As the world and the workplace undergo major transformations, it is imperative that strong, data-backed research be conducted in order to put things into perspective. The Indeed and People Matters Recruitment Outlook highlights the key areas of upheaval as well as growth opportunities in the Indian job market.
‘The Great Resignation’ to ‘The Great Revival’
As most of the world grapples with ‘The Great Resignation’ and shortage of highly-skilled talent, the scenario in the talent market back home has been upbeat. Demand for workers from India has only risen in recent years. As we move forward after the Coronavirus pandemic disrupted businesses all over the globe, businesses are exploring growth opportunities even as there’s economic slowdown. By creating effective talent hiring and talent retention strategies, leaders are helping push the market to newer heights.
Within the country, employers are now taking the lead in creating efficient and engaging recruitment practices. There is but one challenge that lies ahead – that of rightly utilizing this momentum of change we find ourselves in.
So what will the future look like for the Indian talent market? The Indeed and People Matters Recruitment Outlook focuses on all the trends that are expected to come to the forefront. And the biggest trend that is expected to outshine all others is employers really intensifying their commitment to data-driven, values-based and candidate-centric talent acquisition.
The biggest learning
Organizations have learned that going back to basics - focusing on employees' needs, values, and providing a safe, flexible work environment - is one of the most effective ways to recover from the pandemic. As a result, companies can deal with some of the biggest challenges of today, such as rising candidate withdrawal rates and limited candidate pools, through this approach.
Here are some of the major ways in which organizations can cash in on the momentum of change and create an environment that is conducive to both employees and employers:
1) Investing in recruitment technology
Findings highlight that, along with tried-and-tested platforms such as job boards, employers are keen to experiment with newer solutions such as candidate relationship management and talent analytics. The survey also projects a high rate of adoption of even more advanced recruitment technologies by recruiters over the upcoming 12 months. These include conversational tools ( e.g. chatbots) and gamified and interactive assessment tools (e.g. games, augmented and virtual reality platforms).
As more and more employers realize the importance of having an inclusive, diverse and sustainable workforce, it is only logical that adoption of tools like the ones mentioned above increases. Did you know that more than 43% employers surveyed are looking to increase diversity in their candidate pool?
2) Modernizing the candidate journey
One of the key outcomes of the pandemic disruptions is the focus it has brought towards employees and employee wellness. While employers of the past paid mere lip service to having an “employee-first” approach, employers today understand the importance of having a content and happy workforce. Employers have been forced to re-examine how they view an employee’s lifecycle right from the hiring and onboarding phase. A personal connection with the employees, throughout their time with the company, is something that more and more employers are aiming to establish. Another trend that has become popular is employers choosing to know their candidates on a personal level, rather than simply funneling them through the recruitment process. This makes the process so much more human, making everyone involved more at ease.
3) Reimagining the employer brand
The Indeed and People Matters Recruitment Outlook report shows that an increasing number of organizations are focusing on branding in order to really capture its essence. As the focus increases on “moments of truth” in the candidate journey, the coming time also signals to employers the importance of building a great work community from the ground up as part of their corporate mission and brand identity.
As perceptions of work undergo a transformation, employers are set to put their money where their mouth is and invest more toward enhancing their brand identity. Organizations are also looking at tapping into channels where messaging about their company culture will reach the right target audience. In 2022, more than 60% of employers surveyed plan to increase their employer branding budget by more than 25%.
To learn more about the resurgence in India’s talent ecosystem, download the report here.