Table of Contents
- Types of recruitment
- 4 Pillars of Building an Effective Recruitment Strategy
- Business Impact
The shortage of talent is a real issue in the current job market. 73% of employers are facing difficulty in finding skilled candidates, and 45% of employers are concerned about finding employees with the necessary skills.
Finding top talent is an integral part of the human resource function. They are critical in boosting the productivity and profitability of an organization. However, a majority of organizations face problems in hiring quality talent. Be it due to the lack of required skill set, the absence of performance evaluation criteria with unstructured interviews, or a communication gap between the HR and candidates; the problem persists.
Thus, organizations have been taking different approaches to meet the objective of hiring exceptional and skilled talent. Traditionally, employers have sought assistance from recruitment consultants to guide the recruitment process. Additionally, resume screening, followed by a telephonic interview, is one of the most adopted filtration methods. Once HRs shortlist the candidates, they are called for a face-to-face interview. The problem with this approach is that the interview questions are typically subjective and the hiring decision may often be intuitive and, hence, biased.
The demand for quality talent has been on the rise. Consequently, technological disruption in the HR landscape is enabling companies to adopt different tools to reduce the turnaround time, improve the quality of hires, make data-backed decisions, and ultimately streamline the overall recruitment strategy.
According to ‘A Report on Hiring Activity in India 2019’ by Naukri JobSpeak, hiring across the country experienced a substantial boost in 2019 as compared to 2018. Apart from leadership roles with 16+ years of experience, the growth in hiring percentage remained significant across all job levels. The report also indicated that hiring for executives with 4-7 years of experience remained the highest at 18%.
The latest Naukri JobSpeak data also revealed that hiring increased by 6% in January 2020 as compared to January 2019. Statistics indicated the growing need for HRs to structure their hiring processes to acquire quality talent before their competitors. With newer technologies providing more ease to the HRs, hiring is increasingly becoming more structured. New-age methods such as AI-based screening bots significantly reduce the time taken by HRs to perform manual and repetitive tasks. Online assessments have enabled employers to shortlist the most relevant candidates. Companies have started adopting a structured interview process to ensure that only the best are onboarded, which allows hiring managers to take competency-based interviews. Coding and case study simulators integrated with video interviews are indicative of the technical knowledge of candidates. Lastly, the results of these methods, when consolidated, help HRs in making data-backed hiring decisions since industry benchmarks act as valuable insights before making people decisions.
Kinds of Recruitment
The need for recruitment across different job levels and roles persists around the year. Positions may become vacant at any time. Thus HRs must stay prepared with a contingency plan to fill the positions in time - which increases the essence of time in the recruitment process. It is the prerogative of the HR to fill open positions within a stipulated period for the smooth functioning of the office. Hiring can go haywire without a standard recruitment process or strategy. To avoid such mishaps, organizations must have diverse approaches for different kinds of hiring. The two types of hiring commonly undertaken by organizations are:
A survey conducted by CareerBuilder revealed that close to 80% of employers planned to recruit freshers in 2018 compared to 74% in 2017.
Conversely, employers that did not intend on hiring fresh graduates mentioned reasons such as the absence of the need for increasing the headcount in the particular year and the requirement of onboarding experienced professionals. The survey, along with other industry reports, indicates how the job market is increasingly becoming dependent on young talent. Since innovation is pivotal to the growth of any organization, employers pay significant emphasis on hiring freshers. However, organizations face numerous roadblocks in shortlisting fresh talent.
- Managing communication with campus coordinators is a logistical hassle
- Meeting specific requirements such as diversity, regional choice, etc. lends complexity to the process
- Organizations don’t have validated data to make data-based campus selection
So, it becomes imperative to have a structured recruitment strategy to achieve organizational recruitment objectives. Fresh talent brings a new approach and unique perspective to the organization. They are not only receptive to the work culture but also diligently follow work procedures to learn new skills, thereby gradually adapting to the new line of work. Reaching out to them through campus recruitment can help organizations timely mine the best talent.
