One of my friends has started an HR consulting firm but hasn't been able to fill many positions or acquire top clients. Through our research, we discovered that the market conditions are challenging, with many consultancies operating at a 4-5% success rate. Could you please provide me with some insights on this matter?
From India, Chennai
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From India, Chennai
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Dear Jayashree,
While other members who are involved in the business of recruitment will offer their valuable opinions, as an outsider, I can say that the recruitment industry has been saturated for a long time. The industrial slump has further impacted it.
Even if the industrial slump were to diminish tomorrow and a boom time were to return, the competition in this industry would remain fierce. The market is overly crowded.
Another "weakness" of this industry is the lack of innovation. There is a limited scope for introducing new ideas, products, or services. Differentiation is challenging, and the monotonous nature of the work makes it difficult to attract talented employees. Recruitment is often viewed as a temporary solution, and recruiters aspire to transition into HR generalist roles.
From 1995 to 2008, there was a boom in recruitment, with minor exceptions from 2001 to 2003. Those who entered the industry during those times have likely recouped their investments and are now focused on sustaining their businesses.
My perspective is based on the strategic aspects of the recruitment industry. As mentioned earlier, other members, possibly insiders, can provide their valuable insights.
Thanks,
Dinesh V Divekar
From India, Bangalore
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8220While other members who are involved in the business of recruitment will offer their valuable opinions, as an outsider, I can say that the recruitment industry has been saturated for a long time. The industrial slump has further impacted it.
Even if the industrial slump were to diminish tomorrow and a boom time were to return, the competition in this industry would remain fierce. The market is overly crowded.
Another "weakness" of this industry is the lack of innovation. There is a limited scope for introducing new ideas, products, or services. Differentiation is challenging, and the monotonous nature of the work makes it difficult to attract talented employees. Recruitment is often viewed as a temporary solution, and recruiters aspire to transition into HR generalist roles.
From 1995 to 2008, there was a boom in recruitment, with minor exceptions from 2001 to 2003. Those who entered the industry during those times have likely recouped their investments and are now focused on sustaining their businesses.
My perspective is based on the strategic aspects of the recruitment industry. As mentioned earlier, other members, possibly insiders, can provide their valuable insights.
Thanks,
Dinesh V Divekar
From India, Bangalore
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