Here are the strategies employers have started using to build strong talent pools through market analysis.
18 Nov 2022
Here are the strategies employers have started using to build strong talent pools through market analysis.
Significant changes in the workplace have been brought about by technological and globalisation advancements, which have altered the relationship between employers and employees. Employers are putting more effort into luring in and keeping a more tenacious and long-term workforce as a result of the market becoming more candidate-driven.
Campus placements have emerged as one of the most popular methods for drawing in a youthful, energetic, and quality-driven talent pool as a result of this transformation, which has forced recruiters to think creatively about how to find the finest prospects for their firms by industry analysis. Here are the tactics businesses are employing to take full advantage of today's candidate-driven market as campus placement season is in full swing.
Placing more emphasis on candidate experience
Companies are aware that a positive candidate experience can give them a major competitive edge during campus placements in a candidate-driven market. In order to stand out in a crowded market and draw in the top people, the way interviews were done and follow-up procedures were handled was crucial.
For firms to stand out, it is essential to adopt new tactics correctly, collect data, and continuously improve the hiring process. A positive applicant experience can benefit a brand in the long run whether or not a candidate is hired.
A focus on developing local talent
Employers are also starting to look for people with general abilities, niche skills and teach them after they are hired as a means to expand the source pool.
As businesses look for employees with particular expertise, the pool of potential applicants is getting smaller. By screening candidates from this narrow pool, a business can further reduce the number of candidates it can hire. When hiring at scale, individuals are first hired before training is invested in for particular job roles. Employers examine the wage trend in light of the current market conditions before setting benchmarks based on industry standards.
Putting employer branding first
Hiring is now remote and faceless due to the pandemic. Candidates lose out on the chance to learn more about an organisation's culture and brand in a distant situation than they would in a traditional hiring process. In these circumstances, candidates investigate certain hiring processes to learn more about the business.
Their decision to accept or reject a job offer is influenced by these experiences. As a result, businesses have begun to stress branding. This is accomplished through planning online events and hackathons, which is a successful method.
Employers in business India, are now utilising webinars and offline and online networking events to strengthen their branding. These aid candidates by providing them with opportunities to learn more about the company. This tactic has been proven successful since it gives applicants the ability to network with peers and future employers.
Employers are beginning to realise how important it is to develop a brand narrative that appeals to applicants. Using a range of tools and platforms to convey a story well leaves a lasting image of the brand on candidates.
Rehire
Employers are feeling more at ease making proposals to employees who have just returned from a leave. Employers can use rehire programmes in a variety of ways as a powerful tool to draw in and keep talent. Some companies provide employees the chance to leave with better knowledge or skills, while others could offer career-development chances like training on cutting-edge technologies.
Sourcing and screening procedures being automated
As talent pools have expanded, automation of sourcing and screening processes in the industry analysis has emerged as one of the most important recruitment tactics. The development of resume parsers was made expressly for this use. This approach allows for the collection, storage, and organisation of a large number of resumes. Technology for processing resumes works more quickly than any manual labour is capable of.
Automation facilitates stakeholder communication, and data processing is greatly streamlined. Sending links to prospects, regularly updating them on company news, recording interviews on video, and even obtaining pertinent information from them may all be automated.
In the last 12 to 18 months, organisations have come to the conclusion that formal meetings or collaboration platforms are inefficient at preventing interviewer impersonation by candidates. Employers employ AI-enabled technologies as a tactic to guarantee that each phase of the hiring process involves accurate candidate verification.
Conclusion
There are consequently fewer errors and more prompt communications for the companies in the news, which enhances the applicant experience. If an organisation has efficient automated processes in place, it may easily conduct 8,000–10,000 evaluations and 6,000–7,000 interviews in a single day.