What is a Placement Firm?
Placement firm is a human resources sourcing or a recruitment firm, which does the employee hunting for their clients . It is also called manpower consulting, manpower recruitment agencies, HR Consultants or hr recruitment firms. For recruitment and selection almost all the big or small companies these days do human resources outsourcing. These recruitment firms find the suitable employee as per their client\'s requirements. The initial round of interview are either taken up in these recruitment firms or can be scheduled at the company itself. Or the human resourcing outsourcing firms can schedule the candidate\'s interview over the phone. The placement consultant agencies not only work for Indian companies but also do the hiring for organizations in abroad.
With the increase in the number of candidates and need for job, the human resources outsourcing firms or the placement industry India is recognized as the fastest growing industry. In India only, while 150 lacs agencies help non-professional labor with placements such as construction, transport and certain industrial jobs, about 800 lacs work with professionals in ever-widening fields, such as nursing, IT, HR, ENGINEERES and teaching. Recruitment firms or consultants take the commission from employee\'s salary if their selected candidate got the job. HR Sourcing (placement) is a large and complex universe in itself, encompassing many different functions associated with the HR department. The human capital marketplace remains highly competitive and is poised for enormous growth in the next 10 years, since, companies around the world are investing heavily in their human resources infrastructure.
Rise of the Placement Industry in India
Any and all aspect of HR can be outsourced. The research by Gartner, Inc., shows that around 80 percent of companies these days are outsourcing at least one HR activity, and the number such companies and the extent of human resources outsourcing is swiftly increasing. Companies are now looking at specialized firms in recruitment and placement to complete various aspects of human resource management.
Benefits of Recruitment Firms
While outsourcing is beneficial in many ways and also make sense for various reasons. The major benefit is in terms of cost cutting in companies\' expenditure on recruitment and administrative work. There is seen large reduction in the costs of routine transactional and administrative work of the company that goes for human resources outsourcing. Another key reason is the belief that a company should outsource all non-mission critical aspects of its business.
The Placement consultant agencies, more commonly known as the professional employer organization (PEO), are well-equipped to take on the entire human resources activity. Most PEO clients are small- to medium-sized companies that sign up with a PEO, obtaining better deals on the purchase of benefits as a group rather than as a single small entity. Larger companies are also outsourcing HR tasks, but they more typically go with specialty firms. The most commonly outsourced function is employee assistance, and outplacement services.
Apart from firms and companies, candidates can also consult the placement and recruitment firms for job. Online they can submit their resume and explain their job requirement. On having any opportunity, the candidates are then called for the interview. Candidate can check for the employment in India and abroad.
Key Players in Placement Industry are :
Hewitt Associates, Towers Perrin, Watson Wyatt, Sibson, Mercer Human Resources Consulting, AON Consulting.
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