hroot global 50 hr service providers rankings and whitepaper 2012

GLOBAL 50 HR SERVICE PROVIDERS RANKINGS AND WHITEPAPER 2012Released by HRoot, Sept. 2012

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2011, a year of progress against odds

Maneuvering the Future

Corporate earnings of Global 50 HR Service

Providers in fiscal 2011(operating profit)

Corporate earnings of Global 50 HR

Service Providers in fiscal 2011(net profit)

A Vision Statement of the Global HR Service Market in 2011-2012

Given the devastation of the European debt crisis, the world economic growth saw a significant slowdown in 2011. Most European countries suffered a plight of negative growth, while emerging economies, however, continued to maintain a high growth momentum, and proved to the powerhouses of global economic growth.

Just as IMF pointed out in the latest "World Economic Outlook" report, the global economy is in a dangerous phase, and downside risks increase sharply. In 2012, mainly due to the recession of the euro zone, the global economy is still in dire straits and the growth rate will slow down to 3.25%. High unemployment rate is still an important risk of the global economic recovery, and to compound the problem, the economic growth of Chinese is also losing momentum.

Although the global economy is still problem ridden, the human resources service industry is progressing in leaps and bounds, which can be seen from the list of Global 50 Human Resource Providers 2012. In the Global 50 list in 2011, 11 registered negative growth in their annual revenue. By contrast, all the companies on this year's list have reported revenue growth in this full fiscal year. Particularly, the revenue increase of LinkedIn and Aon Hewitt in this fiscal year hit 114.8% and 113.2%. It is worth mentioning that recruitment services accounted for 50% of the total operating revenue of LinkedIn in fiscal 2011. In addition, in the first quarter of 2012, LinkedIn raked in $103 million in its recruitment business, which accounts for 54% of its total revenue of $189 million dollars, a rate higher than the minimum rate of 50% as per the condition of the list were, hence we include it in the list as an online recruitment company. In addition, as the only Chinese company that has muscled its way into top ten, the CIIC still maintains high performance, with a strong growth rate of over 33.4%, and is ranked as the 8th.

In terms of profit, last year 35 of the Global 50 companies were profitable while 14 were in the red. While in this year’s Global 50, however, 44 enterprises have turned up profits. Among them, 41 companies have achieved net profits. In sum, the human resources service market has seen remarkable increase this year.

8%

88%

Profit-making

Loss-making

Others

4%

8%10%

82%

Profit-making

Loss-making

Others

GLOBAL 50 HUMAN RESOURCES SERVICE PROVIDERS 2012

Executive Summary

1

A Vision Statement of the Global HR Service Market in 2011-2012

Cheers and Tears

Mirroring the global economic turmoil, the Global

50 2012 also highlights the quirky changes in the human

resources service industry. SFN Group, which ranked the

12th in the Global 50 list in 2011 was acquired in September

2011 by Randstad, while SuccessFactors was claimed by

SAP in December 2011; Taleo Corporation was taken over

by ORACLE in February 2012. The 104 Job Bank, which

appeared in last year’s Global 50 list, was ranked 51th this

year, thus having lost its position in the rankings list, and

the naive company ATA was also flunked out.

Rank in 2011 Company Country Main business Reason

12 SFN Group USA Talent dispatch/lease/placement Being acquired

34 Taleo Corporation USA HR management software Being acquired

36 SuccessFactors USA HR management software Being acquired

44 104 Job Bank China Online recruitment Revenue unqualified

46 Fortune Industries USA HR service outsourcing Revenue unqualified

47 Hamilton James & Bruce Australia Headhunting & RPO Revenue unqualified

49 ATA China Talent assessment & test Revenue unqualified

48 DLH Holdings USA HR service outsourcing Revenue unqualified

50 Workstream Canada HR management software Revenue unqualified

Table 1: Former Global 50 companies absent from the “HRoot Global 50 HR Service Providers 2012”

Table 2 New comers of the “HRoot Global 50 HR Service Providers 2012”

Rank in 2012 Company Country Main businessRevenue in Fiscal 2011（$ million）

12 Temp Holdings Japan HR service outsourcing 3,032

13 Pasona Group Japan Talent dispatch/ lease/placement 2,324

16 Synergie SA France Headhunting & RPO 1,875

19 TrueBlue USA Talent dispatch/lease/placement 1,316

25 Meitec Corporation Japan Headhunting & RPO 870

28 Robert Walters UK Headhunting & RPO 820

34 LinkedIn USA Online recruitment 522

35 Fullcast Holdings Japan HR service outsourcing 446

36 Corporate Resource Services USA Talent dispatch/lease/placement 345

46 HRnetOne Group Singapore Headhunting & RPO 203

48 The ReThink Group UK HR service outsourcing 123


Executive Summary

2

Making its debut in the list, LinkedIn, an American

networking site, is remarkable for its performance. This

business networking site, created in the United States

in 2002, aims to provide a platform for user to network

and maintain personal connections, as well as to provide

recruitment solutions and customer information service.

With the growing number of its users, it has become the

main channel of the U.S. corporate recruitment. According

to the LinkedIn official data disclosure, all the Fortune Global

500 companies are using LinkedIn to recruit, or 100% of

the Fortune Global 500 companies are using social media

recruitment. LinkedIn has more than 2.24 million registered

users, while the number of users in the US is close to 65

million. In fiscal 2011, LinkedIn’s Revenue topped $522.2

million, posting an annual growth of 114.8%, while its profits

grew by 32%, which makes LinkedIn the fastest growing

company in the market of corporate recruitment and notches

it to the 34th place on the list.

The rise of social networking sites has caused a huge

impact on the traditional recruitment websites. Compared

with traditional recruitment sites, social networking sites

register much higher traffic than traditional websites. The

latest financial results shows that Monster posted $237

million in revenue in Q2 2012, down 12.2% compared with

$270 million in the same period last year. Among the amount,

the recruitment revenue fell by 8% to $217 million, compared

with $236 million in the same period last year. By contrast,

LinkedIn reported total revenue of $228.2 million in Q2 2012,

an increase of 89% compared with $121 million in Q1 last

year. Revenue from recruitment business reached $121.6

million, an increase of 107% over Q2 last year. In the face of

the robust development of social recruitment, Monster has to

reconsider its strategic alternative, and it has adopted social

media to revive its recruitment business.

The top three players, Adecco, ManpowerGroup, and

Randstad continue to dominate the market. Adecco registered

a revenue growth rate of 15.1%, retaining its leadership in

the pack. Randstad, with a 19.6% increase in its revenue,

returned to the second place this year. ManpowerGroup fell

to the third, but in terms of operating profit and operating

margin, it has still outperformed Randstad. It is worth

mentioning that Randstad and ManpowerGroup muscled

their way back to the Fortune Global 500 ranking. With

revenues of $22.56 billion and $22.006 billion, they are ranked

the 489th and the 500th respectively. So far, the top three

human resource services have all made a comeback to the

list, a testimony to the strong growth momentum of human

resources service in an economic malaise.

A study of the Global 50 rankings will suggest the robust

growth of HR outsourcing and online recruitment. Among

the top 20 fastest-growing companies, nine are human

resources outsourcing service providers and three are doing

online recruitment. As it is illustrated in a research by the

Global Industry Analysts, cost reduction fueled the increase

of HR outsourcing business, especially in the outsourcing of

payroll management. For enterprises, cost cut appears all the

more important in an era of worldwide recession. Human

resources outsourcing market will continues to grow, and

will pull in $162 billion in revenue by 2015. In this year’s

rankings, Paychex and ADP post operating margins up to

38.3% and 19.6%, securing their the leading positions in

the field of human resources outsourcing. At the same time,

social networking sites are changing the marketing models of

recruitment and headhunting, while the business and product

models are undergoing dramatic changes. In the Global 50

list, LinkedIn ranked first in terms of revenue growth, and its

recruitment business jumped by as much as 54%; the impact

of SNS on traditional recruitment is evident.

2009-2011Recruitment Revenue of LinkedIn (million dollars)

2010-2012 LinkedIn Revenue Composition


Executive Summary

3

Economic crisis gives rise to M&A opportunities

“Every cloud has a silver lining” The economic

meltdown has admittedly wrecked havoc to the world,

yet at the same time, the debt crisis in Europe has also

led to a significant reduction in the cost of mergers

and acquisitions (M&A), and has provided once-in-

a-lifetime opportunities for inter-enterprise mergers

and acquisitions. Therefore, those who can seize

opportunities, and take actions at appropriate time may

stand the chance to change the position of enterprises in

the market competition. The global economic slowdown

has not slowed down mergers and acquisitions between

HR service company, on the contrary, many HR service

companies want to enter new geographical reach and

to accelerate business growth through mergers and

acquisitions. As a result, the human resources industry

M&A is riding on the rising tide. It is worth mentioning

that the SaaS service model based on cloud computing

technology is changing the competitive landscape of the

human resources software industry.

In the face of the tremendous opportunities cloud

computing brings, SAP shelled out $3.4 billion in its

acquisition of SuccessFactors. Oracle, a competitor of

SAP, in order to strengthen its advantages in the market,

acquired talent management cloud service provider Taleo,

for the price of $1.9 billion in February 2012. Oracle’s

acquisition of Taleo was considered a counter move of

SAP’s acquisition case, which highlights the increasingly

intense competition in the human resources software

industry.

Table 3 Major M&A events in HR service market, 2011-2012 (selections)

Time Event

1/2011 Towers Watson acquired EMB, a property and medical services consulting and software company.

2/2011 Chandler Macleod acquired over 90% of the equity of Ross Human Directions Limited.

3/2011ManpowerGroup and the Ministry of Industry and Information Technology of the People's Republic of China Talent Exchange Center jointly established a joint venture of iTecPower.

4/2011 ManpowerGroup acquired ReachHR, a Guangzhou-based HR service company.

5/2011 Paychex acquired Plan Services, following its acquisition of SurePayroll in December 2010.

9/2011On Sept. 5, Randstad Group announced its successful acquisition of SFN Group, for approximately $771 million.

12/2011SAP announced the acquisition of HR software maker SuccessFactors for $3.4 billion, a move to expand the company's cloud computing business. The acquisition was completed in February 2012.

1/2012ADP acquired the payroll management business of Ma Foi Randstad, a branch company of Randstad based in India

2/2012 ORALE agreed to acquire the online recruitment software provider Taleo for about $1.9 billion

2/2012 Kenexa acquired OutStart, a Boston-based software company.

3/2012 ADP acquired the human resources solutions sector of SHPS.

4/2012. Kronos acquired the SME workforce management company SaaShr.com.

4/2012 Kronos acquired the workforce management solution provider SMART.

5/2012 LinkedIn agreed to acquire the career information sharing community SlideShare for $118.75 million.

5/2012 Towers Watson acquired the medical health services company Extend Health.

7/2012 Harvey Nash Group acquired Talent-IT BVBA.


Executive Summary

4

Table 4 Financial analysis indicators used in the “HRoot Global 50 HR Service Providers 2012”

First of all, we compare the four indicators of revenue growth rate, total asset turnover ratio, accounts receivable turnover ratio, and return on assets. Among them the annual revenue growth reflects the increase or decrease in revenues. The total asset turnover ratio reflects the capacity of operating the assets of the enterprise as a whole. In general, the faster the total asset turnover is, the stronger its operating capacity is. Accounts receivable turnover ratio is the average number of times a company's accounts receivable turn into cash within a certain period. In general, the higher the accounts receivable turnover ratio is, the faster its capital flows, the stronger the corporate solvency is. In the Global 50 rankings, LinkedIn and Aon Hewitt boast unusual growth rate of 114.8% and 113.2%, which justify their positions as the fastest growing companies. CIIC’s total asset turnover ratio reached 8.4, second only to the 11.4 of the Corporate Resource Services company, while its accounts receivable turnover ratio hit a whopping 152.2, testifying to the industry-leading operational competence of the company.

Secondly, the three indicators of operating margin, net profit margin, and return on shareholders’ equity (ROE) reflect the profitability of enterprises. Among them, the ROE reflects the ability of generating profit on shareholders’ investment, and the efficiency of corporate financing and operating activities, and it is the most important indicator of the DuPont analysis. The Japanese company Fullcast Holdings ranked first with a ROE of 22.2%, while 51job ranked second with 17.6%. In addition, from the perspective of industry segmentation, human resources outsourcing, headhunting services and recruitment process outsourcing all generate higher ROE than average.

