[ramakrishnas]

article 2

MONEY MATTERS

TODAY, RECRUITING TALENT IS SEEING A NEW HIGH AS ORGANISATIONS ARE SPENDING A LOT TO ATTRACT THE RIGHT TALENT. SHUBHASHISH SPEAKS TO INDUSTRY EXPERTS WHO SUGGEST POSSIBLE COST SAVING METHODS


There is an age old adage, ‘You gain some, you lose some’. And this adage seems to be put in practice by many companies. To suffice the huge talent requirements and to get the best of the lot, companies are not leaving any stone unturned and thereby are spending a lot on resources in the process. Recruitment costs are becoming increasingly heavy on the pockets and there is a dire need for them to look for something cheap without compromising on the quality of recruits. And with the rise in costs, they are growing more cautious about recruitment expenditure.

MEANS TO THE END

Organisations are using a host of innovative
and at the same time, run-of-the-mill methods
to hire employees. But in order to be effective
and innovative, the compromise has been
settled on the high costs. The hiring costs have
shot up manifolds and companies have started
to pinch pockets. As Chandan Chattaraj,
Executive Director, Xerox India puts it, “The
average recruitment cost per employee can
range anywhere between Rs 50,000 to 60
lakhs, depending on the positions.”
So how do companies hire fresh talent? “We usually hire using a host of methods ranging from internal movements where the company advertises the position within the organisation. This method is considered to be very cost effective as the employee is already a cultural fit and the talent stays within the organisation. We also advertise in the mainstream press though it is usually expensive as it includes not only the advertising cost but also the cost of processing, screening and interviewing the candidates,” says Shiv Agrawal, CEO, ABC Consultants Pvt. Ltd.
Aricent, on the other hand, has on-campus and off-campus initiatives for hiring freshers. They also use an optimum channel mix strategy for hiring experienced people. “The channels of hiring would include in-house technical recruiters using portals and own network, employee referral programme, placement consultants etc,” says Indrajit Sen, Director – Talent Acquisition, Aricent.

CUTTING COSTS

Recruitment costs are taking up a major part of the annual budgets of the organisations and are engaging a lot of resources. Companies are working in the direction of reducing these costs so as to save on the costs and allocate funds towards strategic projects. “The best way to minimise recruitment cost is to make sure the role of consultancy agencies is reduced to the minimum,” says Chetan Kothari, Managing Director, Tricom India Ltd. Agrawal defers on this point and adds that recruitment agencies are the best forms of cost effective hiring as one can outsource the ‘headache’ to a specialist firm and only pay on successful completion of the assignment.
“Companies are working on reducing the average cost per hire by relying on employee referrals, innovative recruiting mechanisms, and reducing the reliance on head-hunters. The average cost per hire is approximately Rs 30,000-40,000,” says Rohit Agarwal, CEO, techTribe.com. “To recruit the best talent along with a faster turnaround time, we have created a pipeline for all critical positions and the mapping has been done for all such positions which impact business. Since we maintain a three great candidate ratio for each position, we have a good database already in the system. These initiatives automatically reduce cost,” explains Chattaraj.

CHEAPEST MODES

Companies have devised actions plans which suit their needs best and at the same time cut the recruitment costs without compromising on the quality. “We have subscribed to job portals. Most of the recruitment at our junior and middle management levels are done through these job portals resulting in reduction in cost and increase in the process speed,” says Dr Swati Piramal, Director-Strategic Alliances and Communication, Nicholas Piramal India Limited. “Most of the recruitments at senior levels are done through contacts. We also recruit through employee referral scheme, which helps us in getting the right person for the right job at a very nominal cost spent on recruiting,” she further adds.
“Internal referral is the most effective and cheapest mode of recruitment. We encourage our employees to refer people for different positions. It ensures that we attract the best talent and also gives an empowering signal to
employees about their engagement within the company,” says Agrawal.
“In our organisation, ‘employee referrals’ are the cheapest modes of recruitment,” says Chattaraj. “One of the most cost effective modes of recruitment is the daily walk-in interviews that we conduct at our offices. This way, we are able to capture the profiles of a significant number of potential candidates that helps us in our recruitment process. Walk-ins are undoubtedly the best and inexpensive mode of hiring, and it has proved effective for us in volume hiring,” says Chitra Uthappa, Recruitment Manager, e4e.
The message is loud and clear! Organisations are saving on the high recruitment bills but at the same time are not ready to compromise on talent. The outcome is the development of a few innovative and cost effective recruitment models.

[sanjana.srikant]

Thank God no Essay.................

Now that the forms are out,we have to really gear up and brush our GK,social awareness and analytical aptitude.

[ravicustoms]

[this analytical aptitude is worrying me too much. second paper contains analytical aptitude. can some one explain? wht exactly it is? reasoning? or writing on some topic? quote=sanjana.srikant;857109]Thank God no Essay.................

Now that the forms are out,we have to really gear up and brush our GK,social awareness and analytical aptitude.[/quote]

[ameya_ahr]

Yarrrrr KOi PLEASE PLEASE PLEASE PACKAGE KE BARE MEIN BATAO..
I' ve seen all the posts on this thread and all the links too.. the one link for 2006 placement works .. but one with 2007 doesnt have info on packages altho its abt placements..
Seniors pls pls pls throw some light ..
and also:::::::
Does the fact that TISS doesn't give MBA but M.A. Degree.. ever come in the way in future ? Cuz ultimately, u aren't an MBA even though the TISS brandname is with u :( any take on this ?

