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recruitment consultants Document Transcript

  • 1. Summer Internship Role of Executive Search Firms in Corporate HiringRole of Executive Search Firms in Corporate Hiring Prepared byPrepared by Ms. Iyer Radhika MurthyMs. Iyer Radhika Murthy Masters in Management Studies (Semester II)Masters in Management Studies (Semester II) Roll Number 11Roll Number 11 (In Partial fulfillment of the course curriculum of MMS, Mumbai University)(In Partial fulfillment of the course curriculum of MMS, Mumbai University) Guided byGuided by  Mr. Srinivas Nanduri (Director, India and Middle East Operations, MaximaMr. Srinivas Nanduri (Director, India and Middle East Operations, Maxima Global Executive Search)Global Executive Search)  Mrs. Gowri V Joshi (Core Faculty, Human Resources, SIESCOMS)Mrs. Gowri V Joshi (Core Faculty, Human Resources, SIESCOMS) 1
  • 2. Summer Internship DECLARATIONDECLARATION I hereby declare that this report titled “Role of ExecutiveI hereby declare that this report titled “Role of Executive Search Firms in Corporate Hiring” is a record ofSearch Firms in Corporate Hiring” is a record of independent research work carried out by me as part ofindependent research work carried out by me as part of project training during the period May 2005 – June 2005project training during the period May 2005 – June 2005 under the Supervision and Guidance of:under the Supervision and Guidance of: Name of Guide: Mr. Srinivas NanduriName of Guide: Mr. Srinivas Nanduri Designation: Director, India and Middle East OperationsDesignation: Director, India and Middle East Operations Organization: Maxima Global Executive Search, Bangalore.Organization: Maxima Global Executive Search, Bangalore. Name of Guide: Mrs. Gowri V JoshiName of Guide: Mrs. Gowri V Joshi Designation: Core Faculty, Human ResourcesDesignation: Core Faculty, Human Resources Organization: SIESCOMS, Nerul, Navi Mumbai.Organization: SIESCOMS, Nerul, Navi Mumbai. All the inferences quoted are completely based on thisAll the inferences quoted are completely based on this study.study. Date ___________Date ___________ Signature ______________Signature ______________ 2
  • 3. Summer Internship CERTIFICATECERTIFICATE This is to certify that the project titled “Role of ExecutiveThis is to certify that the project titled “Role of Executive Search Firms in Corporate Hiring” is a bonafide workSearch Firms in Corporate Hiring” is a bonafide work done by Miss. Iyer Radhika Murthy of SIES College ofdone by Miss. Iyer Radhika Murthy of SIES College of Management Studies, Nerul (East), Navi Mumbai of FirstManagement Studies, Nerul (East), Navi Mumbai of First Year MMS, Semester II (Summer Internship) underYear MMS, Semester II (Summer Internship) under guidance and supervision during the period May 2005 –guidance and supervision during the period May 2005 – June 2005.June 2005. Signature of Internal Guide (Maxima) & Date - __________Signature of Internal Guide (Maxima) & Date - __________ Signature of Faculty Guide& Date -Signature of Faculty Guide& Date - ____________________ Signature of the Director of SIESCOMS & Date -Signature of the Director of SIESCOMS & Date - ____________________ 3
  • 4. Summer Internship PrefacePreface Business has become a roller coaster ride due to intense competition, both domestic and foreign, induced by rapid internationalization and globalization. Hence, there is a growing need for the development of an efficient managerial pool to meet the challenges of this extremely competitive industrial scenario at all levels in the organizations, right from the Junior Level to Senior Management Level. Also, there is no dearth of talent world over for companies to source for their requirements. However, it is very difficult for organizations to engage in all the sourcing activities by themselves because it is a time consuming process, while every moment is precious for them to compete and survive on their core activity or business in such a scenario. Hence, this activity of finding the right fit for the organizational requirements at least till the pre – screening and screening rounds of the selection are being handed over to the specialists who perform these activities for companies for some consideration. These specialized agencies are Executive Search Firms or as they are known in common parlance, Placement / Recruitment Agencies. A Wise Man once said, “Most resources are available to all companies. The great variable is the quality of their management as it determines why some companies fail and others succeed”. This great person was Mr. Sydney Boyden, who later in the year 1946 founded Boyden Associates, and a Retained Executive Search Industry in New York. The Global Executive Search Firm Industry of about US$ 40 Billion comprises of Recruitment Agencies (60%), Job Boards and Websites, Contingency and Retained Executive Search Firms, etc. It is a highly fragmented industry with over 5000 firms in each of the categories stated before. 4
  • 5. Summer Internship Also, there is tremendous growth potential for this industry especially in the Banking & Finance, Technology, and Pharmaceutical Industries due to continuous technological improvements and advancements as well as changing Patents regime in the years to come. This project is an attempt to understand “The Role of such firms in Corporate Hiring”, “The Challenges in store for them” and “The Way Forward” keeping in view the business of executive search firms with respect to who they are? How do they function? Are they same as consultants? When to use them? What proportion of corporate placement at the top level is done through these firms? How does the same vary across the different sectors and why? What are the value addition Search firms provide? 5
  • 6. Summer Internship AcknowledgementsAcknowledgements The author wishes to express her sincere gratitude to the following people, without the support of whom, this project would not have been possible: 1. Mr. V. S. Kumar of Greenstar Consultants, for bringing the author, the prospect of performing this very extensive and interesting project. 2. Mr. Srinivas Nanduri, Director Operations for Middle East and India, Maxima Global Executive Search Limited, and Industry Guide, for giving the author the opportunity to do this project and supported the author in any possible manner for all her information requirements with respect to the company and its operations. 3. Ms. Vindhya from Maxima Global Executive Search Limited, for her timely correspondence and help with respect to the company’s expectation from the project and the methodology to be followed. 4. Professor Gowri Joshi, Internal / Faculty Guide from SIES College of Management Studies, Nerul, for her timely guidance, active support and assistance for completing this project successfully. 5. Ms. Shirin Ara, Executive – Abyss and Horizon Consultants, for providing an industry insight and practical procedures for corporate hiring. And Last but not the Least, all the people who prefer anonymity but without the cooperation of whom, this project would not have taken shape. 6
  • 7. Summer Internship Thank You Very Much!! Project MethodologyProject Methodology The research was carried out in a two – fold manner; i.e. Secondary research and Primary research. In course of Secondary Research, details were collected regarding Recruitment as a process, Recruitment Industry as on the year 2004 and expected growth areas, Models used by various agencies, Role of Executive Search firms in corporate Hiring, etc. Following the Secondary Research, Primary research was undertaken in some leading executive search firms and corporates about recruitment intermediaries they do business with, the proportion of recruitment conducted through these firms annually across different levels of management, their selection methods, etc. and perceived role of recruitment intermediaries. The details of Primary Research are as follows: Sample Size: a) 15 clients of Executive Search and Placement Firms in Mumbai b) 15 employees from five Executive Search Firms in Mumbai. Sampling Method: Convenience Sampling The study is an attempt to understand the role played by executive search firms in securing the best talent for the Top and Middle management positions for their clients in Mumbai. The study also attempts to understand the highly specialized tools Executive Search firms deploy in the process of Search, assessment on Personality, Emotional Intelligence, Integrity and Behavioral traits of professionals prior to the final selection. 7
  • 8. Summer Internship Executive SummaryExecutive Summary • Introduction: The project as the title suggests deals with Executive Search Firms – a specialised branch or type of Recruitment Consultancies. But, before looking into this topic in detail, the author wishes to elicit some background information about recruitment, the need for recruitment in corporates, the various sources of recruitment, the process of recruitment, and explain the present scenario as an introduction. • Recruitment Consultancies – An Insight: This topic provides us with an insight into what exactly are recruitment consultancies and the need for such firms, what are the various types of such consultancies globally, what are the various services they offer to their clientele, what is their margins in providing their services and a few successful firms in Mumbai as examples. • Industry Watch: The author puts forth the industry statistics as on the year ending 2004, and states the major industries that could provide a boost to this industry in the coming years. Also, the author provides information about the nature of the industry and way it functions in this topic. • Executive Search Firms – An Insight: 8
  • 9. Summer Internship In this topic, the author explains Executive Search Firms in terms of the meaning, the need for these, the objectives of their existence, the functions that they perform, the services that they offer and the major players in and around Mumbai. • Challenges posed in the Future: In this topic, the author elaborates on the various challenges that stare in the face of executive search firms in the current scenario and aims to find tangible and viable solutions for these institutions. • Changing Role of Executive Search Firms: Taking cue from the previous topic, the author tries to identify the way ahead and states the changing role of executive search firms in the current industrial scenario. • Live Example: Maxima Global Executive Search, Bangalore: In this topic, the author studies Maxima Global Executive Search – Bangalore as her live example, in detail. The information about the company, the policies they have adopted and methodology they follow has been mentioned and analyzed to understand if there is any room for improvement. • Research Findings, Analysis & Way Ahead: In this topic, the author analyzes her research findings and provides a few recommendations to Executive Search Firms on a whole (with reference to Maxima Global Executive Search). • Conclusion: 9
  • 10. Summer Internship In this topic,the author concludes the report with an ending note as Conclusion. ContentsContents Sr. No. Topic Page No. 01 Introduction 11 02 Recruitment Consultants – An Insight 22 03 Industry Watch 28 04 Executive Search Firms – An Insight 32 05 Challenges posed in Future. 39 06 Changing Role of Executive Search Firms 41 07 Live Example: Maxima Global Executive Search 43 10
  • 11. Summer Internship 08 Research Findings, Analysis & Way Ahead 53 09 Conclusion 59 10 Bibliography & References. 60 Annexures 63 - 77 IntroductionIntroduction Organizations carry out various business activities and have certain core and certain other support functions. Often, among the support functions are IT and HR. IT or Information Technology provides the organization with the necessary technology upgrades and most important – Information – which these days is vital for business success, while HR or Human Resources deals with the Human Aspect of Business – right from identifying jobs in the organization, choosing the right people for the right job, ensuring the right salary package for the job, creating a conducive work environment, providing the training, monitor and review the performance of employees, etc. In this project, the author deals with Recruitment as a specific function of HR and the Role of Executive Search Firms – a Specialised branch of Third Party Recruitment Consultants (a Source of recruitment to the organizations) – in Corporate Hiring. Before coming to the actual topic under consideration, it is important that we know what is recruitment, what are the various available sources of recruitment to organizations, why is recruitment important, and how is it carried on i.e. the process of recruitment. • Recruitment: 11
