Recruitment and the Law of Wasted Efforts
Do you know that lions only succeed in a quarter of their hunting attempts — which means they fail in 75% of their attempts and succeeds in only 25% of them?
Despite this small percentage shared by most predators, they don’t despair in their pursuit and hunting attempts.
The main reason for this is not because of hunger as some might think but it is the understanding of the “Law of Wasted Efforts” that have been instinctively built into animals, a law in which nature is governed.
Half of the eggs of fishes are eaten… half of the baby bears die before puberty… most of the world’s rains fall in oceans… and most of the seeds of trees are eaten by birds.
When I read about this, I could so easily relate it to the recruitment agency business
If you are an outsider, you might feel that the recruitment industry is a goldmine. The head-hunter gets a princely sum of money 8.33% of CTC for each candidate who has joined.Thus effectively for just 1 CV, you can get a cheque of a lac rupees in return.Theoretically then, this should be a super-scalable model where you can bill a few crores p.a. easily,even if you are working in a specialised niche like Chartered Accountants, Costs Accountants, Company Secretary like CAJobPortal.com does.
However, we realised over a period of time that the “Law of Wasted Efforts” is dominant in the industry. Positions will be opened to vendors, extensive work done , often interviews held and then positions are put on hold, closed internally ………and you are left high and dry JYou can read about this more extensively here https://bit.ly/2ITVVO6
So to say 90% of the mandates you work on will not yield any revenue
And thus like the lion, one has to assiduously keep working on the mandates from professional clients; keep eliminating the opportunistic ones.
What do you think?