Dealing with Dropouts: New ways to attract & retain campus talent
The good news is that number of organizations with a dedicated campus recruitment strategy has increased by a whopping 25% since 2013, according to the TimesJobs survey.
To appeal to new gen workers, organizations are coming up with innovative ways to engage campus talent to reduce dropouts and to retain them for long-term basis.
"Drop-outs are a huge challenge for any organization. Limited engagement and low brand-connect are some of the reasons, which lead to high dropout rates. With the race for talent intensifying, campus recruitments must match the pace and thinking of the new generation. Companies need to focus on creating more meaningful interactions with potential recruits on a long-term basis. This not only means investing more time and energy in campus programs but also using innovative engagement tools and strategies to leave a deep impression with the millennial workforce," says Nilanjan Roy, Head of Strategy, Times Business Solutions.
TimesJobs' study, which surveyed of over 500 organizations, revealed the critical factors that can help improve the organization’s brand and enable it to attract, and more importantly- retain, the best campus talent.
Highlights from the TimesJobs Study:
- Millennials respect their own: 47% organizations say young in-house talent connects well with the potential talent at campus. While engaging with campus talent, it is a good idea to let your existing millennial employees pitch your organization to them. Their own perspectives, experiences and ideas will connect much better with potential campus recruits.
- Remain cutting edge to remain relevant: Nearly 42% organizations said they modify campus recruitment strategies every six months considering the pace at which Internet and mobile use among youngsters is changing.
- Online wins over offline: Further, the TimesJobs study revealed that on-campus recruiting tools, such as career fairs and on-the-spot interviews are going to be a thing of past soon as online challenges and contests are fast becoming a popular and more engaging medium. Nearly 55% organizations believe online contests help screen quality talent at campuses. In some cases, as 30% organizations stated, these contests become the hiring medium for companies and best performers are offered jobs purely on the basis of their performance in these contests.
- Easy going and responsive: Making application process easy, short and uncomplicated are critical as millennials need quick and transparent responses. While 38% organizations said their application process have become shorter and quicker compared to last year, another 25% organizations are working on making it simpler.
Competition to hire top talent is intense. Every company, be it a startup or a Fortune 500 believes in hiring the top talent and campuses are a big hunting ground for them, and campus placement programs are integral to their recruitment strategies.
Brand Gains Focus: However, while almost all organizations believe campus recruitment is important, about 49% also feel that it is not well executed. For 60 per cent organizations brand positions are a big obstacle when it comes to hiring talent from campuses.
In order to capture the attention and interest of millennials, it is imperative for organizations to effectively communicate their culture, values and growth potential to future employees. With intensifying competition 'employer brand positioning' has become pivotal for organizations to attract, engage, hire and retain new-age talent.
While, there has been an increase of 25% in the number of organizations with an inclusive campus placement strategy since 2013 - a detailed analysis further reveals the ways in which these companies are trying to bring millennial talent on board and retain them on a long-term basis.