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More than 65 % of Indians are less than 35 years of age. Appropriately skilled, this is a significant advantage for India and can lead to 'demographic dividend' and widespread prosperity. More than 15 million Indian youth enter the labour force every year. Finding the right talent for specific job roles becomes crucial for MSMEs to grow and prosper and contribute to India's growth story.

If you are an HR consulting organization or an individual HR consultant or someone interested in setting up an HR consulting business, you have a unique opportunity to make an impact. Match the right person to the right job or facilitate training programs for employees or new recruits in collaboration to help businesses flourish and professionals reach their potential.

Costs of a wrong hire

A wrong hire is costly for an organization

A wrong hire can make costly mistakes leading to quality issues, delayed deliveries etc.

A wrong hire may not make a mistake but might perform at low productivity levels.

A wrong hire can make your business suffer, as one tries to solve and manage the personality conflicts and try and train them.

A wrong hire can impact the morale of the team, as this puts more strain on the employees as others need to work harder to meet the goals due to the presence of a weak link

A wrong hire has financial costs associated as well; this can range from training costs to rehiring costs in case of a replacement.

A wrong hire can lead to a reputation loss (weakened employer brand) due to work delivered to a client or a negative word of mouth by the hire while working in the company or later

Let’s take a look at some statistics regarding wrong hires

Three in every ten Indian companies (29 per cent) reported that a single bad hire -- Someone who turned out not to be a good fit for the job or did not perform well -- cost the company more than Rs.20 lakhs (Economic Times)

According to a study by the Society for Human Resources Management (SHRM), hiring the wrong person could cost up to five times a bad hire's annual salary.

SHRM found that the higher the person's position and the longer they remain in that position, the more it will cost to replace him or her.

According to Harvard Business Review, 80% of employee turnover is due to bad hiring decisions

60% of bad hires will negatively affect the performance of other team members (SHRM)

39% of businesses report a productivity decrease as a result of a bad hire (Economic Times)

Why does a wrong hire happen?

A wrong hire or a sub-optimal hire can happen for several reasons

A small pool of applicants to choose from

Too many applicants and no effective way to shortlist and hire in the time available.

Inadequate relevant data provided in the CV.

Claims made in the CV by the candidate that are untrue.

Inability of the firm to attract quality talent.

Lack of adequate tools to find the right fit person. Especially true of MSMEs and many MSMEs do not have a dedicated HR function.

Traditional solutions like classifieds advertisements on online job portals and newspapers are inefficient for a number of reasons

Traditional solutions try to match CV s with job requirements. It is far more effective to match job requirements with live, updated, public profiles with recommendations and endorsements to identify right-fit.

In CVs, it is easier for many candidates to make unsubstantiated claims. This is a lot more difficult for profiles that are seen by your ex-colleagues, college mates and managers.

Since traditional solutions are not effective in matching right-fit at deep granularity, these end up suggesting a lot of irrelevant CV s for a job requirement. This wastes the time of a recruiter and will result in possibly missing out a great applicant among the many irrelevant ones.

holagraph: the deep jobs platform

holagraph provides a fast and effective recruitment solution.

Public, verified profiles with recommendations and ratings from employers, colleagues, and certification agencies

Efficient Recruitment process: Simple, fast, and effective. No need to download CV s, write emails, or make calls. Make use of holagraph's message templates for a better experience.

Choose from holagraph partner training institutes and domain experts that you can collaborate with to help upskill employees to be assets for the business.

While a large number of employers who use holagraph would post their jobs requirement in the jobs section of holagraph, we expect some employers to request 'Managed Recruitment Services' from holagraph.

This could be for several reasons

They need a large number of candidates in a short time frame. eg. a large FMCG company might need 200 field sales offices across various districts of a state and may need support in talking to the shortlisted candidates, grading them based on the closest fit.

The person responsible for recruitment might not be available due to leave or similar other reasons. This is especially the case with MSME s that do not have large HR teams.

The employer might decide on 'Managed Recruitment Services' as a policy choice to invest its time and other resources on other core business activities

During specific periods when a large number of positions have to be filled, even organizations that typically complete all recruitment processes in-house might decide to opt for 'Managed Recruitment Services' for that specific period.

The employer might require help in the development of recruitment and selection strategies, especially, small businesses that need help in creating detailed job description and implementing interview procedures for hiring the right candidate

A company might need to train many employees or new hires in a short time frame. e.g., a large company requires 150 salespeople but have been able to find only 50 qualified candidates who fulfil all their criteria. Hence, they need to train 100 additional candidates in short duration to be ground ready.

Join the Revolution

As an holagrah partner HR Consultant, you will have the opportunity to participate in 'Managed Recruitment Services' opportunities, help businesses succeed, and earn revenue simultaneously.