Hello everybody, Greetings for the Day!!
As we all are aware that lots of companies have stopped hiring due to slow down process. In my circle lots of people were working in the consultancy and due to slow down most of them got shut down. I want to get a suggestion that how all these people/ recruiters can solve there unemployment problem? They are not getting any call neither from any company nor from any consultancy.
Seniors, Kindly suggest what to do? As we are still in dilemma that when this slow down process will stop and the job market will be stable? Its really very difficult to survive without any job and it becomes harder when you are not living with your family.
Kindly suggest…..awaiting for your useful response.
From India, Madras
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1As we all are aware that lots of companies have stopped hiring due to slow down process. In my circle lots of people were working in the consultancy and due to slow down most of them got shut down. I want to get a suggestion that how all these people/ recruiters can solve there unemployment problem? They are not getting any call neither from any company nor from any consultancy.
Seniors, Kindly suggest what to do? As we are still in dilemma that when this slow down process will stop and the job market will be stable? Its really very difficult to survive without any job and it becomes harder when you are not living with your family.
Kindly suggest…..awaiting for your useful response.
From India, Madras
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I think we have to look onto the positive side. Consultancies should conduct an intensive search for Business Development opportunities. There are a lot of openings in Healthcare, Education, and Insurance verticals. They should not depend solely on existing clients. It seems that if there are no openings with current clients, they believe there is no business and ultimately shut down. This is really pathetic. They should be proactive.
I believe we should always focus on the half-filled glass of juice rather than on the half that is unfilled. Let's be optimistic.
From India, Madras
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I believe we should always focus on the half-filled glass of juice rather than on the half that is unfilled. Let's be optimistic.
From India, Madras
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Hi Members,
Economic slowdown is hurting many budding professionals. I am trying to find an answer to the question of Aniita.
It is apparent that "They are not getting any call neither from any company nor from any consultancy" because the companies or consultancies are not in a position to afford full-timers. They are not generating enough business to deploy full-time staff functionaries - I presume.
In this scenario, it would make sense for a handful of you to come together and float a "HR Outsourcing Services LLC." Identify some core areas where you have strengths, offer these services as your finished product, and enter the SME market where the small entrepreneur will not have his own HR set-up.
Of course, this needs entrepreneurial drive and identifying niche markets where you can be a marginal player. But trust me, the future belongs to such companies. Many companies are thinking of outsourcing low-value, large quantity HR transactions and retaining only strategic HR for themselves. When the market opens up, say 15-18 months down the line, you are there!
Best wishes.
From India, Changanacheri
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Economic slowdown is hurting many budding professionals. I am trying to find an answer to the question of Aniita.
It is apparent that "They are not getting any call neither from any company nor from any consultancy" because the companies or consultancies are not in a position to afford full-timers. They are not generating enough business to deploy full-time staff functionaries - I presume.
In this scenario, it would make sense for a handful of you to come together and float a "HR Outsourcing Services LLC." Identify some core areas where you have strengths, offer these services as your finished product, and enter the SME market where the small entrepreneur will not have his own HR set-up.
Of course, this needs entrepreneurial drive and identifying niche markets where you can be a marginal player. But trust me, the future belongs to such companies. Many companies are thinking of outsourcing low-value, large quantity HR transactions and retaining only strategic HR for themselves. When the market opens up, say 15-18 months down the line, you are there!
Best wishes.
From India, Changanacheri
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Hello Anita,
Radha [I hate to call her 'baby' :p] is right to a large extent.
Maybe you could also look at the situation this way.
"I don't think there's a panacea for all individuals" - meaning a single solution for everyone, something like our ancient medicine - sarva roga nivarini [panacea for all diseases].
Let us note that each one has some strengths and weaknesses, apart from the skills needed for the HR job.
Recently, I saw a news item that some software guys in Hyderabad began helping the sister of one among them in her breakfast tiffin center...thanks to the pink slips, they had all the time under the sun. And soon they realized that their analytical thinking (which is high for that category) brought out so many ideas into the business that the lady was surprised...needless to say, the business is flourishing many times over and some of the software guys now have second thoughts of going back to the programming/coding when things boom again.
Now if anyone wants to think that I am suggesting - let's all of us open tiffin centers, they are wrong. This is only to highlight that everyone has hidden talents that come to the fore only in such times, and each is different from the other. Find it and put it to use. But the way I see it is: the basic prerequisite is dignity of labor.
We did something similar (no, not a tiffin center) during the last slowdown (not sure how many on this forum remember the slowdown between 2000-2003) and came back after things became better.
Regards,
TS
From India, Hyderabad
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Radha [I hate to call her 'baby' :p] is right to a large extent.