Thirdly, the debt-asset ratio indicates how much percentage of total assets are raised through borrowing. The smaller the ratio,

the stronger the long-term solvency of the enterprise is. A note-worthy fact is that among the top ten HR service providers, eight of them post higher debt-asset ratios than the industry average. However, this does not mean that the long-term solvencies of these companies are weak, but suggests that these enterprises have the ability to leverage strong.

Finally, the liquidity ratio and the interest earned multiples reflect the solvencies of the enterprises. Among them liquidity ratio suggests the company's short-term solvencies, while the multiple of the interest earned is used to measure the long-term solvency of the enterprise. In general, the higher the interest earned multiple enterprise, the stronger the long-term solvency is. In the rankings, ADP and CIIC, with the interest earned multiples of 225.7 and 112.2, are ranked as companies with the strongest long-term solvencies.

In addition, the Global 50 rankings also introduce the concept of industry average, a benchmark of of respective industries of HR services. This approach can be more intuitive and objective for investors to judge the overall level of the financial condition of various HR service providers, revealing the risks and the room of growth they have. In the rankings, respective industry averages are worked out from the categories of the 59 companies fall in, i.e., human resources outsourcing, talent dispatch / leasing / placement services, headhunting services and recruitment process outsourcing, HR consulting, talent management software, online recruitment. The financial data are grouped as per the different categories, and a composite score is worked out by comparative analysis of indicators with the industry average, and their financial status are graded to reflect the profitability of the enterprises in their respective industry.

Meanwhile, as to the exchange rates, this year’s rankings,

The Global 50 rankings introduce the concept of DuPont analysis for the first time. The DuPont analysis, named after the American company that first used it, comprehensively analyzes the financial conditions of enterprises by examining the relationship between several major financial ratios. From a financial point of view, this is a classical tool to evaluate a company's profitability and return on shareholders’ equity. Its underlying methodology is to break down net assets progressively into a number of financial ratios that are to be multiplied. This helps the in-depth

analysis and the comparison of the results of the enterprises’ operations. By intrinsically bringing together a number of ratios that reflect the efficiency and financial conditions of a business, it forms a comprehensive index system, and ultimately reflects the consolidated net assets yield. While compiling this year’s rankings, we have selected ten indicators on four dimensions to make the comparison and to probe into the operating conditions of various HR service providers.

Competence indicator Financial ratio Formula

Operating capacity

Annual revenue growth rate (Current revenue - on revenue) / on revenue

Total asset turnover ratio Revenue / average total assets

Accounts receivable turnover ratio Revenue / average accounts receivable balance

Return on assets (ROA) Net profit/average total assets

Profitability

Operating margin Operating profit/revenue

Net profit margin Net profit/main business income

Return on shareholder’s equity (ROE) Net profit/shareholders' equity

Financial structure Debt-asset ratio Liabilities/total assets

SolvencyCurrent ratio Current assets/current liabilities

Times interest earned(TIE) EBIT/interest expense


Executive Summary

5

unlike previous ones, adopts the annual average exchange rate between the local currency and the US dollar, a calculating method used by the ranking of Fortune Global 500 that converts the annual revenue of enterprises of other currencies into U.S. dollars and then rank them. This algorithm excludes the influence of fluctuations of interest rate throughout the year on the rankings, an effort that can reduces errors and has the whole list reflect the development trend of the human resources industry.

In the year ahead, the world economy will be even more complicated and grimmer with added instability and uncertainty, while the Chinese economy will have more influence on the world. Admittedly, China's economic growth rate will slow down, but it is still the main engine of world economic growth.

At the same time, the human resources industry is also showing new development trends. Corporate managers need to further create sound working environment for employees to deliver high performances and maximize their full potentials. Enterprises should elevate employees' sense of identification and loyalty to their enterprises, build sustainable leadership, establish positive interactions between employees and enterprises, so that to obtain sustainable development prospects. Therefore, the human resources service providers must make plans ahead of time, seize opportunities for their development, enhance internal power of enterprise development, so as to achieve success in the future regardless of the economic turmoil.

Table 5 Financial ratios averages by industry in the “HRoot Global 50 HR Service Providers 2012”

Industry

Financial ratio

HR service outsourcing

Talent dispatch / lease / placement

Headhunting & RPO

HR consulting

HR management software

Online recruitment

Annual revenue growth rate 16.40% 20.90% 18.50% 41.90% 23.90% 37.40%

Total asset turnover ratio 2.9 3.6 2.4 0.9 0.9 0.7

Accounts receivable turnover ratio

21.6 11.9 5.8 5.3 4.4 11.9

Return on assets 5.60% 3.80% 4.00% 4.60% -8.90% 9.70%

Operating margin 6.00% 3.00% 3.90% 9.70% -1.60% 19.00%

Net profit margin 4.20% 1.70% 2.00% 5.30% -10.90% 15.80%

ROE 11.90% 3.30% 8.30% 7.10% -13.20% 13.70%

Debt-asset ratio 59.00% 53.90% 42.30% 35.50% 51.90% 35.70%

Current ratio 1.3 1.7 2.1 2.6 1.6 2.3

Times interest earned 59.8 15.6 38.3 79.6 21.2 18.7


Executive Summary

6


Ranking higher/lower

Rank 2011

Rank 2010

Company Logo Country Main businessTotal revenue in

Fiscal 2011($ million)

Total revenue in Fiscal 2010

($ million)

Annual revenue growth rate

Operating profit in Fiscal 2011

($ million)


($ million)

Operating margin in Fiscal

2011

― 1 1 AdeccoTalent dispatch/lease/placement

28,567 24,822 15.1% 1,061 887 3.7%

↑ 2 3 RandstadTalent dispatch/lease/placement

22,560 18,865 19.6% 347 454 1.5%

↓ 3 2 ManpowerGroupTalent dispatch/lease/placement

22,006 18,867 16.6% 524 -122 2.4%

― 4 4 ADP HR service outsourcing 9,880 8,928 10.7% 1,933 1,863 19.6%

― 5 5 Kelly ServicesTalent dispatch/lease/placement

5,551 4,950 12.1% 58 38 1.0%

― 6 6 Hays Headhunting & RPO 5,222 4,156 25.7% 183 124 3.5%

↑ 7 11 Aon Hewitt HR consulting 4,501 2,111 113.2% 448 234 10.0%

― 8 8 CIIC HR service outsourcing 4,484 3,362 33.4% 55 43 1.2%

↓ 9 7 Mercer HR consulting 3,782 3,478 8.7% / / /

↓ 10 9 Robert HalfTalent dispatch/lease/placement

3,777 3,175 19.0% 250 115 6.6%

↓ 11 10 Towers Watson HR consulting 3,259 2,388 36.5% 313 164 9.6%

→ 12 / Temp Holdings HR service outsourcing 3,032 2,771 9.4% 106 67 3.5%

→ 13 / Pasona GroupTalent dispatch/lease/placement

2,324 2,257 3.0% 32 45 1.4%

↓ 14 13 Paychex HR service outsourcing 2,230 2,084 7.0% 854 725 38.3%

― 15 15 Insperity HR service outsourcing 1,976 1,720 14.9% 57 37 2.9%

→ 16 / Synergie SA Headhunting & RPO 1,875 1,650 13.6% 57 46 3.0%

↓ 17 14 Impellam Group HR service outsourcing 1,757 1,720 2.2% 54 47 3.1%

↓ 18 16 Michael Page International Headhunting & RPO 1,635 1,285 27.2% 138 137 8.4%

→ 19 / TrueBlueTalent dispatch/lease/placement

1,316 1,149 14.5% 48 28 3.6%

↑ 20 21 Chandler Macleod Group HR service outsourcing 1,168 817 43.0% 29 22 2.5%

↓ 21 18 Kforce Headhunting & RPO 1,111 991 12.1% 45 35 4.0%

↓ 22 19 CDI CorporationTalent dispatch/lease/placement

1,060 926 14.4% 20 -0.3 1.9%

↓ 23 20 Monster Online recruitment 1,040 914 13.8% 77 -42 7.4%

↓ 24 22 Hudson Headhunting & RPO 934 795 17.5% 17 -6 1.9%

→ 25 / Meitec Corporation Headhunting & RPO 870 760 14.5% 71 32 8.1%

HRoot Global 50 Human Resources Service Providers 2012

7



Rank 2011

Rank 2010




($ million)



($ million)


($ million)


2011

↓ 26 24 Sthree Headhunting & RPO 842 733 14.8% 47 33 5.5%

↓ 27 26 Korn/Ferry International Headhunting & RPO 827 776 6.5% 83 3 10.0%

→ 28 / Robert Walters Headhunting & RPO 820 654 25.4% 25 20 3.0%

↓ 29 23 KronosHR management software

800 741 8.0% / 221 /

↓ 30 25 Harvey Nash Group Headhunting & RPO 655 652 0.5% 10 10 1.5%

↓ 31 29 On AssignmentTalent dispatch/lease/placement

597 438 36.3% 44 3 7.4%

↓ 32 27 Heidrick & Struggles Headhunting & RPO 554 513 8.0% -11 18 -2.0%

↓ 33 28 Resources Connection HR consulting 546 499 9.3% 51 -2 9.4%

→ 34 / LinkedIn Online recruitment 522 243 114.8% 26 20 5.0%

→ 35 / Fullcast Holdings HR service outsourcing 446 444 0.5% 20 16 4.5%

→ 36 / Corporate Resource Services Talent dispatch/lease/placement

345 218 58.5% 0.4 -0.3 0.1%

↓ 37 30 SEEK Limited Online recruitment 345 282 22.3% 97 119 28.1%

↓ 38 31 Barrett Business Services HR service outsourcing 315 273 15.3% 4 8 1.2%

↓ 39 33 Talent2 International HR service outsourcing 306 243 25.9% 16 11 5.2%

↓ 40 37 KenexaHR management software

283 196 44.1% 2 -0.3 0.7%

↓ 41 35 The Ultimate SoftwareHR management software

269 228 18.2% 16 8 6.1%

↓ 42 32 Clarius Group Headhunting & RPO 267 266 0.4% -7 5 -2.6%

↓ 43 38 Hydrogen Headhunting & RPO 242 191 27.1% 6 4 2.5%

↓ 44 41 Humanis Group Headhunting & RPO 222 130 70.8% -2 -3 -0.9%

↓ 45 39 51job Online recruitment 218 165 32.1% 70 41 32.1%

→ 46 / HRnetOne Group Headhunting & RPO 203 141 44.1% 26 18 12.8%

↓ 47 42 Dice Holdings Online recruitment 179 129 38.9% 55 32 30.7%

→ 48 / The ReThink Group HR service outsourcing 123 86 42.0% 3 2 2.7%

↓ 49 43 Saba SoftwareHR management software

117 110 6.5% -6 3 -5.2%

↓ 50 45 ClickSoftware TechnologiesHR management software

87 71 22.6% 15 10 16.8%

HRoot Global 50 Human Resources Service Providers 2012

8



Rank 2011

Rank 2010




($ million)



($ million)


($ million)

Operating margin in

Fiscal 2011

↓ 51 44 104 Job Bank Online recruitment 80 78 2.3% 9 10 10.9%

→ 52 / Cornerstone OnDemandHR management software

73 44 67.0% -19 -13 -26.4%

↓ 53 46 Fortune Industries HR service outsourcing 64 61 6.0% 2 1 2.9%

↓ 54 47 Hamilton James & Bruce Headhunting & RPO 56 49 14.7% 0.4 -3 0.7%

↓ 55 49 ATATalent assessment/testing service

48 36 34.1% 3 -4 6.9%

↓ 56 48 DLH Holdings HR service outsourcing 42 41 2.6% -4 -4 -10.1%

→ 57 / Prime People Headhunting & RPO 20 22 -8.7% 1 2 7.1%

→ 58 / NetDimensionsHR management software

12 8 48.2% 1 0.2 4.9%

↓ 59 50 HRsoftHR management software

8 10 -23.0% -1 -13 -8.2%

HRoot Global 50 Human Resources Service Providers 2012, Sub-Rank Companies

9

Rank in 2011

Company Country Main business Reason

12 SFN Group Talent dispatch/lease/placement Being acquired

34 Taleo Corporation HR management software Being acquired

36 SuccessFactors HR management software Being acquired

44 104 Job Bank Online recruitment Revenue unqualified

46 Fortune Industries HR service outsourcing Revenue unqualified

47 Hamilton James & Bruce Headhunting & RPO Revenue unqualified

49 ATA Talent assessment & test Revenue unqualified

48 DLH Holdings HR service outsourcing Revenue unqualified

50 Workstream HR management software Revenue unqualified

Former Global 50 companies absent from the “HRoot Global 50 HR Service Providers 2012”

