Hirematch Business Plan

1.0 Introduction of the Business Idea

In today’s competitive job market, finding the right talent can be daunting for employers, and searching for the right job can be equally challenging for job seekers. There is a growing demand for work, especially talents and specialized skills, with the recruitment industry, expected to reach $334 billion by 2025(MarketsandMarkets, 2020). There has been a shift towards remote work since the onset of the COVID-19 pandemic; therefore, companies require recruitment firms for this. Companies must also cut costs since hiring is usually long, expensive, and tiresome.

Hirematch is a new company that aims to bridge the gap between employers and employees. Hirematch simplifies the hiring process by providing a user-friendly platform that matches employers with qualified candidates seamlessly and efficiently. The Hirematch team consists of experienced recruiters well-versed in identifying the best talent for any job. Hirematch also uses the latest technology to streamline the hiring process, making it easier for employers to post job listings and for job seekers to apply for relevant job openings. After that, employees are guaranteed to getting access to top talent, and the employees are guaranteed the best job opportunities in Hirematch.

2.0 Description of the Business Idea

2.1 Business Vision Statement

To revolutionize the hiring process by providing a platform that connects employers with the right talent seamlessly and efficiently, regardless of geographical barriers.

2.2 Business Mission statement

To provide top-quality recruitment services to employers across the globe.

2.3 Values

2.3.1 Business Values

Business values are the guiding principles that shape the culture and behaviour of an organization. They define what an organization stands for, what it believes in, and how it operates(Miles & Mangold). At Hirematch, we are committed to upholding values the following values;

1. Integrity: We believe in operating our business with the highest ethical standards, honesty, and transparency. Employers and employees are guaranteed subject to fair and open job application opportunities and a transparent job selection and hiring process.
2. Innovation: We strive to create an innovative platform that leverages the latest technology to provide the best possible experience for our clients. With our website, clients are assured of the best user experience while addressing their issues.
3. Collaboration: We believe in working collaboratively with our clients to understand their unique needs and tailor our services to meet those needs. This ensures we know clients’ preferences and match what we give them.
4. Diversity and Inclusion: We are committed to promoting diversity, equity, and inclusion in the workplace and fostering a culture of respect and acceptance for all. With considerable remote work, balancing workers is our top priority and ensuring that all regions are well represented.
5. Excellence: We are committed to delivering exceptional service and exceeding our client’s expectations in every aspect of our business. Lastly, we believe in delivering excellence to all our members.

2.3.2 Personal Values

Aligning personal values with those of an organization can profoundly impact employee satisfaction and motivation. At Hirematch, we believe that by promoting values such as honesty and integrity, creativity and innovation, teamwork and collaboration, respect and empathy for others, commitment to excellence and continuous improvement, and dedication to diversity, equity, and inclusion in the workplace, we can create a culture that is not only successful but also fulfilling for our employees(Kreitz & Amyx, 2016).

Honesty and integrity are the foundation of our business, and Hirematch believes that employees who share these values are crucial to our success. By promoting transparency and ethical behaviour, we build trust with our clients and candidates and create an environment where employees feel empowered to do the right thing, even when difficult (Cameron & Quinn, 2011). Creativity and innovation are also essential to our business, as we are constantly seeking new ways to improve our services and better meet the needs of our clients and candidates. Employees who share these values bring fresh ideas and a willingness to take risks, which drives our organization forward (Schein, 2010). Teamwork and collaboration are integral to our success, as we believe no individual has all the answers. By promoting a culture of collaboration, we foster an environment where employees can learn from each other and work together to achieve common goals. Respect and empathy for others are central to our business as we strive to create an inclusive and welcoming workplace. Employees who share these values can build strong relationships with clients and candidates and create a supportive environment for their colleagues.

Finally, commitment to excellence, continuous improvement, and dedication to diversity, equity, and inclusion in the workplace are values that help Hirematch stay focused on our mission of creating a better future for employers and job seekers(Rynes et al., 2002). By aligning personal values with those of Hirematch, our employees can feel a sense of purpose and fulfilment in their work and work towards a shared goal of creating a world where every employer has access to the best talent and every job seeker has access to meaningful employment opportunities.