  • 12. Summer Internship Yoder defines Recruitment as “It is a process to discover the sources of manpower to meet the requirements of the staffing schedule and to employ effective staffing measures for attracting that manpower in adequate numbers to facilitate effective selection of efficient workforce”. It refers to the discovering of potential applicants for the actual or anticipated organizational vacanciesand is often regarded as that vital link that brings together those with jobs and those seeking jobs. Put very simply, “Recruitment is the process of identifying that the organization needs to employ someone up to the point at which application forms for the post have arrived at the organization”. • Recruiting Yield Pyramid: The importance of recruitment by an organization and the reason why it is increasingly being outsourced can be illustrated by analyzing the Recruiting Yield Pyramid, which is the historical arithmetic relationships between recruitment leads and invitees, between invitees and interviews, between interviews and offers made and between offers made and offers accepted. The pyramid is shown below that illustrates the complex manner in which screening is done, the ratio of eliminations from the first pool and therefore the time and effort that needs to be invested in this process. The general ratios are as shown below: 12
  • 13. Summer Internship • Sources of Recruitment: Recruiting individuals to fill particular posts within a business can be done either internally by recruitment within the firm, or externally by recruiting people from outside. • Internal Sources of Recruitment is usually people from the existing staff members of the organization or their personal references. • External Sources of Recruitment refers to the pool of candidates eligible for a given post from outside the organization through various ways such as assistance from recruitment consultants, by way of walk – in candidates, etc. 13 H i r e Offers Candidates Interviewed Candidates Invited Leads Generated 1:1 3:2 4:3 2:1 6:1
  • 14. Sources of Recruitment Internal Sources External Sources Employee Referrals Promotions Transfers Succession Planning Rehiring ex – Employees Job Postings within the organization Advertising & Publicity Employment Agencies Public / Non Profit Agencies Temporary & Alternate Staffing Private Agencies Executive Recruiters Walk - ins College / Campus Summer Internship The Various Sources of Recruitment, both internal as well as external can be understood by the chart shown below: The advantages of internal recruitment are that: 1. Considerable savings can be made. Individuals with inside knowledge of how a business operates will need shorter periods of training and time for 'fitting in'. 14
  • 15. Summer Internship 2. The organization is unlikely to be greatly 'disrupted' by someone who is used to working with others in the organization. 3. Internal promotion acts as an incentive to all staff to work harder within the organization. 4. The risk attached to employing an outsider who may only be a success 'on paper' is minimized. The disadvantages of recruiting from within are that: 1. Replacing a person promoted or transferred would entail considerable time, cost and effort if succession planning is not effectively carried out. 2. An insider may be less likely to make the essential criticisms required to get the company working more effectively than an impartial third party or a new recruit. 3. Inflow of fresh ideas could be stifled. 4. Promotion of one person in a company may upset someone else. The advantages of External recruitment are that: 1. It makes it possible to draw upon a wider range of talent, and 2. Provides the opportunity to bring new experience and ideas in to the business. The disadvantages of recruiting from external sources are that: 2. It is more costly, and 3. The company may end up with someone who proves to be less effective in practice than they did on paper and in the interview situation. 15
  • 16. Summer Internship Normally, companies prefer to follow the method shown in the next page for choosing their sources of recruitment: This is known as the Hunting Pyramid used mostly by Japanese Organizations for selecting their Sources of Recruitment. The process of selection of source steadily rises along the pyramid starting at the base due to various cost and other considerations such as the post for which recruitment is to be undertaken, the job profile, the responsibilities there on, etc. This is because the more complex the job requirements, the more stringent the selection process needs to be and the more the number of stages in the recruitment process. As the stages increase, professional assistance is sought after. Most Indian Firms also use this method. 16 External Sources Internal Sources
  • 17. Summer Internship • Types of Recruiters: Once one understands how companies select their sources of recruitment, it is imperative to understand the various types of recruiters. These are explained as follows: 1. Corporate Recruiters – These are in house recruiters often in the line management doing all routine activities in the recruitment function. They are often employees of the organization and may be assigned to search for all the openings or specific areas of responsibilities such as technical personnel such as IT, clerical staff, etc. They perform all the functions of a third party recruiter and also carry out the role of the interviewer in the post – screening process of recruitment and selection. 2. Contingent Recruiters – These include the temporary staffing consultants and alternate staffing service providers, who provide the required services in event of an occurrence of any contingency. They work on assignments without retainer fees and receive their fees or payment only if a candidate they present to the employer is subsequently hired. They generally work in the middle management level in the hierarchy as also for professional and technical range of skills. 3. Retained Recruiters – These are Recruitment Consultants or Executive Search Firms that have a contract or an exclusive agreement with the employers in which, they receive their fees in advance or at the beginning of a search assignment and continue to submit eligible candidates until and unless the position is filled or the employer calls off the search. They are usually used for senior level positions. 17
  • 18. Summer Internship While each of these have a defined and specific role to play in effective hiring for corporates, it is noteworthy that most companies still do not respect internal recruiters. The reasons for the same are explained as follows. • Why companies do not respect Internal Recruiters? Around the world, a frequent complaint heard from corporate recruiters is that they fail to get the respect they feel they deserve from line managers. Almost without exception, they wonder out loud why managers don't return their calls, read the resumes they submit, or find time to conduct interviews they set up. This lack of respect is not based on perception alone. On one hand, while managers feel recruiting is important, they typically rank their organization's recruiting performance poorly. The answer is actually quite simple. If one looks at recruiting functions — and recruiters in particular — through the same lens that managers assess non-HR programs, one sees that recruiters routinely operate outside the constraints and conventions that guide other business projects. The isolated dominion that recruiting and HR in general has created for itself is often devoid of metrics, rewards for performance, and accountability. Its continued existence sends a message that recruiting cannot exist in the same competitive business climate that line managers must operate in daily. In short, it demonstrates clearly that recruiting is not a profession of equals, but rather a profession of ineffectual social workers. • Factors That Cost Corporate Recruiters Stature and Respect The following factors that cost Corporate Recruiters Stature and Respect as against External Executive Search Firms are as follows: 18
  • 19. Summer Internship  Failure to demonstrate ROI – This is one of the major problems of recruiters that they cannot demonstrate the ROI by undertaking recruitment as an ongoing process. Without measuring the revenue impact of hiring top people (versus hiring average people), there's no way to calculate the ROI of recruiting.  Unknown Payback Period – Unfortunately, a majority of recruiting functions never even attempt this calculation. This may be because of the point stated earlier that there are no set parameters that can be used to measure the payback period of recruitment. By refusing to calculate an investment's payback period, recruiters demonstrate contempt for standard business conventions.  Poor Customer Service – Recruiters often fail to communicate effectively with their customers, neglecting to inform candidates and having managers wonder what exactly to expect from the recruiting process and on what timeline is a regular feature. Using any customer service measurement criteria, the way recruiters treat candidates is disappointing. Since few firms track candidate satisfaction, recruiting never really knows how dissatisfied candidates are or the impact of that dissatisfaction on the recruiting power of the organization. This needs to be rectified else, the present system may soon be extinct.  Lack of Pay for Performance - Corporate Recruiters often have none of their pay at risk. Also, they have a fixed budget as against targets to be met with slight constraints on resources. This may lead to creating a lackadaisical attitude which portrays a very tarnished image of the recruiters to their peers and colleagues of other functions within the same organizations.  Competitive Advantage??? – While some recruiting departments do some basic benchmarking only a handful of them ever do a side-by-side competitive analysis. This leads the other managers to think the recruiters do not have anything to do at all while they slog to keep up with benchmarks. 19
  • 20. Summer Internship  Six Sigma Quality Standards??? – Less than a handful of recruiting departments have undergone Six Sigma assessments, and very few quantify the quality of their hires. By exempting themselves, recruiting departments damage their image among managers who must demonstrate quality everyday, which is nothing less than suicidal.  Lack of Fee for Service - Managers are accustomed to getting what they pay for. Because managers are often not required to pay for internal services, they have no basis to evaluate the value they are receiving form corporate recruiters. Also, due to the negative image visualized by the other functions, corporate / internal recruiters are often underpaid than what they deserve. E.G. A junior HR executive in the corporate recruitment section of the Administration department (that acts as a substitute of HR department in most Indian Firms) earns about Rs. 6,500/- while an HR Manager would be earning around Rs. 10,000 at the most.  Branding – Most corporate recruiting departments fundamentally ignore the importance of branding. It is a known fact that “What appears to the notice of every eye alone Sells.” This quotation applies to all facets of business including Recruitment.  Professionalism - There are no books on the theory of recruiting and there is no standard body of knowledge that is recognized within the recruiting profession. Until recruiting becomes more professional, it will not reach the standard of acceptance that finance and other functions of business have.  Productivity - Few recruiting departments even measure their productivity, let alone report it executives. It's time for recruiting managers to demonstrate a significant percentage improvement in productivity each and every year. Incidentally, external executive search professionals are in direct contrast, and are generally held in high regard by line managers because they operate under a specific Brand Name, and a 20
  • 21. Summer Internship “Competitive Pay – for -Performance” model. Since the services of external recruiters are based on this model, their performance can be closely monitored, productivity measured and professionalism displayed. • The Recruitment Process: The following diagram shows the recruitment process that any company uses and the stages involved: Once the consultants send candidates whom they deem fit for the vacancy at the client’s end, further selection takes place at the corporate level. • The present scenario: 21 This is where Recruitment Consultants/Executive Search Firms step in.
