Why India's talent market is seeing a 'Great Revival'
2021 presented two different realities for India's talent sector. On one hand, nearly 20% of businesses – surveyed by Indeed and People Matters – underwent freeze hiring and temporary closures due to the pandemic. On the other, the country saw continued demand for talent.
A total of 77% of employers in India are preparing to increase their headcount in the months ahead. Meanwhile, nine in 10 are raising their recruitment budget by at least 25% to keep pace with this demand.
In the study Recruitment Outlook 2022, set to be launched at Indeed's Talent Innovation Conference tomorrow, 2 June, HR leaders are said to face a "wealth of opportunities" ushered in by India's Great Revival. This is the period regarded by analysts as the "resurgence of the country's talent ecosystem".
What exactly is driving this appetite for India's talent?
"More than half of employers in India are experiencing customer growth or expanding into new markets or regions," report analysts said. "India remains a vibrant hub for world-class, high-impact talent."
This creates the impetus to expand recruitment efforts and enhance the candidate experience, two of the trends identified in the study.
The question, analysts said, is whether companies are pouring resources into the right talent acquisition practices and solutions.
A 25% increase in recruitment budgets, for example, is expected to "widen employers’ options of recruitment channels and strategies as they attempt to reach more diverse candidate pools."
For more than 44% of employers, sourcing from a richer talent pool is indeed one of their top priorities in this period of growth and revival, surpassed only by the need to:
-- Enhance candidate relationships (52%)
-- Improve employer branding (51%)
-- Reduce time-to-hire (50%)
"Sourcing from a wider candidate pool gives organizations a chance to hire people beyond the same regions and industries where they traditionally operate," analysts said.
"By opting for a more diverse talent base that isn't restricted by a worker's geography, professional background or skill set, employers can gain access to high-caliber talent worldwide and explore their potential for growth."
This makes the resurgence of the country's talent marketplace possible.
Eager to learn more about the findings from Recruitment Outlook 2022 at the Talent Innovation Conference? Register here for this Indeed and People Matters exclusive event.