources management consulting field in China.


79


190 101 / /



1,810 1,515 / /



/ / / /





ROE 2.4% Lower


Current ratio 5.6% Higher

Times Interest Earned 5.1% Lower





ROA 5.6% Higher




TEMP HOLDINGS

Headquarters： Tokyo Country: Japan

Established: 2008 Website: http://www.temp-holdings.co.jp/

Main Business: Human Recourses OutsourcingAnnual reve-nue of 2013


Stock Exchange： Tokyo Stock Exchange Stock Code: 2181

About：

TEMP HOLDINGSNO.12

TEMP HOLDINGS (TYO: 2181) focused on Manage-ment planning, administration, and operations related to subsidiary and group companies that handle tempo-

rary staffing and placement services. Founded in 2008, listed on the Tokyo Stock Ex-change, with total assets of 20 billion yen, 5,061 employees and 258 offices throughout Japan, also 13 offices in Los Angeles, Seattle, Shanghai, Suzhou, Guangzhou, Shen-zhen, Hong Kong, Taiwan, South Korea, Singapore, Indonesia.


80


472 319 468 2,725



5,332 5,345 1,712 1,113



826 855 2,608 /





ROE 11.7% Higher








ROA 6.0% Higher



韬睿惠悦Company name in English:

TOWERS WATSON

Headquarters： NewYork, United States of America Country: United States of America

Established: 2010 Website: http://www.towerswatson.com

Main Business: HR ConsultingAnnual revenue of 2013


Stock Exchange： New York Stock Exchange Stock Code: TW

About：

TOWERS WATSONNO.13

TOWERS WATSON (NYSE:TW) is a professional services firm focused on providing consulting and other professional services related to employee benefits, human capital and risk and financial management. It provides advisory services on critical human capital management issues to help its clients manage their costs,

talent and risk. It offers clients services across three business segments: Benefits, Risk and Financial Services, and Talent and Rewards. Towers Watson was formed on January 1, 2010, from the merger of Towers, Perrin, Forster & Crosby, Inc. (Towers Perrin) and Watson Wyatt Worldwide, Inc. (Watson Wyatt). It helps its clients improve business performance by improving their ability to attract, retain and motivate employees and to manage and mitigate risk. It focuses on delivering consulting services and technology solutions to help organizations anticipate, identify and capitalize on emerging opportunities in benefits and human capital management.


81


55 -35 42 610



1,580 1,656 25 377



161 337 969 /




Net profit margin -18.4% Lower

ROE 1.8% Lower

Debt-asset ratio 9.0 Higher

Current ratio / /

Times Interest Earned 1.8% Lower





ROA / /




usg people

Headquarters： Amsterdam Country: Netherlands

Established: 1979 Website: http://www.usgpeople.com

Main Business: Talent Dispatch/Lease/PlacementAnnual reve-nue of 2013


Stock Exchange： AMS Stock Code: USG

About：

usg peopleNO.14

USG People(AMS:USG), is a specialized provider of employ-ment services in Europe, focusing on the market segments general and specialist temporary employment, professional secondment and projects, HR services and customer care.

We provide this range of services through our independent operating companies. Our companies are active in eight European countries: Austria, Belgium, France, Germany, Italy, Luxemburg, the Netherlands and Switzerland. USG People shares are listed on the stock exchange NYSE Euronext Amsterdam.


82


905 569 911 1,774



6,164 6,322 4,833 4,268



/ 71 4,390 /





ROE 32.1% Higher








ROA 9.2% Higher




PAYCHEX

Headquarters： New York, United States of America Country: United States of America

Established: 1971 Website: http://www.paychex.com



Stock Exchange： NASDAQ Stock Market Stock Code: PAYX

About：

PAYCHEXNO.15

PAYCHEX (NASDAQ:PAYX) is a provider of payroll, human resource

and benefits outsourcing solutions for small to medium-sized businesses.

As of May 31, 2009, the Company serviced approximately 554,000

clients. As of May 31, 2009, it serviced approximately 1,600 clients in Germany through its offices. It offers a

portfolio of services and products that allow its clients to meet their diverse payroll and human resource needs.

These include payroll processing, payroll tax administration services, employee payment services, regulatory

compliance services (new-hire reporting and garnishment processing), human resource outsourcing services,

retirement services administration, health and benefits services, workers’ compensation insurance services,

time and attendance solutions and other human resource services and products. In October 2009, the Company

announced the sale of Stromberg, a time and attendance company serving mid- to large-sized businesses, to

Kronos Incorporated.


83


56 32 54 253



767 758 565 437



210 200 513 /





ROE 12.6% Lower








ROA 4.2% Lower




Insperity

Headquarters： Texas, United States of America Country: United States of America

Established: 1986 Website: http://www.administaff.com

Main Business: Human Resource OutsourcingAnnual reve-nue of 2013


Stock Exchange： New York Stock Exchange Stock Code: NSP

About：

Insperity NO.16

Insperity (NYSE: NSP), formerly Administaff, Inc., is a provider of hu-man resources (HR) and business performance solutions for the United State’s businesses. The Company provides a range of human resource and business solutions. The Company’s primary services include work-

force optimization, MidMarket solutions, performance management, expense management, time and attendance, organizational planning, recruiting services, employment screening, retirement services, business insurance and technology services. The Company’s workforce optimization services include administrative services, employee benefits, worker’s compensation, payroll, HR support and compensation and Government compliance. Its recruiting services include recruiting and hiring, and employee retention. MidMarket solution includes administrative relief. The Com-pany’s employment screening includes background checks and profile screening.


84


33 5 31 210



771 829 495 377



252 / 494 2





ROE 2.5% Lower








ROA 0.7% Lower



保圣那Company name in English:

PASONA


Established: 1976 Website: http://www.pasonagroup.co.jp/

Main Business: Talent Dispatch/Lease/PlacementAnnual revenue of 2013


Stock Exchange： Tokyo Stock Exchange Stock Code: 2168

About：

PASONANO.17

PASONA (Tokyo Stock Exchange: 2168), founded in 1976, is a

provider of human resources solutions which provide temporary

employees dispatched, human resources consulting, corporate

recruitment, job outsourcing, employee life solutions, knowledge sharing service. Listed on the

Tokyo Stock Exchange. Currently, the Group's total assets value 5 billion yen, and Pasona value

3 billion yen in assets.


85


75 / 73 299



757 / 574 434



531 / 757 /





ROE / /








ROA / /




SYNERGIE

Headquarters： / Country: France

Established: / Website:http://www.synergie.fr/group-uk-intro.php

Main Business: Headhunting & RPOAnnual reve-nue of 2013


Stock Exchange： EPA Stock Code: SDG

About：

SYNERGIENO.18

Synergie SA is a France-based company that specializes in human resourc-es management. The Company’s activities include temporary employment, out-placement, social engineering, recrutment and training services. Synergie SA operates in a range of economic sectors, notably industry. The Company has over 500 agencies in several countries across Europe and in Canada. Synergie SA has a number of subsidiaries, including Synergie Formation (in

France), Gestion Hunt (Canada), Synergie Human Resources (the Netherlands) and Synergie Temporary Help (the Czech Republic), SA SYNERGIE BELGIUM (Belgium), GESTION HUNT INC (Canada), SYNERGIE SUISSE SA (Switzerland), SARL SYNERGIE TRAVAIL TEMPORAI-RE (Luxembourg), among others.