New comers of the “HRoot Global 50 HR Service Providers 2012”

Rank in 2012

Company Country Main businessRevenue in Fiscal 2011（$ million）

12 Temp Holdings HR service outsourcing 3,032

13 Pasona Group Talent dispatch/ lease/placement 2,324

16 Synergie SA Headhunting & RPO 1,875

19 TrueBlue Talent dispatch/ lease/placement 1,316

25 Meitec Corporation Headhunting & RPO 870

28 Robert Walters Headhunting & RPO 820

34 LinkedIn Online recruitment 522

35 Fullcast Holdings HR service outsourcing 446

36 Corporate Resource Services Talent dispatch/lease/placement 345

46 HRnetOne Group Headhunting & RPO 203

48 The ReThink Group HR service outsourcing 123


10

Financial ratios averages by industry in the “HRoot Global 50 HR Service Providers 2012”

Industry

Financial ratio


Talent dispatch / lease / placement

Headhunting & RPO

HR consulting


Online recruitment

Annual revenue growth rate 16.40% 20.90% 18.50% 41.90% 23.90% 37.40%

Total asset turnover ratio 2.9 3.6 2.4 0.9 0.9 0.7


21.6 11.9 5.8 5.3 4.4 11.9

Return on assets 5.60% 3.80% 4.00% 4.60% -8.90% 9.70%

Operating margin 6.00% 3.00% 3.90% 9.70% -1.60% 19.00%

Net profit margin 4.20% 1.70% 2.00% 5.30% -10.90% 15.80%

ROE 11.90% 3.30% 8.30% 7.10% -13.20% 13.70%

Debt-asset ratio 59.00% 53.90% 42.30% 35.50% 51.90% 35.70%

Current ratio 1.3 1.7 2.1 2.6 1.6 2.3

Times interest earned 59.8 15.6 38.3 79.6 21.2 18.7


Operating capacity




Revenue / average accounts receivable balance

Return on assets (ROA) Net profit/average total assets

Profitability

Operating margin Operating profit/revenue

Net profit margin Net profit/main business income

Return on shareholder’s equity (ROE)

Net profit/shareholders' equity

Financial structure Debt-asset ratio Liabilities/total assets

SolvencyCurrent ratio Current assets/current liabilities

Times interest earned(TIE) EBIT/interest expense

Financial analysis indicators used in the “HRoot Global 50 HR Service Providers 2012”


11

1. Conditions on entrants: The revenues of human resources service providers shall account for over 50% of their revenues, and the

listed companies can provide financial data audited by third-party audits or notarized by the government departments. Therefore, listed

companies such as Oracle, SAP, Kingdee, Yonyou are not presented as as their software business did not generate more than 50%

of their total revenues. DDI, HayGroup, and Career International, are absent from the rankings as they have not gone public or their

financial data are not available, albeit they specialize in human resources services.

2.The data adopted in the ranking come from below sources:

(1) Financial reports of 2011 announced by each listed company;

(2) Financial information of 2011 announced by the stock exchanges where the companies are traded;

(3) The data of unlisted companies are provided by third-party auditors or financial statements approved by the government

departments available to HRoot.

3. The annual financial data in the rankings are divided by the fiscal year involved in the financial reports rather than the calendar year.

4. The rankings take the US dollar as the standard currency. Financial data of non-US companies are converted into US dollars at the

average exchange rate of a whole year ending on the last day of their fiscal years. The exchange rates are listed as follows: GBP1 to

USD1.6039; Euro1 to USD1.3905; AUD1 to USD1.0480; SGD1 to USD0.7952; RMB1 to USD0.1548; HKD1 to USD0.1285, NTD1 to

USD0.0342; JPY1 to USD0.0125.

5. The slash mark, or “/”, means no data.

6. The financial data of Mercer are sourced from the 2011 annual financial report of its parent company, Marsh & McLennan.

7. The financial data of Aon Hewitt refer to the Fiscal 2011 data of the HR solutions business of Aon Corporation.

8. In 2011, LinkedIn generated over 50% of its revenue from its recruitment services and in the first quarter of 2012, its recruitment

service generated $103 million in revenue, accounting for 54% of its total revenue of $189 million. As its revenue of human resources

services accounted for more than 50% of its total revenue, LinkedIn is qualified as an entrant in the rankings.

9. Insperity was formerly named Administaff.

10. DLH Holdings Corp.was formerly named TeamStaff.

11. Monster is the parent company of ChinaHR.com.

12. SEEK is the parent company of zhaopin.com.

13.Total Revenue is the operating income of the companies in the sales of goods or services, and other operations, including the basic

operating revenue and other operating income. It is an important part of corporate cash inflows, the operating results of the enterprise.

Therefore, the rankings refer to the total revenue of the enterprises.

14. The data of industry averages are calculated as per the industry categories the 59 companies fall into, i.e., human resources

outsourcing, talent dispatch/lease/placement services, executive search services, recruitment process outsourcing, human resource

consulting, human resource management software, and online recruitment.

15. Interpretations of financial ratios

Notes:


Operating capacity



Accounts receivable turnover ratio Revenue / average accounts receivable balance

ROA (return on assets) Net profit / average total assets

Profitability

Operating margin Operating profit / Revenue

Net profit margin Net profit / main business income

ROE, return on shareholder’s equity Net profit / shareholders' equity

Financial structure Debt-asset ratio Liabilities / total assets

SolvencyCurrent ratio Current assets / current liabilities

TIE (times interest earned) EBIT / interest expense


12

(1) Annual revenue growth rate gauges the ratio of the difference between the revenues of Fiscal 2011 and Fiscal 2010 to the latter. It

illustrates how fast the revenue is changing.

(2) The total asset turnover ratio measures the ability of a company to use its assets to efficiently generate sales. This ratio considers all

assets, current and fixed. Those assets include fixed assets, like plant and equipment, as well as inventory, accounts receivable, as well

as any other current assets. The fast the turnover of a company, the stronger its operating capacity is.

(3) Accounts receivable turnover ratio refers to the number of times that accounts receivable amount is collected throughout the year.

The average accounts receivable looks at the accounts receivable balance at the beginning of the year as well as the end of the year.

A high accounts receivable turnover ratio indicates a tight credit policy. A low or declining accounts receivable turnover ratio indicates a

collection problem, part of which may be due to bad debts. Yet an extremely high ratio can mean that the company is under the heavy

debts that may curb the increase of its sales amount and profit.

(4) ROA, or return on assets, is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how

efficient management is at using its assets to generate earnings. Calculated by dividing a company's annual earnings by its total assets,

ROA is displayed as a percentage.

(5) Operating margin is a measure of profitability that indicates how much of each dollar of revenues is left over after both costs of

goods sold and operating expenses are considered.

(6) Net profit margin tells how much profit a company makes for every one dollar. The higher a company's profit margin compared to its

competitors, the better.

(7) ROE, or Return on shareholder’s equity, is the amount of net income returned as a percentage of shareholders equity. Return on

equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have

invested.

(8) Debt-asset ratio is total liabilities divided by total assets. The debt asset ratio shows the proportion of a company'sassets which are

financed through debt. Companies with high debt/asset ratios are said to be "highly leveraged," and could be in danger if creditors start

to demand repayment of debt.

(9) Current ratio suggests the company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash,

inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations.

(10) Multiples of interest earned is a metric used to measure a company's ability to meet its debt obligations. It is calculated by taking

a company's earnings before interest and taxes (EBIT) and dividing it by the total interest payable on bonds and other contractual debt.

It is usually quoted as a ratio and indicates how many times a company can cover its interest charges on a pretax basis. The higher the

TIE, the more ability the company has to pay its long-term debts.

16. The column of “Ranking higher/lower” illustrates with signs, of which an upward arrow means the company ranks higher than

before and a downward arrow means the opposite; a bar means staying unchanged while an arrow pointing right means the company is

a new entrant to the rankings.

17. The national flags in the ranking lists represent the below countries:

Notes:

USA

Japan

Australia

Canada

UK

Singapore

France

Switzerland

ChinaThe Netherlands

Israel


13



Rank 2011

Rank 2010

Company Logo Country Main businessTotal revenue in Fiscal 2011

($ million)

Total revenue in Fiscal 2010 ($

million)



($ million)


($ million)


2011


22,006 18,867 16.6% 524 -122 2.4%

- 4 4 ADP HR service outsourcing 9,880 8,928 10.7% 1,933 1,863 19.6%

- 5 5 Kelly ServicesTalent dispatch/lease/placement

5,551 4,950 12.1% 58 38 1.0%



↓ 10 9 Robert Half InternationalTalent dispatch/lease/placement

3,777 3,175 19.0% 250 115 6.6%



- 15 15 Insperity HR service outsourcing 1,976 1,720 14.9% 57 37 2.9%


1,316 1,149 14.5% 48 28 3.6%



1,060 926 14.4% 20 -0 1.9%





800 741 8.0% / 221 /


597 438 36.3% 44 3 7.4%





345 218 58.5% 0 -0 0.1%



283 196 44.1% 2 -0.3 0.7%


269 228 18.2% 16 8 6.1%



117 110 6.5% -6 3 -5.2%

HRoot Global 50 Human Resources Service Providers 2012 (by Country)

14



Rank 2011

Rank 2010


($ million)


million)



($ million)


($ million)


2011



2,324 2,257 3.0% 32 45 1.4%




Rank 2011

Rank 2010


($ million)


million)



($ million)


($ million)


2011





↓ 44 41 Humanis Group Headhunting & RPO 222 130 70.8% -2 -3 -0.9%


Rank 2011

Rank 2010


($ million)


million)



($ million)


($ million)


2011

- 6 6 Hays Headhunting & RPO 5,222 4,156 25.7% 183 124 3.5%









15



Rank 2011

Rank 2010


($ million)


million)



($ million)


($ million)


2011


87 71 22.6% 15 10 16.8%


Rank 2011

Rank 2010


($ million)


million)



($ million)


($ million)


2011



Rank 2011

Rank 2010


($ million)


million)



($ million)


($ million)


2011

- 1 1 AdeccoTalent dispatch/lease/placement

28,567 24,822 15.1% 1,061 887 3.7%


Rank 2011

Rank 2010


($ million)


million)



($ million)


($ million)


2011



Rank 2011

Rank 2010


($ million)


million)



($ million)


($ million)


2011


22,560 18,865 19.6% 347 454 1.5%


Rank 2011

Rank 2010


($ million)


million)



($ million)


($ million)


2011

→ 8 8 CIIC HR service outsourcing 4,484 3,362 33.4% 55 43 1.2%



16



Rank 2011

Rank 2010




($ million)



($ million)


($ million)

Operating margin in

Fiscal 2011

- 1 1 AdeccoTalent dispatch/lease/placement

28,567 24,822 15.1% 1,061 887 3.7%


22,560 18,865 19.6% 347 454 1.5%


22,006 18,867 16.6% 524 -122 2.4%

- 5 5 Kelly ServicesTalent dispatch/lease/placement

5,551 4,950 12.1% 58 38 1.0%

↓ 10 9 Robert Half InternationalTalent dispatch/lease/placement

3,777 3,175 19.0% 250 115 6.6%


2,324 2,257 3.0% 32 45 1.4%


1,316 1,149 14.5% 48 28 3.6%


1,060 926 14.4% 20 -0 1.9%


597 438 36.3% 44 3 7.4%


345 218 58.5% 0 -0 0.1%


Rank 2011

Rank 2010




($ million)



($ million)


($ million)

Operating margin in

Fiscal 2011

- 4 4 ADP HR service outsourcing 9,880 8,928 10.7% 1,933 1,863 19.6%

- 8 8 CIIC HR service outsourcing 4,484 3,362 33.4% 55 43 1.2%



- 15 15 Insperity HR service outsourcing 1,976 1,720 14.9% 57 37 2.9%







HRoot Global 50 Human Resources Service Providers 2012 (by Industry)

17



Rank 2011

Rank 2010




($ million)



($ million)


($ million)

Operating margin in

Fiscal 2011






Rank 2011

Rank 2010




($ million)



($ million)


($ million)

Operating margin in

Fiscal 2011

- 6 6 Hays Headhunting & RPO 5,222 4,156 25.7% 183 124 3.5%













↓ 44 41 Humanis Group Limited Headhunting & RPO 222 130 70.8% -2 -3 -0.9%



18



Rank 2011

Rank 2010




($ million)



($ million)


($ million)

Operating margin in

Fiscal 2011







Rank 2011

Rank 2010




($ million)



($ million)


($ million)

Operating margin in

Fiscal 2011


800 741 8.0% / 221 /


283 196 44.1% 2 -0.3 0.7%


269 228 18.2% 16 8 6.1%


117 110 6.5% -6 3 -5.2%


87 71 22.6% 15 10 16.8%


19


Rank of annual revenue growth rate

Rank of renenue in Fiscal 2011


($ million)Total revenue in Fiscal 2010

($ million)Annual revenue growth rate

1 34 LinkedIn Online recuitment 522 243 114.8%

2 7 Aon Hewitt HR consulting 4,501 2,111 113.2%

3 44 Humanis Group Headhunting & RPO 222 130 70.8%

4 52 Cornerstone OnDemand HR management software 73 44 67.0%

5 36 Corporate Resource Services Talent dispatch/lease/placement 345 218 58.5%

6 58 NetDimensions HR management software 12 8 48.2%

7 40 Kenexa HR management software 283 196 44.1%

8 46 HRnet One Group Headhunting & RPO 203 141 44.1%

9 20 Chandler Macleod Group HR service outsourcing 1,168 817 43.0%

10 48 The ReThink Group HR service outsourcing 123 86 42.0%

11 47 Dice Holdings Online recuitment 179 129 38.9%

12 11 Towers Watson HR consulting 3,259 2,388 36.5%

13 31 On Assignment Talent dispatch/lease/placement 597 438 36.3%

14 55 ATA Talent assessment/testing service 48 36 34.1%

15 8 CIIC HR service outsourcing 4,484 3,362 33.4%

16 45 51job Online recuitment 218 165 32.1%

17 18 Michael Page International Headhunting & RPO 1,635 1,285 27.2%

18 43 Hydrogen Headhunting & RPO 242 191 27.1%

19 39 Talent2 International HR service outsourcing 306 243 25.9%

20 6 Hays Headhunting & RPO 5,222 4,156 25.7%

21 28 Robert Walters Headhunting & RPO 820 654 25.4%

22 50 ClickSoftware Technologies HR management software 87 71 22.6%

23 37 SEEK Limited Online recuitment 345 282 22.3%

HRoot Global 50 Human Resources Service Providers 2012 (by Annual Revenue Growth Rate)

20







24 2 Randstad Talent dispatch/lease/placement 22,560 18,865 19.6%

25 10 Robert Half International Talent dispatch/lease/placement 3,777 3,175 19.0%

26 41 The Ultimate Software HR management software 269 228 18.2%

27 24 Hudson Headhunting & RPO 934 795 17.5%

28 3 ManpowerGroup Talent dispatch/lease/placement 22,006 18,867 16.6%

29 38 Barrett Business Services HR service outsourcing 315 273 15.3%

30 1 Adecco Talent dispatch/lease/placement 28,567 24,822 15.1%

31 15 Insperity HR service outsourcing 1,976 1,720 14.9%

32 26 Sthree Headhunting & RPO 842 733 14.8%

33 54 Hamilton James & Bruce Headhunting & RPO 56 49 14.7%

34 25 Meitec Corporation Headhunting & RPO 870 760 14.5%

35 19 TrueBlue Talent dispatch/lease/placement 1,316 1,149 14.5%

36 22 CDI Corporation Talent dispatch/lease/placement 1,060 926 14.4%

37 23 Monster Online recuitment 1,040 914 13.8%

38 16 Synergie SA Headhunting & RPO 1,875 1,650 13.6%

39 5 Kelly Services Talent dispatch/lease/placement 5,551 4,950 12.1%

40 21 Kforce Headhunting & RPO 1,111 991 12.1%

41 4 ADP HR service outsourcing 9,880 8,928 10.7%

42 12 Temp Holdings HR service outsourcing 3,032 2,771 9.4%

43 33 Resources Connection HR consulting 546 499 9.3%

44 9 Mercer HR consulting 3,782 3,478 8.7%

45 32 Heidrick & Struggles Headhunting & RPO 554 513 8.0%

46 29 Kronos HR management software 800 741 8.0%


21







47 14 Paychex HR service outsourcing 2,230 2,084 7.0%

48 27 Korn/Ferry International Headhunting & RPO 827 776 6.5%

49 49 Saba Software HR management software 117 110 6.5%

50 53 Fortune Industries HR service outsourcing 64 61 6.0%

51 13 Pasona Group Talent dispatch/lease/placement 2,324 2,257 3.0%

52 56 DLH Holdings HR service outsourcing 42 41 2.6%

53 51 104 Job bank Online recuitment 80 78 2.3%

54 17 Impellam Group HR service outsourcing 1,757 1,720 2.2%

55 35 Fullcast Holdings HR service outsourcing 446 444 0.5%

56 30 Harvey Nash Group Headhunting & RPO 655 652 0.5%

57 42 Clarius Group Headhunting & RPO 267 266 0.4%

58 57 Prime People Headhunting & RPO 20 22 -8.7%

59 59 HRsoft HR management software 8 10 -23.0%


22


Rank of growth rate of annual revenue



($ million)Total profit in Fiscal 2011

($ million)Operating margin

1 14 Paychex HR service outsourcing 2,230 854 38.3%

2 45 51job Online recuitment 218 70 32.1%

3 47 Dice Holdings Online recuitment 179 55 30.7%

4 37 SEEK Limited Online recuitment 345 97 28.1%

5 4 ADP HR service outsourcing 9,880 1,933 19.6%

6 50 ClickSoftware Technologies HR management software 87 15 16.8%

7 46 HRnetOne Group Headhunting & RPO 203 26 12.8%

8 51 104 Job bank Online recuitment 80 9 10.9%

9 27 Korn/Ferry International Headhunting & RPO 827 83 10.0%

10 7 Aon Hewitt HR consulting 4,501 448 10.0%

11 11 Towers Watson HR consulting 3,259 313 9.6%

12 33 Resources Connection HR consulting 546 51 9.4%

13 18 Michael Page International Headhunting & RPO 1,635 138 8.4%

14 25 Meitec Corporation Headhunting & RPO 870 71 8.1%

15 31 On Assignment Talent dispatch/lease/placement 597 44 7.4%

16 23 Monster Online recuitment 1,040 77 7.4%

17 57 Prime People Headhunting & RPO 20 1 7.1%

18 55 ATA Talent assessment/testing service 48 3 6.9%

19 10 Robert Half International Talent dispatch/lease/placement 3,777 250 6.6%

20 41 The Ultimate Software HR management software 269 16 6.1%

21 26 Sthree Headhunting & RPO 842 47 5.5%

22 39 Talent2 International HR service outsourcing 306 16 5.2%

23 34 LinkedIn Online recuitment 522 26 5.0%

HRoot Global 50 Human Resources Service Providers 2012 (by Operating Margin)

23







24 58 NetDimensions HR management software 12 1 4.9%

25 35 Fullcast Holdings HR service outsourcing 446 20 4.5%

26 21 Kforce Headhunting & RPO 1,111 45 4.0%

27 1 Adecco Talent dispatch/lease/placement 28,567 1,061 3.7%

28 19 TrueBlue Talent dispatch/lease/placement 1,316 48 3.6%

29 12 Temp Holdings HR service outsourcing 3,032 106 3.5%

30 6 Hays Headhunting & RPO 5,222 183 3.5%

31 17 Impellam Group HR service outsourcing 1,757 54 3.1%

32 16 Synergie SA Headhunting & RPO 1,875 57 3.0%

33 28 Robert Walters Headhunting & RPO 820 25 3.0%

34 15 Insperity HR service outsourcing 1,976 57 2.9%

35 53 Fortune Industries HR service outsourcing 64 2 2.9%

36 48 The ReThink Group HR service outsourcing 123 3 2.7%

37 43 Hydrogen Headhunting & RPO 242 6 2.5%

38 20 Chandler Macleod Group HR service outsourcing 1,168 29 2.5%

39 3 ManpowerGroup Talent dispatch/lease/placement 22,006 524 2.4%

40 22 CDI Corporation Talent dispatch/lease/placement 1,060 20 1.9%

41 24 Hudson Headhunting & RPO 934 17 1.9%

42 2 Randstad Talent dispatch/lease/placement 22,560 347 1.5%

43 30 Harvey Nash Group Headhunting & RPO 655 10 1.5%

44 13 Pasona Group Talent dispatch/lease/placement 2,324 32 1.4%

45 38 Barrett Business Services HR service outsourcing 315 4 1.2%

46 8 CIIC HR service outsourcing 4,484 55 1.2%


24







47 5 Kelly Services Talent dispatch/lease/placement 5,551 58 1.0%

48 54 Hamilton James & Bruce Headhunting & RPO 56 0.4 0.7%

49 40 Kenexa HR management software 283 2 0.7%

50 36 Corporate Resource Services Talent dispatch/lease/placement 345 0.4 0.1%

51 44 Humanis Group Headhunting & RPO 222 -2 -0.9%

52 32 Heidrick & Struggles Headhunting & RPO 554 -11 -2.0%

53 42 Clarius Group Headhunting & RPO 267 -7 -2.6%

54 49 Saba Software HR management software 117 -6 -5.2%

55 59 HRsoft HR management software 8 -1 -8.2%

56 56 DLH Holdings HR service outsourcing 42 -4 -10.1%

57 52 Cornerstone OnDemand HR management software 73 -19 -26.4%

58 9 Mercer HR consulting 3,782 / /

59 29 Kronos HR management software 800 / /


25


IndustryRank 2012

Company LOGO CountryAnnual revenue growth rate

Compared with industry average

Headhunting & RPO

6 Hays 25.7% Higher

28 Robert Walters 25.4% Higher

24 Hudson 17.5% Lower

26 Sthree 14.8% Lower

25 Meitec Corporation 14.5% Lower

16 Synergie SA 13.6% Lower

21 Kforce 12.1% Lower

32 Heidrick & Struggles 8.0% Lower

27 Korn/Ferry International 6.5% Lower

30 Harvey Nash Group 0.5% Lower

42 Clarius Group 0.4% Lower


40 Kenexa 44.1% Higher

50 ClickSoftware Technologies 22.6% Lower

41 The Ultimate Software 18.2% Lower

29 Kronos 8.0% Lower

49 Saba Software 6.5% Lower

Online recruitment

34 LinkedIn 114.8% Higher

47 Dice Holdings 38.9% Higher

45 51job 32.1% Lower

37 SEEK Limited 22.3% Lower

23 Monster 13.8% Lower

HR consulting

7 Aon Hewitt 113.2% Higher

11 Towers Watson 36.5% Lower

33 Resources Connection 9.3% Lower

Mercer 8.7% Lower

IndustryRank 2012

Company LOGO CountryAnnual revenue growth rate



20 Chandler Macleod Group 43.0% Higher

48 The ReThink Group 42.0% Higher

8 CIIC 33.4% Higher

39 Talent2 International 25.9% Higher

38 Barrett Business Services 15.3% Lower

15 Insperity 14.9% Lower

4 ADP 10.7% Lower

12 Temp Holdings 9.4% Lower

14 Paychex 7.0% Lower

17 Impellam Group 2.2% Lower

35 Fullcast Holdings 0.5% Lower

Talent dispatch/lease/placement

36 Corporate Resource Services 58.5% Higher

31 On Assignment 36.3% Higher

2 Randstad 19.6% Lower

10 Robert Half International 19.0% Lower

3 ManpowerGroup 16.6% Lower

1 Adecco 15.1% Lower

19 TrueBlue 14.5% Lower

22 CDI Corporation 14.4% Lower

5 Kelly Services 12.1% Lower

13 Pasona Group 3.0% Lower

Headhunting & RPO

44 Humanis Group 70.8% Higher

46 HRnetOne Group 44.1% Higher

18　 Michael Page International 27.2% Higher

43 Hydrogen 27.1% Higher

HRoot Global 50 HR Service Providers 2012 (by Annual Revenue Growth Rate of Main Business)

