Talent war between companies – how to attract candidates? – It’s obvious that companies vie with each other to hire and retain the best talent. 86% of hiring companies expect intense competition for scouting the best talent. What do they do to attract candidates?
• The best talent comes with a price tag! HR experts are offering 10-20% of the employees CTC as joining bonuses and doling out the same to retain their top employers especially in sectors like Banking, Financial Services and Insurance (BFSI), Energy and Infrastructure, Power and IT services. According to media reports, Cognizant, Genpact, Oracle India, Accenture are some of the companies that offer joining bonuses to entry level candidates.
• Being omnipresent is the key to hire best candidates. This means the companies must be seen, heard and talked about. Social media platforms are the best bet when it comes to hiring. 94% of hiring experts use social media to find candidates these days and 59% candidates said that they look up for information on the companies on such platforms. Companies such as Ernst & Young and Sodexo are projecting themselves as the best place to work on the social media platforms and also touch base with potential candidates.
• Be open to hiring candidates for temporary or contract roles. It is said that 84% of the hiring companies have reported an increase in demand for such placements.
Quality of Candidate - Are they job/role ready?
Recruiters may feel let down when they have selected a candidate after intensive screening only to find out that the candidate is not quite role ready.
• Implement a coaching culture: If the candidate is not role ready, help the candidate with one-on-one training, counselling session with a senior staff or digital coaching opportunity and help him get on-board. In a cpiworld.com survey, 40% of the respondents preferred coaching in their organizations as it helps them build the requisite skillsets and 30% of them viewed it as a core competency. Accenture offers a Coaching Skills Maturity Model which assesses the organizations current coaching culture and offers a potential blueprint for helping the employees. Every new candidates joining Oracle Direct receives an intensive and rewarding three week sales and product training.
• It is also important to retain the millennials. They will make up 75% of the workforce by 2030 by creating adequate training opportunities. Fidelity offers a tuition reimbursement program for the millennials who wish to upgrade their skills or continue education.
Hiring Process - How quick can you hire?
It is important for the hiring experts to speed up the hiring process so that they don’t lose out on the best candidates to their competitors. Recruiters are placing the applicants within 1-10 days from the day of selection process. 49% of the recruiters have admitted of increase in pressure to recruit suitable candidates in a short span. The best way to keep up with the increasing pressure is to make use of the technology effectively. 75% of the recruiters use Applicant tracking software to get the candidates onboard faster.
A digitally enabled company allows recruiters to reach out to the candidates at the earliest. Video interviews, social media engagement and mobile friendly apps also help to speed up the process. Companies such as HCL, Deloitte, Microsoft and TaxiforSure use Hiree.com, a recruitment screening platform to speed the hiring process.
Policy Changes - Impact of H1B and 26 Weeks of Maternity Leaves
The Maternity Benefit (Amendment) Bill, 2016 entitles the women for 26 weeks of paid maternity leave. With more women enjoying the maternity leave, recruiters will have to look for a temporary replacement to fill the void. 85% of the H-1B visas are issued to Indian employees and Trump’s latest H-1B and L-1 visa policies will impact the lives of many Indian employees who wish to make a living in the US. The hiring scenario in the software field is likely to drop by 20% and with more companies opting for layoffs, the pressure is on the recruiters to choose the best from the rest!