86


45 / -2 /



568 551 407 355



352 356 393 /





ROE / /








ROA / Lower




IMPELLAM GROUP

Headquarters： Luton, United Kingdom Country: United Kingdom

Established: / Website: http://www.impellam.com/



Stock Exchange： London Stock Exchange Stock Code: IPEL

About：

IMPELLAM GROUPNO.19

IMPELLAM GROUP (LON:IPEL) is a leading provider of human capital services, including innovative solutions for the workforce, business process outsourcing (BPO), expertise in technical, professional and medical talent, flexible workforce consulting, staffing and recruitment. The Group, trading on AIM, conducts business primarily in the UK and the US, with smaller operations in Australia, Ireland, New Zealand and mainland Europe. The Company has five

segments: Healthcare, UK Commercial, UK Professional & Technical, US Staffing and Support Services. The Company’s Healthcare Staffing business includes brands like Medacs Healthcare and Chrysalis Homecare. The UK Commercial Staffing segment is a provider of specialised temporary and permanent recruitment services to a portfolio of public and private sector clients. The UK Professional & Technical brands provide permanent, temporary and contract recruitment services. The US Staffing brands provide recruitment services ranging from temporary staffing to permanent placement. The category of Support Services brands includes facilities services, event support services, retail merchandising services, shopfitting and procurement management. The Group employees nearly 6,000 people, including 2,200 managers and consultants and more than 3,800 support services workers, across a network of 230 branch and regional offices.


87


60 45 61 393



720 661 357 121



200 183 326 1





ROE 11.4% Higher








ROA 6.2% Higher




TRUEBLUE

Headquarters： New York Country: America

Established: 1989 Website: http://www.trueblueinc.com



Stock Exchange： NYSE Stock Code: TBI

About：

TRUEBLUENO.20

TRUEBLUE is the leading provider of blue-collar staffing. In 2009, TRUEBLUE connected approximately 300,000 people to work through the following brands: Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs, and Centerline, and served approximately

175,000 businesses in the services, retail, wholesale, manufacturing, transportation, and construction industries. The TRUEBLUE family of companies provides individuals with opportunities for growth and customers with the help they need to succeed in to-day’s competitive environment.


88


124 85 93 640



1,261 1,180 350 169



262 253 621 16





ROE 13.2% Higher








ROA 6.7% Higher




On Assignment

Headquarters：California, the United States of America

Country: the United States of America

Established: 1985 Website: http://www.onassignment.com

Main Business: Talent DispatchAnnual revenue of 2013


Stock Exchange： NASDAQ Stock Market Stock Code: ASGN

About：

On AssignmentNO.21

On Assignment (NASDAQ:ASGN) is a diversified professional staffing firm providing flexible and permanent staffing solutions in specialty skills, including laboratory/scientific, healthcare/nursing/physician, medical financial, information technology (IT) and engineering. The Company provides

clients in these markets with short-term or long-term assignments of contract professionals, contract-to-permanent placement and direct placement of these professionals. The Company's business consists of four operating segments: Life Sciences, Healthcare, Physician, and IT and Engineering. On October 1, 2009, the Company acquired Fox Hill & Associates. In April 2010, the Company completed the acquisition of The Cambridge Group Ltd., a provider of specialized staffing in Physician, Clinical/Scientific and IT. In July 2010, the Company acquired Sharpstream. In February 2011, the Company acquired Valesta.


89


107 / 100 326



565 556 439 -230



294 292 -239 /





ROE / /








ROA / /



米高蒲志国际Company name in English:

PageGroup


Established: 1976 Website:http://www.michaelpageinterna-tional.com

Main Business: Headhunting & RPOAnnual reve-nue of 2013


Stock Exchange： London Stock Exchange Stock Code: MPI

About：

PageGroupNO.22

PageGroup (LON:MPI) was established in London in 1976, and it is the leading recruitment consulting institution to represent the high-end employers to be engaged in the professional recruit-ment business for long-term, contractual and temporary posts.

Michael Page International has 162 offices in 34 countries in the world. Michael Page International is listed on board of London Stock Exchange, annual turnover is over 1 billion US Dollar. And it set up the first office in Shanghai, China in 2003. At present, Michael Page International has its of-fices in all main commercial centers of the world, including Hong Kong, London, New York, Paris, Tokyo, Toronto, Singapore and Sydney.


90


48 27 49 2,629



3,353 2,368 2,756 642



302 253 718 /





ROE 1.0% Lower








ROA 0.8% Lower




Linkedin

Headquarters： California, USA Country: The USA

Established: 2002 Website: http://www.linkedin.com/

Main Business: Online RecruitmentAnnual revenue of 2013


Stock Exchange： NASDAQ Stock Market Stock Code: LNKD

About：

LinkedInNO.23

Linkedin Corporation (NASDAQ: LNKD), established in December 2002 and launched in 2003, headquartered in Mountain View, California (Mountain View). On May 20, 2011, LinkedIn listed. Currently, LinkedIn has over 100 million users in more than 200

countries and regions. On LinkedIn platform, users can produce, manage and share their professional identity online, and establish or participate in professional networks. Users can access shared knowledge and insights, looking for business opportunities, and improve their productivity and success.


91


/ 11 / 155



368 368 117 104



118 163 212 /





ROE 7.2% Lower








ROA 3.0% Lower




CHANDLER MACLEOD

Headquarters： Sydney, Australia Country: Australia

Established: / Website:http://www.chandlermacleod.com

Main Business: OutsourcingAnnual reve-nue of 2013


Stock Exchange： Australian Securities Exchange Stock Code: CMG

About：

Chandler Macleod Group LimitedNO.24

CHANDLER MACLEOD（ASX:CMG） is engaged in the business of human resource (HR) outsourcing, recruitment and consulting services. As of June 30, 2010, it offered complete and fully inte-grated recruitment and HR outsourcing services across blue-collar,

white-collar, executive and professional recruitment and contracting. It also offered consulting ser-vices encompassing psychometric assessment, management, organisational development, executive coaching, outplacement, career transition, talent management, and redeployment. Its segments consist of: Workforce, which includes ready workforce, for staff aviation, Chandler Macleod health, providing tradespeople, semi-skilled and unskilled labour recruitment for the industrial sector; Recruitment that provides permanent and temporary recruitment services; Consulting that provides HR consulting and training; OCG, which is a New Zealand-based white collar and information technology provider, and CMyPeople, which is a web enabled assessment tool.


