The Hindu Business Line : Recruitment industry's forex earnings on the rise

WHILE about 4.25 lakh Indians flew out of the country last year with overseas offer letters in their pockets, the Indian recruitment industry had to tailor deeper pockets for its foreign exchange earnings.

With 12-15 per cent of a recruitment firm's revenues coming from overseas placements, the Rs 2,000-crore Indian recruitment industry estimates that about Rs 150 crore worth of foreign exchange flowed into the country last year.

Mr K. Pandia Rajan, Managing Director, Ma Foi Consultants, says, "This shows the growing acceptance of not only Indian candidates but also Indian consultants." About 12 per cent of Ma Foi's 2005 earnings (estimated to be about Rs 212 crore) can be attributed to foreign placement billings. This year, Ma Foi is eyeing revenues of Rs 350 crore and Mr Rajan expects about 20 per cent of this to come from candidates getting placed abroad.

TeamLease Services is recruiting for companies based in Nepal, Nairobi, South Africa, Nigeria and South Korea apart from servicing mandates from US- and UK-based companies. "About 15 per cent of our earnings come from overseas placements," says Ms Nirupama V.G., Associate Director, TeamLease Services.

Sectors that are looking at Indian employees are software, hardware, power, pharma, textiles and BPOs. Forex remittances are also increasing because immigration is becoming easier in countries such as Australia, the UK and Singapore. Says Mr Anjan Dutta, Principal Consultant, Career Graph: "The UK earlier only offered short stints for Indian workers but now it is for longer periods." On an average, Career Graph earns about $2,000 per candidate placed abroad.

Mr Kris Lakshmikanth, CEO and Managing Director, Headhunters India, says that the boom in the garment industry has enhanced his company's forex earnings. Bangladesh, Indonesia, Sri Lanka, China, Hong Kong and Singapore are sourcing textile industry talent through this Bangalore-based company.

Mr Lakshmikanth envisages that about 25 per cent of his company's revenues (estimated to clock Rs 13 crore) to come from Indians getting placed overseas.

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