HRnetGroup

HRnetGroup is a recruitment and consulting company based in Singapore.[2] 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.[3][4][5][6] HRnetGroup is listed on the Mainboard of the Singapore Exchange under the stock code “CHZ”.[7][8]

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 (Executive Director), Adeline Sim (Executive Director and Chief Corporate Officer)[1]
Productsrecruitment, payroll processing, human resource (HR) consulting and corporate training
Number of employees
883 (2022)
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.[9]

As of 30 June 2022, the company had 883 employees worldwide with offices in China, Hong Kong, Indonesia, Japan, Malaysia, South Korea and Thailand.[3][10][11][12][13]

In 2016, Heliconia Capital, a unit of Singapore investment firm Temasek Holdings, invested in HRnetGroup.[14] 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.[15][16][17] In 2019, the company founded RecruitFirst in Taiwan.[18]

In 2020, RecruitFirst were established in Jakarta and HRnetOne were set up in Shenzhen.[19]

In 2021, REForce expanded into Chengdu.[20]

Investments and acquisitions

HRnetGroup holds a 14.47% share of voting rights for UK-based recruitment and training organisation Staffline Group.[21] HRnetGroup acquired a 51% stake in REForce (Shanghai) Human Resources Management Consulting in 2018.[22][23]

In 2018, the company invested US$378k in the recruitment website Glints.[24] The company acquired 51% stake in REForce (Shanghai) Human Resources Management Consulting in 2018.[25][26]

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).[27] 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 RecruitFirst recruit flexible workers.[5]

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.[28][29]
  • People Search/People First - specializes in Banking and finance, consumer, industrial and chemical, hospitality, IT, corporate functions, electronics and semiconductors, healthcare and life sciences.[5]
  • Recruit First - temporary staffing, contract staffing, executive search, payroll services, management consultancy[5]
  • REForce (Shanghai) - specializes in consulting services.[5]

References
  1. "Board of Directors". HRnetGroup. Archived from the original on 1 December 2021. Retrieved 1 December 2021.
  2. "An Asian champion with an understated, process-driven culture". HRnetGroup. Archived from the original on 2 December 2022. Retrieved 21 December 2020.
  3. Lee, Marissa (26 April 2018). "An Asian champion with an understated, process-driven culture". The Business Times. Archived from the original on 2 December 2022. Retrieved 21 December 2020.
  4. "She's all about people, people, people". The Straits Times. 19 June 2017. Archived from the original on 21 March 2018. Retrieved 21 December 2020.
  5. "HRNE.SI - Hrnetgroup Ltd Profile | Reuters". www.reuters.com. Archived from the original on 25 April 2023. Retrieved 21 December 2020.
  6. "Announcement Concerning Investment in HRnetGroup Limited" (PDF). Archived (PDF) from the original on 14 August 2022. Retrieved 21 December 2020.
  7. "SGX welcomes HRnetGroup Limited to Mainboard". Singapore Exchange (SGX). Archived from the original on 1 December 2021. Retrieved 1 December 2021.
  8. "HRnetGroup Limited (CHZ.SI)". Singapore Finance. Archived from the original on 1 December 2021. Retrieved 1 December 2021.
  9. "The Enterprise Award 2017" (PDF). Corporate Profile. Archived (PDF) from the original on 1 December 2021. Retrieved 1 December 2021.
  10. Tan, Melissa (12 June 2017). "Beginning the day with workouts to keep staff healthy". SGSME.SG. Retrieved 21 December 2020.
  11. Jacky, C. S. (11 March 2018). "7 Key Things to Know About HRnetGroup Ltd". Value Invest Asia. Archived from the original on 22 June 2021. Retrieved 21 December 2020.
  12. "Who Are The Major Shareholders In HRnetGroup Limited (SGX:CHZ)?". simplywall.st. Archived from the original on 25 April 2023. Retrieved 21 December 2020.
  13. Ngoh, Yi Sin (25 September 2018). "HRnetGroup Limited. Best candidate in town" (PDF). CGS-CIMB Research, company reports. Archived (PDF) from the original on 25 April 2023. Retrieved 21 December 2020.
  14. "Temasek arm Heliconia makes investment in HR recruitment firm HRnetGroup". DealStreetAsia. Archived from the original on 10 May 2021. Retrieved 6 March 2021.
  15. hermes (30 May 2017). "HRnetGroup readies for $175m IPO". The Straits Times. Archived from the original on 14 February 2021. Retrieved 4 February 2021.
  16. Tan, Melissa (8 June 2017). "HRnetGroup seeks to raise S$174m with IPO at S$0.90 per share". The Business Times. Archived from the original on 12 November 2018. Retrieved 4 February 2021.
  17. "Singapore – HRnetGroup full year revenue and profits climb". www2.staffingindustry.com. Archived from the original on 25 April 2023. Retrieved 4 February 2021.
  18. Heng, Janice (21 March 2019). "HRNetGroup to set up Taiwan branch". The Business Times. Archived from the original on 24 October 2020. Retrieved 4 February 2021.
  19. Tay, Vivienne (26 May 2022). "HRnetGroup co-invests S$500,000 into Indonesia flexible staffing business". The Business Times. Archived from the original on 26 May 2022. Retrieved 27 July 2022.
  20. Sim, Yong Siang (24 March 2022). "HRnetGroup : Registration of Chengdu Branch by Reforce (Shanghai) Limited". MarketScreener. Archived from the original on 25 April 2023. Retrieved 27 July 2022.
  21. "Singapore – HRnetGroup Discloses Change in Voting Rights Interest for Staffline". Staffing Industry Analysts. Archived from the original on 6 September 2021. Retrieved 6 September 2021.
  22. hermes (12 June 2018). "HRnetGroup in deal to acquire REForce stake". The Straits Times. Archived from the original on 27 November 2022. Retrieved 21 December 2020.
  23. "Singapore – HRnetGroup completes acquisition of China-based REForce". www2.staffingindustry.com. Archived from the original on 25 April 2023. Retrieved 21 December 2020.
  24. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Archived from the original on 9 November 2020. Retrieved 6 March 2021.
  25. hermes (12 June 2018). "HRnetGroup in deal to acquire REForce stake". The Straits Times. Archived from the original on 27 November 2022. Retrieved 4 February 2021.
  26. "Singapore – HRnetGroup completes acquisition of China-based REForce". www2.staffingindustry.com. Archived from the original on 25 April 2023. Retrieved 4 February 2021.
  27. "Company's locations and subsidiaries". HRnetGroup. Archived from the original on 1 December 2021. Retrieved 1 December 2021.
  28. "Hong Kong or Singapore: Which City Is Best for Expats?". Bloomberg. 28 June 2017. Archived from the original on 1 December 2021. Retrieved 1 December 2021.
  29. "Recruitment industries". HRnetOne. Archived from the original on 1 December 2021. Retrieved 1 December 2021.
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