92


21 11 20 157



348 336 203 90



179 166 191 1





ROE 6.9% Higher








ROA 3.1% Higher




KFORCE

Headquarters： Florida, United States of America Country: United States of America

Established: 1966 Website: http://www.kforce.com

Main Business: Recruiting/HeadhuntingAnnual revenue of 2013


Stock Exchange： NASDAQ Stock Market Stock Code: KFRC

About：

KFORCENO.25

KFORCE (NASDAQ:KFRC) is a provider of professional and technical specialty staffing services and solutions. The Company provides its clients staffing services and solutions through four operating segments: Technology (Tech), Finance and Accounting (FA), Health and Life

Sciences (HLS) and Government Solutions (GS). KFORCE organizes and manages its FA and Tech business units along regional market lines in Atlantic, North and Western markets. The HLS and GS segments are organized and managed by specialty because of the operating characteristics of each business. KFORCE’s staffing services consist of Flex and Search. In April 2009, KFORCEGovernment Solutions (KGS) and dNovus RDI merged to provide a spectrum of solutions and services to government enterprises.


93


11 6 10 102



327 204 238 -220



213 114 -224 -2





ROE 6.1% Higher








ROA 1.9% Higher




HARVEY NASH


Established: 1988 Website: http://www.harveynash.com

Main Business: Recruiting/HeadhuntingAnnual reve-nue of 2013


Stock Exchange： London Stock Exchange Stock Code: HVN

About：

HARVEY NASHNO.26

Harvey Nash Group plc (LON: HVN) is a United Kingdom-based pro-fessional recruitment and outsourcing consultancy company. It is en-gaged in providing information technology professionals for permanent and contract positions globally. The Company operates in three seg-

ments: permanent recruitment, contracting and outsourcing.


94


21 13 21 284



406 403 291 103



231 227 121 /





ROE 4.5% Lower








ROA 3.2% Lower




CDI Corporation

Headquarters：Philadelphia, United States of America


Established: 1950 Website: http://www.cdicorp.com/

Main Business: Talent DispatchAnnual revenue of 2013


Stock Exchange： New York Stock Exchange Stock Code: CDI

About：

CDI CorporationNO.27

CDI Corp. （NYSE:CDI） provides engineering and information technology

outsourcing and professional staffing services to its customers. The

Company provides project outsourcing services for its customers’

engineering, information technology and project management needs,

staffing services to augment its customers’ workforces and a range of professional services to

meet its customers’ permanent placement needs. The Company operates through four reporting

segments: Engineering Solutions (ES), Management Recruiters International (MRI), AndersElite

(Anders) and Information Technology Solutions (ITS). In June 2010, the Company acquired L. Robert

Kimball & Associates, Inc. In December 2010, the Company acquired the business of DSPCon, Inc.


95


92 73 99 756



1,234 1,124 562 287



184 97 478 2





ROE 9.6% Higher








ROA 5.9% Higher



光辉国际Company name in English:


Headquarters：Los Angeles, United States of America


Established: 1969 Website: http://www.kornferry.com


996 million dollars

Stock Exchange： NASDAQ Stock Exchange Stock Code: KFY

About：

KORN/FERRY INTERNATIONALNO.28

KORN/FERRY INTERNATIONAL (NYSE:KFY), founded in America in 1969 and headquartered in Los Angeles, America, has over 90 offices in 40 countries. Korn/Ferry International entered China in 1978, and it is the first foreign human resources consulting company to carry out busi-

ness in China after China joined in WTO. It has set up four subsidiaries in China, namely, Hong Kong, Beijing, Shanghai, Guangzhou, Taipei, and it has a consulting team that is composed of 300 Chinese local staff, overseas returnees and foreign staff. Besides, as one of the world largest tal-ents management consulting companies, Korn/Ferry International’s five branches are approved to be wholly foreign owned company. Up to now, the service system of Korn/Kerry International has covered whole-package solutions including senior executives seeking, talents management and leadership consulting, and recruitment outsourcing, middle-level talents recruitment.


96


25 11 24 /



250 258 218 161



195 188 170 /





ROE / /








ROA 4.4% Higher




sthree

Headquarters： London, United Kingdom Country: United Kingdom

Established: 1986 Website: http://www.sthree.com/

Main Business: Recruitment/headhuntingAnnual revenue of 2013

992 million dollars

Stock Exchange： London Stock Exchange Stock Code: STHR

About：

sthreeNO.29

sthree（LON:STHR） is a United Kingdom-based company engaged

in the permanent and contract staffing business. The Company’s

recruitment areas include banking and finance, accountancy, energy and

natural resources, telecommunications, healthcare, engineering, pharma

and biotech, human resources, information technology, legal, procurement and supply chain, sales,

and marketing. It operates in four brands, including Computer Futures Solutions, Huxley Associates,

Progressive and Real Staffing Group. The Company operates in three geographical segments:

the United Kingdom, Continental Europe and the Rest of the World. During the fiscal year ended

November 28, 2010 (fiscal 2010), the Company had 53 offices in 13 countries.


97


/ / 314 /



/ / / /



/ / / /





ROE / /


Current ratio / /






ROA / /



克罗诺思Company name in English:

KRONOS

Headquarters：Massachusetts, United States of America


Established: 1977 Website: www.kronos.com

Main Business: e-HRAnnual reve-nue of 2013

975 million dollars


About：

KRONOSNO.30

KRONOS makes and implements workforce management soft-ware particularly for organizations with large, complex work-forces. With a goal of controlling labor costs and improving em-ployee productivity, its various software products automatically

collect time and attendance data, manage scheduling and absence, oversee administrative HR, payroll, and hiring processes, and provide data analytics on cost and performance problems. KRONOSsells directly and through partnerships. Serving more than half of the Fortune 1,000, it focuses on the education, health care, hospitality, manufacturing, retail, and government markets, among others.


98


17 9 16 130



334 291 290 -217



242 203 -218 -2





ROE 7.2% Higher








ROA 2.8% Higher



华德士Company name in English:

ROBERT WALTERS


Established: 1995 Website: http://www.robertwalters.com


935 million dollars

Stock Exchange： LON Stock Code: RWA

About：

ROBERT WALTERSNO.31

Robert Walters ,Established in 1985 and listed on the London Stock Exchange (RWA) since 2000, is one of the world's leading professional recruitment consultancies. Robert Walters recruits across the accounting, finance, banking, IT, human

resources, legal, sales and marketing, supply chain and engineering and support fields. Robert Walters has 47 offices in 23 countries and over 2,000 members of staff worldwide. Robert Walters in China has four branches: Shanghai, Suzhou, Beijing and Nanjing for the demand of Chinese enterprises recruitment and employees applying for jobs.