Maybe you could also look at the situation this way.
"I don't think there's a panacea for all individuals" - meaning a single solution for everyone, something like our ancient medicine - sarva roga nivarini [panacea for all diseases].
Let us note that each one has some strengths and weaknesses, apart from the skills needed for the HR job.
Recently, I saw a news item that some software guys in Hyderabad began helping the sister of one among them in her breakfast tiffin center...thanks to the pink slips, they had all the time under the sun. And soon they realized that their analytical thinking (which is high for that category) brought out so many ideas into the business that the lady was surprised...needless to say, the business is flourishing many times over and some of the software guys now have second thoughts of going back to the programming/coding when things boom again.
Now if anyone wants to think that I am suggesting - let's all of us open tiffin centers, they are wrong. This is only to highlight that everyone has hidden talents that come to the fore only in such times, and each is different from the other. Find it and put it to use. But the way I see it is: the basic prerequisite is dignity of labor.
We did something similar (no, not a tiffin center) during the last slowdown (not sure how many on this forum remember the slowdown between 2000-2003) and came back after things became better.
Regards,
TS
From India, Hyderabad
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Hello,
This is the time for "thinking" of a better opportunity.
why do you stick only to Recruitment service? Why cant consultants think of performance management and come up with new evaluation processess (one or two hires do take place, so come with a new method of evaluation - like include pychometric tests, and technical tests that prove to be helpful for your client)
Standardized services dont help - tailor made does help. (so - interaction is the key - interact and learn what ur client wants and is willing to pay for during recession)
And.... who said consultants have a tough time? Tough time will bethere if u dont think.
Dont expect for immediate bigger profits...but look for currently being in business and gain the complete
Anyways… jus thought of an idea: u may like it or not like it.
You have anyways purchased naukri/monster for a year…irrespective of number of positions, u still have the database.
Have recruitment consultants focus on one particular speciality.
Divide it into industries for example – IT / FMCG / Health care / Textiles / construction
Have a dedicated researcher and recruiter for that industry
Take Textiles for example, create a business module like a two year contract for 30,000 or Rs. 25,000 (which has to be paid in the first couple of months). In these two years, u will take care of all recruitment activities for that client. At least 10 profiles will be matched along with their reqmts and send it to the client. In case the clients want candidates to be headhunted… u will send five preferred profiles of candidates of their choice of company.
And – most importantly, keep in touch with all candidates in that particular industry (of all leves). Because while interacting, u will get to know their preferences and area of expertise, and most importantly u will get to network with them and find referrals in the same industry (possibly the right talent..in need of a job!)
In textiles we have at least 500 companies… wont at least 50 companies show their interest? Just a suggestion
I have explained only abt one industry and a POSSIBILITY
May be I did not make sense… but why don't u ask them to think something like this.
Thanks!
From India, Madras
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This is the time for "thinking" of a better opportunity.
why do you stick only to Recruitment service? Why cant consultants think of performance management and come up with new evaluation processess (one or two hires do take place, so come with a new method of evaluation - like include pychometric tests, and technical tests that prove to be helpful for your client)
Standardized services dont help - tailor made does help. (so - interaction is the key - interact and learn what ur client wants and is willing to pay for during recession)
And.... who said consultants have a tough time? Tough time will bethere if u dont think.
Dont expect for immediate bigger profits...but look for currently being in business and gain the complete
Anyways… jus thought of an idea: u may like it or not like it.
You have anyways purchased naukri/monster for a year…irrespective of number of positions, u still have the database.
Have recruitment consultants focus on one particular speciality.
Divide it into industries for example – IT / FMCG / Health care / Textiles / construction
Have a dedicated researcher and recruiter for that industry
Take Textiles for example, create a business module like a two year contract for 30,000 or Rs. 25,000 (which has to be paid in the first couple of months). In these two years, u will take care of all recruitment activities for that client. At least 10 profiles will be matched along with their reqmts and send it to the client. In case the clients want candidates to be headhunted… u will send five preferred profiles of candidates of their choice of company.
And – most importantly, keep in touch with all candidates in that particular industry (of all leves). Because while interacting, u will get to know their preferences and area of expertise, and most importantly u will get to network with them and find referrals in the same industry (possibly the right talent..in need of a job!)
In textiles we have at least 500 companies… wont at least 50 companies show their interest? Just a suggestion
I have explained only abt one industry and a POSSIBILITY
May be I did not make sense… but why don't u ask them to think something like this.
Thanks!
