Company: MP Solutions, Budapest, Hungary
Company Description: MP Solutions Ltd. is acting like an HR Consulting and RPO Agency, with a respected track record rolling over two decades. Our particular focus was on the Hungarian Market but over the past few years, we had secured numerous projects in both the U.S. and Europe, achieving an outstanding success rate in their execution.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Fastest-Growing Company of the Year - in Europe
 Nomination Title: How to Reach 741% Growth in Taxable Profit
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since 1 January 2022, OR written answers to the questions for this category? (Choose one):
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 198 words used.
MP Solutions Ltd. is one of the leading HR Consulting and RPO Agencies in Hungary, Europe, with a respected track record rolling over almost two decades since 2008.
MP Solutions’ name references the first letter of the last name of our two Founders Balázs Majer and Dávid Pelle. We are proud to represent a team of 53 colleagues (FTE) and 10+ subcontractors as of 2023.
Our particular focus is on the Hungarian labor market, but we operate internationally as well, we have large international and medium sized companies among our partners as well.
Over the past few years, we have secured numerous projects in both the U.S. and Europe, achieving an outstanding success rate in their execution.
The MP Solutions team has unique experience in various international and domestic recruitment and has worked on multiple technology and non-technology ramp-ups. Our Team is customer focused and characterized by complexity, project management approach and a solution driven mindset. Our success is a result of unique methodologies, flexibility and extensive network.
Our flagship and largest division is our Recruitment Process Outsourcing (RPO) department, dedicated to deliver a diverse range of high-quality services tailored to meet our clients specific needs.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's growth achievements since the beginning of 2022 that you wish to bring to the judges' attention (up to 250 words):
Total 235 words used.
The year 2022 was the peak of the "rebound" after COVID, for which we consciously prepared after the "shock" in 2020 with active business development, service portfolio cleaning, product development and talent pool building.
Recruitment in general has also changed due to the labor market situation, the external geopolitical and domestic economic situation, where traditional recruitment methods no longer guaranteed efficiency. In a data-oriented world, this is one of the reasons why RPO is an exceptional method.
Our RPO (Recruitment Process Outsourcing) and outsourced recruitment services brought most results and success, with nearly 15 large-volume RPO projects, we managed to become the largest Hungarian-owned outsourcing agency. Also we have established two other divisions; MPhackS and MPS Digital, supporting clients in creative ways of recruitment (MPhackS) and outsourcing technical teams in nearshoring (MPS Digital).
Due to the extensive change of approach and active business development, we have been able to almost triple our income in 2022. With this growth our after taxation profit was almost 9 times the income of 2021. This achievement makes us one of the fastest growing companies in Hungary but also the largest 100% domestically owned outsourcing agency.
Sales revenue in 2021: HUF 334.2 million
Sales revenue in 2022: HUF 946.1 million
Sales growth: 183.0 %
Taxed profit in 2021: HUF 34.5 million
Taxed profit in 2022: HUF 290.7 million
Increase in taxable profit: 741.8 %
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the growth achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 250 words used.
Most of our competition in Hungary mainly concentrated on extensive sales and acquisition of more clients to cover the loss of COVID and post-COVID business era, without significantly changing their product portfolio.
At MP Solutions we focused on changing with the environment and recognize patterns and trends on the Hungarian and international labor markets to develop new products and services for our partners.
Our company renewed its portfolio from almost only Headhunting & Selection to Recruitment Process Outsourcing (RPO) projects within a very short time. We have implemented a new business product that required a fully different setup and resources from our team. In order to open our RPO division we also increased our workforce with several new colleagues to cover the manpower needed by our clients.
We think the most important unique nature of our success is our commitment, love of profession, unconditional professional humility, perseverance and optimism, so that even in a difficult market period, a company can renew itself quickly and can focus on the future as soon as possible. With our huge increase in our revenue and new products we not only have grown financially but also turned into a medium-sized enterprise with more than 50 employees from a small-sized business (approx. 20 people) due to welcoming several more colleagues and new services. In addition to that compared to our previous performance as a company, in 2022 we managed to become the largest Hungarian owned RPO agency in terms of number, quality and value of projects.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 181 words used.
https://www.mps.hu/en
https://www.hrportal.hu/hr/a-10-leggyorsabban-novekvo-hr-toborzasi-szolgaltato-mp-solutions-kft.-20231004.html
HR Portal is the leading HR related news portals in Hungary. They have recognized our achievement and had one of our Founders Dávid Pelle in an interview to talk about how MP Solutions accomplished this growth and how we plan to continue.
HR Portal together with OPTEN (one of the largest company monitoring services in Hungary) have put together a list of the fastest growing HR service providers in Hungary, where based on the revenue and net income MP Solutions was 1st on of the list.
https://www.mps.hu/en/blog/dun-bradstreet-aaa-a-penzugyileg-legstabilabb-cegeknek-jaro-elismeresunk
In addition to that, we did not stop in our development and growth, becoming a Dun & Bradstreet certified “triple A” company, in 2023, recognizing our financial stability and business reliability as a company.
https://bbj.hu/shop/book-of-lists
Also according to the Budapest Business Journal (www.bbj.hu) in their 2023/2024 issue of the Book of lists, we became the 2nd largest Executive Search company in Hungary from the aspect of our revenue.
Official business datas please find here: FASTEST GROWING COMPANY
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