26


IndustryRank 2012

Company LOGO NationTotal asset turnover ratio



8 CIIC 8.4 Higher

20 Chandler Macleod Group 4.5 Higher

15 Insperity 3.8 Higher

48 The ReThink Group 3.6 Higher

35 Fullcast Holdings 3.6 Higher

17 Impellam Group 3.3 Higher

12 Temp Holdings 2.9 Equal

39 Talent2 International 1.6 Lower

38 Barrett Business Services 1.5 Lower

14 Paychex 0.4 Lower

4 ADP 0.3 Lower


36 Corporate Resource Services 11.4 Higher

5 Kelly Services 3.8 Higher

3 ManpowerGroup 3.2 Lower

13 Pasona group 3.0 Lower

10 Robert Half International 2.9 Lower

22 CDI Corporation 2.7 Lower

19 TrueBlue 2.4 Lower

1 Adecco 2.3 Lower

2 Randstad 2.2 Lower

31 On Assignment 1.6 Lower

Headhunting & RPO

24 Hudson 4.4 Higher

6 Hays 4.0 Higher

43 Hydrogen 3.5 Higher

28 Robert Walters 3.2 Higher

IndustryRank 2012

Company LOGO NationTotal asset turnover ratio


Headhunting & RPO

26 Sthree 2.9 Higher

30 Harvey Nash Group 2.8 Higher

21 Kforce 2.8 Higher

44 Humanis Group Limited 2.8 Higher

16 Synergie SA 2.6 Higher

42 Clarius Group 2.2 Lower

46 HRnetOne Group 2.0 Lower

25 Meitec Corporation 1.2 Lower

18 Michael Page International 1.1 Lower

32 Heidrick & Struggles 1.0 Lower

27 Korn/Ferry International 0.8 Lower


49 Saba Software 1.1 Higher

50 ClickSoftware Technologies 1.0 Higher

41 The Ultimate Software 0.9 Equal

40 Kenexa 0.6 Lower

29 Kronos / /

Online recruitment

45 51job 0.6 Lower

47 Dice Holdings 0.6 Lower

23 Monster 0.5 Lower

34 LinkedIn 0.5 Lower

37 SEEK Limited 0.5 Lower

HR consulting

33 Resources Connection 1.1 Higher

11 Towers Watson 0.7 Lower

7 Aon Hewitt / /

Mercer / /

HRoot Global 50 HR Service Providers 2012 (by Total Asset Turnover Ratio of Main Business)

27


IndustryRank 2012

Company LOGO CountryAccounts receivable turnover ratio



8 CIIC 152.2 Higher


15 Insperity 11.5 Lower

20 Chandler Macleod Group 11.1 Lower

35 Fullcast Holdings 9.2 Lower

4 ADP 7.5 Lower

38 Barrett Business Services 6.9 Lower

17 Impellam Group 5.8 Lower


48 The ReThink Group 4.4 Lower

12 Temp Holdings / Lower


36 Corporate Resource Services 55.5 Higher

13 Pasona Group 10.3 Lower

19 TrueBlue 9.8 Lower

10 Robert Half International 8.2 Lower


5 Kelly Services 6.3 Lower

1 Adecco 5.8 Lower



22 CDI Corporation 4.8 Lower

Headhunting & RPO

44 Humanis Group 8.4 Higher

24 Hudson 7.1 Higher

6 Hays 7.1 Higher


IndustryRank 2012

Company LOGO CountryAccounts receivable turnover ratio


Headhunting & RPO

25 Meitec Corporation 6.7 Higher

27 Korn/Ferry International 6.1 Higher

43 Hydrogen 5.9 Higher

30 Harvey Nash Group 5.3 Lower


26 Sthree 5.1 Lower

42 Clarius Group 4.9 Lower

28 Robert Walters 4.8 Lower

16 Synergie SA 3.8 Lower

18 Michael Page International 2.2 Lower

46 HRnetOne Group / /


41 The Ultimate Software 5.2 Higher

49 Saba Software 4.6 Higher

50 ClickSoftware Technologies 4.1 Lower

40 Kenexa 3.8 Lower

29 Kronos / /

Online recruitment

45 51job 36.8 Higher





HR consulting

33 Resources Connection 6.0% Higher


7 Aon Hewitt / /

Mercer / /

HRoot Global 50 HR Service Providers 2012 (by Accounts Receivable Turnover Ratio of Main Business)

28


IndustryRank 2012

Company LOGO Country ROACompared with industry average


35 Fullcast Holdings 22.2% Higher

14 Paychex 9.2% Higher

17 Impellam Group 8.4% Higher

8 CIIC 8.2% Higher

38 Barrett Business Services 7.0% Higher

15 Insperity 5.9% Higher

39 Talent2 International 5.8% Higher

20 Chandler Macleod Group 4.6% Lower

48 The ReThink Group 4.6% Lower


4 ADP 4.1% Lower


10 Robert Half International 11.6% Higher


1 Adecco 5.8% Higher

19 TrueBlue 5.6% Higher

5 Kelly Services 4.4% Higher

22 CDI Corporation 3.8% Equal




36 Corporate Resource Services -6.1% Lower

Headhunting & RPO

26 Sthree 10.8% Higher

42 Clarius Group 7.3% Higher

21 Kforce 6.8% Higher

6 Hays 6.3% Higher

IndustryRank 2012

Company LOGO Country ROACompared with industry average

Headhunting & RPO

18米高蒲志国际（Michael Page International）

6.1% Higher

28 华德士（Robert Walters） 6.0% Higher


27光辉国际（Korn/Ferry International）

5.5% Higher

25 Meitec Corporation 5.2% Higher

24 翰德（Hudson） 5.2% Higher



32海德思哲（Heidrick & Struggles）

-6.4% Lower

44 Humanis Group -7.5% Lower


人力资源管理软件

50 ClickSoftware Technologies 14.3% Higher

41 The Ultimate Software 1.5% Higher

40 肯耐珂萨（Kenexa） -1.1% Higher

49 Saba Software -6.7% Higher

29 克罗诺思（Kronos） / /

在线招聘

45 前程无忧（51job） 17.6% Higher

37 SEEK Limited 13.2% Higher



34 LinkedIn 2.2% Lower

人力资源咨询

33荟才（Resources Connection）

5.2% Higher

11 韬睿惠悦（Towers Watson） 4.0% Lower

7 怡安翰威特（Aon Hewitt） / /

9 美世（Mercer） / /

HRoot Global 50 HR Service Providers 2012 (by Return on Assets of Main Business)

29


IndustryRank 2012

Company LOGO CountryOperating margin




4 ADP 19.6% Higher

39 Talent2 International 5.2% Lower








8 CIIC 1.2% Lower








2 任仕达（Randstad 1.5% Lower



36 Corporate Resource Services 0.1% Lower

Headhunting & RPO

46 HRnetOne Group 12.8% Higher

27 Korn/Ferry International 10.0% Higher

18 Michael Page International 8.4% Higher


IndustryRank 2012

Company LOGO CountryOperating margin


Headhunting & RPO



6 Hays 3.5% Lower


28 Robert Walters 3.0% Lower

43 Hydrogen 2.5% Lower




32 Heidrick & Struggles -2.0% Lower

42 Clarius Group -2.6% Lower




40 Kenexa 0.7% Higher

49 Saba Software -5.2% Lower

29 Kronos / /

Online recruitment

45 51job 32.1% Higher





HR consulting

7 Aon Hewitt 10.0% Higher



Mercer / /

HRoot Global 50 HR Service Providers 2012 (by Operating Margin of Main Business)

30


IndustryRank 2012

Company LOGO CountryNet profit margin




4 ADP 13.4% Higher








8 CIIC 1.1% Lower













Headhunting & RPO





IndustryRank 2012

Company LOGO CountryNet profit margin


Headhunting & RPO



28 Robert Walters 1.9% Lower

43 Hydrogen 1.6% Lower

6 Hays 1.6% Lower










40 Kenexa -2.0% Higher

49 Saba Software -6.2% Higher

29 Kronos / /

Online recruitment






HR consulting

11 Towers Watson 6.0% Higher


7 Aon Hewitt / /

Mercer / /

HRoot Global 50 HR Service Providers 2012 (by Net Profit Margin of Main Business)

31


IndustryRank 2012

Company LOGO Country ROECompared with industry average




8 CIIC 25.0% Higher


4 ADP 20.9% Higher

48 The ReThink Group 16.9% Higher










3 ManpowerGroup 10.1% Higher



2 Randstad 6.2% Higher

22 CDI Corporation 5.6% Higher



Headhunting & RPO

6 Hays 26.0% Higher



28 Robert Walters 14.1% Higher

IndustryRank 2012

Company LOGO Country ROECompared with industry average

Headhunting & RPO


24 Hudson 10.2% Higher

16 Synergie SA 10.0% Higher








46 HRnetOne Group /




40 Kenexa -1.7% Higher

49 Saba Software -16.7% Lower

29 Kronos / /

Online recruitment






HR consulting



7 Aon Hewitt / /

Mercer / /

HRoot Global 50 HR Service Providers 2012 (by Return on Shareholder's Equity of Main Business)

32


IndustryRank 2012

Company LOGO CountryAsset-debt ratio









8 CIIC 63.6% Higher



4 ADP 82.4% Higher

48 The ReThink Group / /



10 Robert Half International 39.0% Lower

31 On Assignment 39.9% Lower

19 TrueBlue 47.6% Lower




2 Randstad 62.7% Higher

3 ManpowerGroup 64.0% Higher

36 Corporate Resource Services 88.7% Higher

Headhunting & RPO

42 Clarius Group 21.6% Lower

46 HRnetOne Group 27.4% Lower


27 Korn/Ferry International 38.0% Lower

IndustryRank 2012

Company LOGO CountryAsset-debt ratio


Headhunting & RPO



24 Hudson 50.4% Higher

32 Heidrick & Struggles 51.3% Higher


44 Humanis Group Limited 63.3% Higher

16 Synergie SA 65.1% Higher

6 Hays / /

30 Harvey Nash Group / /

28 Robert Walters / /

18 Michael Page International / /


50 ClickSoftware Technologies 34.8% Lower

40 Kenexa 41.9% Lower

49 Saba Software 61.8% Higher


29 Kronos / /

Online recruitment

45 51job 17.7% Lower



23 Monster 43.4% Higher


HR consulting



7 Aon Hewitt / /

9 Mercer / /

HRoot Global 50 HR Service Providers 2012 (by Asset-Debt Ratio of Main Business)

33


IndustryRank 2012

Company LOGO Country Current ratioCompared with industry average


12 Temp Holdings 2.3 Higher

35 Fullcast Holdings 1.7 Higher

38 Barrett Business Services 1.6 Higher

8 CIIC 1.5 Higher

39 Talent2 International 1.3 Equal

15 Insperity 1.3 Equal



4 ADP 1.1 Lower


48 The ReThink Group / /


19 TrueBlue 2.5 Higher

22 CDI Corporation 2.5 Higher

31 On Assignment 2.3 Higher

10 Robert Half International 2.1 Higher

13 Pasona Group 1.8 Higher

5 Kelly Services 1.6 Lower



1 Adecco 1.2 Lower

36 Corporate Resource Services 0.7 Lower

Headhunting & RPO

25 Meitec Corporation 3.6 Higher

46 HRnetOne Group 3.6 Higher

42 Clarius Group 2.4 Higher


IndustryRank 2012

Company LOGO Country Current ratioCompared with industry average

Headhunting & RPO


24 Hudson 2.0 Lower


26 Sthree 1.6 Lower

43 Hydrogen 1.5 Lower


44 Humanis Group 0.5 Lower

6 Hays / /

18 Michael Page International / /

28 Robert Walters / /

30 Harvey Nash Group / /


50 ClickSoftware Technologies 3.1 Higher

40 Kenexa 1.5 Lower

41 The Ultimate Software 1.1 Lower

49 Saba Software 0.9 Lower

29 Kronos / /

Online recruitment

45 51job 5.1 Higher

34 LinkedIn 3.2 Higher




HR consulting



7 Aon Hewitt / /

Mercer / /

HRoot Global 50 HR Service Providers 2012 (by Current Ratio of Main Business)

34


IndustryRank 2012

Company LOGO CountryTimes interest earned



4 ADP 225.7 Higher

8 CIIC 112.2 Higher

35 Fullcast Holdings 28.2 Lower

48 The ReThink Group 27.0 Lower




12 Temp Holdings / /

14 Paychex / /

15 Insperity / /

38 Barrett Business Services / /


19 TrueBlue 42.1 Higher

13 Pasona Group 15.1 Lower




1 Adecco 10.7 Lower

36 Corporate Resource Services 0.2 Lower

5 Kelly Services / /

10 Robert Half International / /

22 CDI Corporation / /

Headhunting & RPO

18 Michael Page International 132.3 Higher

28 Robert Walters 47.6 Higher



IndustryRank 2012

Company LOGO CountryTimes interest earned


Headhunting & RPO

6 Hays 21.0 Lower


30 Harvey Nash Group 16.8 Lower

24 Hudson 15.8 Lower

25 Meitec Corporation / /

26 Sthree / /

32 Heidrick & Struggles / /

42 Clarius Group / /

43 Hydrogen / /

44 Humanis Group / /



41 The Ultimate Software 41.3 Higher

40 Kenexa 1.1 Lower

29 Kronos / /

49 Saba Software / /

50 ClickSoftware Technologies / /

Online recruitment

47 Dice Holdings 39.2 Higher



37 SEEK Limited / /

45 51job / /

HR consulting



7 Aon Hewitt / /

Mercer / /

HRoot Global 50 HR Service Providers 2012 (by Times Interest Earned of Main Business)

35

Company name in Chinese：

德科Company name in English:

Adecco Group

Headquarters： Geneva, Switzerland Country: Switzerland

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

Main Business: Talent Dispatch/Lease/ PlacementAnnual revenue of 2011:

28,567 million dollars

Stock Exchange：New York, Pairs, Switzerland Stock Exchange

Stock Code: ADEN/ADE

About：

Company Profile

Operating profit Net profit Pre-tax profit Shareholders' equity

1,061 723 954 5,299

Adecco Inc

Major financial data in Fiscal 2011 (Unit: $ million)

Major financial ratios in Fiscal 2011

NO.1

The Adecco Group (SWX: ADEN; EURONEXT: ADE) is the world’s leading

provider of HR solutions. Adecco has over 5,500 offices in over 60 countries,

with over 33,000 employees. Every day, Adecco provides 750,000 employees

and 100,000 companies headhunting services of middle and senior management

positions, temporary staffing, permanent placement, outsourcing, outplacement, training and

consulting. Founded in 1957, headquartered in Switzerland, Adecco (SWX: ADEN; EURONEXT: ADE) is

placed no.387 of Global Fortune 500 companies in the fiscal year 2011.