From India, Madras
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Dear Asha,
My viewpoints are as follows:
Already, it's a recession period. There is a big imbalance between the number of unemployed individuals and the number of available jobs. As a company, what should be done? The company may consider cancelling all its consultants and hiring a person for 15K per month. This individual would handle all HR activities, from recruitment to performance appraisals. In the current scenario, traditional job platforms like Naukri and Monster may not be necessary. The job market is so competitive that even a simple employment notification in a local newspaper can attract numerous applicants.
I would appreciate it if you could explain why a client would be willing to pay a consultant for psychometric tests and other services. From my perspective, even in my current role, I can design psychometric tests using online resources. Given the ongoing recession, companies are hesitant to engage consultants. Therefore, I suggested that hiring an in-house person for 15K, who can handle recruitment and related activities, is a more cost-effective option than paying for consultancy services.
Thank you.
From India, Pune
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My viewpoints are as follows:
Already, it's a recession period. There is a big imbalance between the number of unemployed individuals and the number of available jobs. As a company, what should be done? The company may consider cancelling all its consultants and hiring a person for 15K per month. This individual would handle all HR activities, from recruitment to performance appraisals. In the current scenario, traditional job platforms like Naukri and Monster may not be necessary. The job market is so competitive that even a simple employment notification in a local newspaper can attract numerous applicants.
I would appreciate it if you could explain why a client would be willing to pay a consultant for psychometric tests and other services. From my perspective, even in my current role, I can design psychometric tests using online resources. Given the ongoing recession, companies are hesitant to engage consultants. Therefore, I suggested that hiring an in-house person for 15K, who can handle recruitment and related activities, is a more cost-effective option than paying for consultancy services.
Thank you.
From India, Pune
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Great views, Ravi. You have highlighted points that need clarification.
First - Pay 15,000 and make that person concentrate on everything, so 15,000 * 24 = 3,60,000. Cost of recruiting at least 5 - 10 people in two years (people leave jobs... though new positions may not arise... assuming the very minimal - that is only 10 people leave in 2 years). So for one newspaper ad - the minimum you have to pay is Rs. 2500 (it's more... but I have kept the extreme minimum). That is equal to Rs. 3,85,000 for two years.
Now - invest just 30,000 for two years... and if you want psychometric assessments and KRAs to be prepared, easily give a price tag of Rs. 7,000. 30,000 + 7000 = Rs. 44,000. The total expense of recruitment for two years is 30,000. If the client wants added benefits like KRAs and Psychometric tests - they can be charged anywhere between 7000 - 10,000 on a use and pay basis!
Psychometric tests that are available on the net are not customized or tailor-made. Take, for instance, I would like to test on integrity and analytical skills as the priority when it comes to finance. Aggressiveness, leadership skills - when it comes to another position...
So, you see, the benefit is much better than hiring someone for 15k! And I save office space, electricity... many more.
From India, Madras
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First - Pay 15,000 and make that person concentrate on everything, so 15,000 * 24 = 3,60,000. Cost of recruiting at least 5 - 10 people in two years (people leave jobs... though new positions may not arise... assuming the very minimal - that is only 10 people leave in 2 years). So for one newspaper ad - the minimum you have to pay is Rs. 2500 (it's more... but I have kept the extreme minimum). That is equal to Rs. 3,85,000 for two years.
Now - invest just 30,000 for two years... and if you want psychometric assessments and KRAs to be prepared, easily give a price tag of Rs. 7,000. 30,000 + 7000 = Rs. 44,000. The total expense of recruitment for two years is 30,000. If the client wants added benefits like KRAs and Psychometric tests - they can be charged anywhere between 7000 - 10,000 on a use and pay basis!
Psychometric tests that are available on the net are not customized or tailor-made. Take, for instance, I would like to test on integrity and analytical skills as the priority when it comes to finance. Aggressiveness, leadership skills - when it comes to another position...
So, you see, the benefit is much better than hiring someone for 15k! And I save office space, electricity... many more.
From India, Madras
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Initially, you don't get a percentage of the CTC. Think. You need to think differently. I said there are at least 500 companies in the textile industry. Won't at least 50 accept this? They will. I will if a legitimate consultant approaches me. Keep, you have just 30 companies in one industry in this contract. 30 * 30,000 = ?
Workload - it's because of the lack of this stuff consultants are shutting down.
Naukri costs - close to 1 lakh - the cost will be distributed when we have many clients and positions. And when recession is blacked out - you will have a good client base and can slowly gradually increase from 30K to 40K. Charge a small 5% to CTC (just a thought, but depends on how you plan this). I think it's better than shutting down.
From India, Madras
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Workload - it's because of the lack of this stuff consultants are shutting down.