  • 22. Summer Internship Today, with the ever – increasing competition, finding the right person for the right job, i.e. the right inductments for attracting and hiring employees is becoming extremely difficult, time and effort consuming and more so when the jobs are at higher positions. Also, with hardly 20% of the entire population being extremely sought after for the top jobs, there exists a problem of job – hopping, and retention is one of the main jobs of an HR manager in corporates. With these reponsibilities on hand, it becomes extremely difficult for the HR department to concentrate on all activities right from scratch. Therefore, with the emergence of specialists in the field of recruitment, Companies have started relying on Recruitment consultants for finding the required type of applicants for a given position and undertake only the advanced screening rounds for selection as the candidates are already pre-screened. 22
  • 23. Summer Internship Recruitment Consultancies – An InsightRecruitment Consultancies – An Insight Recruitment Consultancies are professional third party consultants who perform the recruitment and pre – screening activities for multiple clients – both corporate and job seekers – for a consideration. They act as intermediaries between the clients and those seeking jobs for which, they also get some percentage of the salary offered by the company as commission from both parties if and only if one of their candidates are selected. There are four broad catagories under which, recruitment consultants can be classified. They are explained as follows:  Public / Non – Profit Agencies: These are agencies run by the state – run or central government aided employment agencies also known as employment exchanges in common parlance. Generally, these agencies provide a mix of blue – collared and white – collared jobs especially in the Government owned industries to those people who are registered with the exchange. However, with private employment becoming more 23
  • 24. Summer Internship attarctive with fast growth and higher pay packages, increasingly, people prefer employment in the private sector as a result of which, very few uninterested or unskilled workers pick up the jobs offered by these agencies.  Private Agencies: These are important sources of clerical, white – collared and managerial personnel for a fixed fee per employee placed. The amount of fees charged by the agencies are generally determined by market conditions and comptition. The demand for such assistance is on the rise for a variety of reasons such as immediate and urgent need to fill in a vacancy, reduce the time and effort spent to be put to some other productive purposes, lack of an in – house HR department to handle such functions, etc. These can further be classified according to the scale of their operations such as Small, Medium and Large enterprises. E.G. Decon Manpower Consultants operating in Mumbai is a small enterprise with about 6 staff members, Abyss & Horizon Consultants is a medium enterprise while Ma Foi and Zenith Global are examples of large scale players.  Temporary & Alternate Staffing Agencies: Temporary Staffing has become the order of the day at all levels of companies. The trend started with hiring contingent labour for menial jobs and today, has acquired importance across levels in the organizational hierarchy including the top management in the form of ‘Interim Managers’. The agencies that help companies procure such contingent help are known as Temp Staffing and Alternative Staffing Agencies. They provide alternative staff in event of replacements required created by contingent events such as retirement, sudden transfers of staff, maternity leave in event of female employees, etc.  Executive Search firms: These provide a vital linkage between great organizations and executives, and become an integral part of the industry. These search firms provide solutions and professionals to Corporates by deploying the search process to ensure that they select the right candidates who fit properly with client’s culture and needs. 24
  • 25. Summer Internship By utilizing various recruitment and assessment models, the search firms source the best talent and help the organization realize their business objectives by having the right team in place. E.G. Maxima Global Executive Search (Bangalore), Impact Management Services (Mumbai). Globally, several companies are extensively using the services of Executive Search and Selection firms/Headhunters in order to resolve the recruitment issues. Further, the various types of Recruitment Consultants in India and their areas of operations as observed by the author are as follows:  INTERNATIONAL CONSULTANTS: They have recently started entering India in a big way. Normally they focus their activities only at very senior levels (CEO / VP / GM). Their clients include prestigious MNC Organizations (already in India or planning to enter India in the near future). Their base is mainly in major metros (Delhi, Mumbai etc.). Most such consultants do not maintain a Resume database but operate through headhunting i.e. they identify suitable candidates through research and approach these candidates directly. E.G. Maxima Global Executive Search (Bangalore), R. M. Associates (Hyderabad), etc.  LARGE INDIAN RECRUITING FIRMS: Generally they focus on Senior/Mid level assignments. Their clients may be spread all over the country (and perhaps overseas too!). Some of them do have tie-ups with MNC Recruitment Consultants but the operations are generally carried out by the Indian partners. These Recruitment Consultants do operate from their database, which they keep updating periodically. These Recruitment Consultants do assignments across most functions. But, it makes sense to register your CV with such consultants who specialize in your area of specialization. (Of late, quite a few such Recruitment Consultancy firms have been promoted by individuals with extremely professional qualifications). 25
  • 26. Summer Internship  SPECIALISED RECRUITMENT FIRMS: A number of Recruitment Consultants have started specializing in certain core functions e.g. Software, Banking, Engineering, and Advertising, Sales, Pharmacy, etc. If any candidate has a specialization in such fields, he / she could register one’s CV with these consultants.  DIVISIONS OF MANAGEMENT CONSULTANCIES/AUDIT FIRMS: Several management consultancies / audit firms have separate divisions handling recruitments. This is because of their connections with and knowledge of their clients.  OVERSEAS RECRUITERS: They mainly specialize in recruitment for Middle East / Africa. Some of them have graduated from "supplying" labor class workers to recruiting personnel / engineers at junior to mid levels e.g. civil engineers, computer / EDP professionals etc. Generally, for Middle East positions, these consultants do charge candidates since (more- often- than- not) they do not receive any remuneration from their clients. One should definitely verify the pedigree of such recruiters before committing one's funds / documents (passports) to them.  SMALL-RECRUITMENT FIRMS: These have started mushrooming in every nook and corner of every city in India. They could be one-man outfits (or employing 2-8 persons). The recruitment is done at junior levels e.g. secretaries, clerks, salesmen etc.) and at local (intra- city) levels.  INDIVIDUAL PROFESSIONALS: Several professionals (mostly retired persons) who have contacts with their ex-employers or through their professional networking engage in recruitment activities. Generally, these are one-man shows and they do few placements annually although some of these placements may be at Senior / Middle levels. Their recruitment focus is generally very narrow and industry-specific. • Need for Recruitment Consultancies: 26
  • 27. Summer Internship There are many reasons as to why organizations and candidates turn to recruitment consultancies. Some of them are explained as follows with respect to first the Clients (Corporates) and then with respect to the Candidates (the Job Seekers). • Reasons for Corporates to turn to Recruitment Consultancies: 1. The firms’ do not have a separate HR department. 2. The firm is not geared to doing recruitment and selection on its own. 3. Past experiences in this field of recruitment have not been pleasant and hence, the company does not want to waste precious resources in a lost battle. 4. The firm is keen on focusing on its core competence and since recruitment is not its forum, it believes in outsourcing the process. 5. A particular opening has suddenly raised that needs immediate placement. 6. The firm wishes to hire high end professionals, already employed in competing firms, who would be more comfortable in dealing with agencies than the firms directly. 7. The companies do not wish to expend the time and effort required to conduct the recruitment process on their own. • Reasons for Candidates to turn to Recruitment Consultancies: 1. Easier access to many openings in a variety of companies. 2. Wide options to choose from in event of being selected for more than one opening. 3. Going through Recruitment Consultants helps in maintaining the confidentiality of the candidate's application. • What do Recruitment Consultancies do? 27
  • 28. Summer Internship In this section, the author emphasizes on the services that recruitment consultancies provide to their clients and candidates and they role that they ply in corporate hiring at present as one knows it. Recruitment consultancies provide the following services to the candidates due to which, they are rightly said to be the mot preferred source of seeking jobs to the unemployed or job – hoppers in India:  They provide a wide array of job options with respect to the candidate’s academic qualifications and personality traits.  They provide career counseling services to candidates.  They ensure the confidentiality of the candidate’s personal and professional profile.  They ensure that the procedure of job hunting is made easy by providing specific openings along with the time and location of the client (employer) and possibly even train the candidates for some of the requisite skills for the job prior to the screening rounds at the organizations.  They also are responsible for ensuring timely communication to both parties and confirmation to the candidate in event of his / her selection. Recruitment Consultancies provide corporates with the following services, due to which the corporates increasingly prefer to approach them for their staffing issues:  'Ready-to-work' workforce against time schedule.  Mass recruitment & project implementation at multiple locations  Multi-pronged approach to access resource pool  Flexibility for clients.  Addresses headcount limitations squarely. 28
