Psalm Consulting: Adding Value to Organizations

Namrata Tripathi,   Director

Namrata Tripathi, Director

In the present scenario, the need for medical recruitment consultant services in the medical industry has drastically risen. Despite this, acquiring the most dependable healthcare recruitment consultant often becomes puzzling. The larger hospitals are also on the lookout of a good hospital staffing agency for meeting their regular manpower needs. With a significant rise in health-related awareness, the medical and healthcare industry is witnessing some of the greatest innovations. Other than utilizing state-of-the-art instruments, healthcare facilities are also trying their best to employ highly dedicated, reliable, and efficient professionals. Whether it is operational hassles or technical ordeals, none other than the most proficient and ingenious experts can offer the best solutions. It’s here that proper medical recruitment emerges as the need of the hour.

Ideally fitting into the picture is Varanasi headquartered Psalm Consulting, a medical recruitment consultancy firm serving pan India since 2012. Given its combined experience of more than 50 years in recruitment, Psalm strongly believes in building relationships based on the principles of morals, ethics and transparency. “We are focused only on Medical recruitments. By virtue of us being in hiring business from a long time, we have developed a knack for spotting talent and creating a match between what an organization desires and the bouquet of skills a candidate has to offer,” says Namrata Tripathi, Director.

The Genesis
“It all started with the fact that my husband was an extremely homesick person and my father in law never wanted to leave his home town. The opportunities in Varanasi were not many as for a job seeker. This led to a compulsion to start something of our own & PSALM was born,” Namrata speaks.

While Namrata and her family came back to Varanasi and decided to start something of our own, she realized they were low on capital and wished to start something which can be easily scaled up, whenever necessary. They found that most of the recruitment consulting business in UP was based on revenue from the
candidate model. Given their strong belief in ethics and transparency, they chose the recruitment business and decided to charge from companies instead of candidates. It was well thought out plan based upon the compulsions, their focus and their strengths.

"We have developed a very strong CRM department to make sure that our operations remain clearly focused on creating customer delight"

“Psalm is born out of compulsion and passion both. This may look self-contradictory at the surface, but it is not. Compulsion was that we had to go back to our small town which didn’t have opportunities suitable for our kind of experience; we had no option but to start something of our own. Now, as an individual and as a family, we had passion to help others and we also saw that there are many who wish to return to their hometowns but don’t have adequate information on available opportunities, hence, we turned our compulsion into a business opportunity and created a niche for ourselves,” she mentions.

The medical recruitment space, in which Psalm functions, has fewer competitions. While organized competition actually creates opportunities to excel and create benchmarks to then exceed them, team Psalm derives its core competencies from its strong customer centricity. “We have developed a very strong CRM department to make sure that our operations remain clearly focused on creating customer delight,” she asserts.

Throwing light on how Psalm’s consultancy services act beneficial for the clients, Namrata illustrates a case study that shows the value the company has added for businesses. “Imagine a medical college, just established. Typical first-year investment in a reasonably good medical college is around 500 Crores. For the first 5 years, Medical Colleges need to get annual MCI approval to take admissions for MBBS students. These approvals come after MCI inspections. We as a consultant are critical for any college to get final MCI approval. If we are unable to fulfil the requirements of a college, it’s possible that the college may not be approved for a specific year. A 100 seat college with an annual fee of approx 25 lacs, that means a loss of 25 crores plus an additional burden of interest on capital employed of 50 crores – which is a total loss of 75 crores. That is an astronomical cost for any business. This makes our services extremely critical for businesses, on the flip side this also means that if we don’t fulfil the requirements timely, we may permanently lose a valuable customer.”
The Growth over the Years
Over the years, Psalm has registered a phenomenal growth overcoming the fair share of ups and downs, successes & failures. “One of the key features which we kept at all times with us was that we never focused on growth at the cost of our systems and procedures. We can proudly say that we have been growing systematically. We have seen only organic growth till date based upon the dint of the team effort,” she avers. Revenue-wise, it has grown at approximately 20 per cent CAGR.

As a responsible corporate, Psalm keeps 10 per cent of its revenue position closure targets for the needy candidates which means that for unskilled positions or semi-skilled positions it helps to find needy candidates which match the corporate requirements. ‘This is a sense creates a higher purpose in the team and creates love for ethics and they are able to contribute to the society directly by their efforts,” she adds.

The company soon would be adopting the franchisee route to scale up its operations along with expanding its presence in nook and corner of the country and subsequently globe. “We firmly believe that ours would be a multi-million dollar enterprise within the next 5 years,” she concludes on a positive note.

Panel 1:
Namrata’s key role at Psalm Consulting

The role of a first generation entrepreneur has been evolving with the changes in the organization. In the initial days, it was vision, planning & execution all wrapped in one. Subsequently, it became a vision and planning the execution was delegated to the lead managers. Now it is the only vision, while planning and execution are delegated to the senior management of the team. “At all times though, we were very clear that there no bosses in the organization, there are only first among equals. The treatment to me has to be the same as the treatment to other team members. No one was or is special. There are clearly spelt out rules which are applicable to all and sundry, without any difference due to seniority or designation.”

Panel 2:
Leadership Mantra

Treat unto others, as you would want them to treat you.

No differentiation within the team, no one is special. Yet performance has to be recognized and rewarded. Give your team a dream which they can believe. They would grow wings to fly. The only way is to empower them gradually, keep challenging them incrementally.