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Which Opportunity For Headhunt Industry In Vietnam?(Part 2)

1. Vietnam's Headhunting Services Development Trends

1.1 The Pace Of Expansion Of Vietnam's Headhunting Services Market

The need for recruits is growing, especially for high-level employees, yet doing so costs businesses too much time, money, and human resources. The headhunting service was developed as a result of businesses realizing the challenges and successfully addressing those demands.


The pace of expansion of Vietnam's headhunt
The pace of expansion of Vietnam's headhunt

Particularly, the rapid growth of headhunting services may be seen in the rising number of businesses offering this kind of service. There were just 200 headhunter firms in the Vietnamese market at first, but within a short while, this number rose to 500, and they are now spread out over the whole nation.

In addition, the majority of top roles in people are filled through headhunting firms. Out of 3,361 participants in the poll, 70.4% of senior personnel reported using headhunting to find employment.

Both employers trying to hire staff and job seekers are drawn to the headhunter service. As a result, the headhunting service has excellent potential and is expected to see rapid growth.

1.2 The Headhunter Services Market's Projected Future Development Trend

We have become more accustomed to working remotely, a technique that has been for a while but is not yet common, because to the Covid 19 pandemic epidemic. Most employees eventually become accustomed to and at ease using this working style in place of the conventional one. Young, dynamic individuals in particular dislike being cooped up in a small area like an office. Therefore, their preferred trend is working remotely or from home. Recognizing this, headhunting firms have focused on expanding their geographic reach. Through assisting software, remote recruitment may take place, enabling companies and applicants to communicate without being constrained by physical distance.


The headhunter services market
The headhunter services market

Today, businesses have more hiring demands than ever before, but they also need to guarantee quality. As a result, organizations that offer headhunting services focus on "versatile" individuals, or those with a variety of knowledge, abilities, and vocations. To do this, headhunters need a highly skilled, competent, and professional headhunting team. The ability to adapt to and fit into a new setting is also something that headhunters strive for.

A recruitment strategy known as "data-centric recruiting" uses preparation and judgment to choose qualified individuals based on information collected through technological goods. This is a typical trend among recruiting agencies globally, despite being relatively new in the Vietnamese industry. Many of these techniques will be used in other domains outside recruiting in the future.

1.3 Opportunity

The Vietnamese economy is developing at a tremendous speed and is getting closer to the world. That also requires businesses to strengthen internal strength, and human resources is a key factor. Human resources play a role in determining the success or failure of a business, especially senior personnel. So why do clients need a headhunt when every company has an HR department?

Because the requirements and targets when recruiting superiors are high, the HR department will be difficult to undertake. For example, recruiting Dev who can speak Japanese or use new technologies fluently. Requires the employer to have extensive relationships and technology updates. Therefore, a headhunter is the first choice when they work in the recruitment industry and have many relationships. So they have an understanding of the general situation.

Besides, senior employees who want to find a job will not apply directly because it will affect their reputation, instead, they will prefer to go through an intermediary to keep personal information confidential (level salary, position, ..)

2. Challenge of the headhunt industry

Many years ago, when the number of Headhunts on the market was small, finding customers and connecting with candidates was easier. However, with the current situation, when the Headhunt market develops strongly and the number of Headhunts is increasing, the level of competition among Headhunts becomes fierce.

The easiest way to compete is to hit on customers’ psychology – reducing service costs with many promotions. This is beneficial and attracting customers, but makes it difficult for other Headhunts. Not to mention the dumping will inadvertently bring many consequences for customers such as poor quality candidates, accidentally affecting the image of the headhunt in the customer’s mind.


Challenge of the headhunt industry
Challenge of the headhunt industry

The current recruitment trend is also mostly finding the right people for the job, not finding the right job for people. Therefore, customers often take the upper hand and decide, which in turn causes a disadvantage for Vietnamese talents. Not to mention that the trend will lose the brightest candidates because they do not match the “taste” of the customer. It is not easy for a Headhunt to balance between customers and candidates, as well as ensuring benefits for both parties.

3. Problem of the headhunt industry

That does not take into account customer fraud. Companies ask Headhunt to recruit but “rob” CVs by rejecting candidates then creating their database or blatantly rather than rejecting Headhunt’s candidates and then re-interviewing, receiving the candidate to save money for Headhunt.


Problem of the headhunt industry
Problem of the headhunt industry

Candidates are also a dilemma facing Headhunts. It is familiar that candidates change erratically, forget interview time or interview flare. Candidates who demand a higher salary than their real value or the job salary that does not match the candidate’s quality is also a matter that requires Headhunt to handle it skillfully. Between candidates and business disagreements, Headhunt’s task must stand out to settle both sides. In general, Headhunt is the bridge between businesses and candidates, so all problems that arise are handled by Headhunt.



4. Evaluation of Vietnam's Headhunt Services

Established in 2016, JT1 is a leading recruitment, payroll & outsourcing agency in Vietnam. We keep improving and offering optimal HR solutions for businesses in various fields. With exceptional experience in technology, JT1 provides thousands of elite programmers with considerable skills & experience and the utmost enthusiasm. ​ Every year, JT1 cooperates with domestic and foreign enterprises to find excellent Vietnamese personnel able to adapt to varied work cultures. Further, JT1 is committed to following through with these candidates we match. We are ready to facilitate candidates throughout, including post-onboarding. As a company, we focus on continuous improvement to ensure the best interest of our partners. ​ At any time, JT1 has a professional consultant team putting its skills to work, churning out payroll transactions every month, and committed to punctuality, compliance, and 100% confidentiality. ​ JT1 has every confidence to be the best choice that will lead to your success.


JT1 - IT Recruitment Agency
JT1 - IT Recruitment Agency

Advantage:

  • The team's expertise in the IT sector and professionalism make them a strong asset to the organization.

  • Additionally, the business enjoys positive working ties with a lot of other businesses in the sector, which aids in finding and bringing on the top individuals for their clients.

  • They could not provide prices that are as affordable as those offered by other employment agencies.

Disadvantage:

  • They may not be as competitive as larger market competitors since they have not received as much publicity in the recruiting industry.

4.2 Navigos Search

One of the firms in Vietnam that specializes in offering top-notch human resources is Navigos Group Vietnam Joint Stock Company. With 20 years of existence and growth, Navigos Search has connected businesses and candidates while fostering a fantastic work environment, bringing numerous career possibilities to Vietnam.

Advantage:

  • Owning the online recruiting portal Vietnamworks, which has a diversified ecosystem and the largest number of candidates to date.

  • Possessing a top-notch headhunting staff and an extensive network of contacts in each sector.

  • Hold human resources seminars often to win clients' trust.

Disadvantage:

  • Mainly focus on the senior personnel segment

  • High cost.

4.3 Tiva

Tiva was founded in that year. Tiva operates in both job posting services and job portal services, unlike Navigos Search and Headhunter. The Headhunter service is still the main offering, though.

Advantage:

  • Possessing an iOS or Android mobile app with a sizable user base.

  • The headhunter group is knowledgeable and experienced.

  • Offer employees for various roles.

  • Affordability.

Disadvantage:

  • Currently only have a base in Hanoi

  • High cost

4.4 HR2B

In 2013, HR2B was founded with the initial intention of engaging in human resource management consultancy. However, HR2B now offers additional headhunter services as a result of rising demand. Additionally, the business has achieved success in the industry for about 10 years.

Advantage:

  • A protracted candidate warranty term.

  • Having a group of seasoned headhunters with a wide range of highly specialized talents.

  • Possessing sophisticated HR recruiting service management software and many potential prospects

Disadvantage:

  • Concentrate mostly on top-tier human resources.

  • Processing applications takes a while.

4.5 Talenet

Talentnet is certain that it is the top headhunting service provider in Vietnam because to its more than 20 years of expertise in human resource management. Currently, Talentnet offers complete, expert, and useful HR solutions that are appropriate for corporate needs. The offerings of Talentnet Payroll service, corporate services, the Mercer Salary Survey, senior staff recruitment, HR consulting and outsourcing services

Advantage:

  • Recognizing and focusing on the regional labor market while servicing the international market.

  • Having a strong network of connections to both domestic and international businesses.

  • Having the most extensive headhunting expertise in Vietnam.

Disadvantage:

  • High cost

Source: Internet



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