Thanks to the growth of India’s key industries such as IT, retail and banking, as well as the country’s continued focus on innovation, the Indian economy is growing at an attractive rate. As a result, the demand for talent is increasing across many sectors to deliver rapid and sustained growth.
Therefore, Indian recruiters will be facing significant pressure in attracting and retaining top talent. Here’s a breakdown of 5 key recruitment trends.
- Increasing Gap Between Hiring Volume and Budget:
The disparity between volume and budget means recruitment teams need to use creative and cost-efficient ways to meet their goals. Some of the trends that follow are evidence of this, with more companies focusing on less costly channels such as employer branding and employee referrals to not break the bank.
- Quality of Hire:
Common challenge recruiters face is finding the best way to measure this metric. And there seems to be no unified way to measure this, with Indian recruiters tracking ‘quality of hire’ in various ways. Time to productivity, new hire performance evaluation and early attrition are all used to determine this success metric. Aligned with this, hiring manager effectiveness in identifying the best talent is a key enabler in optimising this metric. This means employers need to build the interviewing capabilities of hiring managers.
- Employer Branding:
What recruiters need to do is start building cross-functional relationships, specifically with marketing, to build attractive employer brands and gain a competitive edge. Social media is on the biggest upward trend when it comes to employer branding tools, with traditional channels like LinkedIn and websites falling in popularity. Also becoming more popular is using employees as brand ambassadors who can help communicate a distinguished employer brand.
- Employee Referrals:
If you are not using employee referrals as one of your main sources of hire, you need to start experimenting with this immediately as it is fast becoming a key trend in the Indian recruitment market. Recruiters may face some challenges in getting internal buy-in as well as developing one that incorporates current technology but these programs can drastically improve candidate quality, quality of hire and employee retention. Be sure to communicate to employees what they can expect from your employee referral program and make sure to incentivise them with rewards.
Given that Big Data has swept into every industry and has become the key basis of competition and growth for enterprises of all sizes, it comes as no surprise that the integration of talent analytics and key hiring decisions is becoming a top priority. Still, the vast majority of companies have yet to fully embrace data as a strategic asset in talent acquisition. Recruitment teams need to start building an in-house capability to drive data-based hiring by educating themselves on best practices, tools, and techniques, as well as selecting the metrics that matter.