Innovative new Revenue Models for Recruiting Firms
Currently revenue generation models in Recruiting are very limited in India. Staffing, Placement & Head hunting are the only income for more than 95% of the recruiting firms in India.
Why not try some of the following revenue options. Few of these Opportunities are not currently being practiced & which could turn to be very potential:
Recruiter Branding: Handling HR and Recruitment Branding assignment for clients.
Job Branding: Branding Jobs is currently unheard of in Indian market. In most of the Companies, Requirement of people for a particular Job is perennial. They sure need to brand this Job to ensure maximum interest shown by Candidates. In fact, just writing a proper Job description will yield in very good response and a firm can thrive on it.
Interview Management: Many times due to improper management of Interview and Candidates attending the Interview, there is a ill feeling among Candidates & at times even among the Interviewers. Interview Management requires high quality professionals. Like DJ’s for events, Interviews also needs IJ’s (Interview Jockeys) who will ensure satisfaction among all stake holders. And this will enhance Brand image of the company and reduce Offer rejection to a certain extent.
Campus Recruitment: I don’t think I have to explain much about it!
Response Management: Corporate houses receive resume through multiple sources and have a whole warehouse of Resume (I mean electronic warehouse). If you could help them manage these responses and help in putting these resume into a structured database, you have a very potential revenue opportunity. Again, Response management for advertisements, events in ‘on demand’ model will also prove to be profitable.
Written test Management: Today, most of the companies recruiting entry and junior staff ask them to take up written test. If you are able to manage this, you are in for Good revenue.
Recruitment Process Outsourcing: RPO seems to be the next big thing after BPO. So start planning your RPO & grab this opportunity. RPO helps you receive constant revenue through out the year.
Turnkey Recruiting: Again, this is a good opportunity. Rather than sticking on fee based on annual salary of candidate, look at the assignment with a different perspective. See how much it will cost to handle a turnkey assignment, buffer it with your profit margin & get going. At times, I have seen that a flat fee contract for hiring 40 people proves to be much more profitable than doing a single placement at a prefixed placement.
There are many more opportunities. Pl let me know if you are having a different revenue opportunity which is not given here.
- Article by Shankar Srinivasan, CEO,
24x7 Software Technologies