99


91 32 60 140



1,384 / 463 574



271 / 1,244 23




Net profit margin 3.9% /

ROE 22.8% /

Debt-asset ratio 90.0% /

Current ratio 0.8 /

Times Interest Earned 3.7 /


Revenue growth rate 31.6% /

Total turnover ratio 1.2 /

Accounts receiv-able turnover ratio 6.0 /

ROA 2.3% /

Operating margin 11.1% /



CEB

Headquarters： Arlington, Virginia Country: United States of America

Established: 1979 Website: http://www.executiveboard.com/

Main Business: OtherAnnual reve-nue of 2013

820 million dollars

Stock Exchange： NYSE Stock Code: CEB

About：

CEBNO.32

CEB is the leading member-based advisory company. By combining the best practices of thousands of member companies with our advanced research methodologies and human capital analytics, we equip senior leaders and their teams with insight and actionable solutions to transform operations. The CEB member network includes more than 16,000 exec-

utives and the majority of top companies globally.CEB’s SHL Talent Measurement Solutions is an important part of our Integrated Talent Man-agement Services. CEB’s SHL Talent Measurement Solutions offer science-based assess-ments, benchmark data, technology and consultancy services to help organisations assess, se-lect and develop the right people for the right roles.


100


11 3 3 27



143 47 111 96



97 7 116 -4





ROE 10.4% Higher








ROA 2.0% Lower





Headquarters： The USA Country: The USA

Established: / Website: http://www.crsco.com/


820 million dollars

Stock Exchange： OTC Stock Code: CRRS

About：

CORPORATE REOURCE SERVICESNO.33

C O R P O R A T E R E S O U R C E S E R V I C E S , f o r m e r l y Accountabilities, Inc., is a provider of diversified staffing, recruiting and consulting services, including temporary staffing services, with a focus on light industrial services, clerical and administrative support and insurance related staffing. On

November 21, 2011, the Company acquired TS Staffing Services, Inc.


101


33 -1 27 844



1,586 1,636 504 519



333 334 742 /





ROE -0.1% Lower








ROA 0.0% Lower




monsterworldwide


Established: 1967 Website: http://www.about-monster.com/

Main Business: Online RecruitmentAnnual reve-nue of 2013

808 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: MWW

About：

MonsterNO.34

monsterworldwide (NASDAQ:MWW) provides global online employment solution. With a presence in approximately 55 countries globally, including key markets in North America, Europe, Asia and Latin America, Monster offers online recruiting solutions. Through online media sites and services, Monster

Worldwide delivers targeted audiences to advertisers. The Company operates in three segments: Careers - North America, Careers - International and Internet Advertising & Fees. During the year ended December 31, 2010, these operating segments represented approximately 46%, 40% and 14% of its consolidated revenue, respectively. On August 24, 2010, Monster completed the acquisition of Yahoo! HotJobs from Yahoo!. On December 31, 2010, the Company completed the acquisition of JobBusan, a business that provides online recruiting in Busan, South Korea.


102


71 41 / 391



627 734 459 128



115 136 258 /





ROE 10.4% Higher








ROA 6.5% Higher



明达科Company name in English:

MEITEC

Headquarters： / Country: Japan

Established: Toy Website: http://www.meitec.co.jp/


764 million dollars

Stock Exchange： Tokyo Stock Code: 9744

About：

MEITECNO.35

A company engaged in the provision of staffing services,

engineering solution services, global services and career support

services. The Staffing segment is engaged in the provision of

technician staffing service with a focus on engineer staffing. The

Engineering Solution segment is engaged in the provision of engineering solution services with a

focus on printed circuit board design service. The Global segment is engaged in the human resource

cultivation, stuff agency and human resource consulting businesses in China. The Referral segment is

engaged in the provision of re-employment support services, job agency services for engineers and

Internet-based information services, as well as publications.


103


-27 -30 -27 74



159 176 132 69



86 97 84 /





ROE -40.9% Lower








ROA -19.1% Lower

Operating margin -4.1% Lower


翰德Company name in English:

Hudson


Established: 1967 Website: http://www.hudson.com

Main Business: Talent Management Consulting/ Re-cruiting/Headhunting

Annual reve-nue of 2013

660 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: HHGP

About：

HudsonNO.36

Hudson Highland Group, Inc. （NASDAQ：HHGP） is specialized profes-

sional staffing and talent management solutions providers. The Company

provides professional staffing services on a permanent and contract con-

sulting basis and a range of talent management services to businesses

operating in many industries. The Company helps its clients in recruiting and developing employees

for professional-level functional and managerial positions. The Company operates in four report-

able segments: Hudson Europe, Hudson Australia and New Zealand (ANZ), Hudson Americas and

Hudson Asia. During the year ended December 31, 2010, these segments constituted approximately

46%, 30%, 13% and 11% of the Company’s gross margin, respectively.


104


20 16 20 71



177 96 118 89



99 52 106 /





ROE 22.3% Higher








ROA 9.0% Higher




Staffline Group

Headquarters： Nottingham, The United Kingdom Country: The United Kingdom

Established: 1986 Website: http://www.staffline.co.uk/

Main Business: RecruitingAnnual revenue of 2013

651 million dollars

Stock Exchange： London Stock Exchange Stock Code: STAF.L

About：

Staffline GroupNO.37

The Staffline Group was established in 1986 and over time has grown into a national organisation specialising in logistics, e-retail, manufacturing, driving, food processing and white collar recruitment. It provides and manage workforces and use training and business improvement techniques to ensure

increased levels of efficiency to give our clients a significant commercial advantage.


105


314 / 191 /



2,204 1,823 321 357



83 75 907 24





ROE / /








ROA / /




seek

Headquarters： Melbourne, Australia Country: Australia

Established: / Website: http://www.seek.com.au/


627 million dollars

Stock Exchange： Australian Securities Exchange Stock Code: SEK

About：

seekNO.38

seek（ASX:SEK） is an Australia-based company engaged in advertising employment classifieds and related services on the Internet, and provision and distribution of vocational training and higher education courses. The Company operates in two segments: online employment classified advertising (Employ-ment) and the provision and execution of training courses (Education). The

Employment business is considered as one reporting segment, which provides online employment classified advertising services through the SEEK Website. It sells these services in Australia, New Zealand and Unit-ed Kingdom. The Education division comprises two segments: Learning and Think. The Learning business markets, sells and distributes (predominately through online channels) vocational training and education training courses in Australia. Think is a provider of vocational training and higher education courses, includ-ing classroom based and distance learning courses and operates in Australia.