  • 29. Summer Internship  Time and cost of selection reduced.  Faster mobilization and demobilization of resources.  Eliminates expensive contractual procedures.  Cost savings on account of payment for days worked instead of fixed salary.  Statutory obligations no longer client's responsibility.  Strong existing database of candidates  Temporary to Permanent employees available as & when required by the clients. • Margins: Every business operates on margins. So do Recruitment Consultancies. Generally, most consultants charge about 20% to 50% of the salaries of the candidates placed as their fees. However, this rate is market – driven. There is more about the industry in the past years, with estimation of growth and the trends in the years to come in this industry in the next topic. Industry WatchIndustry Watch While one talks about any business, it is very important that the speaker knows well not only about the particular business in which one deals, but also about the industry in which this business functions. Here are some facts about the recruitment industry in brief. “The Organized Labor Market in India accounts for 2.8 crores, or 7 per cent of the country's 44- crore workforce. The job market has nearly doubled in each of the last two years and is expected to grow as the economy continues to expand,” as quoted by Mr. Isac in Business Line. Over 90% of the labor works in the Unorganized Market. The break up is as shown below: 29 62% 16% 10% 12% 0% 10% 20% 30% 40% 50% 60% 70% Distribution of Labour Force across Sectors Misc Jobs Services Industrial Agriculture
  • 30. Summer Internship The above displayed chart shows the distribution of labor in India as at the end of the year 2004. However, even if the scenario is fast changing with services becoming a major source of employment for many the percentage change is not much different from the figures shown above. Agriculture is one of the largest employers in the unorganized market while menial or odd jobs with the industrial sector or otherwise together constitute of the second largest employment generator followed by the emerging service industry. As per the Employment Survey carried on by Ma Foi Consultancy, the top ten employment generators of the year 2005 are as shown in the chart in the next page: As one can observe, IT & ITES dominate the list of job providers with 25% of the jobs, followed by Export and Import providing an estimated 11%, followed closely by Healthcare Industry. The other industries are close to Healthcare Industry varying only by 1 or 2 percent. With this size of the market, it is very obvious as to why India has become the chosen land for 30 TopJobProviders for the year 2005 Apparel 6% ET & C 7% Power 8% Oil & Gas 8% Hotels 8% Pharma 8% Auto_Anc 9% Healthcare 10% Exim 11% IT&ITES 25%
  • 31. Summer Internship many a Recruitment Consultancies not only domestic players but also international bigwigs, especially in the area of Temporary Staffing / Contingent Staffing as it is known in the USA. This may be because USA is one of the main customers of Indian Off – Shore Units. There is a fierce competition among the country's top HR firms, such as Ma Foi Management Consultants, TeamLease and Adecco PeopleOne Consulting, etc. to become the largest private sector employer by 2007. These companies are betting heavily on temporary staffing — employees working for a third party, but figuring on the rolls of the HR firm. According to officials in these firms, recruitment by IT companies would slow or even stagnate by 2007, and it would be the HR firms that would surge ahead with temporary staffing, or, as they say, temp staffing or flexi staffing. The Global Scenario is only very heartening. Globally, temporary staffing is a $140-billion industry and around 5 per cent of the workforce in any country is in temporary jobs. In India, there is a potential to create about 1-1.5 crore such jobs in the next five years, as per Mr. Ajit Isac, Managing Director, Adecco PeopleOne Consulting, a Bangalore-based recruitment firm. The concept has been accepted at all levels, and it is now easy to convince companies, across industries, to use temporary staff. Experts in this field anticipate the industry to grow at the same pace this year too; apart from adding numbers, their objective is to ensure that they work with good margins. There is an increasing acceptance of temporary staffing as a mode of employment in the corporate sector. Multinationals, due to their overseas exposure, are early converts to this concept. The best paying vertical for temporary jobs is BPO-ITES (IT-enabled services) followed by information technology. In the future, BPO-ITES will be ahead of information technology and financial services in temp staffing. 31
  • 32. Summer Internship Temporary staffing is credited with 50 per cent of the reduction in unemployment in the US and 11 per cent of job creation in the European Union during the 90s and a study of US companies says that companies using temporary staff (called contingent staff in the US) have higher margins, profits and market cap. It is these reasons that make Indian firms think more in this direction. However, despite all the positives, there was a general slowdown in recruitment across India during the end of the year 2004. This was due to more emphasis more of consolidation of businesses and lower Gross Margins. However, a new trend appears to be emerging. As per the annual convention conducted by ERA (Executive Recruiters Association, India) the following are the emerging trends in the industry: 1. International Players would enter India by way of mergers and acquisitions with existing Domestic Players. 2. The extremely fragmented market is bound to witness the emergence of large dominating players. 3. New entrants such as Vedior, Adecco, Manpower and Kelly will benefit the Indian sector by the new technologies and automated processes that they bring in. 4. Specialized recruiters for meeting specific functional staffing requirements will be in demand. Year 2005 will also see temporary staffing being increasingly adopted by the old economy industries. 5. In the IT industry, lateral hiring and demand for freshers will continue to drive hiring in 2005. 6. Online recruiting industry is also expected to grow buoyantly this year. 32
  • 33. Summer Internship 7. Recruitment Consultancies would require to be more than just recruiters to HR Consultancies providing an array of other Value – Added Solutions to their clientele, etc. In such a growing industry, let us now understand what are Executive Search Firms, what are their various roles and responsibilities, their Margins, the manner of Operation, the various tools that these firms use to ensure complete client – satisfaction while making optimum use of their resources, etc. and all this with the live example of Maxima Global Executive Search who are in this business Pan – South – east Asia. Executive Search Firms – An InsightExecutive Search Firms – An Insight • What are Executive Search Firms? Executive Search is an engagement process by which the most suitable professionals are identified, approached, evaluated, and subsequently transformed into candidates worthy of filling a critical senior position in a corporation. Executive recruitment consulting is a specialized profession that helps client organizations identify, evaluate, and recruit executives at various levels in the senior management level. Executive Recruitment consultants work only on behalf of organizations on a retained or contingency basis and never on behalf of individuals seeking employment. 33
  • 34. Summer Internship • Why Executive Search Firms? At senior levels in industry, the best professionals are not actively seeking a change. They will not respond to an ad, email, or other passive solicitation nor put their CVs on-line. Many do not even have a CV. Many of these candidates exceed expectations; some actually create enormous value for their employers. Hence, they may really not be interested in going or another even more lucrative (at times) an offer, nor would their existing organization be willing to let them go. It is then the apt reason for the existence of executive search firms; as they help their clients (people who need such expertise, but do not have the means or expertise to source it) find the resources as per their requirement using various methods such as head hunting, poaching and a lot of persuasion. It is also said that Executive Search Firms act as catalysts that unlock value and rejuvenate the economy. • Methods used by Executive Search Firms: Various Methods are used by Executive Search Firms, but the more popular ones are Headhunting and Poaching, Internet, etc. either directly or indirectly, causing a scenario that resembles a game of Musical Chairs at a corporate level. While the established business houses like the Birla Group, Reliance Group, etc. still prefer to pick their top management team from their known circles, many IT companies such as Patni Computers, TCS (to a certain extent), Wipro, etc. and large organizations take in candidates for executive positions from executive search firms due to various reasons as discussed in the previous topics. The most popular methods are discussed in the following page. • Head Hunting & Poaching: 34
  • 35. Summer Internship It is a process of getting executives already employed and satisfied with their current job profiles to the jobs offered by the client company. The people who carry out this process are called Head Hunters. These consultants woo successful managers and lure them into greener pastures. They levy a nominal search fee and if the candidate scouted by them or hunted by them gets selected by the company, the company has to pay the consultant an amount equivalent to one month's gross salary of the selected candidate. This amount levied by the consultant varies upto 2 months gross salary in some cases. Very often, managers have admitted that they would have normally not applied in response to an advertisement but the consultant played the role of the catalyst and could tempt them into a job change. Many head-hunters generate a voluminous data bank of bio-data's/resumes of various levels of stuff, executives and such and attempt to profile match on the requirements of the company. The candidates are then sent to the company under the reference of the head- hunter levies a service charge if the candidate referred by him is selected. The major area of concern is that the head-hunter should not keep pecking up on the employee he has just placed in a company and move him over to another company thus ensuring maximum returns coming from both parties. It is for this reason that many organizations prefer well established consultants (who are normally involved in the initial selection and screening process) than head hunters who normally refer the resumes whose profile matches the company's needs. The role of executive search firms is today of a head hunter as well due to the reason stated above. • Internet: This is the latest trend is that of job related websites and applying for jobs through the internet. Most Executive Search Firms have an “Apply Online” facility in order to save time for the 35
  • 36. Summer Internship applicant while streamlining the process of screening and ensuring anonymity for the client till the applicant is found genuinely interested and eligible for the position offered. However there are only few websites like www.naukri.com, www.jobsahead.com, etc. and specific company websites like www.impactmanagement.com, www.maxima.com.sg, etc. which provide systematic and professional services through the internet today. Thus we see that today an interesting situation wherein companies are chasing executives amongst a very limited resource base and selecting them using various methods. Hence, from the candidate’s point of view, the one who succeeds in this rat race is the one who has maximum companies chasing him / her. These methods are being used increasingly and are seen as a regular feature in most consultancies. However, there is a negative aspect to it s well. Some consultants may indulge in mal practices such as explained in the next page. 1. The consultants may be having agreements with various companies in the same line of business and place candidates from one organization in the other thereby creating a similar vacancy in the former organization for which, again, the consultants may place a candidate from yet another client company. This results in a continuous flow of vacancies in the client companies that acts as a steady source of business for the consultancy. 2. The consultancies may resort to Head – Hunting as their only method of recruitment, which is not a permanent resort. They need to use other methods such as Write – ins, Advertisements, etc. else, they would never be able to access fresh talent. • Services offered by Executive Search Firms: 36