2.3.3 Value Proposition of Services Offered

The only service that Hirematch will concentrate on is matching employers with the best employee available. The value proposition of Hirematch’s service is centred on providing employers with access to the best possible candidates while ensuring a seamless and efficient recruitment process. By leveraging cutting-edge technology and a team of experienced recruiters, Hirematch can match employers with qualified candidates quickly and effectively.

Our value proposition includes several key benefits for our clients, including:

1. Access to a large pool of qualified candidates: Our extensive network of job seekers and active recruitment efforts ensure that employers have access to a diverse pool of qualified candidates, which increases the chances of finding the best fit for their specific needs.
2. Streamlined recruitment process: Our advanced technology platform automates many of the manual processes associated with recruitment, such as resume screening and candidate tracking, which results in a faster, more efficient recruitment process.
3. Expertise and guidance from experienced recruiters: Our team of experienced recruiters provide expert guidance and support throughout the recruitment process, from developing job descriptions to negotiating job offers, which saves our clients time and resources.
4. Cost-effective recruitment solutions: Our services are designed to be cost-effective and flexible, which means that our clients only pay for the services they need and can scale up or down as their recruitment needs change.

3.0 Competitor analysis

As a recruitment services provider, Hirematch faces stiff competition from other players in the market, including LinkedIn and Indeed. One of the major competitors of Hirematch is Linkedin. LinkedIn is a social networking platform that is designed for professionals. It boasts over 722 million members worldwide, making it one of the largest professional networks available (LinkedIn, 2022). LinkedIn’s recruitment services are designed to connect job seekers with employers, and it uses algorithms and human expertise to match candidates with job openings. It offers a range of recruitment solutions, including job postings, recruiter tools, and a candidate database. One of LinkedIn’s key strengths is its vast network of professionals. Employers can search for and connect with potential candidates based on their skills, experience, and location. The platform also allows job seekers to showcase their skills and experience through their profiles, which can be used to attract potential employers. LinkedIn’s focus on professional networking and its reputation as a trusted source of information for job seekers and employers make it a formidable competitor in the recruitment services market.

Another competitor is Indeed. Indeed is a job search website that also offers recruitment services to employers. With over 250 million unique monthly visitors, it is one of the largest job search platforms available (Indeed, 2022). Like LinkedIn, Indeed offers a range of recruitment solutions, including job postings, resume search tools and employer branding solutions. One of Indeed’s key strengths is its extensive job database. Employers can post job openings and search for candidates based on various criteria, including location, experience, and job title. Job seekers can also use the platform to search for jobs and set up job alerts, which notify them when relevant job openings become available. Indeed’s focus on user experience and its cost-effective recruitment solutions make it a popular choice among employers and job seekers.

To compete effectively with LinkedIn and Indeed, Hirematch must differentiate itself by offering unique value propositions that meet the needs of employers and job seekers. One way to do this is by leveraging its commitment to diversity, equity, and inclusion in the workplace. By offering personalized support from experienced recruiters, Hirematch can help employers to create diverse and inclusive workplaces that attract top talent. It can also help job seekers to find employers that share their values and provide a supportive work environment. Another way that Hirematch can differentiate itself is by offering cost-effective solutions that deliver results quickly. By leveraging advanced technology platforms and innovative recruitment solutions, Hirematch can help employers to streamline their recruitment processes and save time and resources(Deloitte, 2018). This can be particularly valuable for small and medium-sized businesses that may not have the resources to invest in expensive recruitment solutions.

4.0 Hirematch in the Global Context

4.1 Business Supply Chain Structure

Hirematch’s supply chain structure is relatively simple as a recruitment services provider. The main components of its supply chain include:

1. Employers: The main output of Hirematch’s supply chain is successful job placements. Employers are the primary customers of Hirematch and pay for the services provided.
2. Job seekers: They submit their resumes and other information to Hirematch’s recruitment platform, which can be matched with job openings.
3. Recruitment platform: The recruitment platform is the primary interface between job seekers and employers. The platform uses algorithms and other technologies to match candidates with job openings and provide employers with tools to manage their recruitment processes.
4. Recruitment experts: Hirematch may employ recruitment experts who can provide personalized support to job seekers and employers. These experts may have expertise in specific industries or job functions and can guide and advise throughout the recruitment process.
5. Payment processors: Hirematch may use payment processors to handle transactions between employers and Hirematch. These processors may process credit card payments, invoice employers, and handle other financial transactions.

Overall, the supply chain structure for Hirematch is relatively straightforward. By connecting job seekers with employers through its recruitment platform and providing personalized support from recruitment experts, Hirematch can streamline recruitment and deliver value to job seekers and employers. By partnering with payment processors, Hirematch can also ensure that financial transactions are handled securely and efficiently.

4.2 Business Quality Management Structure

Quality management is crucial for Hirematch’s success as a recruitment services provider. Companies must ensure that it delivers high-quality services to job seekers and employers to maintain their reputation and attract new business(Kumar & Misra, 2020). Here are some key components of Hirematch’s quality management structure:

1. Quality objectives: Hirematch must set clear quality objectives to guide its operations. These include metrics like customer satisfaction ratings, successful job placements, and speed of recruitment processes.
2. Quality control: Hirematch must implement quality control measures to ensure its recruitment platform and processes operate as intended. These include regular testing and monitoring of the platform and ongoing performance evaluations of recruitment experts.
3. Continuous improvement: Regular feedback gathering from job seekers and employers, as well as analysis of recruitment data to identify areas for improvement, guarantees a high level of quality
4. Compliance: HireMatch will ensure that job postings do not contain discriminatory language and comply with data privacy laws.
5. Training and development: Hirematch will provide regular training and development opportunities to candidates and employees on new technologies, recruitment trends, and soft skills training.

By implementing a robust quality management structure, Hirematch can ensure it delivers high-quality recruitment services to its customers. This can help the company maintain its competitive edge and attract new business.

5.0 Business Model

5.1 Business Risk Evaluation Top of Form

One key risk is the economic risk. Economic conditions heavily influence the recruitment industry. Economic downturns can lead to decreased demand for recruitment services as employers may have fewer job openings or hesitate to hire new employees. In contrast, economic upturns can lead to increased competition for talent and a greater demand for recruitment services. According to a report by IBISWorld, the global recruitment services industry experienced a decline in demand during the COVID-19 pandemic, with many employers implementing hiring freezes or reducing their recruitment budgets (IBISWorld, 2021). Hirematch must be prepared to navigate these fluctuations in demand and adapt its business strategy accordingly.

Another key risk is technology risk. As a technology-driven company, Hirematch’s recruitment platform connects job seekers with employers. Any disruption to the platform, such as a cyber attack or technical malfunction, could lead to a loss of business and damage to the company’s reputation(CareerBuilder, 2021). In addition, Hirematch must ensure that its platform remains up-to-date with the latest technological advancements and user demands to remain competitive.

To mitigate these risks, Hirematch will use a comprehensive risk management plan. This includes implementing robust cybersecurity measures to protect its recruitment platform, investing in marketing and brand-building initiatives to maintain a positive reputation, and keeping up-to-date with recruitment laws and regulations changes. By proactively addressing these risks, Hirematch will be well-positioned to navigate the challenges of the recruitment industry and maintain its competitive edge.

6.0 Reflection on the Development of Hirematch Throughout the Learning

Hirematch business plan outlines the company’s goals, strategies, and tactics. The learning process involves analyzing the market, identifying the target audience’s needs, and developing solutions that meet those needs. It also involves assessing the competition and finding ways to differentiate the business from them(Hisrich et al., 2017). Throughout the learning process, it is important to stay agile and adaptable. By being open to feedback and adjusting strategies as needed. It also means being willing to take calculated risks and experimenting with new ideas.

