By Anil P Dev, Managing Partner, Antal International Network
I recently stumbled up on a new concept called candidate bidding within E-Commerce industry where top employers have an opportunity to bid for a high in demand candidate, through an online platform.
This puts me in to introspection about the supply- demand equation within every industry, especially the IT. Has the hiring game taken a paradigm shift? Do employees have more options than employers? It may sound ironic when our universities produce tons of engineers and management graduates year on year, and a majority of them remain unemployed, yet corporates finding it extremely difficult to fill their talent needs. So the real question is how to bridge this gap?
The IT industry is a place where technology has replaced low skilled talent, niche skills are more valued than ever before and the entire industry is bidding for the high-in-demand rising stars. Organizations which do not or pretend not to understand this talent war and continue to woo candidates using traditional approaches maybe entering a dangerous phase of falling into a trap from which they may not be able to escape from.
Addressing the war for talent
The Match – Identifying the dreamers, Doers and the Believers: Gone are the days when a person was hired based on technical interviews and evaluations alone. Whether you are a start-up or an established business, you must find people who would buy your idea and share your conviction. In-depth conversations with your prospect to explain your vision and goals. Checking if they see the value that you see, is very essential at least in the mid –senior level hiring. Organizations must be careful in choosing their future talent. Afterall they are your brand ambassadors.
Dating: New age recruiting utilizes the strength of online media and social networking extensively to identify “passive” talent. Organizations should stop the practice of looking for people only when they have an immediate need or when someone resigns within the team, instead should start networking with exceptional talent even before such a hiring need arises.
Passion meets Passion: When hiring new talent, organizations must make their objectives clear, be it through creative job adverts, or through innovative approaches in reaching out to prospective talent. Their competitive advantage must be made visible both offline and online through case studies and testimonials. Also, the candidate’s abilities to scale up must be assessed accurately, so as to ensure they align with company’s business goals.
Falling in love: Retaining your star talent is as important as hiring your new. Start your retention process even before they resign. Make them feel valued. Reward and recognize at the right time. Give high visibility to their achievements. Accelerate their career based on meritocracy. Give competitive compensation, benefits and perks. Give them no reason to look outside.
Keeping the fire alive: Be innovative. If you continue to do what you always did, you will continue to get the same results. Encourage your entire team to think beyond the present. Upskill your people consciously and regularly to keep in pace with the industry changes. Inspire them to lead the change than follow the pack.
The article was first published in CXOtoday.com