HRnetGroup

HRnetGroup is a recruitment and consulting company based in Singapore.[2][3] The company operates in the areas of flexible staffing as well as professional recruitment in various industries including finance, manufacturing, retail, and technology, among others.[4][5][6][7] HRnetGroup is listed on the Mainboard of the Singapore Exchange under the stock code “CHZ”.[8][9]

HRnetGroup
TypePublic
SGX: CHZ
IndustryEmployment agency
Founded1992
FounderPeter Sim
Headquarters
Singapore
Area served
Singapore, China, Hong Kong, Taiwan, Malaysia, Japan, South Korea, Indonesia, Thailand
Key people
Peter Sim (Founder and Chairman), JS Sim (CEO), Adeline Sim (Chief Legal Officer)[1]
Productsrecruitment, payroll processing, human resource (HR) consulting and corporate training
Number of employees
800+ (2018)
Websitewww.hrnetgroup.com

History

HRnetGroup was founded in 1992 by Peter Sim, a former human resources director at Thomson Consumer Electronics and Honeywell. The company began with four employees and the first overseas office was opened in Kuala Lumpur in 1994.[10]

As of 2018, the company had 809 employees and offices in China, Hong Kong, Indonesia, Japan, Malaysia, South Korea and Thailand.[4][11][12][13][14]

In 2016, Heliconia Capital, a unit of Singapore investment firm Temasek Holdings, invested in HRnetGroup.[15] In June 2017, HRnetGroup raised S$174m through an IPO on the Singapore Exchange, selling stocks for S$0.90 per share. from institutional and other investors including Affin Hwang Asset Management Berhad, Credit Suisse, and Fidelity International.[16][17][18] In 2019, the company founded a Taiwanese division called RecruitFirst.[19]

Investments and acquisitions

HRnetGroup holds a 14.47% share of voting rights for UK-based recruitment and training organisation Staffline Group.[20] HRnetGroup acquired a 51% stake in REForce (Shanghai) Human Resources Management Consulting in 2018.[21][22]

In 2018, the company invested US$378k in the recruitment website Glints.[23] The company acquired 51% stake in REForce (Shanghai) Human Resources Management Consulting in 2018.[24][25]

Operations and subsidiaries

HRnetGroup operates through its headquarters in Singapore and satellite offices in the following countries: Singapore, China, Hong Kong, Taiwan, Thailand, Malaysia, Japan, South Korea and Indonesia. As of 2021, the company has opened 11 subsidiaries in Asia including HRnetOne (1992), Recruit Express (1996), People Search (2000), People First (2005), Recruit Legal (2005), SearchAsia Consulting (2005), Recruit First (2013), YesPay (2016), HRnetRimbun (2018), REForce (2018) and Center Point Personnel (2018).[26] Some of the subsidiaries act as specializing agencies that recruit professionals for specific industries. For instance, its subsidiaries HRnet One, PeopleSearch, PeopleFirst and SearchAsia work with professional industries while Recruit Express and RecruitFirs recruit flexible workers.[6]

Notable subsidiaries
  • HRnetOne - established in 1992 with the first office in Singapore, it is the oldest and largest subsidiary in the HRnetGroup. In addition to the headquarters in Singapore, it operates offices in Kuala Lumpur, Malaysia, Beijing, Shenzhen, Hong Kong, Taipei, Tokyo, Bangkok and Seoul. Its main areas of recruitment include Healthcare and Life Science, Retail and Sourcing, Consumer, Industrial & Chemical, Food Science, Automotive, Real Estate and Construction, Technology and Communications, along with functional practices in HR, Finance & Accounting, and Legal & Compliance.[27][28]
  • People Search/People First - specializes in Banking and finance, consumer, industrial and chemical, hospitality, IT, corporate functions, electronics and semiconductors, healthcare and life sciences.[6]
  • Recruit First - temporary staffing, contract staffing, executive search, payroll services, management consultancy[6]
  • REForce (Shanghai) - specializes in consulting services.[6]

References
  1. "Board of Directors". HRnetGroup.
  2. "HRnetGroup". The Business Times.
  3. "An Asian champion with an understated, process-driven culture". HRnetGroup.
  4. Lee, Marissa (2018-04-26). "An Asian champion with an understated, process-driven culture". The Business Times. Retrieved 2020-12-21.
  5. hermes (2017-06-19). "She's all about people, people, people". The Straits Times. Archived from the original on 2018-03-21. Retrieved 2020-12-21.
  6. Reuters Editorial. "HRNE.SI - Hrnetgroup Ltd Profile | Reuters". www.reuters.com. Retrieved 2020-12-21.
  7. "Announcement Concerning Investment in HRnetGroup Limited" (PDF).
  8. "SGX welcomes HRnetGroup Limited to Mainboard". Singapore Exchange (SGX).
  9. "HRnetGroup Limited (CHZ.SI)". Singapore Finance.
  10. "The Enterprise Award 2017" (PDF). Corporate Profile.
  11. Tan, Melissa (2017-06-12). "Beginning the day with workouts to keep staff healthy". SGSME.SG. Retrieved 2020-12-21.
  12. Jacky, C. S. (2018-03-11). "7 Key Things to Know About HRnetGroup Ltd". Value Invest Asia. Retrieved 2020-12-21.
  13. "Who Are The Major Shareholders In HRnetGroup Limited (SGX:CHZ)?". simplywall.st. Retrieved 2020-12-21.
  14. Ngoh, Yi Sin (2018-09-25). "HRnetGroup Limited. Best candidate in town" (PDF). CGS-CIMB Research, company reports.
  15. "Temasek arm Heliconia makes investment in HR recruitment firm HRnetGroup". DealStreetAsia. Retrieved 2021-03-06.
  16. hermes (2017-05-30). "HRnetGroup readies for $175m IPO". The Straits Times. Archived from the original on 2021-02-14. Retrieved 2021-02-04.
  17. Tan, Melissa (2017-06-08). "HRnetGroup seeks to raise S$174m with IPO at S$0.90 per share". The Business Times. Archived from the original on 2018-11-12. Retrieved 2021-02-04.
  18. "Singapore – HRnetGroup full year revenue and profits climb". www2.staffingindustry.com. Retrieved 2021-02-04.
  19. Heng, Janice (2019-03-21). "HRNetGroup to set up Taiwan branch". The Business Times. Archived from the original on 2020-10-24. Retrieved 2021-02-04.
  20. "Singapore – HRnetGroup Discloses Change in Voting Rights Interest for Staffline". Staffing Industry Analysts. Retrieved 6 September 2021.
  21. hermes (2018-06-12). "HRnetGroup in deal to acquire REForce stake". The Straits Times. Retrieved 2020-12-21.
  22. "Singapore – HRnetGroup completes acquisition of China-based REForce". www2.staffingindustry.com. Retrieved 2020-12-21.
  23. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2021-03-06.
  24. hermes (2018-06-12). "HRnetGroup in deal to acquire REForce stake". The Straits Times. Retrieved 2021-02-04.
  25. "Singapore – HRnetGroup completes acquisition of China-based REForce". www2.staffingindustry.com. Retrieved 2021-02-04.
  26. "Company's locations and subsidiaries". HRnetGroup.
  27. "Hong Kong or Singapore: Which City Is Best for Expats?". Bloomberg.
  28. "Recruitment industries". HRnetOne.
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