106


40 21 40 352



418 424 217 61



84 84 65 -0.2





ROE 5.8% Lower








ROA 4.9% Lower



荟才Company name in English:

RESOURCES GLOBAL PRO-FESSIONALS

Headquarters： United States of America Country: United States of America

Established: 1996 Website: http://www.resourcesglobal.com

Main Business: HR ConsultingAnnual revenue of 2013

556 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: RECN

About：

RESOURCES GLOBAL PROFESSIONALS NO.39

RESOURCES GLOBAL PROFESSIONALS , Inc. (NASDAQ:Resources) is a multinational professional services firm. Its operating entities provide services under the name Resources Global Professionals (Resources Global). The Company provides finance and accounting services, information

management services, corporate advisory, strategic communications and restructuring services, risk management and internal audit services, supply chain management services, acturial services, human capital services, and legal and regulatory services. On May 12, 2009, the Company acquired certain intangible assets comprising the Ohio-based professional services business of Kenwood Cooper LLC operated under the name Xperianz (Xperianz). In November 2009, the Company acquired certain assets of Sitrick And Company, a communications firm and Brincko Associates, Inc., a corporate advisory and restructuring firm with operations primarily in the United States.


107


24 18 25 73



313 271 211 147



86 75 241 0.2





ROE 24.7% Higher








ROA 5.7% Higher




Barrett Business Services, Inc.(BBSI)

Headquarters：Washington, United States of America


Established: / Website: http://www.barrettbusiness.com

Main Business: HR OutsourcingAnnual reve-nue of 2013

533 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: BBSI

About：

Barrett Business Services(BBSI)NO.40

Barrett Business Services, Inc. (NASDAQ:BBSI) offers human resource management services to assist small and medium-sized businesses to manage the costs and complexities of employment-related issues. The Company’s principal services, Professional Employer Organization (PEO) and staffing, assist its clients in leveraging their investment in human

capital. In a PEO arrangement, the Company enters into a contract to become a co-employer of the client’s existing workforce and assume responsibility for some or all of the client’s human resource management responsibilities. Staffing services include on-demand or short-term staffing assign-ments, long-term or indefinite-term contract staffing and on-site management. The Company’s staffing services also include direct placement services, which involve fee-based search efforts for specific employee candidates at the request of PEO clients, staffing customers or other companies.


108


16 6 13 248



553 524 291 176



72 39 305 -0.2





ROE 2.5% Higher








ROA 1.1% Lower



海德思哲Company name in English:

HEIDRICK & STRUGGLES

Headquarters： Chicago, United States of America Country: United States of America

Established: 1953 Website: http://www.heidrick.com

Main Business: Recruiting/ HeadhuntingAnnual revenue of 2013

481 million dollars

Stock Exchange： NASDAQ Stock Exchange Stock Code: HSII

About：

HEIDRICK&STRUGGLESNO.41

HEIDRICK&STRUGGLES, Inc. （NASDAQ:HSII） is a provider of executive search and leadership consulting services. The Company helps its clients build leadership teams

by facilitating the recruitment, management and deployment of senior executives. In addition to executive search, Heidrick & Struggles provides a range of leadership consulting services to clients. These services include succession planning, executive assessment, talent retention management, executive development, transition consulting for newly appointed executives, and management and administration (M&A) human capital integration consulting. In February 2009, the Company acquired Ray & Berndtson Sp. z o. o, a retained executive search firm in Warsaw, Poland.


109


-153 -173 -171 1,187



2,176 1,568 2,024 422



92 80 989 /





ROE -14.5% Lower








ROA -7.9% Lower




workday

Headquarters：Pleasanton, United States of America


Established: 2005 Website: http://www.workday.com


469 million dollars

Stock Exchange： NYSE Stock Code: WDAY

About：

workdayNO.42

Workday, Inc. is a provider of enterprise cloud-based applications for human capi-tal management (HCM), payroll, financial management, time tracking, procurement and employee expense management. It is focused on the consumer Internet ex-perience and cloud delivery model. Its applications are designed for global enter-

prises to manage complex and dynamic operating environments. The Company provides its customers the applications to manage critical business functions for their financial and human capital resources. The Com-pany’s architecture enables customers to share the same version of its applications while securely parti-tioning their respective application data. Because customers utilize its information technology (IT) resources and operational infrastructure, this framework reduces the costs of implementation, upgrades, and support. Its applications use objects to represent real-world entities such as employees, benefits, budgets, charts of accounts, and organizations.


110


43 26 43 188



598 562 467 403



86 78 410 /





ROE 13.5% Higher






Total turnover ratio 0.7 Equal


ROA 4.3% Higher




Ultimate SOFTWARE

Headquarters： Florida, United States of America Country: United States of America

Established: 1990 Website: http://www.ultimatesoftware.com

Main Business: e-HRAnnual revenue of 2013

410 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: ULTI

About：

Ultimate SOFTWARENO.43

Ultimate SOFTWARE （NASDAQ:ULTI） designs, markets, implements and supports human resources (HR), payroll and talent management solutions principally in the United States and Canada. Ultimate’s UltiPro software (UltiPro) is an Internet-based solution delivered primarily as an online service

and designed to deliver the functionality businesses need to manage the employment life cycle, including recruitment and retirement. The solution includes feature sets for talent acquisition and on boarding, HR management and compliance, benefits management and online enrollment, payroll, performance management, learning management, salary planning and budgeting for compensation management, reporting and analytical decision-making tools, time and attendance, and a self-service Web portal for executives, managers, administrators, and employees.


111


9 / 6 39



95 47 51 43



43 22 56 /





ROE / /








ROA / /




Empresaria Group

Headquarters： W Sussex Country: Britain

Established: 1996 Website: http://www.empresaria.com/

Main Business: Recruitment/ HeadhuntingAnnual reve-nue of 2013

304 million dollars

Stock Exchange： LON Stock Code: EMR

About：

Empresaria GroupNO.44

Empresaria is an international specialist staffing group, with a strategy to be diversified and balanced across geographies and sectors, with a focus on high-growth markets. The Group follows a multi-branded ap-

proach with 20 brands operating in 19 countries.

The majority of their business is from recruitment services, with over 90% of their net fee income derived from permanent and temporary recruitment. Overall they have a bias towards temporary recruitment, which is generally less volatile than permanent recruitment through the economic cycle. However in those countries where temporary recruitment does not exist or is marginal they focus on permanent recruitment. This is primarily in the emerging staffing markets in our Rest of the World region.


112


4 / 4 /



79 77 52 37



47 46 37 /





ROE / /








ROA / /




hydrogen


Established: / Website: http://www.hydrogengroup.com


284 million dollars

Stock Exchange： London Stock Exchange Stock Code: HYDG

About：

hydrogenNO.45

hydrogen（LON:HYDG） is a United Kingdom-based recruitment company. The Company is engaged in the provision of recruitment services for mid to senior level professional staff. It offers both permanent and contract specialist

recruitment consultancy for large and medium-sized organizations. It operates primarily in the technology, finance, professional and engineering sectors. The Company operates in four segments: Technology, which places mid to senior information technology (IT) business technologists and change professionals; Finance, which places finance, accounting and audit professionals into mid to senior roles from part qualified Association of Chartered Accountants (ACAs) and Chartered Institute of Management Accountants (CIMAs) to director level appointments; Professional, which places lawyers from qualified to director level, and mid to senior level HR professionals, and Engineering, which places engineers, and property and construction professionals.