  • 37. Summer Internship Executive Search Firms work on “Assignments” basis. Hence, in this section, the author provides an insight into the various services that the executive search firms provide to their clients. 1. Their Assignment begins with the day when the client approaches them with the vacancy, the required job profile and the details with regard to the package offered the location of the job, etc. these details are taken down with great care as the information is highly classified and meant for high profile jobs. 2. The Firm then understands more about the client, the culture, organizational requirements, scope of the job at hand, etc. With this background study firmly in place, the firm sets about selecting a suitable strategy that it would adopt for conducting recruitment. 3. The firm then researches with its various databases, corporate journals, corporate circles, etc. to gather a list of eligible candidates for the position and salary offered. 4. Once the list is ready, they identify the most potential candidates by a short listing process, verify their credentials, conduct telephonic screening interviews, etc. and arrive at a final list of short listed candidates. 5. The consultants then present their report to the client company, arrange for interviews with the clients and conduct a formal reference check on selection of the candidate by the client. 6. Some consultants perform the role of a negotiator as well so far as the salary package and benefits are concerned on behalf of the clients. 37
  • 38. Summer Internship 7. Some consultants also act as advisors to the company in matters of appointments and review mechanisms for the candidates recruited by them. 8. Some consultants also offer management consultancy services to their clients while, some others manage the HR operations such as payroll, performance review processes, etc. in addition to recruitment (which is their main forum). • Major Players in Mumbai: There are several players in Mumbai engaged in the business of Recruitment Consultancy, but less than a hundred Executive Search firms operating on a large scale. The main players are as follows: 1. Ma Foi Management Consultants Ltd. 2. Zenith Global Consultants Ltd. 3. Sampark search Ltd. 4. Abyss & Horizon Management consultancy. 5. Online Recruiters Pvt. Ltd. 6. Impact Management and Personnel Services. 7. 3P Consultants Pvt. Ltd. 8. K-10. 9. Emmay HR. 10. Myndcenter, etc. There are many others but the industry is highly fragmented and the above mentioned names are those consultancies that form the cream of the industry in Mumbai and operate globally. They are large scale operators and provide a variety of services starting from Client – Seeking, Candidate (Executive Level and above) search, Carrying out the pre – screening activities for the client, Short listing the candidates on their qualifications, experience and personality that would be best fit to the client’s organization and the job requirement, arranging and 38
  • 39. Summer Internship coordinating the final interviews, negotiating on behalf of the clients, providing counseling about the job, to some of the other HR activities such as managing the personality development of the employees of the organization, Payroll management, etc. Most of the top – notch players are located in the Western and Central Suburban Industrial areas such as Andheri, Bandra, Churchgate, Colaba, Mulund, Thane, etc. where they are easily accessible to the clients as well as the candidates. They have a committed pool of executives who work tirelessly to provide excellent service to the clients. The employees at a junior level of these consultancies are paid on variable pay schemes with a fixed basic pay and certain commission on every candidate placed. Each employee is assigned to a superior who carries out performance monitoring and helps the employee in event of any problem he/ she is unable to solve in process of his / her job. Since the junior level jobs involve routine and clerical work, the work environment is maintained at an informal level to break the routine. At a senior level, the jobs involve a lot more seriousness as the profile includes converting prospective clients, negotiating the terms and conditions of the agreement, agreements to be drawn, understanding their requirements and communicating it to the junior executives for further processing accurately, reviewing the progress at regular intervals, etc. Hence, it is correct to mention at this stage that, “The job of Executive Search Consultancy though apparently simple and requires only good communication skills and flair for people to succeed in this profession is actually hard work & requires Constant Vigilance”. 39
  • 40. Summer Internship There are many challenges that the firms will come across, some which can be anticipated while others which may not anticipatable at all. In the next topic, the author discusses the challenges that look in the eye of Executive Search and Placement Firms and the way ahead for them. Challenges posed in futureChallenges posed in future Global Recruitment is taking a new form – that of recruitment in the “Indian Multinational Organization”. People do not prefer working abroad for the following reasons:  The lure of foreign postings is receding except on campus recruitment  People are reluctant to get posted in developing countries  Compensation for the talent has increased substantially in India  Working couples do not prefer foreign posting for many reasons such as family relocation issues, etc. 40
  • 41. Summer Internship The Net Result of these is “Foreign posting is positioned as a stepping stone for career growth, Build in International assignment premium in companies” for those who start afresh in the job market. In such a scenario, where senior managers may really not be interested in job hopping and moving abroad, especially to a developing country, and only freshers wish to relocate to make fast money, it is food for thought as to how Global Executive Search Firms will succeed in their quest for placing managerial talent abroad especially those who deal in emerging markets around the world. This is a very big challenge that Executive Search firms will encounter. Also, the industry (world over) is highly fragmented with hardly 5000 retained executive search firms that are globally competitive. The rest of the industry is formed by Small enterprises with little or no resources in terms of finance, manpower and experience. This is causing dilution of the industry tremendously. Another challenge could be the lack of governing bodies to the industry. It is a known fact that most professions have associations, like the Bar Council for the Legal Practitioners, etc. However, though Executive Search and Placement is an extremely professionally managed enterprise, there are only two associations globally, AESC and ERA with a miniscule percentage of the entire industry as members. It can therefore be rightly said to be the Unorganized Industry trying to provide employment in an Organized Industrial Set up. The author now states the changing role of Executive Search Firms in the years to come in the next topic. 41
  • 42. Summer Internship Changing Role of Executive Search FirmsChanging Role of Executive Search Firms Recruitment intermediaries, or agencies, have had a tough time since 2002, but signs are that the market is picking up, and from the second half of 2003, agencies have begun to show increased confidence. Threats such as the growth of e-recruitment, shared services within organizations and pressure on fees are present. Nevertheless, a growing market in recruitment is predicted, and the niche positions that intermediaries occupy that will remain in the foreseeable future. When recruiting externally, organizations report becoming increasingly focused on employer branding, and on quality of the advertisements placed. Over a quarter of organizations surveyed by the ‘ies’ survey, UK, have pointed out increased line managers’ ownership of recruitment 42
  • 43. Summer Internship procedures, while HR involvement is most commonly seen at the selection stages. The influence of technology and the Internet is clearly growing, with 70 per cent of employers reporting the use of their own websites. Of particular interest is a significant increase in the utilization of commercial online jobs advertising which rose from 15 to 40 per cent between 2002 and 2003, though this method is still regarded as providing large numbers of largely unsuitable candidates due to insufficient screening processes, and an inability to accurately match individuals with both the job description and the organizational culture. Clearly, intermediaries might offer a service in this area. Their knowledge of the market, rates of pay and benefits, and access to suitable candidates will help to give them the edge over unstructured Internet approaches. Recruitment agencies and search and selection services till date remain the most popular methods of sourcing managerial and professional candidates (75 per cent using this method). A perceived, and perhaps real, threat to the role of recruitment intermediaries comes from the growth of e-recruiting approaches. E-recruiting, or web-based recruiting, can be described as any recruiting process that a business organization conducts via web-based tools, such as a firm’s public Internet site or its corporate intranet. However, in spite of the large proportion of in-house and external recruiters who engage in online recruitment methods, there is minimal evidence that the majority use these for senior/ management level positions. The bulk of activity in this area is related to volume position recruitment. The ease by which candidates can send multiple applications has led to massive over-supply of applications, bringing with it an overload of data handling for HR departments. There is opportunity here for intermediaries to provide an added-value service by handling the candidate-attraction process, providing screening and response management. Hence the use of e-recruitment may be harnessed even more effectively by intermediaries, and, rather than a threat, it could become an opportunity for increased effectiveness. Some implications in my opinion are as follows: 43
