How Has The Market Size Of India’s Recruitment Business Increased?

Posted on January 9, 2019July 8, 2021 by b3brain

A closer look at the recruitment business in India will make you realise that its market size has increased drastically in the last few years. Anyone with years of experience in the staffing business will agree with the fact that there are now hundreds of companies scattered all over India which require skilled professionals for various projects. Whether they are looking for IT staffing, direct hire, sales staffing or engineering services, there are numerous placement consultants to help them out.

A Change In India’s Staffing Trend

According to a study conducted recently, the trend India’s staffing industry follows has changed drastically in the last few years. Check out loansflow.co.uk and there have been some major changes in this sector as new industries like telecom, e-commerce and insurance has emerged, the tenure of senior executives has become shorter and the junior executives can now choose from numerous job opportunities. IT and engineering industries have augmented their cyclical needs to make complete utilisation of staff outsourcing. Contract-to-hire models are being utilised by larger brands to test the talent of the professionals before boarding them.

How India Is Planning To Project Itself As A Large Market For Staffing?

The staffing space has matured globally as a formalisation of employment was pushed at a faster rate due to GST and demonization. Companies can’t deny the importance of time workforce. Some of the large companies are also trying to reach out to the rural markets with the motive of market penetration and so they now require huge workforce. The staffing industry is also growing because of the large demand for contractual staff. The increased market size of recruitment business in India and the thousands of placement consultants scattered all over the country proves that it is planning to project itself as one of the largest markets for staffing.

The Growth Witnessed By The Specialist Staffing Business

Lower bench strengths have become a necessity for IT companies. This means that predicting the skills the IT industry will require in the next few years has become a daunting task for organisations. Automobile companies are also trying their level best to maintain the existing market demands while at the same time include the latest green/electric vehicles. All these have become vital reasons behind the growth of the specialist staffing business. Since India is now ready to deal with all the challenges faced by our staffing industry, it’s time companies also start making full utilisation of the renowned recruitment consultants.

Know How Brand Equity Help Recruitment Agencies And Their Clients

Posted on September 27, 2018April 16, 2024 by b3brain

The importance of brand equity is something which can never be neglected in the recruitment industry. This is simply because everyone prefers opting for trusted brands instead of their cheaper alternatives. Not only does it help recruitment agencies sell their services at a higher price but also secure reliable and reputed clients for their businesses. Few other vital benefits of brand equity have been stated below.

3 Prime Reasons Why Brand Equity Is Like A Bridge Between Recruitment Agencies And Their Clients

• Sales Increases
It is easier for clients to trust a recruitment agency which focuses on brand equity as it reflects their quality, ideals, value. So they can stay assured of getting the type of services they are expecting. Even if the brand they trust is offering some new functions, customers prefer paying for those instead of opting for services they are familiar with. Even recruitment agencies focus on building brand equity as it becomes easier for them to achieve repeat customers and keep themselves ahead of new entrants in the industry.

• Higher Profits
Not everyone is aware of the fact that clients tend to pay more for the services offered by a trusted brand. In short, people can tolerate high prices when it is about their favourite brands which help companies earn higher profits. This is why various recruitment agencies try to build brand equity instead of focusing on emotions as it helps in higher profit margins. Even if the brand is not capable of demonstrating why their services are superior to competitors, it doesn’t affect their price structure.

• Quite Influential
One of the main reasons why Brand Equity is treated as a bridge between a recruitment agency and its clients is because it develops a strategic partnership between them. Clients are inclined to team up with agencies connected with influential brands. This further helps in improving brand equity between both the partners. Recruitment agencies with higher brand equity can easily recruit talent as job seekers treat their reputation as a sign indicating good job attributes. They know that if they can approach a renowned agency, they will get help even before their next job.

Time For Recruitment Agencies To Focus On Brand Equity

The easiest way through which a recruitment agency can build brand equity is through a proper marketing strategy and communication. They need to develop a customer-based brand equity model which will become a strategy and help them to move forward. When the agency reflects a brand and generates a positive attitude towards it, even job seekers understand that taking the aid of such agencies is a must for their success.

Trending Recruitment Practices in India & Road Ahead

Posted on May 22, 2018April 16, 2024 by b3brain

The Indian economy is growing at an attractive rate. As a result, the demand for talented professionals is increasing across many sectors to deliver rapid and sustained growth.

Therefore, Indian recruiters will be facing significant pressure in attracting and retaining top talent. In fact, experts found that 79% of Indian organisations project increased hiring for 2016-17. This seems to be a critical time for Indian recruiters to evolve and be as innovative and nimble as possible. In this article, we have broken down the 5 key recruitment trends happening in India right now and some key actions Indian recruiters can take in this new landscape.

Trend #1. Increasing Gap Between Hiring Volume and Budget

After a positive year with the gap between hiring volume and recruitment budget getting narrower, yesteryears saw this gap get significantly wider. This means Indian recruiting leaders must do more with less and invest wisely check out loanstip.co.uk. This finding from LinkedIn’s India Recruiting Trends report makes it all the more difficult for recruitment teams to overcome the obstacles associated with attracting top quality candidates from high-demand talent pools.

The disparity between volume and budget means recruitment teams need to use creative and cost-efficient ways to meet their goals. Some of the trends that follow are evidence of this, with more companies focusing on less costly channels such as employer branding and employee referrals so as to not break the bank.

Trend #2. Quality of Hire

One of the key priorities for HR consultants in Kolkata for the foreseeable future is optimising ‘quality of hire’. According to LinkedIn, talent leaders believe ‘quality of hire’ is the most valuable performance metric to track hiring effectiveness. While the urgency to fill open positions led to ‘time to fill’ getting the biggest increase in attention over the past year, ‘quality of hire’ remains the most valuable key performance indicator for recruiters.

Common challenge recruiters face is finding the best way to measure this metric. And there seems to be no unified way to measure this, with Indian recruiters tracking ‘quality of hire’ in various different ways. Time to productivity, new hire performance evaluation and early attrition are all used to determine this success metric. Aligned with this, hiring manager effectiveness in identifying the best talent is a key enabler in optimising this metric. This means employers need to build the interviewing capabilities of hiring managers.

Trend #3. Employer Branding

With the increased demand for talent for many economic sectors in India, recruiters are beginning to realise the positive impact a well defined and consistently communicated employer brand can have in attracting top candidates. With senior leadership starting to take a keen interest in their companies’ employer brands, this is starting to grow as a big priority.

Almost every recruiting agency for companies in India believes that recruiters need to start building cross-functional relationships, specifically with marketing. This will help them in order to build attractive employer brands and gain a competitive edge. According to LinkedIn’s report, social media is on the biggest upward trend when it comes to employer branding tools, with traditional channels like LinkedIn and websites falling in popularity. Also becoming more popular is using employees as brand ambassadors who can help communicate a distinguished employer brand.

Trend #4. Employee Referrals

Using employees as brand ambassadors is the perfect segue into the next big Indian trend: employee referrals. Employee referrals as a source of hire in India have grown in size and importance, especially in the last year. Reasons for this include the need to reduce cost per hire and getting access to passive talent that would be otherwise not available for recruiters. A big finding in the LinkedIn study was that India is leveraging employee referrals extremely well and that they actually lead usage in this across the world.

If an organization is not using employee referrals as one of its main sources of hire, it needs to start experimenting with this immediately as it is fast becoming a key trend in the Indian recruitment market. Recruiters may face some challenges in getting internal buy-in as well as developing one that incorporates current technology (digital and mobile) but these programmes can drastically improve candidate quality, quality of hire and employee retention. The organization should be sure to communicate to employees what they can expect from the employee referral programme and make sure to incentivise them with rewards.

Trend #5. Analytics

Given that Big Data has swept into every industry and has become the key basis of competition and growth for enterprises of all sizes, it comes as no surprise that the integration of talent analytics and key hiring decisions is becoming a top priority. According to some experts, 65% of Indian companies now have dedicated team members for talent assessments, data analytics and technology.

That being said, many companies lack the ability to effectively crunch the data. Recruitment teams need to start building an in-house capability to drive data-based hiring by educating themselves on best practices, tools and techniques, as well as selecting the metrics that really matter. Glassdoor recommends some key metrics one can measure around the quality of hires, influence over hires, and retention, which should serve as a good starting point.

These are the 5 biggest recruitment trends that India recruiters need to look out for.