Today, businesses of all sizes have turned to online recruitment owing to benefits like reach, speed and cost to manage their objectives
Companies may use these networking sites to reach out to a particular talent/ candidate; they cannot depend on these sites for their overall hiring needs
Sanjay Modi, Managing Director, Monster India/SEA/Middle East, talks to People Matters on the learning from the downturn and the future of job portals in India
From your opinion what has changed in the Talent Acquisition space after the downturn?
Talent attraction and acquisition strategy/approach has undergone a change in last 12-18 months. On the employers’ side, organisations have become stringent in terms of their screening process and they are focusing on getting the right candidate. Testing and assessment mechanisms are also becoming a part of the screening process. In short, ‘a round hole for a round peg’. Both from talent retention perspective as well as bridging the skill-gap challenge, organisations are looking at ‘learning and development’ as an important strategic tool. Some are focusing on strengthening their in-house capability and some are looking at combination of both internal and external partnerships.
On the candidate side, job seekers are evaluating the organisation’s credibility, stability, exposure to cutting edge technology/business processes and not just compensation. Employees today are looking at the right mix of all the above, even if they have to compromise on their compensation aspirations. The basic question that candidates are asking to potential employers is “What’s in it for me?”
Companies need to get used to the economic outlook changing over time. We will see more upturns and downturns, and experts claim that those will happen in shorter spans of time. In this situation, how can companies plan for their long term hiring requirements?
Business downturns are cyclical phenomenon. Every 5-7 years businesses face a challenge one way or the other. This should be taken as an opportunity to look inward, to evaluate business models, assess business process and look at the inefficiencies. On the basis of learning gathered, one should evaluate business strategy and take corrective action as required.
The changes that I foresee in the recruitment space going forward are: Firstly, the importance of technology in the overall talent management and talent acquisition process. Secondly, HR will transition into a more strategic role/function. Today, the CEO/Head of the organization is more focused on acquiring and nurturing the ‘people asset’. Going forward, the valuation of an organization, apart from the financials, will majorly depend upon the people that are part of the organization, and the tenure that they have served in the organization.
How has the internet transformed the way recruitment happens?
Monster pioneered e-recruitment globally in 1994 and we started operations in India in 2001. Prior to that, people were relying on two basic modes namely print and consultants/staffing companies. The year 2000 saw recruitment teams in India being given the task of recruiting hundreds of people in short periods of time. This kind of hiring phenomenon was unheard of. Thus emerged a need to remain in touch with job seekers on a real time basis. Speed as well as cost became critical components in the hiring process.
IT/ ITES Industry was an early adopter of online recruitment. Today, almost all industry sectors and businesses of all sizes have turned to online recruitment owing to benefits like reach, speed and cost to manage the recruitment objectives.
Today, professional networking sites are also coming into the picture. How are these sites transforming the way that recruitment is done?
We need to go back to the core definition of ‘networking’. Recruitment is a different domain altogether. Companies may use these networking sites to reach out to a particular talent/ candidate; they cannot depend on these sites for their overall hiring needs. Recruitment is a specialised vertical and there is a need for in-depth understanding of the recruitment process and challenges. Monster fully understands the needs of both employers and jobseekers and provides the value proposition addressing their requirements.
How are companies using the internet, social and professional websites for their employer branding?
Employer branding has been a serious topic in the west. In last couple of years, it has gained mindshare of the HR professionals in India. If organisations want to attract, retain and develop talent, then they need to be consistent in their communication strategy both with existing as well as prospective employees. They need to communicate the uniqueness of their offerings be it technology, compensation, cultural diversity or the HR policies. Employer branding helps in building loyalty amongst existing employees as well as attract the right talent. Positioning one’s organisation as “employer of choice” will become a necessity in times to come.