Total assets by the end of 2011 Average total assets Current assets Current liabilities

13,006 12,445 6,512 5,257

Total accounts receivable balance by the end of 2011

Average accounts receivable balance

Total liabilities Interest expense

5,179 4,959 7,707 99

Indicator RatioCompared with industry average

Net profit margin 2.5% Higher

ROE 13.6% Higher

Debt-asset ratio 59.3% Higher

Current ratio 1.2 Lower

TIE 10.7 Lower


Revenue growth rate

15.1% Lower

Total turnover ratio 2.3 Lower


5.8 Lower

ROA 5.8% Higher

Operating margin 3.7% Higher


36


347 249 324 4,031




10,810 10,115 4,870 3,791




4,399 4,100 6,779 23.0


Net profit margin 1.1% Lower

ROE 6.2% Lower



TIE 11.5 Lower


Revenue growth rate

19.6% Lower



5.5 Lower

ROA 2.5% Lower

Operating margin 1.5% Lower


任仕达Company name in English:

Randstad Holding NV

Headquarters： Amsterdam, Netherlands Country: Netherlands

Established: 1960 Website: http://www.randstad.com



Stock Exchange： Amsterdam Stock Exchange Stock Code: RAND

About：

Randstad Holding NVNO.2

Randstad Holding NV (AMS:RAND), founded in 1960 and headquartered in Amsterdam, the Netherlands, is a listed company in New York Stock Exchange. Starting as a talent dispatch company in the 1960s, Randstad Group has been developed into a human resources service

transnational company that covers over 40 countries worldwide and over 4100 branches. The core business of the group includes: the services of recruitment of professional staff, flexible recruitment, dispatch of professional staff, resident services and integrated human resources service solutions. Randstad Group entered Chinese market in 2006, and currently it has branches in Beijing, Shanghai, Guangzhou, Shenzhen,Suzhou and other cities. Each year it successfully recruited more than thousands of senior management personnel for the Chinese enterprises, and manage tens of thousands of dispatched and outsourced employees. Randstad had an operating revenue of 225, 60 million dollars, ranking 489 in Fortune Global 500 in 2012.


37


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 2011:


Stock Exchange： New York Stock Exchange Stock Code: MAN

About：

ManpowerGroupNO.3

Manpower Company (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.


524 252 480 2,483




6,900 6,815 4,991 3,762




4,181 4,013 4,416 35.5



ROE 10.1% Higher



TIE 14.8 Lower


Revenue growth rate

16.6% Lower



5.5 Lower

ROA 3.7% Lower



38


安德普翰Company name in English:

Automatic Data Processing, Inc.

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

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

Main Business: Human Resource OutsourcingAnnual revenue of 2011:


Stock Exchange： NASDAQ Stock Market Stock Code: ADP

About：

ADPNO.4

Automatic Data Processing, Inc. (ADP) (NASDAQ:ADP), founded in 1949, with annual income of nearly 10 billion USD and 570, 000 customers all over the world, is one of the world largest outsourcing solution providers. With nearly 60 years’ senior experience in the industry, ADP provides the most comprehensive human

resources, remuneration, taxes and welfare management solutions in the industry. ADP also provides world’s leading integrated computer information solutions to global sedan, truck, motorcycle, ship and recreational vehicle dealers. In 2006, ADP entered Chinese market and began to provide world first-class human resources services and dealer services to companies in China through products of GlobalView® and Autoline®. In 2009, ADP successfully purchased China Link with an aim to bring more comprehensive localized human resources outsourcing solutions to Chinese market.


1,933 1,254 1,933 6,010




34,238 30,550 28,584 26,787




1,365 1,246 28,228 8.6



ROE 20.9% Higher



TIE 225.7 Higher


Revenue growth rate

10.7% Lower



7.5 Lower

ROA 4.1% Lower



39


上海必胜人力资源有限公司Company name in English:

Kelly Services

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 revenue of 2011:


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

About：

Kelly ServicesNO.5

Kelly Services(NASDAQ: KELYA) founded in 1946, headquartered in Michigan, the USA. As the world’s leading HR solutions provider and workforce management service consulting firm, Kelly Services can meet the wide range and cross-departmental HR management

demands of enterprises, including office management, marketing, finance, engineering, 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 Beijing, 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.


58 64 58 676




1,542 1,455 1,115 698




945 878 866 /



ROE 9.4% Higher



TIE / /


Revenue growth rate

12.1% Lower

Total turnover ratio 3.8 Higher


6.3 Lower

ROA 4.4% Higher



40


瀚纳仕Company name in English:

Hays plc

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

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

Main Business: Headhunting&RPOAnnual revenue of 2011:


Stock Exchange： London Stock Exchange Stock Code: HAS

About：

HaysNO.6

Hays plc（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.


183 82 171 315




1,409 1,308 1,409 /




841 734 / 7.5



ROE 26.0% Higher

Debt-asset ratio / /

Current ratio / /

TIE 21.0 Lower


Revenue growth rate

25.7% Higher



7.1 Lower

ROA 6.3% Higher



41


怡安翰威特Company name in English:

AON Hewitt

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

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

Main Business: HR ConsultingAnnual revenue of 2011:


Stock Exchange： / Stock Code: /

About：

AON HewittNO.7

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 and Hongkong in Great China, which

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


448 / / /




/ / / /




/ / / /


Net profit margin / /

ROE / /


Current ratio / /

TIE / /


Revenue growth rate

113.2% /

Total turnover ratio / /


/ /

ROA / /

Operating margin 10.0% /


42


中国国际技术智力合作公司Company name in English:

China International Intellectech Corp.

Headquarters： Beijing, China Country: China

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




About：

China International Intellectech CorpNO.8

Founded in 1987, China International Intellectech Corporation (CIIC) is 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 countries and regions around the world. Keeping abreast of the latest development of knowledge-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 catering 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.


55 47 65 212




582 / 554 370




31 / 370 1.0



ROE 22.4% Higher


Current ratio 1.5 Higher

TIE 112.2 Higher


Revenue growth rate

33.4% Higher



152.2 Higher

ROA 8.2% Higher



43


美世Company name in English:

Mercer

Headquarters： New York, United States Country: United States

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



Stock Exchange： New York, Chicago, London Stock Exchange Stock Code: MMC

About：

Mercer, founded in 1937 and headquartered in America, is a world leading 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 optimize 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 managers. 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.

MercerNO.9


44


罗致恒富Company name in English:

Robert Half International Inc.

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 Internati onal Inc. (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.

Robert Half International Inc.NO.10


250 150 250 1,312




1,312 1,293 1,007 473




493 458 511 /



ROE 11.4% Lower



TIE / /


Revenue growth rate

19.0% Lower



8.2 Higher

ROA 11.6% Higher



45


韬睿惠悦Company name in English:

Towers Watson & Co

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

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



Stock Exchange： New York Stock Exchange Stock Code: TW

About：

Towers Watson & Co. (NYSE:TW) was established through equal merger of Towers Perrin and Watson Wyatt Worldwide in Jan.2010. Towers Watson is a leading worldwide professional consulting service company

and it helps improve companies’ operation performance by efficient management of staff, finance and risks. Towers Watson is headquartered in New York, America with 14,000 staff in 34 countries all over the world and it is specified in enterprise solutions and assists enterprises in improving their operation performance, and it has formed professional advantages in fields of staff benefit plans, talents management, remuneration and incentive plan, risks and investment management. Towers Watson currently has 7 offices in Great China, which are respectively in Shanghai, Beijing, Shenzhen, Guangzhou, HongKong, Taipei and Wuhan.

Towers Watson & CoNO.11


313 194 327 2,592




5,099 4,836 1,651 1,178




779 708 2,507 7.0



ROE 7.5% Higher

Debt-asset ratio 49.2% Lower


TIE 47.7 Higher


Revenue growth rate

36.5% Lower



4.6 Higher

ROA 4.0% Higher



46


/Company name in English:

Temp Holdings

Headquarters： Tokyo Country: Japan

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

Main Business: Human Recourses OutsourcingAnnual revenue of 2011:


Stock Exchange： Tokyo Stock Exchange Stock Code: 2181

About：

Temp Holdings (TYO: 2181) focused on Management planning,

administration, and operations related to subsidiary and group

companies that handle temporary staffing and placement services. Founded in 2008, listed

on the Tokyo Stock Exchange, 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, Shenzhen, Hong Kong, Taiwan, South Korea, Singapore, Indonesia.

Temp HoldingsNO.12


106 45 / 662




1,125 1,029 942 409




/ / 445 /



ROE 6.8% Lower



TIE / /


Revenue growth rate

9.4% Lower

Total turnover ratio 2.9 Equal


/ /

ROA 4.4% Lower



47


保圣那Company name in English:

Pasona Group


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

Main Business: Talent Dispatch/Lease/PlacementAnnual revenue of 2011:


Stock Exchange： Tokyo Stock Exchange Stock Code: 2168

About：

Pasona Group (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.

Pasona GroupNO.13


32 5 32 333




717 762 577 329




239 225 454 2.3



ROE 1.6% Lower



TIE 15.1 Lower


Revenue growth rate

3.0% Lower



10.3 Lower

ROA 0.7% Lower



48



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：

Paychex, Inc.(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.

Paychex, IncNO.14


854 548 860 1,605




6,480 5,937 5,076 4,746




173 167 4,875 /



ROE 34.2% Higher



TIE / /


Revenue growth rate

7.0% Lower



13.1 Lower

ROA 0.7% Lower



49



Insperity Inc

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

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



Stock Exchange： New York Stock Exchange Stock Code: NSP

About：

Insperity, Inc. (NYSE: NSP), formerly Administaff, Inc., is a provider of human 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 workforce 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 Company’s employment screening includes background checks and profile screening.

Insperity IncNO.15


57 30 860 245




712 517 523 396




174 172 467 /



ROE 12.4% Higher


Current ratio 1.3 Equal

TIE / /


Revenue growth rate

14.9% Lower



3.8 Lower

ROA 5.9% Higher



50



Synergie SA

Headquarters： / Country: France

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

intro.php

Main Business: Headhunting & RPOAnnual revenue of 2011:


Stock Exchange： NYSE Euronext（Paris）Exchange Stock Code: SDG

About：

Insperity, Inc. (NYSE: NSP), formerly Administaff, Inc., is a provider of human 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 workforce 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 Company’s employment screening includes background checks and profile screening.

Synergie SANO.16


57 25 56 249




715 715 563 432




499 491 466 3.0



ROE 10.0% Higher



TIE 19.7 Lower


Revenue growth rate

14.9% Lower



3.8 Lower

ROA 3.5% Lower



51



Impellam Group plc

Headquarters： Luton, United Kingdom Country: United Kingdom

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



Stock Exchange： London Stock Exchange Stock Code: IPEL

About：

Impellam Group plcNO.17

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.