113


-55 / / /



63 89 43 60



28 36 78 /





ROE 3.1 Lower

Debt-asset ratio 7.9 Equal

Current ratio / /

Times Interest Earned -19.6% Lower




Accounts receiv-able turnover ratio 7.9 Equal

ROA / /




bluestone

Headquarters： Melbourne， Australia Country: Australia

Established: 2009 Website: http://www.bglcorporate.com/

Main Business: Recruitment/headhuntingAnnual reve-nue of 2013

281 million dollars

Stock Exchange： Australian Securities Exchange Stock Code: BUE

About：

bluestoneNO.46

bluestone, formly Humanis Group, listed on the Australian Securities Ex-change (ASX) in January 2008 as Total Staffing Solutions Limited (TSS) and later merged with Westhum Group Limited (owner of Westaff Australia

and New Zealand) in December 2009. The merged Group has a national and international foot-print (over 35 offices across Australia) with core capabilities encompassing temporary, permanent and international recruitment in Australia, New Zealand and the Philippines. The company is an international recruitment, professional placement and labour hire specialist offering Australian businesses a unique solution to the sourcing and placement of skilled labour. We share a com-mon goal of building relationships based on trust, this shared goal helps us to deliver our belief that great people make great companies.


114


81 83 99 550



681 597 520 130



110 59 131 /





ROE 15.0% Higher








ROA 12.1% Higher



前程无忧Company name in English:

www.51job.com

Headquarters： Shanghai, China Country: China

Established: 1999 Website: http://www.51job.com


277 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: JOBS

About：

www.51job.comNO.47

51job, Inc. (NASDAQ:JOBS) is a holding company. The Company is a provider of integrated human resource services in China. As of December 31, 2010, the Company operated print publications across 15 major cities in China. In addition to recruitment advertising services, it also provides other complementary human

resource related services, consisting primarily of business process outsourcing, training and executive search services. It receives a majority of its revenues in the form of fees from employers for placing job advertisements on 51job Weekly and www.51job.com. It also receives fees from employers for accessing its www.51job.com resume database, using its eHire product and engaging its other human resource related services. 51job, Inc. provides a range of human resource services in categories, which includes recruitment advertising services and other human resource related services.


115


-8 -41 -41 37



58 85 51 21



49 54 21 /





ROE / /








ROA / /




Clarius Group

Headquarters： Sydney, Australia Country: Australia

Established: 1984 Website: http://www.clarius.com.au


225 million dollars

Stock Exchange： Australian Securities Exchange Stock Code: CND

About：

Clarius GroupNO.48

Clarius Group (ASX: CND) is an Australia-based company. The Compa-ny is a specialist in the employment services market providing recruitment, contractor and staff services across the Asia Pacific region. It has operations in Australia, New Zealand and Asia. Clarius Group employs over 320 staff

through a network of offices located in Sydney, Melbourne, Brisbane, Perth, Adelaide and Canberra in Australia; Auckland and Wellington in New Zealand; Hong Kong, Beijing and Shanghai, in China. As on June 30, 2010, the Company operates through a number of specialist brands, which includes Candle Information and Communications Technology, Alliance Recruitment Corporate Services and Financial Services, Lloyd Morgan Accounting and Finance, The One Umbrella Library and Records Management, SouthTech Personnel Technical and Engineering and JAV IT Managed IT Services and Professional IT.


116


26 / / 95



126 122 123 31



/ / 31 /





ROE 1.8 Lower


Current ratio / /

Times Interest Earned 11.8% Higher





ROA / /




HRnet Group

Headquarters： Singapore Country: Singapore

Established: 1992 Website: www.hrnetone.com

Main Business: Head-Hunting, Talent Acquisition, Lease and Talent Management & Retention

Annual revenue of 2013

220 million dollars


About：

HRnet Group NO.49

The HRnet Group consists of companies separately consolidated under 2 Singapore incorporated and headquartered companies namely HRnet One Pte Ltd ( including 20 subsidiaries) and Recruit Express Pte Ltd (including 6 subsidiaries).

The Group was first established as HRnet One Pte Ltd in 1992. HRnet One’s business encompasses Head-Hunting, Talent Acquisition, Lease and Talent Management & Retention. The Group has offices in 10 cities covering Beijing, Shanghai, Guangzhou, Taipei, Hong Kong, Seoul, Tokyo, Bangkok, Kuala Lumpur and Singapore. It employs some 850 consultants. The Group promotes the core values of Loyalty, Gratitude, Integrity, Strive for Betterment, Adjustment and Assimilation and Harmony and Humilty.


117


30 16 27 168



418 386 85 114



/ / 250 2





ROE 0.6 Lower

Debt-asset ratio 7.9 Lower

Current ratio 11.2% Higher

Times Interest Earned 30.1% Higher





ROA 11.2% Higher




Dice Holdings


Established: 1990 Website: http://www.diceholdingsinc.com


214 million dollars

Stock Exchange： New York Stock Exchange Stock Code: DHX

About：

Dice HoldingsNO.50

Dice Holdings (NYSE:DHX) is a provider of specialized career Websites for select professional communities. DHI focuses employment on categories, in which there is a scarcity of skilled, qualified professionals relative to market demand. The Company’s career Websites serve as online marketplaces where employers and recruiters find and recruit prospective employees, and

where professionals find relevant job opportunities and information to further their careers. Each of its career Websites offers job postings, content, career development and recruiting services tailored to the specific needs of the professional community that it serves. The Websites operated by DHI includes Dice.com, eFinancialCareers.com, ClearanceJobs.com and AllHealthcareJobs.com. DHI operates four segments: Tech & Clearance, Finance, Energy, and Other. On May 6, 2010, it acquired WorldwideWorker.com. On August 11, 2010, it acquired Rigzone.com, Inc. In June 2010, it shut down JobsintheMoney.com, Inc.


118


-34 -40 -42 53



451 312 408 173



67 57 399 7





ROE -76.4% Lower








ROA -9.0% Lower





Headquarters： The USA Country: The USA

Established: 1996 Website: http://www.cornerstoneonde-mand.com/


185 million dollars

Stock Exchange： NASDAQ Stock Code: CSOD

About：

Cornerstone ONDEMANDNO.51

Cornerstone ONDEMAND (NASDAQ:CSOD) is a global provider of a learning and talent management solution delivered as software-as-a-service (SaaS).Cornerstone offers a learning and talent management solution that its clients uses to develop, connect, evaluate and engage their

employees, customers, vendors and distributors. The Company delivers its SaaS solution on-demand to its clients who access it over the Internet. Cornerstone’s product offering consists of a collection of three integrated clouds for learning management, performance management and extended enterprise. It also offers a number of cross-cloud tools for analytics and reporting, employee profile management, employee on-boarding and e-learning content aggregation. It also provides consulting services for configuration, integration and training for its solution. On March 29, 2012, it launched Recruiting Cloud. In April 2012, it acquired Sonar Limited.


