This is our second article in the Future of Work thought leadership series. In the last few years, we have seen a paradigm shift in the way candidates look for jobs and the way companies hire. The hiring scenario has changed from employer-centric to candidate-centric.
Also, with the emergence of AI and digital transformation; both companies and recruitment agencies are changing their strategies to attract good talent.
Yeah, now its more about the quality than the quantity.
So, what are the new recruiting strategies which one should adopt in 2018?
In this article, we have the founders of Job Factors, a leading recruitment consultancy in India, Priyanka Menon & Roma Vaidya talk about these new technologies, how they will change work, and what new research says we can expect in the future.
When you and Roma first founded Job factors, you, of course, wanted to change something about the way recruiting is done. How has been the journey so far?
We started JobFactors 2 years back. Having had prior experience of working with one of the leading IT companies in the APAC region, we noticed that the entire recruitment process was based on Quantity over Quality as the hiring was in large numbers. We experienced a lack of focus on quality sourcing and selection.
One thing which we strongly have held up in Job factors is quality candidate engagement which we found out was missing in corporates.
At JobFactors, we voluntarily started focusing on recruiting for startups and SMEs and ensured that the engagement with the candidates was at a very individual level keeping in mind his/her career interests & aspirations. We continue to engage with the candidates even post their joining.
Speaking of the journey, it has been amazing, we have evolved as HR professionals over the last two years at JobFactors.
(From the right)Priyanka & Roma - Founders, Job Factors
Tell us a little bit about the evolution of work and provide us with some context of the changes that we are seeing right now.
One of the major changes that we have seen is the shift in the mindset of jobseekers in the market today owing to the startups that are mushrooming in the ecosystem. Jobseekers are showing interest to move out of a standard corporate job and venturing out into startup organizations. There is a gradual cultural change which we as recruitment professionals have to appreciate and adapt to. Also, job seekers today, see beyond a 9-5 job. They look for a profile that keeps them creatively occupied and at the same ensures flexibility to ideate.
The advent of digitization into recruitment field is another major change which is here to stay! Technical interventions throughout the process of sourcing, screening, selection, interviewing and engagement has made recruiters’ life much easier.
We have also seen a paradigm shift from the traditional hiring and recruitment methodology; we are no longer an employer-dominated industry but an employee-dominated one. The candidates have multiple options to choose from. As recruiters, we need to put in a lot more effort and work into convincing a candidate to join our organization than the other way around.
So, would you say that the demand is more than the supply?
The demand has definitely gone up, jobseekers are open to considering non-traditional companies as an option.
Also, there is an increase in the employer's tendency to hire a person with a very specific experience, qualification and niche skill set.
The screening process has become equally tough with the challenge of scarcity of institutions or training platforms to train the IT professionals on very specific skills. Although there is a good pool of candidates available, it is difficult to find the right match with niche skills like iOT, AI, Big data, Digital transformation, Mobile app development etc.
With the strong emergence of AI in recruiting, how do you think the scenario is changing? How is team Job factors preparing for this?
The way we try to adapt is by partnering with the right technology platforms which help us do our work in a seamless manner right from sourcing, technical interviewing, candidate tracking system etc. We also internally train our resources to use these AI platforms making recruitment a very easy and time-bound process.
Team Job Factors
How has candidate engagement process changed? Now as the job market is dominated by millennials are there new strategies that one needs to adapt to?
Here is where the HR & Recruitment Industry differs from the other Industries. Even with the advent of new technology platforms, it still requires abundant humane touch. Unless you capture & hold the interest of the candidates throughout the process, you may end up losing them.
As a team, we train our resources to engage with the candidates from the very first interaction to the time he/she joins the organization. With social media being so handy, we easily gauge the personality of the candidate from his LinkedIn or even Facebook profile. We strive to capture the behavioral attributes of the candidates & use it to map the right candidate to the right job!.
Are candidates compromising on their salaries to join a more exciting venture?
Yes! We have seen quite a number of cases wherein people have taken that plunge to honor a role that really excites them irrespective of the compensation. The numbers may not be large as that kind of mindset is yet to evolve in the industry. We have also come across cases where candidates have joined purely out of love for the role or the story that they would get to be a part of.
In fact, most of the organizations have their senior management involved in the hiring process, As mentioned earlier, there is no longer an employer domination, you will have to put genuine effort if you want to attract good talent. We have seen founders of companies who personally meet the offered candidates before they are on-boarded.
Are organizations considering candidates who are ready to consult/freelance but not take up a full-time job?
Most of the organizations today are more welcoming to freelancers and consultants. Consultants and freelancers are sometimes more experienced and passionate towards the work, who do it for the interest and the passion that they have. Companies maintain a balance of both full time and freelancers.
It was in fact very encouraging for us at JobFactors to see good clientele that appreciated outsourcing of their HR. We have customers who have outsourced their entire HR process to us and few where we work as consultants.
The changes that would happen in 2018-19 both in terms of recruitment as well as HR?
As we discussed at the start, AI and technical interventions in HR would continue to be the major trend in the coming years. We should all brace ourselves to adapt to the changing times and train all our resources to be technology friendly. It would be crucial to include digital and technical trainings as a part of the MBA HR courses to ensure that all budding HR professionals are industry ready.
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