  • 44. Summer Internship The services that are provided by recruitment intermediaries both on a temporary contract and permanent placement basis may continue to a large extent to be invaluable to their client organizations, which often may not have the resources, market expertise or legal ability to recruit key individuals into their organization. The reduced number of skilled, appropriate workers who are actively seeking employment is set to continue to fall; recruitment intermediaries may provide the specialist abilities and access to highly skilled candidates that organizations are not able to approach individually. The incorporation of new labor pools from all over the world will provide increased access to labor supplies, which may present significant opportunities for those intermediaries able and equipped to deal with international recruitment, tax and legal systems as well as bridging cultural divides. The implications as mentioned above therefore stand to show the different avenues that would be opened to executive recruiters in the near future and it is imperative that recruitment intermediaries take necessary steps to handle these opportunities in a rewarding manner. Live Example – Maxima Global Executive Search, BangaloreLive Example – Maxima Global Executive Search, Bangalore The author has taken Maxima Global Executive Search, a Singapore – based company, with its Indian Headquarters at Bangalore as her live example of Executive Search Firms to understand more about Executive Search and Placements. This section of the report has been presented in the following format: • Company Profile. • Areas of Operation. • Method of Operation. • Distinct Features of Maxima Global Executive Search. 44
  • 45. Summer Internship • SWOT Analysis. These are explained in detail as follows: • Company Profile: MAXIMA Global Executive Search is a premier human capital solutions company that offers the following services to clients in both traditional and technology sectors. • Executive Search, • Advertised Selection and • Consulting Services They are based in Singapore and have partners in Australia, China, South Korea, India, Germany, UK and the United States of America. They have built a highly successful track record of helping clients build exceptional human capital resources through a combination of extended global reach, industry and regional expertise, functional depth, proven research and recruitment methodologies, strong client focus, teamwork and perseverance. They serve a wide range of clients from some of world’s largest multinational corporations, governments and global banks to hi-tech startups, consulting companies and venture capital firms. Their clients are spread globally and they have carried out search assignments in all major geographies in the world. They work in close partnership with their clients and have helped them develop high- performance corporate teams and leadership capital. They have used a variety of engagement models to suit the requirements of each client/assignment. These include retained searches, contingency searches, advertised selection, consulting projects and recruitment outsourcing. • Areas of Operation: 45
  • 46. Summer Internship They offer executive search and consultancy services in the following sectors of the industry at a global level: • Oil and Gas • Automotive • Consulting • Engineering • Telecommunications • Information Technology • Forestry and Plantations • Hospitality and Property Development • Manufacturing • Higher Education • General Management • Banking and Finance • Sales and Marketing • Electronic Manufacturing • Research and Development • Human Resource Development • Method of Operation: MAXIMA provides highly focused search and selection services across a broad spectrum of industry and service sectors. They have a system of Practice Groups catering to each of the above mentioned industrial sectors, providing several years of rich functional experience or that in executive search. In order to develop and retain in-depth knowledge, contacts and global search capabilities in such diverse sectors, their team is structured into 8 distinct practice groups. These are explained as follows: 46
  • 47. Summer Internship 1. Board / Top Management: The practice group assists its clients in search and selection of senior professionals for appointment as Independent Members of Board of Directors, Chief Executive Officers, and Advisors to the Board of Directors, Chief Operations Officers, Chief Financial Officers, and Executive Directors, etc. 2. MAXIMA tech: This is the technology practice group that services clients in IT, Telecom, Electronics Manufacturing, R&D, Online Education and Biotechnology sectors. 3. Banking & Finance: These are consultants who have a strong track record in search and selection of corporate executives for Investment, Corporate, Consumer and Private Banking; Life & General Insurance; Private Equity; Venture Capital; Risk Management; Corporate Finance; and Project Finance. 4. Manufacturing: This practice group covers appointments in a wide range of traditional manufacturing and process industries including Food, Textiles, Steel, Chemicals and Petrochemicals, Packaging, Light Engineering and Consumer Goods. 5. Sales & Marketing: This practice group covers sales, marketing and business development positions across several industrial and consumer goods sectors. It includes senior management positions in FMCG, Retail, Channel Management, Brand Management, Direct Marketing, Market Research, Institutional Sales, International Trade and Commodity Trading. 47
  • 48. Summer Internship 6. Emerging Markets: This team at maxima has strong capabilities in search and selection of senior professionals with experience, and the required attitudes and motivation levels, to succeed in emerging markets like China, Indian Sub-Continent, Indo-China, CIS, Central/Eastern Europe and Africa. It is a group that concentrates on executive placement exclusively in developing markets in near future. This is one of the specialities of Maxima Global. 7. Property & Hospitality: The practice group focuses on senior management positions for infrastructure projects, commercial/residential property development, hotels, specialty restaurants, resorts, entertainment industry, theme parks and recreation centers, which is an attractive, and in vogue Business Avenue. 8. Forestry & Plantations: Maxima Global has a highly specialized group that services clients in South East Asia and Africa with forestry and plantation management professionals, including senior agronomists and remote sensing/imaging specialists. Each of these practice groups function in their specific areas of operation on the following model to produce the best results for their client in a manner that it mutually rewarding. • The Maxima Model of Operation: At Maxima, they follow a six step approach to conduct executive search and placement effectively. The six steps by themselves are exhaustive and include a number of sub – processes to be carried out. The six steps and their sub - processes are shown in the diagram as follows: 48
  • 49. Summer Internship Executive Recruitment & Placement – The Maxima Way As we can see, the first step is receiving an assignment that involves the following steps: • Understanding the Business and Corporate Culture of the client. • Appreciation of the Role and Expectations of the candidate in the client’s organization. • Definition of Job Scope, Responsibilities and Requirements. • Recommendation of Compensation & Benefits Strategy for the position on hand. • Selection of Suitable Recruitment Strategy. Each of these steps entails extensive communication with the concerned authorities with the client’s organization. The next step is conducting research, which has the following steps: 49 Assignment Research Identification & Assessment Presentation Offer Appointment & Joining Maxima Global Executive Search
  • 50. Summer Internship • Search the Proprietary and Other Databases formed by using Candidate Profile Sheets (Annexure1) • Conduct an Industry Sector Research • Check out the Network, Partners and Industry Consultants • Look into Personal Referrals These involve a lot of clerical work so far as searching the databases, etc. are concerned. It is in this step that they decide the recruitment pool for the assignment at hand. Also, it has a number of personal contact and rapport to be developed as these could be useful for their current assignment and future ones to come. Hence, interpersonal abilities are crucial. The next step is identification & assessment of prospective candidates to fill the position. This step involves the following steps: • Initial Shortlist of prospective candidates from database search, etc. • Verification of Credentials of these candidates. • Conduct Personal, Telephonic and Video Interviews as a pre – screening measure. • Conduct Background Checks • Final Shortlist The next step is presentation of the findings to the client, which involves the following steps: • Presenting the Candidate Assessment Reports • Giving Recommendation 50
  • 51. Summer Internship • Arranging and Coordinating Client Interviews • Performing Formal Reference Checks The next step is presenting the offer to the candidate on behalf of the client that requires the following to be done: • Development of the Offer • Defining in clear terms the Compensation & Benefits package • Negotiations The last step in the process is appointment & joining wherein the candidate is actually placed in the client company and involves the following steps: • Appointment & Induction • Providing Advisory Support • Providing Logistics/Relocation Advice • Ensure Joining • Carrying out a Joint Review After this, they move on to the next assignment and the process continues. It is important to understand at this juncture, “What is it that distinguishes Maxima from Other executive search firms?” To answer that question, the author has stated the distinct features of Maxima Global Executive Search in the next section in the following page. • Distinct Features of Maxima Global Executive Search: 1. Have extensive business globally. 51
  • 52. Summer Internship 2. Have strategic planning and extensive experience in this field. 3. Have the ability and expertise to understand and identify the client’s long – term strategic business requirements and find them the required resource effectively. 4. Have Intensive Research Capabilities. 5. Use well developed and proven effective models, processes and methodologies. 6. Have Global Access and Coverage. 7. Offer Faster Response Time. 8. Offer Cost – Effective Fee Structure. 9. Ensure Personal Commitment. 10. Committed to the “Business Partner” approach with the clients. The author now presents the SWOT analysis of Maxima Global Executive Search with the given background about the company as follows: • SWOT Analysis: The SWOT Analysis is an analysis of the company’s Strengths, Weaknesses, Opportunities, and Threats in the current marketplace. A) Strengths: 1. Experienced team 2. Flexibility 3. Dedication 4. Sectoral Expertise 5. Systematic Procedures B) Weaknesses: 1. Lengthy and Time Consuming processes 52
  • 53. Summer Internship 2. Outdated Profile sheet system. 3. Very little networking and presence in India 4. Lack of association with any organized body for Executive Search Firms. C) Opportunities: 1. Large Uncaptured Market in India. 2. Emerging Service Sectors 3. Potential MNC Clients in Mumbai 4. Adapting newer technologies to enable better networking and database building. D) Threats: 1. Fast entry of Multinational Competitors 2. Increased cost of retention in the firm due to increasing demand. According to the author, Maxima should look into the following aspects to continue to grow and make a mark in the Indian market as being a global service provider in the recruitment industry:  They should update their profile sheet to an Internet based Just – a – Click type of profile sheet that executives can fill during their free time in office. 53