54 44 51 201




524 525 336 295




302 304 323 3.6



ROE 22.0% Higher



TIE 15.3 Lower


Revenue growth rate

2.2% Lower



5.8 Lower

ROA 8.4% Higher



52


米高蒲志国际Company name in English:

Michael Page International plc


Established: 1976 Website:http://www.michaelpageinternational.

com

Main Business: Headhunting & RPOAnnual revenue of 2011:

1,635million dollars

Stock Exchange： New York Stock Exchange Stock Code: MPI

About：

Michael Page International plcNO.18

Michael Page International (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 recruitment 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 offices in all main commercial centers of the world,

including Hong Kong, London, New York, Paris, Tokyo, Toronto, Singapore and Sydney.


138 102 134 281




1,547 1,495 412 /




304 521 / 1.0



ROE 14.2% Higher


Current ratio / /

TIE 132.3 Higher


Revenue growth rate

27.2% Higher



2.2 Lower

ROA 6.1% Lower



53



TrueBlue

Headquarters： New York Country: America

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



Stock Exchange： NYSE Stock Code: TBI

About：

TrueBlueNO.19

TrueBlue, Inc. 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 today’s competitive

environment.


48 31 49 294




561 553 281 112




154 134 267 1.2



ROE 10.5% Higher



TIE 42.1 Higher


Revenue growth rate

14.5% Lower



9.8 Lower

ROA 5.6% Higher



54



Chandler Macleod Group Limited

Headquarters： Sydney, Australia Country: Australia

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

Main Business: OutsourcingAnnual revenue of 2011:


Stock Exchange： Australian Securities Exchange Stock Code: CMG

About：

Chandler Macleod Group LimitedNO.20

Chandler Macleod Group Limited （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 integrated recruitment and HR outsourcing services across blue-collar, white-collar, executive and professional

recruitment and contracting. It also offered consulting services encompassing psychometric assessment, management, organisational development, executive coaching, outplacement, career transition, talent management, and redeployment. Its segments consist of: Workforce, which includes ready workforce, forstaff 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.


29 12 27 152




311 261 136 150




127 105 159 5.0



ROE 7.9% Lower



TIE 6.4 Lower


Revenue growth rate

43.0% Higher



11.1 Lower

ROA 4.6% Lower



55



Kforce Inc.

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

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

Main Business: Recruiting/HeadhuntingAnnual revenue of 2011:

1,111million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: KFRC

About：

Kforce Inc.NO.21

Kforce Inc. (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, Kforce Government Solutions (KGS) and dNovus RDI merged to provide a spectrum of solutions and services to government enterprises.


45 27 43 233




410 400 186 83




175 165 177 1.0



ROE 11.7% Higher



TIE 44.3 Higher


Revenue growth rate

12.1% Lower



6.8 Higher

ROA 6.8% Higher



56



CDI Corporation

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

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

Main Business: Talent DispatchAnnual revenue of 2011:


Stock Exchange： New York Stock Exchange Stock Code: CDI

About：

CDI CorporationNO.22

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.


20 15 20 267




391 395 272 110




223 223 124 /



ROE 5.6% Higher



TIE / /


Revenue growth rate

14.4% Lower



4.8 Lower

ROA 3.8% Equal



57



Monster Worldwide


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

Main Business: Online RecruitmentAnnual revenue of 2011:


Stock Exchange： NASDAQ Stock Market Stock Code: MWW

About：

Monster WorldwideNO.23

Monster Worldwide, Inc. (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.


77 54 73 1,164




2,058 2,018 676 783




344 345 894 10.0



ROE 4.6% Lower



TIE 8.3 Lower


Revenue growth rate

13.8% Lower



3.0 Lower

ROA 2.7% Lower



58


翰德Company name in English:

Hudson


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


934million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: HHGP

About：

HudsonNO.24

Hudson Highland Group, Inc. （NASDAQ：HHGP） is specialized professional staffing and talent management solutions providers. The Company provides professional staffing services on a permanent and contract consulting 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 reportable 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.


17 11 16 107




217 211 182 91




131 131 109 1.1



ROE 10.2% Higher



TIE 15.8 Lower


Revenue growth rate

17.5% Lower



7.1 Higher

ROA 5.2% Higher



59


明达科Company name in English:

Meitec corporation

Headquarters： / Country: Japan

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


870 million dollars

Stock Exchange： Tokyo Stock Code: 9744

About：

Meitec CorporationNO.25

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.


71 37 60 494




748 702 528 145




139 130 265 /



ROE 7.4% Lower



TIE / /


Revenue growth rate

14.5% Lower



6.7 Higher

ROA 5.2% Higher



60



SThree plc

Headquarters： London, United Kingdom Country: United Kingdom

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

Main Business: Recruitment/headhuntingAnnual revenue of 2011:

842 million dollars

Stock Exchange： London Stock Exchange Stock Code: STHR

About：

SThree plcNO.26

SThree plc（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.


47 31 47 127




290 286 259 160




172 165 162 /



ROE 24.4% Higher



TIE / /


Revenue growth rate

14.8% Lower



5.1 Lower

ROA 10.8% Higher



61


光辉国际Company name in English:

Korn/Ferry International

Headquarters： Los Angeles, United States of America Country: United States of America

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


827 million dollars

Stock Exchange： NASDAQ Stock Exchange Stock Code: KFY

About：

Korn/Ferry InternationalNO.27

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 business 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 talents 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.


83 54 81 629




1,015 993 500 215




138 136 385 1.8



ROE 8.6% Higher



TIE 45.9 Higher


Revenue growth rate

6.5% Lower



6.1 Higher

ROA 5.5% Higher



62


华德士Company name in English:

Robert Walters


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


820 million dollars

Stock Exchange： LON Stock Code: RWA

About：

Robert WaltersNO.28

Robert Half Internati onal Inc. (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.


25 16 23 110




269 258 225 /




180 171 / 0.5



ROE 14.1% Higher


Current ratio / /

TIE 47.6 Higher


Revenue growth rate

25.4% Higher



4.8 Lower

ROA 6.0% Higher



63


克罗诺思Company name in English:

Kronos Incorporated

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

Established: 1977 Website: www.kronos.com

Main Business: e-HRAnnual revenue of 2011:

800 million dollars


About：

KronosNO.29

Kronos Incorporated makes and implements workforce

management software particularly for organizations with large,

complex workforces. With a goal of controlling labor costs and

improving employee 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. Kronos

sells 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.


64



Harvey Nash Group plc


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


655 million dollars

Stock Exchange： London Stock Exchange Stock Code: HVN

About：

Harvey Nash Group plcNO.30

Harvey Nash Group plc (LON: HVN) is a United Kingdom-based professional recruitment

and outsourcing consultancy company. It is engaged in providing information technology

professionals for permanent and contract positions globally. The Company operates in three

segments: permanent recruitment, contracting and outsourcing.


10 7 10 95




239 234 154 /




130 124 / 0.6



ROE 7.0% Lower


Current ratio / /

TIE 16.8 Lower


Revenue growth rate

0.5% Lower



5.3 Lower

ROA 2.9% Lower



65



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 2011:

597 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: ASGN

About：

On Assignment, Inc.NO.31

On Assignment, Inc. (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.


44 24 41 247




411 376 131 56




94 78 164 3.0



ROE 9.8% Higher



TIE 14.8 Lower


Revenue growth rate

36.3% Higher



7.6 Lower

ROA 6.5% Higher



66


海德思哲Company name in English:

Heidrick & Struggles International, Inc.

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

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

Main Business: Recruiting/ HeadhuntingAnnual revenue of 2011:

554 million dollars

Stock Exchange： NASDAQ Stock Exchange Stock Code: HSII

About：

Heidrick & Struggles International, Inc.NO.32

Heidrick & Struggles International, 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.


-11 -34 41 251




516 530 310 185




98 101 264 /


Net profit margin -6.4% Lower

ROE -13.5% Lower



TIE / /


Revenue growth rate

8.0% Lower



5.2 Lower

ROA -6.4% Lower

Operating margin -2.0% Lower


67


荟才Company name in English:

Resources Connection

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

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


546 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: RECN

About：

Resources ConnectionNO.33

Resources Connection, 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.


51 25 52 373




476 476 250 67




91 91 104 0.5



ROE 6.7% Lower



TIE 111.5 Higher


Revenue growth rate

9.3% Lower



6.0% Higher

ROA 5.2% Higher



68



LinkedIn

Headquarters： California, USA Country: The USA

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


522 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: LNKD

About：

LinkedInNO.34

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.


26 12 23 625




874 556 726 227




111 85 249 3.0



ROE 1.9% Lower



TIE 8.7 Lower


Revenue growth rate

114.8% Higher



3.1 Lower

ROA 2.2% Lower



69



Fullcast Holdings


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


406 million dollars

Stock Exchange： TYO Stock Code: 4848

About：

Fullcast HoldingsNO.35

Fullcast Holdings 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.


20 28 25 52




114 125 98 59




48 48 63 0.9



ROE 54.0% Higher



TIE 28.2 Lower


Revenue growth rate

0.5% Lower



9.2 Lower

ROA 22.2% Higher



70



Corporate Resource Services

Headquarters： The USA Country: The USA

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


345 million dollars

Stock Exchange： OTC Stock Code: CRRS

About：

Corporate Resource ServicesNO.36

Corporate Resource Services Inc, formerly 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.


0.42 -2 -2 4




36 30 19 29




11 6 32 2.3



ROE -45.7% Lower



TIE 0.2 Lower


Revenue growth rate

58.5% Higher



55.5 Higher

ROA -6.1% Lower



71



SEEK Limited

Headquarters： Melbourne, Australia Country: Australia

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


345million dollars

Stock Exchange： Australian Securities Exchange Stock Code: SEK

About：

SEEK LimitedNO.37

SEEK Limited （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 (Employment) 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 United 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, including classroom based and distance learning courses and operates in Australia.


97 98 -36 434




970 742 161 237




45 41 536 16.0



ROE 22.6% Higher



TIE / /


Revenue growth rate

22.3% Lower



8.5 Lower

ROA 13.2% Higher



72



Barrett Business Services, Inc.

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

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

Main Business: HR OutsourcingAnnual revenue of 2011:

315 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: BBSI

About：

Barrett Business Services, Inc.NO.38

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 assignments, 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.


4 14 15 102




223 206 129 79




51 45 121 /



ROE 14.1% Higher



TIE / /


Revenue growth rate

15.3% Lower



6.9 Lower

ROA 7.0% Higher



73



Talent2 International Limited


Established: 2003 Website: http://www.talent2.com


306 million dollars

Stock Exchange： Australian Securities Exchange Stock Code: TWO

About：

Talent2 International LimitedNO.39

Talent2 was founded in 2003,established in Austrialia and listed on the Australian

Stock Exchange (‘TWO’). International Concept System is the former company of

Talent2, and Morgan and Banks bought it and renamed as Talent 2. It operates from

more than 40 offices in 30 countries across Asia Pacific, Middle East, UK and USA.

Talent2 provides a holistic consultancy service through HR Advisory offering and specialised best-practice

solutions in Payroll, Recruitment and Learning. In China, Talent2 has branches in Hong Kong, Beijing,

Guangzhou and Shanghai.


16 11 16 107




201 190 89 66




62 53 94 1.1



ROE 10.3% Lower


Current ratio 1.3 Equal

TIE 15.5 Lower


Revenue growth rate

25.9% Higher



5.8 Lower

ROA 5.8% Higher



74


肯耐珂萨Company name in English:

Kenexa

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

Established: 1987 Website: http://www.kenexa.com


283 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: KNXA

About：

KenexaNO.40

Kenexa Corporation (NASDAQ:KNXA) provides software, content and services that enable organizations to recruit and retain employees. Its solutions are built around a suite of configurable software applications that automate talent acquisition and employee performance management practices. It offers the software applications that

form the on-demand solutions. It is a provider of integrated talent management solutions. Its solutions also provide employee performance management systems that help to ensure that organizations retain and optimize the performance of qualified individuals, identify employees who fail to perform and identify successors for critical positions. In addition, its solutions help organizations manage learning and assessment opportunities and events to develop employees for jobs. Its solutions enable customers to determine its workforce’s engagement level and diagnose where changes in behavior or human resource programs improve organizational performance and business outcomes.


2 -4 0.1 231




406 356 191 131




56 53 170 1.6


Net profit margin -2.0% Higher

ROE -1.7% Higher



TIE 1.1 Lower


Revenue growth rate

44.1% Higher



3.8 Lower

ROA -1.1% Higher



75



The Ultimate Software Group

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

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


269 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: ULTI

About：

The Ultimate Software GroupNO.41

The Ultimate Software Group, Inc. （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.