119


3 5 / 60



88 95 75 24



23 15 28 0.2





ROE 8.2% Lower








ROA 5.6% Higher




FLLCAST HLDGS


Established: 1990 Website: http://www.fullcast.co.jp/

Main Business: OutsourcingAnnual reve-nue of 2013

178 million dollars

Stock Exchange： TYO Stock Code: 4848

About：

FULLCAST HLDGSNO.52

FULLCAST HLDGS is a Japan-based holding company principally engaged in the human resource outsourcing business. The Company operates in two business segments. The Short-term Business Support segment is engaged in the provision of short-term and events-related

human resource services. The Security segment is engaged in the security guard business for public facilities and general corporations. On May 31, 2011, the Company sold its subsidiary Fullcast Technology. On April 27, 2012, the Company fully acquired a Tokyo-based company engaged in the operation of adoption support service.


120


34 25 19 6



167 83 130 134



2 1 161 /





ROE 458.8% Higher








ROA 15.3% Higher



智联招聘Company name in English:

zhaopin.com

Headquarters： Beijing Country: China

Established: 1997 Website: http://www.zhaopin.com/


145 million dollars

Stock Exchange： NYEC Stock Code: ZPIN

About：

zhaopinNO.53

Zhaopin Limited is a holding company. The Company is a career platform in China, focusing on connecting users with relevant job opportunities throughout their career lifecycle. The Company’s zhaopin.com Website is a career-focused Website in China. The Company provides a range of services, including online recruitment, campus recruitment, assessment and other human

resources related services. Through its zhaopin Websites and mobile applications, it provides classified job postings and display advertisements, resume access services and other online services. The Company provides campus recruitment services primarily to customers seeking to recruit college and university students. These services include selecting campuses, organizing recruiting events, collecting and managing resumes and conducting interviews and assessment tests with candidates.


121


-3 -2 -3 20



69 34 44 42



27 14 45 0.2





ROE -7.9% Lower








ROA -2.3% Lower





Headquarters： New York’ Country: America

Established: 1980 Website: http://www.ctnet.com/

Main Business: Recruitment/ HeadhuntingAnnual reve-nue of 2013

134.3 million dollars

Stock Exchange： NYSEMKT Stock Code: CTP

About：

CTPartners Executive SearchNO.54

CTPartners Executive Search Inc., together with its subsidiaries, provides retained executive search services worldwide. It facilitates the recruitment and hiring of C-level executives, such

as chief executive officers, chief financial officers, chief legal officers, chief marketing officers, and chief human resource officers, as well as other senior executives and board members. The company also offers board advisory services. It primarily serves various industry practice groups, including financial services, professional services, life sciences, technology/media/telecom, consumer/retail, and industrial. The company was founded in 1980 and is based in New York.


122


/ / / /



/ / / /



/ / / /





ROE / /


Current ratio / /



Revenue growth rate / /



ROA / /




Paycor

Headquarters： Cincinnati Country: America

Established: 1990 Website: http://www.paycor.com/




About：

PaycorNO.55

Paycor helps companies perform better with intuitive, cloud-based HR,

payroll and timekeeping software. More than 25,000 small- and mid-sized

businesses across America trust Paycor for easy-to-use solutions that

improve efficiency and enable them to focus on growing their business.

Paycor offers payroll services, an HRIS, applicant tracking software, time and attendance solutions,

custom reporting, tax filing in every jurisdiction in the U.S., 401(k) retirement services, workers’

compensation and much more.


123


-6 -4 -5 57



98 96 86 31



23 22 41 /




Net profit margin -4.1% Higher

ROE -7.4% Higher








ROA -4.3% Lower

Operating margin -5.7% Higher



ClickSoftware

Headquarters： Petach Tikva Country: Israel

Established: / Website: http://www.clicksoftware.com/


103 million dollars

Stock Exchange： NASDAQ Stock Exchange Stock Code: CKSW

About：

ClickSoftware NO.56

ClickSoftware (NASDAQ: CKS) is a provider of software products and solutions for workforce management and optimization for the service sector. The Company derives revenues from the licensing of its software products and the provision of consulting and support services. ClickSoftware’s

solutions are grouped into four main suites which together comprise its Service Optimization Suite: Field Service Daily Suite, Mobility Suite, Roster (Shift Planning) Suite and Forecasting and Planning Suite. Additionally, it offers variations of its products for certain vertical markets, including Mid-Market Package - Installation, Maintenance and Repair Services (ClickIMRS) and Service Tycoon. In April 2009, it completed the acquisition of the workforce management business of Manchitra Services Private Ltd. In August 2009, it completed the acquisition of the assets of AST Solutions Group 2009, Inc. In November 2009, the Company completed the acquisition of the assets of A.I. Point Ltd.


124


10 8 10 41



64 61 57 23



/ 3 23 /





ROE 20.1% Lower








ROA 12.8% Higher



104人力银行Company name in English:

104 Job Bank

Headquarters： Taiwan, China Country: China

Established: 1996 Website: http://www.104.com.tw


74 million dollars

Stock Exchange： Taiwan Stock Exchange Stock Code: 3130

About：

104 Job BankNO.57

104 Job Bank （TPE:3130） is a Taiwan-based company primarily engaged in operation of online recruitment Website. The Company operates www.104.com.tw, providing online

recruitment advertisements, online business advertisements, senior executives hunting services, human resource management software, human resource transfer services, science and technology job bank services, job map services and value-added services, among others. During the year ended December 31, 2009, online advertisements contributed approximately 86.8% of the Company's total revenue. It operates its businesses principally in Taiwan.


125


7 4 8 66



79 76 64 12



11 12 13 /




Net profit margin 7.1% /

ROE 6.6% /

Debt-asset ratio 16.0% /

Current ratio 5.2 /



Revenue growth rate 10.8% /

Total turnover ratio 0.8 /

Accounts receiv-able turnover ratio 5.2 /

ROA 5.6% /

Operating margin 10.8% /



ATA

Headquarters： Beijing, China Country: China

Established: 1999 Website: http://www.ata.net.cn

Main Business: Talent AssessmentAnnual reve-nue of 2013


Stock Exchange： NASDAQ Stock Market Stock Code: ATAI

About：

ATANO.58

ATA Inc. （NASDAQ：ATAI）is a provider of computer-based testing services. It offers services for the creation and delivery of computer-based tests utilizing the test delivery platform, testing technologies and providing testing services. The computer-based testing services are used for professional licensure and certification tests in various industries, including information technology (IT) services, banking, securities, teaching and insurance. The computer-based testing services clients include

professional associations, such as the Securities Association of China, China Banking Association and China Futures Association, and governmental agencies. As of March 31, 2010, the Company’s test network included 1,988 authorized test centers located throughout the People’s Republic of China. In February 2009, the Company completed the acquisition of Beijing Jindixin Software Technology Company Limited (Beijing JDX) and JDX Holdings Limited (JDX BVI).


