Article: Rethinking talent acquisition in a tight labour market

Talent Acquisition

Rethinking talent acquisition in a tight labour market

In conversation with industry leaders, this panel comes jam-packed with insights on how to lead talent acquisition strategies with fresh eyes.
Rethinking talent acquisition in a tight labour market

The talent crisis is real, with competition soaring high. So inevitably, it has become urgent for organisations to revisit their hiring practices today as they design plans for growth and expansion in a rapidly evolving world of work. To empower leaders on this talent transformation journey, at People Matters TechHR India, we are joined by industry leaders who share their expertise, success stories and incredible insights to get us started. In a conversation led by Aparajeeta Sarmah, Director HR, MetLife Global Operations Support Center; Amaresh Singh, CHRO, GE South Asia; Puneet Khurana, Group Head - Human Resources at Policybazaar.com & Paisabazaar.com and Varun Sachdeva, Recruitment & Business Leader, APAC, NLB Services, tell us how to source high-impact talent for a high-impact business strategy.

Technology is an accelerator

As organisations have no choice but to embrace a paradigm shift, adapting to and adopting technology has become critical to the hiring agenda. Although earlier, technology had become a barrier because of its rapidly evolving nature, today, it is key to manage the experience and engagement of new joiners and your current workforce. This rings even more true as enterprises increasingly function with a diversified and global employee base. 

Invest in a learning culture

With the demand for skills rapidly and unexpectedly changing, organisations today need to invest in talent development programs both at the university level and also internally. This must be geared towards developing specific skill-sets aligned with global skill needs. No longer can we simply look for people to fill roles based on coveted university degrees; the vision is to build talent for the future, to expand on your employees’ value creation. The shift is from degree to deftness, backed by a combination of varying competencies. 

Position a purpose-driven EVP

Today’s candidates are on the lookout for what’s in it for them when joining any organisation. As a result, it is essential for leaders today to marry their organisational values and long-term outlook with the EVP. The brand image is no longer the sole attraction but rather the experience the organisation offers its employees. Another element of achieving this also involves aligning employee goals to organisational goals. 

Candidates’ priorities when joining organisations today

When industry leaders were posed the question of candidate priorities, each had their unique take on the question given their experience. However, these answers remain critical when designing any talent management strategy. All facets must be counted, from flexibility, compensation, growth opportunities, inclusivity and work culture to purpose. Today, the hiring process rests on a two-way judgement between candidates and employers, each deciding whether the other is the right fit. 

The road ahead for the talent acquisition journey

What’s evident is that the pandemic has been a game changer in the hunt for talent as candidates across the globe are now available to hire, but one has to invest effort in building talent communities. It becomes pertinent then to invest in building the right candidate experience, be it in terms of speed, the experience at various touchpoints, seamless integration and a solid culture narrative. 

Moreover, when hiring, companies need to provide clarity on all fronts, be it in terms of what is expected from the new hire and what the company can offer them. Transparency, after all, is key to employee satisfaction and retention. 

Tools and technologies accordingly have to be utilised intelligently. Every step in the recruitment cycle should utilise technology as an accelerator and drive predictive results. Human intelligence must focus only on candidate engagement and experience. If organisations keep these in mind, winning the talent war will become much easier. 

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Topics: Talent Acquisition, Recruitment, Recruitment Technology, Culture, #HRTech, #TechHRIN

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