The Recruitment Industry is one of the fastest growing industries both globally as well as in India. In 2018,the market size of the recruitment Industry was around 148.1 billion US dollars and is likely to increase to more than 157 billion US dollars by 2020. As a result, more start-up companies are initiating their journey in this particular industry. Starting a career in the recruiting industry is both challenging and Profitable. Specially during this period when the market is fast expanding its foot in every sphere.
The recruitment Industry mostly comprises of the recruitment agencies or the external recruiters who work for themselves unlike internal recruiters and assist different organizations to meet their employee demands. These new Start-Up Recruiting Companies working for the various organizations earn a good amount of profit in the initial months of the journey. In fact, these staffing agencies can make an earning of about $103,000 in a period of a year.
These recruiting and staffing market is vastly contributing to the growing economy of the major countries like USA and UK. Being one of the highly competitive industries all across the globe, the Recruitment Industry always need to strive to make proper strategies in order to gain profits.
Since the chief work of these Recruiting companies is to act as an intermediary between the employers and the candidates, they constantly seek to get the suitable and skilled candidates for their clients. These clients or the Organisations employing these recruiting agencies to hire temporary or permanent candidates for their job vacancies realized it that this is a cost effective, easier and valuable way to get the best suited employees. At the same time, with the rising unemployment issues, the Candidates too have been seeking the help of these agencies. As a result, there has been a rise in the demand the of such agencies. Therefore, more start-up recruiting companies are coming up. And since it has been creating a high demand, these startups are witnessing business from both the clients and the people looking for jobs.
New Companies which have Kicked Off their Journey Recently in the Industry of Recruitment should keep in Mind Some of the Following Strategies to Generate Profits not only in the Initial Days, but in the Long Term.
- Firstly,these companies should be putting much time and focus on collecting the candidate data and creating the database of the skilled and talented candidates as per industry requirements.
- Secondly, selecting the right business is important not only in the initial period but throughout. For earning profits, one needs to reject at times as it’s better to say no than bearing high loses at the very initial stages. So, instead of running to get every business orders, the start-ups need to put more emphasise on the existing client and candidate relationships.
- Thirdly, the ones new in the industry should know how and why to put priority to the long term contracts of clients with high margin
- Fourthly, it is tremendously important to train your recruiters to develop their soft skills so as to enable them to sell off the candidates to the employers as per their required demands.
The new startups in the recruiting industry can be able to make higher profit margins with simple strategies and make a good position in the market. The market of this industry being highly competitive and challenging demands constant struggle and tricks to make up to the target.
However, with the ongoing pandemic of COVID-19, the situation might be different as unemployment rate has been on a rise. The deadly disease has affected the global economy and disrupted in every possible way. As a result, a number of sectors are going to be affected. The pandemic brought back a high recession that is going to disrupt the economic structure. However, since recruiting industry is a flourishing sector, it is considered to find ways to bounce back.
Norlox Solutions, a Kolkata based recruitment startup has been treading the path of success by following the basic strategies that has been helping in fulfilling the targets. The recruitment agency has been the suitable intermediary between it’s valuable clients and skilled candidates. It has been successful in helping the candidates getting the right job as per their skills and interests.