Naukri costs - close to 1 lakh - the cost will be distributed when we have many clients and positions. And when recession is blacked out - you will have a good client base and can slowly gradually increase from 30K to 40K. Charge a small 5% to CTC (just a thought, but depends on how you plan this). I think it's better than shutting down.
From India, Madras
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In today's scenario, no doubt companies don't want to use consultants because of cost-cutting. What you can do in the meantime is try gaining expertise in HR, in different domains like training, compensation and benefits, and general HR practices. Try getting in touch with your seniors. I'm very sure there are openings in the market. It can't be nil. Just work hard, keep trying, and don't lose hope. Things will fall into place. 😜
Be smart and try to be a standout individual because nowadays companies want to hire the best resources available to them. Be an asset, not a liability.
From India, Delhi
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Be smart and try to be a standout individual because nowadays companies want to hire the best resources available to them. Be an asset, not a liability.
From India, Delhi
Acknowledge(0)Amend(0)Think about the Big Picture of your life.
Recessions is really a opportunity, If you take it in a Positive way.
“It's time for Change”
As of now we used to take it for granted everything, we were doing the same thing repeatedly probably with a few changes. but now we need to competitive. The way we do think need to be changed. If you are not agreeing to this point take time to think, What was the last time tht you spend your time to learn/upgrade yourself? Are you sure the present position/style of work what you are doing will takes you at your destination. It's like a smooth road where there is no obstacle at all till now that journey we will not be enjoyed , but now the things changed; time has come where we need to compete with ourselves to prove our best to project ourselves in the competitive market.
So try to enroll yourself to learn few new techniques to empower yourself. Present situation has provided you enough time to think about yourself, Try to spend more time to think about the solution rather than thinking about the problems. It's not true that everyone will successes every time they attempt. So keep trying,
Have faith on yourself.
Try if possible any other alternatives things will engage you productively.
Rsritha
From India, Hyderabad
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The uncertain job market has forced employees to view employers differently. "Even people who are employed don't feel secure about their jobs. People are plagued by worries of what might happen the next day."
I have my own consultancy, but I see a big picture, and from this recession, I have learned a lot. It has made me more focused, more patient, and yes, it will happen slowly but steadily. Recession effects are worldwide; that doesn't mean it's the end of the world. Here is the opportunity to start something new, learn more, explore new possibilities while keeping a positive attitude towards life.
"There is a definite correction happening in the job market, and a more realistic picture is emerging. Employees are open to pay cuts to meet monthly commitments. Also, people are happy to continue the jobs even when they are presented with high salary options. They think they have a better job security with the current scenario where they have established the credentials."
Consultancy business is all about making a mark in the industry for the services. They can work as freelance consultants too, take up studies, or change the verticals. You should be ready to take up any job profile other than sitting at home and waiting for the email to hit your inbox; gone are those days, dear.
The level of recruitment is falling as employers are getting more selective in their recruitment process, and they now have a very big talent pool.
One of the articles states: "THE GENERAL CONSENSUS AMONG HR LEADERS IS THAT IRRATIONAL EXUBERANCE OF THE JOB MARKET WILL DIE DOWN... THE SENSE OF EUPHORIA AND MISPLACED OPTIMISM IN THE JOB MARKET IS LIKELY TO TEMPER DOWN. A SENSE OF CONSERVATISM, GOOD OR BAD, IS LIKELY TO COME ABOUT."
From India, Mumbai
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I have my own consultancy, but I see a big picture, and from this recession, I have learned a lot. It has made me more focused, more patient, and yes, it will happen slowly but steadily. Recession effects are worldwide; that doesn't mean it's the end of the world. Here is the opportunity to start something new, learn more, explore new possibilities while keeping a positive attitude towards life.
"There is a definite correction happening in the job market, and a more realistic picture is emerging. Employees are open to pay cuts to meet monthly commitments. Also, people are happy to continue the jobs even when they are presented with high salary options. They think they have a better job security with the current scenario where they have established the credentials."
Consultancy business is all about making a mark in the industry for the services. They can work as freelance consultants too, take up studies, or change the verticals. You should be ready to take up any job profile other than sitting at home and waiting for the email to hit your inbox; gone are those days, dear.
The level of recruitment is falling as employers are getting more selective in their recruitment process, and they now have a very big talent pool.
One of the articles states: "THE GENERAL CONSENSUS AMONG HR LEADERS IS THAT IRRATIONAL EXUBERANCE OF THE JOB MARKET WILL DIE DOWN... THE SENSE OF EUPHORIA AND MISPLACED OPTIMISM IN THE JOB MARKET IS LIKELY TO TEMPER DOWN. A SENSE OF CONSERVATISM, GOOD OR BAD, IS LIKELY TO COME ABOUT."
From India, Mumbai
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