Headhunters, pressured on quality of delivery, fee and timelines, believe hiring will become more professional and technology-driven, and the sector will see consolidation.
For headhunters, the sun never sets. When the economy is on a roll and companies are on a hiring spree, they scramble to find the right talent. And as the economy cools down and firms lay off people, recruiters have the job of placing them elsewhere.
“The growth in the job market is fuelled by India’s growth, foreign direct investment, additions to the workforce, greenfield and brownfield projects,” says E. Balaji, chief executive officer, Ma Foi Management Consultants Ltd. “We estimate the creation of one million new jobs this year.”
This rapid job creation has, in turn, led to a phenomenal rise in the number of headhunters in India. The latest to join this niche sector are Mumbai-based staffing company Flex-i Staffing Solutions Pvt. Ltd, Bangalore-based human resources (HR) solutions start-up Ikya Human Capital Solutions Pvt. Ltd, and leading global search firm Russell Reynolds Associates Inc. Two other global executive search firms—CTPartners and AT Kearney Executive Search, now Edward W. Kelley and Partners Ltd—are said to be in talks to start operations in India.
“Hiring firms have been doing exceedingly well in the last several years in India,” says Marcel R. Parker, chairman, Ikya Human Capital. “Because of the high growth rates experienced in sectors like real estate, retail, telecommunications and financial services, the need for newer talent has also grown exponentially.”
The entry of multinational companies (MNCs) and a growing number of organized players has brought professionalism into the sector, say headhunters. “The recruitment industry in India has come a long way,” says Rajeev Vasudeva, partner, Egon Zehnder International. “Yet, like anywhere else in the world, the market is fragmented and has not got really structured, which will change over a period of time.”
“The recruitment industry is moving from one-off transaction-based recruitment to becoming a relationship-led business where credibility is the key,” says R. Suresh, managing director, Stanton Chase India.
The growth, however, has not been without its problems. “Some of the recruitment practices are quite devious,” says P. Dwarakanath, director of group human capital at Max India Ltd. “What is happening, even at the senior-level hiring, is not really search but placement. Hiring should mean talent acquisition, and not just getting a candidate on board.”
Source: www.livemint.com
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