Problems Faced by Recruitment Companies in Hiring for the Insurance and BFSI Sector
Finding people for jobs in the Insurance and BFSI (Banking, Financial Services, and Insurance) sector is not easy. Recruitment companies face many problems while hiring for these industries. The jobs are usually stressful and require employees to meet targets. Many people leave soon after joining because they cannot handle the pressure. This means recruiters have to keep hiring for the same roles again and again.
Clients also make the job harder. They want the best candidates—people with experience, with good personal relations (PRs), good communication skills, and the right attitude. But at the same time, they do not want to pay recruitment companies fairly for all the hard work. It takes a lot of time and effort to find the right person, but the reward is often too low.
Even when recruiters find good candidates, keeping clients satisfied is still a challenge. Clients want someone who fits into the team, starts working well from day one, stays in the company for a long time, and does not ask for a high salary. It is very hard to find someone who meets all these needs.
Another problem is that some candidates leave their job soon after joining. This happens because the job is different from what they expected or because they feel too stressed. When this happens, recruiters must start the hiring process all over again, often with fewer good candidates left in the market.
Recruiters also get frustrated when candidates stop replying. Some people apply for jobs but then ignore phone calls, emails, and messages. Even though they are active online, they do not respond. This wastes time and creates confusion.
Sometimes, candidates give false information on their resumes. They may lie about how much they earn, make their job roles sound bigger than they really were, or even add fake degrees. This makes it hard for recruiters to trust them and forces them to spend extra time checking everything.
Setting up interviews is another big problem. Many candidates cancel at the last minute, delay the meeting, or do not show up at all. Some even refuse the offer just before their joining date. This causes delays and makes clients unhappy with the service.
It becomes even more difficult when a selected candidate quits soon after joining. Recruiters then have to start from the beginning. This takes a lot of time and energy, especially when they have already contacted most of the people who are a good fit.