  • 54. Summer Internship  Though fool proof, the recruitment process followed at Maxima is very lengthy and time consuming and one suggestion in this direction is that database could be maintained online, which would make sorting and filtering the profiles to collect the required candidate profiles quicker and easier.  The company lacks presence in India very badly. It has only one office that too in Bangalore. It needs to expand at least in the metro cities of India.  Executive Search is not yet recognized as an Industry and the absence of any association with an organized body may serve as a big disadvantage as it does to a fish in a large ocean. In Bangalore itself, there is an association by name, “Executive Recruiters Association,” which in my opinion is worthy of being associated with.  They are a Multinational themselves and know the scale of operations that MNC Firms would have which only reinstates the fact that they need to build stronger networks all over the country.  The industry itself is scattered. Hence, with increasing demand, Maxima need to identify innovative measures of retaining talent at their end so that they can continue to service their clients effectively and efficiently. In my opinion, if these are looked into with serious thought, Maxima could be better placed in the Indian Industry and be equipped with the necessary back – up to combat challenging times ahead. Research Findings, Analysis & Way AheadResearch Findings, Analysis & Way Ahead 54
  • 55. Summer Internship The author visited five Executive Search Firms in Mumbai with a sample of 15 respondents. Also, the author has visited some corporates who use recruitment consultants for carrying out their recruitment. This research has been carried out with the following limitations: 1. Limited Geographical Coverage: The Author has limited herself to the companies located in Mumbai and is not representative of the firms located all over India. 2. Paucity of Time: The author had been allotted 45 days for the project, which is a little short to complete such an extensive project and do justice to the same. 3. Very Small Sample: The Sample chosen is very small and may not be representative of the entire population. 4. Sampling Methodology: The Sampling method chosen by the author is convenience sampling, which may not present a fair measure of the population under study. However, despite these limitations, the author has gained some insight into Executive Search Firms out of the research which have presented as follows. The views are solely according to what the author has understood from the analysis of research findings. Q. Why have Executive Search and Selection firms gained importance over years? Ans: Executive Search and Selection Firms have proliferated greatly in the last decade or so. There is ken competition between the more professional set – ups and the well established transnational consultancies. The main reasons for these firms gaining importance are as follows: 1. Growing demand for Knowledge Based jobs and lack of talented manpower is making the job market extremely competitive. In this scenario, Executive Search firms offer significant benefits to the client firms such as extensive search, perfect fitment, lower cost of procurement, systematic and timely service, etc. 55
  • 56. Summer Internship 2. The candidates are also benefited in terms of job – fit, virtually no costs, professional assistance and service, etc. Q. Why do corporates use Executive Search Firms? Ans: There are various reasons as to why companies use Executive Search Firms and these have been elicited in the report before. However, these are a few reasons that companies have graded higher than the others as per the research findings. They are shown in the diagram below : Q. What proportion of Corporate Placement is done through Executive Search Firms in major sectors of Industry in Mumbai (namely, Telecom, IT, Pharma, etc.)? Ans: The proportion of corporate placement done through Executive Search Firms in Mumbai Overall across all industrial sectors is approximately 20%. The proportion of corporate placement as per the levels in Management is shown in the graph in the next page: 56 Why Executive Search Firms? 20% 28% 13% 13% 13% 13% Identify New Talent Avoid Cumbersome Recruitment Process Avoid Internal Heartburn Faster Service Cost - Effectiveness Advisory Expertise Proportion of Overall Placement (Anually) through ESS Firms 53% 27% 20% Top Management Middle Management Junior Management
  • 57. Summer Internship Q. What are the Critical Success Factors for Executive Search and Placement firms in India? Ans: Based on the observations and analysis above, the author has identified the following critical success factors for Executive Search and Placement firms in India:  Communication and People Skills.  Focused and Dedicated Team.  Flexible approach.  Effective Database management.  Good Client Relationship Management.  Good Networking in the Industry and Business Circles.  High Self – Motivation.  Experienced Team.  Low Cost, Effective Service Providers. Q. How do Organizations identify Executive Search Firms? Ans: There are different ways in which, Corporates identify Executive Search Firms that would serve them in their best interests. They are shown in the diagram in the proportion of occurrence as follows: 57
  • 58. Ways how Corporates Identify Executive Recruiters 34% 13%20% 13% 13% 7% Previous Acquaintance Through Referrals Through Websites Through trade Journals Through Magazines By Chance Summer Internship As one can observe, many corporates go to executive search firms only if they have done business together earlier and have had satisfactory outcomes. The next best way is through corporate websites of the executive search firms, which only stands to point out the importance of going online with their business as the most important step that Executive Search firms need to take. Q. What are the factors that would induce Corporates to approach Executive Search firms for the first time? Ans: From the previous question, we have understood that most corporates approach tried and tested firms only. However, there are some factors that attract clients to executive search firms for the first time. These factors are explained as follows: 58 Factors that attract clients for the first time 27% 7% 13%27% 13% 13% Cost of Service Small Team Previous Experience Personal Contact Global Presence Goodwill
  • 59. Summer Internship As one can observe, for the first time, even though the cost of service is important, companies give equal weightage to personal contact in the firm. Following these come the goodwill, previous experience in the field and Global presence, which can be identified by the reputation that the firm has and its standing in the industry. The least affecting factor would be the size of the team as companies look at the efficiency and effectiveness of service irrespective of the size of the team. This is because there is no proven correlation between the Size of the team and Productivity. Q. What are the various tools that Executive Recruiters use to assess the candidates prior to final selection? Ans: The various tools used by executive recruiters in Mumbai are as follows: 1. Recruitment Strategy: They select the recruitment strategy keeping in mind the following: 2. Assessment Practices: They use their expertise in the areas of testing and assessment that lends a visible value addition when combined with the power of staffing. E.G: Ma Foi does this through well-researched, standardized and renowned tests that can be customized to suit each of their client's unique requirements. 59
  • 60. Summer Internship In addition, they have a strategic alliance with the Institute for Personality and Ability Testing (IPAT - The Wholly owned subsidiary of Oxford Psychologist Press, UK), USA, which makes Ma Foi the sole copyright holders and distributors for some of the world-renowned tests in India. Sixteen Personality Factor Test (16PF), 16PF SELECT, Executive Profile Survey (EPS), Comprehensive Abilities Battery (CAB), Myers-Brigg Type Indicator (MBTI), Able Series, and Destiny Series are some of the tests they conduct to assess the Personality, Emotional Intelligence, Integrity and Behavioral traits of professionals prior to the final selection. From these finding and the analysis thereon, the author has suggested the way ahead for the firms engaged in Executive Search Business as follows: • Way Ahead: 1. An entirely Service Business, Executive Recruitment is highly people oriented and knowledge based, and hence, any lack of focus on Client Relationship management would be disastrous as the business runs on trust created and maintained. 2. Recruiters, especially in the field of Executive Search and Placement, need to be more than just recruiters but become providers of a variety of HR related services. 3. Organization needs to be brought about to have some professional and ethical guidelines in the industry. 4. Executive Recruiters must not indulge in mal practices and follow these ethical and professional guidelines so laid down, failing which; they will lose out on credibility in the industry. 60
  • 61. Summer Internship 5. Consolidation of firms – national and international – is a welcome choice. 6. Executive Search Firms should be viewed as aids to success and not as the only means to success, as “Retention is the Best Policy”. 61
  • 62. Summer Internship ConclusionConclusion Recruiting seems to be one of those things that are poorly understood (sometimes even by Recruiters) and the least respected job in the HR department of many firms world over. This is because people do not understand its importance and view it as a Cost – Center. This is probably the first activity that is being increasingly outsourced to third party recruiters due to various reasons as stated before in the report. There are Corporate Recruiters (those who are employed by a company for the purpose of finding and qualifying new employees for the company). And there are 3rd party Recruiters (those who are subcontracted to by a company for the same purpose). There are different types of 3rd party recruiters, viz; Retained Recruiters and Contingency Recruiters; but the main difference lies in how they are compensated. Both are paid by the hiring company. Retained Recruiters typically have an 'exclusive' with the company and are paid a portion of their fee upfront, and the balance paid when the search is over. Retained recruiters are typically used for executive level positions. Contingency Recruiters don't typically have an exclusive relationship with the company, and are paid a fee only if the company hires a candidate through their efforts. (Most 3rd party recruiters fall into this category.) To successfully work with recruiters, one must first understand that recruiters are not working for the job seeker, but the company. It is the company that pays their fees. It is the company they must ultimately satisfy if they are to get paid for all of their hard work. 3rd party recruiters are typically compensated 20-30%, or more, of a placed candidate's first year annual salary or on terms such as the first two months salary of the candidate hired, etc. A company wants what they want, after all they are paying well to get it, and if a recruiter were to bombard the company with resumes of people who just don't fit the job, they would find themselves not being called by the company the next time there are jobs to be filled. Hence, a professional recruiter will want to know that they have not only done a good job for their client, but they will also have best interest in mind for the candidate. Executive Search Firms are typically Retained Recruiters operating on assignment basis and have extended responsibilities towards not just recruiting senior level professionals but also ith providing advisory services, management consultancy, etc. Moral of the story, “Understanding the recruiter, and being sure they understand you, is the first step in successfully working with one.” 62
