Decoding Hiring Trends in India: Aon Hewitt Hiring Study
Efficiency vs. Effectiveness Metrics
- Speed and cost emerge as most critical hiring metrics
- Best Employers track 'Quality of Hire' rigorously (90% organizations) at mid and senior levels
- 'Others' track speed primarily
Hiring Outlook
More than 70% organizations propose to 'Increase Hiring' across levels of organizations source more than 50% of their talent through social media. Companies everywhere are upscaling budgets to mark their presence on social media platforms and stand out as employers of choice". In the same vein, organizations are also expected to work more on overall branding strategies. Along with the struggle to identify the right sourcing channel mix, companies are also realizing that they need to be able to measure ROI on sourcing channels beyond just the selection ratio. This means measuring the quality of hire too. Ernst & Young GSS suggests, Reduce turnaround time of lead time in hiring. Measure quality of incoming talent and track by sourcing channels to optimize Cost per Hire. Source mix has a direct impact on talent acquisition cost. To do so, employers are getting creative. Part of the hiring revamp will include experimenting with a wide variety of assessment tools while selecting candidates. Also, the move from measuring pure efficiency to creating a good balance between measuring efficiency and the quality of hire requires joining forces with recruitment leaders. Recruitment specialists are being pulled in to improve the operational metrics of optimizing speed and cost per hire. Following the same vein, organizations are relooking at what are the required skills for mid to senior level leaders. Technical know-how and analytical skills seem to be the key, while people management seems to lag behind as a critical skill requirement. This has also revealed a gap between what recruitment teams identify as critical skills and what talent development teams feel are priority skills. It would probably be in everyone's best interests for recruitment teams to partner with the business to identify emerging skill requirements for new roles and benchmark those against new skills in the industry in the coming times.
To sum up, talent development and retention remains the top priority for business leaders in India Inc. As Lawrence Bossidy, former COO of General Electronics once said, I am convinced that nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not on strategies.
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