[ravicustoms]

Originally Posted by ameya_ahr

Yarrrrr KOi PLEASE PLEASE PLEASE PACKAGE KE BARE MEIN BATAO..
I' ve seen all the posts on this thread and all the links too.. the one link for 2006 placement works .. but one with 2007 doesnt have info on packages altho its abt placements..
Seniors pls pls pls throw some light ..
and also:::::::
Does the fact that TISS doesn't give MBA but M.A. Degree.. ever come in the way in future ? Cuz ultimately, u aren't an MBA even though the TISS brandname is with u :( any take on this ?

r u not satisfied with package link of 2006 mate! :neutral:

i know one iitian, iima grad, who got placed in to a multinational, but fired by one simple customer one day, he resigned and joined one top management college as a lecturer compromising on his salary.but he is happy. what i mean to say is whether its a mba or ma degree, ultimately its ur aptitude, that puts u forth after a few years.

but yes, a good management college should provide a good launching pad. tiss being second best for hrm course after xlri, does that and does that well. :neutral: hope ur query stands solved.

on lighter side- iims provide post graduate diploma in management not mba degree. but its brand is incomparable to a mba degree from any other management college. so, brands work only if seconded by ur aptitude.

[The0ne]

Originally Posted by ameya_ahr

Yarrrrr KOi PLEASE PLEASE PLEASE PACKAGE KE BARE MEIN BATAO..
I' ve seen all the posts on this thread and all the links too.. the one link for 2006 placement works .. but one with 2007 doesnt have info on packages altho its abt placements..
Seniors pls pls pls throw some light ..
and also:::::::
Does the fact that TISS doesn't give MBA but M.A. Degree.. ever come in the way in future ? Cuz ultimately, u aren't an MBA even though the TISS brandname is with u :( any take on this ?

buddie all said and done. Tiss is a wonderful place to be in with wonderful faculty and wonderful students. also since being one of the top hr institute of the country..u definitely expect a better deal in placements but placements shud be the last thing on ur mind when deciding on an institute. first clear the test and the gdpi stage nd when u have final offer letter in ur hand ping me up...will let u know.

[ameya_ahr]

Originally Posted by ravicustoms

r u not satisfied with package link of 2006 mate! :neutral:

i know one iitian, iima grad, who got placed in to a multinational, but fired by one simple customer one day, he resigned and joined one top management college as a lecturer compromising on his salary.but he is happy. what i mean to say is whether its a mba or ma degree, ultimately its ur aptitude, that puts u forth after a few years.

but yes, a good management college should provide a good launching pad. tiss being second best for hrm course after xlri, does that and does that well. :neutral: hope ur query stands solved.

on lighter side- iims provide post graduate diploma in management not mba degree. but its brand is incomparable to a mba degree from any other management college. so, brands work only if seconded by ur aptitude.

I do understand what you are saying. I do.
And money is not the only thing on my mind so to say. Still was very curious about it. And what was surprising to me was the fact that a mandatory disclosure like placement details was absent from the website.

P.S. I surely know abt the PGDBM thing. Not a rookie ! Althogh i sound like one at times..

P.P.S. : And strictly for ur personal information Professors at reputed mgmt institutes rope in much more salary than people think they do ! Source:B-today and B-week.

[ravicustoms]

Originally Posted by ameya_ahr

I do understand what you are saying. I do.
And money is not the only thing on my mind so to say. Still was very curious about it. And what was surprising to me was the fact that a mandatory disclosure like placement details was absent from the website.

P.S. I surely know abt the PGDBM thing. Not a rookie ! Althogh i sound like one at times..

P.P.S. : And strictly for ur personal information Professors at reputed mgmt institutes rope in much more salary than people think they do ! Source:B-today and B-week.

look at this! salary details of iim faculty members and LET'S STICK TO TISS DISCUSSION HONOURING THE THREAD.
IIM Calcutta Media >> News and Events >> Full Article

[Chaosunlimited]

Originally Posted by ameya_ahr

Yarrrrr KOi PLEASE PLEASE PLEASE PACKAGE KE BARE MEIN BATAO..
I' ve seen all the posts on this thread and all the links too.. the one link for 2006 placement works .. but one with 2007 doesnt have info on packages altho its abt placements..
Seniors pls pls pls throw some light ..
and also:::::::
Does the fact that TISS doesn't give MBA but M.A. Degree.. ever come in the way in future ? Cuz ultimately, u aren't an MBA even though the TISS brandname is with u :( any take on this ?

hi ameya
its very natural for a B school aspirant to know abt the pay package.. but TISS calls itself a social sciences institute and has a plethora of other courses, and MA HR is just one among them, so there is no overt attempt to report everything in public.. but for your information.... there is a post by talkysandeep - one student of TISS who has reported the CTC details....

anyway the details for yr 2007 are perhaps like - Avg CTC - 8.62L , highest 14L, and lowest is around 7.6 L

and we have the best in business recruiting us...

hope this clarifies...

[sanjana.srikant]

Hey i was just going through the form.They have asked for biographical sketch and a business paln for social service!!!!!!!!!!!!!!!!!

Please can anybody throw some light on this?????????

The business plan is a part of Written test and has 20 marks assigned to it??: