CBREX is an exchange meant for recruiters and recruiting firms across the world that will facilitate cross-border hiring.
As companies across the world grow global, and traverse into new territories and markets, hiring as a process has also crossed boundaries. It is no longer limited to a particular territory, market, or nation.
For instance, a company in Russia may want to hire in the US, or a company in Malaysia may want to hire a foreign national in its own market. Now to search for this candidate, one would have to first search for a recruitment firm in that particular market or hire a recruitment company with a global presence. In both the cases, there would be a surge in cost or the process itself would be lengthy and tedious.
Three of our home-grown entrepreneurs, have launched an exchange that promises to solve this problem. Named CBREX, short for Cross Border Recruiter Exchange, this is an exchange catering to recruiters and recruiting firms across the world, and is aimed at facilitating cross-border hiring.
The exchange, which was in a beta stage for the last four months, claims to have managed to get on board recruiters from across 40 countries already.
The exchange is only open to members and any individual or recruiting organisation, may sign up and become a member after submitting their profile and undergoing a verification process. Post these formalities, members can start posting jobs from their clients with hiring needs outside their location, or clients wishing to hire expats in their home location.
A member needs to sign an MoU with the exchange to be able to transact, that is, get a job post approved or be able to supply a candidate to a job posted by another member. This ensures that the entire process is double checked and payment is made possible. Members can be live on CBREX but cannot transact till they have signed the MoU.
The recently launched exchange, hopes to get 1,000 recruiters on board, and 300 transactions per month in the next six months. Around 85 per cent of its members are expected to be from outside India.
The exchange is not just about posting jobs. Rather, a lot of interaction, by way of back and forth communication, is expected between members, as a transaction will normally take 60–90 days to complete.
The exchange is expected to be quite beneficial for small recruitment firms, which make up the bulk of the hiring business, though they do not have access to resources or contacts in other countries to source business. As a result, they often end up losing high-value cross-border clients.
As per estimates, India has about 80,000–90,000 such recruiting firms and even a partial slice of this would be a big market.
This viable and reliable platform, can give the local recruiting firms an opportunity to scale up their business and earn additional revenues.