Article: Widening gap between volume of hiring & its budget

Recruitment

Widening gap between volume of hiring & its budget

How spending incessant amount on someone not the worth, someone not meeting the expectation of the organization would be a waste of time, energy and money.
Widening gap between volume of hiring & its budget

The process of hiring has always been a cumbersome task for the recruiter. Finding the right talent and selecting the best ones has been a puzzle which never had a solution. Everyone wants the best talent for their organisation. An organisation would be ready to invest a handsome amount on the employee whose performance would be extraordinary, someone who would contribute well to the organization. Spending incessant amount on someone not the worth, someone not meeting the expectation of the organization would be a waste of time, energy and money. Nowadays, the gap between the volume of hiring and hiring budgets is increasing. The pace of hiring has slowed down because of the unavailability of the hiring budget. Another reason for this could be lack of talent pool in the market. With decrease in hiring budget, issues like attrition and employee retention are also on the rise. These aspects are interrelated – the decrease in hiring budget, internal hiring and employee retention. 

While, the hiring budget is decreasing on one hand, the issue of employee retention is gaining importance on the other hand. Due to lack of finance, talent leaders consider employee retention a priority for their organisation. Here the role of understanding the potential of the employees comes into the foreground. If an employee has the capability of performing more than one task or manage more than one responsibility, then the re-transferring will be a good solution. This will help in utilizing the potential of the employees in the best possible manner.  The role of internal hiring comes upfront then. The organisation unable to hire, needs to ensure that the existing employees of the organization are retained and that they put in their best efforts. 

The jump in employee referral to source quality talent is another reflection of this. These emerging trends underscore the power and value of relationships whether through partnering with marketing for stronger employer branding or leveraging employees to reach potential candidates. These are the right moves for recruiters to stay ahead of their game.  Job seeking and provision nowadays is through referrals. Existing employees refer people from their social and professional spheres, who they feel would fit in the organization. The interviews are scheduled and the best talent is pooled in. The employee referral process will help in acquiring the best talent for the organization. And also would boost the performance of the existing employees as working with acquaintances provides a comfortable environment at work. 

Growth in business has made talent leaders look more aggressively for quality talent to sustain in the market. Both talent acquisition and marketing leaders now share the responsibility for employer branding. The recruiters need to ensure that they maintain relations with the candidate post hiring. 

Internal hiring has not yet become important for the organization. Hence, there is no approach for the same. It is yet to become a practice as the industry knows it’s a good way to address the hiring issues it is facing. Employer branding is also gaining in importance now. Strategies to boost employer branding are being planned by the organisations. In the hiring process and the challenges faced by the industry, it has become essential for the organisations to invest in their available talent pool.

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Topics: Recruitment

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