126


2 -3 / /



/ 14 / /



/ / / /





ROE / /


Current ratio / /






ROA / /




Fortune Industries

Headquarters： Indiana, United States of America Country: United States of America

Established: 1988 Website: http://www.ffi.net


57 million dollars

Stock Exchange： American Stock Exchange Stock Code: FFI

About：

Fortune IndustriesNO.59

Fortune Industries（AMEX:FFI）is a holding company of providers of full service human resources outsourcing services through co-employment relationships with the Company’s clients. The Business Solutions segment is consist of Professional Employer Organizations

(PEOs), which provide full-service human resources outsourcing services through co-employment relationships with their clients. Companies operating in the Business Solutions Segment include Professional Staff Management, Inc. and related entities (PSM); CSM, Inc. and related subsidiaries (CSM); Precision Employee Management, LLC (PEM), and Employer Solutions Group, Inc. and related entities (ESG). The Companies in the Business Solutions segment bill their clients under Professional Services Agreements as licensed PEOs. The billing includes amounts for the client’s gross wages, payroll taxes, employee benefits, workers’ compensation insurance and an administration fee.


127


0.2 -0.2 / 8



26 20 16 18



12 6 18 /





ROE -2.1% Lower








ROA -0.6% Lower




DLH

Headquarters： Georgia, United States of America Country: United States of America

Established: 1969 Website: http://www.dlhcorp.com

Main Business: HR OutsourcingAnnual reve-nue of 2013

54 million dollars


About：

DLH NO.60

DLH is a service provider of logistics, healthcare support and technical services to Federal Agencies and the Department of Defense. The Company focuses on three business lines: Logistics & Technical Services, Healthcare Delivery Solutions and Contingency/Staff Augmentation. The Company provides its

services to the United States Department of Veterans Affairs (DVA), the United States Department of Defense and other United States governmental entities. DLH provides a suite of services and solutions offerings that plan for, implement and controls the storage and flow of goods, services and information for government agencies. Our tools and processes are key enablers for enhanced productivity & quality.


128


2 / 2 /



26 13 10 3



5 3 3 /





ROE / /








ROA / /




PRIME PEOPLE


Established: 1986 Website: http://www.prime-people.co.uk


23 million dollars

Stock Exchange： LON Stock Code: PRP

About：

PRIME PEOPLENO.61

PRIME PEOPLE is a global specialist recruitment business headquartered in the UK. It has offices in London and Manchester, Hong Kong, Dubai, Johannesburg and Singapore. The group’s current recruitment operations address requirements for executive, professional and technical staff working in the Real Estate & Built

Environment, Energy & Environmental, Insight & Analytics and Pharmaceutical sectors. The company has been trading since 1986 and in June 2004 moved to AiM having been on the main London market since May 1995.


129


-5 / -5 8



19 22 15 11



7 6 11 /





ROE / /






Total turnover ratio 0.7 Equal


ROA / /



网维Company name in English:

NetDimensions

Headquarters： HongKong Country: China

Established: 1999 Website: http://www.netdimensions.com/



Stock Exchange： LON Stock Code: NETD

About：

NetDimensionsNO.62

Established in 1999, listed on the London Stock Exchange (AIM: NETD) and trading on OTCQX (OTCQX: NETDY), NetDimensions is committed to leadership in performance, knowledge, and learning technology. Our global solutions help organizations

achieve productivity & efficiency improvements, cost reduction, risk management, and cultural & process innovation.Through our own offices worldwide, as well as through a global reseller network that extends to over 40 countries, NetDimensions serves over 1,000 clients with more than 9 million users.


130


/ / 2 80



100 50 49 20



0.3 - 20 /





ROE / /








ROA / /




JobStreet.com

Headquarters： KUALA LUMPUR Country: Malaysia

Established: 1995 Website: http://www.jobstreet.com/


2.7 million dollars

Stock Exchange： KLSE Stock Code: JOBST

About：

JobStreet.comNO.63

Since 1995, JobStreet.com has grown to become one of the leading Internet Recruitment websites in the Asia-Pacific, revolutionising the way recruitment is done today. JobStreet.com offers a comprehensive

suite of interactive recruitment services. International and local Asian corporations recruit from JobStreet.com’s ever-increasing pool of top talent and manage their recruitment process through uniquely developed software applications via the Internet.


131

HRoot is the largest human resource media company in China, with such brands and services as HRoot.com, a world’s leading human resource management website; Human Capital Management magazine, a leading industry journal in China; Overclass, an elite club for HR professionals; Society for HR Executives (SHRE), the only society of HR executives in China; the Annual Human Resource Awards in Greater China, a top-notch industry event with utmost authority, scale and influence; the China Human Capital Forum, the largest among such events in China, and the China Human Resource Service Expo, the largest of its kind in the world, which may register over 20,000 visitors in 2014. In 2012, HRoot launched iPhone, iPad and Android apps of its Human Capital Management magazine and its “Human Resource Service Providers Dictionary”, and the mobile app of “HRoot Forums and Expo.” HRoot releases the annual reports of the “Top 100 Human Resource Service Brands in Greater China” and the ”Global 50 Human Resource Service Providers”, and the monthly white paper of HR-MarketWatch of Global HR Service Industry, each being celebrated as a guidepost of this industry.

The website of HRoot has some two million HR professionals as its registered users, who pay more than 500 million visits in total each year; HRoot has more than 20,000 people attending its off-line events each year and 30,000 readers of its publications; it serves over 20,000 customers now, including more than 95% of the Fortune 500 companies in China. It has more than 300 HR services providers, business schools, associations as its ad clients and sponsors; including nine of the top ten global HR services providers.

Human Capital Management Magazine is the largest circulation of Human

Resource Management Journal in China and the number reached 30,000

readers. The magazine dedicated to deliver HR-related information, viewpoints,

methods, techniques and so on.Our target readers are HR managers, HR

directors, CEO, General Manager, departmental managers, Human Resources

experts and other decision-makers and from a wide range of multinational

companies. Human Capital Management Magazine is edited and published by

HRoot, the leading HR and an Internet media company in China.

About the publisher

The information contained in this document represents the views of HRoot Corporation on the matters discussed as of the date of release. HRoot must respond to changing market conditions, hence such information cannot be interpreted as promises of HRoot.HRoot cannot guarantee the accuracy of any information after the release date. This document is for reference only. HRoot does not make any explicit or implicit warranty contained in this document. Users are held responsible for complying with all applicable copyright laws. Under the conditions of unrestricted rights of copyright license, no matter for what purpose, or in any form or by any means (including electronic, mechanical,photocopying, recording, or other forms, no part or all of this document, can be copied or disseminated, or stored in or introduced into any retrieval system without express written permissions of HRoot Corporation.

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