16 4 16 86




319 284 253 223




56 52 233 0.4



ROE 5.0% Higher



TIE 41.3 Higher


Revenue growth rate

18.2% Lower

Total turnover ratio 0.9 Equal


5.2 Higher

ROA 1.5% Higher



76



Clarius Group


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


267 million dollars

Stock Exchange： Australian Securities Exchange Stock Code: CND

About：

Clarius GroupNO.42

Clarius Group Limited (ASX: CND) is an Australia-based company. The Company 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.


-7 9 -8 90




116 123 58 24




54 55 25 0.2



ROE 10.0% Higher



TIE / /


Revenue growth rate

0.4% Lower



4.9 Lower

ROA 7.3% Higher



77



Hydrogen Group Plc


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


242 million dollars

Stock Exchange： London Stock Exchange Stock Code: HYDG

About：

Hydrogen Group PlcNO.43

Hydrogen Group plc （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.


6 4 6 39




68 69 43 29




40 41 30 /



ROE 10.0% Higher



TIE / /


Revenue growth rate

27.1% Higher



5.9 Higher

ROA 5.6% Higher



78



Humanis Group Limited

Headquarters： Melbourne， Australia Country: Australia

Established: 2009 Website: http://www.humanis.com.au/

Main Business: Recruitment/headhuntingAnnual revenue of 2011:

222million dollars

Stock Exchange： Australian Securities Exchange Stock Code: HUM

About：

Humanis Group LimitedNO.44

Humanis Group Limited（ASX:HUM）, formerly Total Staffing Solutions Limited, is a specialist labour hire, professional placement and international recruitment firm trading under the brands of TSS, Westaff and UltimateSkills. The Company operates in four segments: Domestic Recruitment - Australia, International Recruitment Australia, Domestic Recruitment

- New Zealand and other. Domestic Recruitment Australia segment is involved in the placement of temporary and permanent workers sourced domestically. International Recruitment - Australia segment is involved in the placement of temporary and permanent workers sourced internationally. Domestic Recruitment - New Zealand segment is involved in the placement in New Zealand of temporary and permanent workers sourced domestically. On 29 November 2009, the Group acquired 100% of the shares of Westhum Group Limited. In July 2009, the Company also completed the acquisition of UltimateSkills Global Pty Ltd.


-2 -6 -5 40




109 81 32 60




30 27 69 3.7



ROE -15.0% Lower



TIE / /


Revenue growth rate

70.8% Higher



8.4 Higher

ROA -7.5% Lower



79


前程无忧Company name in English:

51Job Inc

Headquarters： Shanghai, China Country: China

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


218 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: JOBS

About：

51Job IncNO.45

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.


70 61 74 335




406 349 368 72




7 6 72 /



ROE 18.4% Higher



TIE / /


Revenue growth rate

32.1% Lower



36.8 Higher

ROA 17.6% Higher



80



HRnetOne Group

Headquarters： Singapore Country: Singapore

Established: 1992 Website: www.hrnetone.com

Main Business: Hunting&RPOAnnual revenue of 2011:

203 million dollars


About：

HRnetOne GroupNO.46

The HRnet Group consists of companies separately consolidated under 2 Singapore incorporated and headquartered companies namely HRnet One Pte Ltd (including 15 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 Talent Acquisition, Talent Retention and Talent Management & Retention. The Group has offices in 10 cities covering Beijing, Shanghai, Guangzhou, Taipei, HK, 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 Humility.


26 / 27 75




103 103 102 28




/ / 28 /


Net profit margin / /

ROE / /



TIE / /


Revenue growth rate

44.1% Higher



/ /

ROA / /



81



Dice Holdings, Inc


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


179 million dollars

Stock Exchange： New York Stock Exchange Stock Code: DHX

About：

Dice Holdings, IncNO.47

Dice Holdings, Inc. (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.


55 34 53 209




326 323 84 84




21 20 117 1.4



ROE 16.3% Higher



TIE 39.2 Higher


Revenue growth rate

38.9% Higher



8.8 Lower

ROA 10.6% Higher



82



The ReThink Group

Headquarters： Birmingham Country: The United Kingdom

Established: / Website: http://therethink-group.com/

Main Business: E-HRAnnual revenue of 2011:

123 million dollars

Stock Exchange： LON Stock Code: PRP

About：

The ReThink GroupNO.48

The ReThink Group plc is engaged in delivering resourcing solutions and professional services to its clients and partners. The Company operates in three segments: Recruitment, Talent Management and Technology Services. It is also a holding company. It operates in the United Kingdom. Rethink focuses on providing organizational transformation services in the areas of People Talent and Technology enablement. Recruitment is operated by the Company’s subsidiaries and includes

both permanent and contract recruitment. Permanent recruitment includes the placing of candidates in permanent employment roles. Contract recruitment includes the placing of candidates in fixed term roles. Talent Management is operated by ReThink Professional Services Limited. Technology Services is operated by Aiimi Limited and TrustTech Limited. This segment provides technical advice, support and project management. On June 17, 2011, it acquired the interests of ReThink Acquisitions Limited and Berkley Group.


3 2 4 9




40 34 33 /




31 28 / 0.2



ROE 16.9% Higher



TIE 27.0 Lower


Revenue growth rate

42.0% Higher



4.4 Lower

ROA 4.6% Lower



83



Saba Software, Inc.

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

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

Main Business: e-learningAnnual revenue of 2011:

117million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: SABA

About：

Saba Software, Inc.NO.49

Saba Software, Inc. （NASDAQ:SABA） is a provider of people systems, which constitute a class of business-critical software that combines enterprise learning, people management and collaboration technologies. Its solutions are available both on-premise and in the cloud, and are underpinned by global

services capabilities consisting of consulting, implementation and education services and worldwide support. Saba People Systems consists of the Saba People Suite and global services capabilities consisting of strategic consulting, implementation and education services, and worldwide support. The Saba People Suite includes products within the Saba Learning Suite, the Saba Performance Suite and the Saba Collaboration Suite. The Saba People Suite is available through both SaaS and on-premise delivery models.


-6 -7 -7 43




114 109 57 63




28 25 70 /



ROE -16.7% Lower



TIE / /


Revenue growth rate

6.5% Lower



4.6 Higher

ROA -6.7% Higher



84



ClickSoftware Technologies Ltd.

Headquarters： Petach Tikva Country: Israel

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


87 million dollars

Stock Exchange： NASDAQ Stock Exchange Stock Code: CKSW

About：

ClickSoftware Technologies Ltd.NO.50

ClickSoftware Technologies Ltd. (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.


15 12 15 59




91 85 80 26




26 21 32 /



ROE 20.7% Higher



TIE / /


Revenue growth rate

22.6% Lower



4.1 Lower

ROA 14.3% Higher



85


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


80 million dollars

Stock Exchange： Taiwan Stock Exchange Stock Code: 3130

About：

104 Job BankNO.51

104 Corporation （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.


9 7 8 41




61 61 54 19




7 7 20 /



ROE 18.3% Higher



TIE / /


Revenue growth rate

2.3% Lower



11.4 Lower

ROA 12.3% Higher



86



Cornerstone OnDemand

Headquarters： The USA Country: The USA

Established: 1996 Website:http://www.cornerstoneondemand.

com/


73 million dollars

Stock Exchange： NASDAQ Stock Code: CSOD

About：

Cornerstone OnDemandNO.52

Cornerstone OnDemand, Inc. (Cornerstone) 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.


-19 -64 -64 62




135 89 127 67




34 28 73 0.9



ROE -102.3% Lower



TIE / /


Revenue growth rate

67.0% Higher



2.7 Lower

ROA -71.7% Lower



87



Fortune Industries, Inc.

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

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


64 million dollars

Stock Exchange： American Stock Exchange Stock Code: FFI

About：

Fortune Industries, Inc.NO.53

Fortune Industries, Inc. （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.


2 2 2 18




30 29 13 11




3 2 11 0.04



ROE 10.0% Lower



TIE 47.8 Lower


Revenue growth rate

6.0% Lower



27.7 Higher

ROA 6.3% Higher



88



Hamilton James & Bruce Group

Limited


Established: 1979 Website: http://www.hjb.com.au


56 million dollars

Stock Exchange： Australian Securities Exchange Stock Code: HJB

About：

Hamilton James & Bruce Group LimitedNO.54

Hamilton James & Bruce Group Limited （ASX:HJB） is an Australia-based company. The Company is engaged in the provision of employee placement, temporary and contracting services. It permanent recruitment services include recruiting at the senior executive, management, operational and support levels. Its temporary and contracting services recruiting specialists for both short and long term contract assignments, covering executive, management, operational

and support levels. Its clients operate in various sectors, including accounting, banking, finance and insurance, business support, contracting, government, human resources, legal, technology, and property, construction and engineering. On December 18, 2009, the Company discontinued its New PDH Ltd, which is engaged in provincial personnel business. Its subsidiaries include Hamilton James and Bruce Pty Limited, HJ&B Employee Pty Limited, HJ&B Employee Share Trust and HJB Share Plan Pty Limited.


0.4 0.4 0.4 10




17 17 9 6




7 7 8 0.5



ROE 4.4% Lower



TIE 1.7 Lower


Revenue growth rate

14.7% Lower



8.6 Higher

ROA 2.5% Lower



89


ATA公司Company name in English:

ATA Inc.

Headquarters： Beijing, China Country: China

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

Main Business: Talent AssessmentAnnual revenue of 2011:

48 million dollars

Stock Exchange： NASDAQ Stock Market Stock Code: ATAI

About：

ATA Inc. NO.55

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).


3 3 4 55




68 66 49 12




13 13 13 /


Net profit margin 6.6% /

ROE 5.8% /

Debt-asset ratio 19.3% /

Current ratio 4.0 /

TIE / /


Revenue growth rate

34.1% /

Total turnover ratio 0.7 /


3.8 /

ROA -18.4% /

Operating margin 6.9% /


90



DLH

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

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

Main Business: HR OutsourcingAnnual revenue of 2011:

42 million dollars


About：

DLHNO.56

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.


-4 -4 -5 6




22 23 13 16




11 11 8 0.3



ROE -77.8% Lower



TIE 1.7 Lower


Revenue growth rate

2.6% Lower



3.8 Lower

ROA -18.4% Lower



91

Company name in Chinese： / Company name

in English:Prime People


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


20 million dollars

Stock Exchange： LON Stock Code: PRP

About：

Prime PeopleNO.57

Prime People PLC 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.


1.4 1.1 0.2 22




24 25 9 3




5 5 3 /



ROE 5.0% Lower



TIE / /


Revenue growth rate

-8.7% Lower



4.3 Lower

ROA 4.4% Higher



92


in English:NetDimensions

Headquarters： Britain Country: Britain

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


12 million dollars

Stock Exchange： LON Stock Code: NETD

About：

NetDimensionsNO.58

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.


0.6 0.4 0.6 7




24 25 9 3




0.1 2 6 /



ROE 5.2% Higher



TIE / /


Revenue growth rate

48.2% Lower



6.0 Higher

ROA 3.0% Higher



93


in English:HRsoft

Headquarters： Ottawa, Canada Country: Canada

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


8 million dollars

Stock Exchange： FINRA - OTC Stock Code: WSTM

About：

HRsoftNO.59

HRsoft, formly Workstream, is a provider of software and services for human capital management (HCM). HRsoft has two segments: Enterprise Workforce Services and Career Networks. The Enterprise Workforce Services segment offers a range of HCM software solutions, which includes performance management, compensation

management, development, recruitment, benefits administration and enrollment, succession planning, and employee awards and discounts programs. The Career Networks segment offers recruitment research, resume management and career transition services. In addition, Career Networks provides services through a Website where job-seeking senior executives can search job databases and post their resumes, and companies and recruiters can post position openings and search for qualified senior executive candidates. HRsoft conducts its business primarily in the United States and Canada. In January 2011, the Company acquired Incentives Advisors, LLC.


-0.6 -0.2 -1.3 6




12 11 2 4




1 2 6 /



ROE -2.6% Higher



TIE / /


Revenue growth rate

-23.0% Lower



4.5 Higher

ROA -1.5% Higher

Operating margin -8.2% Higher


94

About the publisherHRoot is a leading management media and internet company whose brands include HRoot.com, a top HR management website in the world; "Human Capital Management", a high-end industry journal; "Overclass", an elite club of HR professionals; and "Annual Human Resources Awards in Greater China" and "HR service providers Expo", each being a high-profile industry event with utmost authority and foremost outreach. HRoot also provides mobile marketing service and has its cloud media platforms on iPhone, iPad and the Android system. HRoot's brands,"Global 50 Human Resources Service Providers" and "Top 100 Human Resources Service Brands in Greater China", are considered barometers of this industry.

DisclaimerThe 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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