  • 63. Summer Internship Bibliography & ReferencesBibliography & References Books & Publications:Books & Publications: 1. Human Resources Management – Gary Dessler 2. Managing Human Resources – Waine. F. Cascio 3. Personnel Management – C. B. Mamoria 4. Human Resources Management – Mamoria & Gangar 5. Human Resources & Personnel Management – K. Ashwatthapa 6. The Changing Role of Recruitment Intermediaries - a study supported by the IES Research Networks Articles:Articles: 1. Weighing Every Move – Hindu Business Line 2. Press Release – Deloitte 3. The Art of Recruitment – Jobseekers Advice 4. HR firms bullish on temporary staffing - Business Line, Mar 28, 2005 5. Organized sector employment to rise 3.35% in Q3 - India Infoline, Feb 11, 2005 6. Why Managers don’t respect Recruiters – By Dr. John Sullivan Websites:Websites: 1. www.maxima.com.sg 2. www.jobprofile.com 3. www.vault.com 4. www.assureconsulting.com 63
  • 64. Summer Internship 5. www.successfulmanagers.com 6. www.era.org.in 7. www.mafoi.com 8. www.k10jobs.com 9. www.zenithglobal.com 10. www.impactmanagement.com 64
  • 65. Summer Internship AnnexuresAnnexures Annexure 1:Annexure 1: Candidate Profile Sheet used at Maxima Global Executive Search:Candidate Profile Sheet used at Maxima Global Executive Search: 10 Collyer Quay, #06-03, Ocean Building Singapore 049315 Tel : +65-6536-1828 Fax : +65-6536-9877 enquiries@maxima.com.sg www.maxima.com.sg Profile Date Position Applied For Name 65 (Photograph)
  • 66. Summer Internship Address Home Work Mobile E-Mail Nationality Residence Status Date of Birth Gender Education Professional Training Other Courses WORK EXPERIENCE Total Work Experience Current Position Current Organization 66
  • 67. Summer Internship Reporting to Direct Reportees Total Team Size 67
  • 68. Summer Internship Organization Chart 68
  • 69. Summer Internship Employment History From - To MM/YY - MM/YY Position Employer Reporting To/Direct Reportees/ Team Size Key Responsibilities 69
  • 70. Summer Internship Key Technical/Functional Strengths Key Professional Achievements 70
  • 71. Summer Internship Other Strengths Limitations Largest Team Size Managed Employer/Project : Overseas Work Experience (Location/assignment/duration) Recognition/Awards Membership of Professional or other institutions 71
  • 72. Summer Internship Additional Information, if any Professional References Current Gross Annual Compensation (Please state currency) Base Salary : Bonus : Performance Linked Incentives : Perquisites : Other Benefits : Stock Options : Taxation : Expected Compensation Notice Period Relocation Conditions/Concerns/ Request for Information/ 72
  • 73. Summer Internship Other terms, if any Family Personality (Self Assessment) Management/Leadership Style Global Exposure/Travel Interests and Hobbies Sports 73
  • 74. Summer Internship Language Skills Any other Information or Remarks 74
  • 75. Summer Internship Annexure 2:Annexure 2: Questionnaire to Executives of Executive Search Firms Visited:Questionnaire to Executives of Executive Search Firms Visited: 1.1. What is an Executive Search firm in your opinion?What is an Executive Search firm in your opinion? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ 2.2. Why do you think, companies approach Executive Search Firms?Why do you think, companies approach Executive Search Firms? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ 3.3. State any three ways in which companies identify the right kind of Executive SearchState any three ways in which companies identify the right kind of Executive Search Firms to suit their requirements?Firms to suit their requirements? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ________ 4.4. What according to you is the proportion of Corporate Placement in Indian Firms doneWhat according to you is the proportion of Corporate Placement in Indian Firms done with the help of Executive Search Firms? (Please Tick in the box adjacent to what youwith the help of Executive Search Firms? (Please Tick in the box adjacent to what you feel is the answer)feel is the answer) 1) Below 5%1) Below 5% 2) 5% - 9%2) 5% - 9% 3) 10% - 14%3) 10% - 14% 4) 15% - 19%4) 15% - 19% 75
  • 76. Summer Internship 5) 20 – 24%5) 20 – 24% 6) 25% and Above6) 25% and Above 5.5. How according to you is the proportion varying across the various levels ofHow according to you is the proportion varying across the various levels of management?management? Top Management _______________Top Management _______________ Middle Management _______________Middle Management _______________ Junior Management _______________Junior Management _______________ 1) Below 10%1) Below 10% 4) 30% - 39%4) 30% - 39% 2) 10% - 19%2) 10% - 19% 5) 40 – 49%5) 40 – 49% 3) 20% - 29%3) 20% - 29% 6) 50% and Above6) 50% and Above 6.6. Your Firm is involved in recruitment at which of the following levels?Your Firm is involved in recruitment at which of the following levels? Top ManagementTop Management Middle ManagementMiddle Management Junior ManagementJunior Management 7.7. What are the various services that an Executive Search firm must provide in order toWhat are the various services that an Executive Search firm must provide in order to remain competitive in the current market?remain competitive in the current market? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ 76
  • 77. Summer Internship 8.8. What is that Unique Feature that distinguishes you from other similar service providers?What is that Unique Feature that distinguishes you from other similar service providers? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ 9.9. Name the top competitors in your business and their competitive advantage according toName the top competitors in your business and their competitive advantage according to you?you? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________ 10.10. What is the value addition that your firm provides in addition to actual assignments toWhat is the value addition that your firm provides in addition to actual assignments to provide Customer Delight?provide Customer Delight? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ 11.11. What is the methodology followed by your organization for Executive Search andWhat is the methodology followed by your organization for Executive Search and Selection?Selection? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ 77
  • 78. Summer Internship __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ____________ 12.12. Kindly explain the method and mode of payment of your fees from your client in brief?Kindly explain the method and mode of payment of your fees from your client in brief? __________________________________________________________________________________________________________________________________________________________ __ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ THANK YOU FOR YOUR TIME!THANK YOU FOR YOUR TIME! Annexure 3: Questionnaire to Client’s Executives:Annexure 3: Questionnaire to Client’s Executives: 1.1. What is an Executive Search firm in your opinion?What is an Executive Search firm in your opinion? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ 2. Why do you think, companies approach Executive Search Firms?2. Why do you think, companies approach Executive Search Firms? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ 78
  • 79. Summer Internship 3.3. State any three ways in which companies identify the right kind of Executive Search FirmsState any three ways in which companies identify the right kind of Executive Search Firms to suit their requirements?to suit their requirements? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ________ 4. Does your organization use Executive Search and Selection Firms to fill all the top and4. Does your organization use Executive Search and Selection Firms to fill all the top and middle management positions?middle management positions? YesYes NoNo If No, Please specify the other methods used to fill such positions?If No, Please specify the other methods used to fill such positions? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ 5. Name any three Executive Search Firms with whom, your organization is currently doing5. Name any three Executive Search Firms with whom, your organization is currently doing business and why?business and why? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ________ 6. Are you satisfied with their services?6. Are you satisfied with their services? 79
  • 80. Summer Internship YesYes NoNo If No, What are the services that your firm expects from an Executive Search Firm?If No, What are the services that your firm expects from an Executive Search Firm? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ________ 7. Please name the top five executive search firms / consultancies in Mumbai in the order of7. Please name the top five executive search firms / consultancies in Mumbai in the order of preference and state the best service they offer?preference and state the best service they offer? 1.1. ________________________________________________________________________________________________________________________________________________________ 2.___________________________________________________________________________2.___________________________________________________________________________ __ 3.___________________________________________________________________________3.___________________________________________________________________________ _4.___________________________________________________________________________4.__________________________________________________________________________ __5.___________________________________________________________________________5._________________________________________________________________________ ______ 8. Name any three factors that attract corporates to Executive Search Firms for the first time?8. Name any three factors that attract corporates to Executive Search Firms for the first time? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ 80
  • 81. Summer Internship 9. Kindly explain the manner of payment to the executive search firms you are engaged in9. Kindly explain the manner of payment to the executive search firms you are engaged in business with in brief?business with in brief? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______ 10. If a new firm (MNC) is set up in Mumbai, what would the expectations of any corporate for10. If a new firm (MNC) is set up in Mumbai, what would the expectations of any corporate for doing business with a new entrant in the market?doing business with a new entrant in the market? __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ________ THANK YOU FOR YOUR TIME!THANK YOU FOR YOUR TIME! 81