As Hirematch consulting firm, we focus on building strong relationships with clients and employees. This involves providing excellent customer service, being responsive to client needs, and fostering a positive company culture that encourages employee growth and development. Overall, the key to developing a successful business like Hirematch is staying committed to the company’s vision and values while being open to learning and growth. By continuously analyzing the market, assessing risks, and adapting strategies, Hirematch can position itself for long-term success in the recruitment industry.

7.0 Funding Strategy

Annual Budget for Hirematch

Funding strategy

The firm will be financed by my savings and a loan from the bank. The loan will be paid for 12 months. Money to pay back the loan will be raised from the money generated by the firm. This option provides the firm with the necessary funds while allowing it to maintain full ownership and control. However, it requires the firm to have a solid business plan which the firm has.

8.0 Conclusion

Hirematch is a business with the potential to revolutionize the recruitment industry by providing cost-effective solutions that deliver results quickly. Hirematch will fill a market gap left vacant by the competitors. It will ensure that the employers get the best of the talent and that employees are simply matched with good employers. The Hirematch website will enable positive interactions and reflective feedback to help the firm work on its weaknesses. Hirematch aims to build trust with our clients and candidates while empowering our employees to do the right thing by promoting transparency, ethical behaviour, and a culture of innovation and excellence. We are committed to helping employers find the best talent available and creating opportunities for job seekers to advance their careers. By leveraging technology platforms and innovative recruitment solutions, we can streamline recruitment and save time and resources for all parties involved. With a clear mission, strong values, and a focus on delivering high-quality services to our clients and candidates, Hirematch is poised to become a leader in the recruitment industry. The budget for Hirematch is also realistic, with sources of capitation reliable, therefore portraying efficiency.

Reference

Cameron, K. S., & Quinn, R. E. (2011). Diagnosing and changing organizational culture: Based on the competing values framework. John Wiley & Sons.

CareerBuilder. (2021). The impact of a negative candidate experience. Retrieved from https://resources.careerbuilder.com/news-releases/the-impact-of-a-negative-candidate-experience

Deloitte. (2018). Global human capital trends 2018: The rise of the social enterprise. https://www2.deloitte.com/global/en/pages/human-capital/articles/introduction-human-capital-trends.html

Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2017). Entrepreneurship. McGraw-Hill Education.

IBISWorld. (2021). Global recruitment services. Retrieved from https://www.ibisworld.com/global/market-research-reports/global-recruitment-services/

Indeed. (2022). About Indeed. Retrieved from https://www.indeed.com/hire/about

Kreitz, P. A., & Amyx, D. A. (2016). The relationship between organizational culture, total quality management practices and operational performance. Journal of Manufacturing Technology Management, 27(3), 321-338. https://doi.org/10.1108/JMTM-10-2014-0093

Kumar, A., & Mishra, D. (2020). Understanding the relationship between quality of service and customer satisfaction in the recruitment industry: A study of select recruitment consultancies. International Journal of Management, Technology, and Social Sciences, 5(1), 107–120. https://doi.org/10.5281/zenodo.3974142

LinkedIn. (2022). About LinkedIn. Retrieved from https://about.linkedin.com/

MarketsandMarkets. (2020). Recruitment Process Outsourcing (RPO) Market by Service Type (End-to-end RPO and RPO Blended Services), Application (BFSI, IT & Telecommunication, Healthcare, Manufacturing, Retail, and Others), and Geography – Global Forecast to 2025.

Miles, S. J., & Mangold, W. G. (2005). Positioning Southwest Airlines through employee branding. Business Horizons, 48(6), 535-545. https://doi.org/10.1016/j.bushor.2005.04.004

Rynes, S. L., Colbert, A. E., & Brown, K. G. (2002). HR professionals’ beliefs about effective human resource practices: Correspondence between research and practice. Human Resource Management, 41(2), 149–174.

Schein, E. H. (2010). Organizational culture and leadership (Vol. 2). John Wiley & Sons.