Hiring managers need to have an advanced and targeted approach during lateral hiring. Contrary to entry-level candidates, lateral hires come with extensive experience, have a prominent reputation in the industry, and are experts at their craft. Being experienced professionals in similar or other industries, lateral hires have the experience of interacting with different industry stakeholders and hence, bring with them a wide range of subject matter expertise. Their wealth of experience makes them better at problem-solving, critical thinking, and making other important business decisions. With minimal training, direction and ample industry insights, they settle in a new working environment faster. Consequently, they require less time to efficiently and effectively complete the task assigned to them. It is imperative to rope them in to give your business a new direction.
HRs must be mindful of what they offer to the prospective hires. Along with commensurate compensation, lateral hires want stability, growth, and flexibility in their careers. Offering them what they need is the key to making the right lateral hires.
4 Pillars of Building an Effective Recruitment Strategy
Having a structured and targeted recruitment strategy enables organizations to enhance the efficiency of their recruitment process. However, there lay grey areas in adopting such a strategy. The organizations are, either unaware of following the process, or do not have a standard process in place. Before delving into the four essential components that glue the recruitment strategy together, companies must focus on building a strong employer brand. It may not necessarily mean updating the career pages or improving the company's rating. Creating a stellar brand means understanding the needs of your workforce and working on your offerings accordingly. Different generations and genders with varying work experience want distinct things to stay engaged and motivated at their workplace. Once you’ve established what keeps employees engaged, you can further work on implementing an HR recruitment process.
Define Competency Frameworks
Competency frameworks are the core of any recruitment and selection process. They encompass the skills, personality traits, and cognitive intelligence required to perform a job. Before building frameworks, organizations must have a prior understanding of their requirements. This entails determining the number of job roles, the nature of work and the skill-set required to perform the job. Hiring managers must sync with the team manager to understand the essential skills needed to perform the role at hand. Based on this conversation, one needs to come up with a job description that clearly details all the job responsibilities. When you have this information at your disposal, you can approach Subject Matter Experts (SMEs) to build a competency framework as per your requirement. SMEs come with years of experience and can help your organization map competencies and behavioral indicators to the job description. A competency framework considers three important factors - personality, behavior, and domain knowledge (be it technical or non-technical).
Competency Framework for Field Sales Assessment
5 Things to Consider While Developing Competency Frameworks
- Have a clear job description
- The competencies should be mapped to the job role and level
- The framework should be easy to understand and implement
- Behavioral indicators to be determined as per the competency
- The framework should be dynamic to cater to unforeseen circumstances
Assess the Required Skills
According to Mettl’s Talent Assessment Study 2018, the use of assessments in hiring grew by a whopping 114% from 2016 to 2017.
The same report revealed how companies use numerous tools to scale their people’s decisions. Cognitive tests, psychometric assessments, domain, or role-based tests, simulators and technical MCQs emerged as some of the most adopted methods of hiring.
The large-scale adoption of assessments indicates the importance of assessment intervention to improve the quality of your hires. You should introduce assessments in your recruitment process to ensure that you hire people with the relevant skills and also fit in the company culture. Role-based assessments empower employers to assess the hands-on skills and experience of candidates. The test contains a cognitive section that tests every candidate’s critical thinking, numerical reasoning, and problem-solving ability. Behavioral assessments can assist in identifying the behavioral indicators to help you understand if your prospective employees are the right cultural fit for your organization. It enables to predict how your prospects would perform in a given job role.
Conduct Structured Interviews
Structured video interviews can be administered in three ways:
- In-person interview: The hiring manager can ask competency-based questions and rate candidates on a virtual platform.
- Live Interview: The interviewer can conduct interviews remotely, enable live coding, and use other collaborative tools.
- Pre-recorded Interview: Candidates record answers to pre-set questions that can be reviewed by the interviewer at his/her convenience.
These three modes of interviews allow hiring managers to define competencies, assign weightage to each competency, prepare competency-related questionnaires, and rate candidates on pre-defined parameters. Additionally, coding and case study simulators assess the hands-on and technical knowledge of candidates.
To make the process precise, clear, and easy-to-comprehend, video interviews can be integrated with a structured interview platform. Having a structured interview platform is one of the crucial steps in streamlining your recruitment strategy. Technological intervention in the recruitment cycle gives visibility to all the stakeholders involved in the interview process on the candidate pool. They include matrices such as the number of candidates that have taken the test, how many of them qualified for the next round, and other such analytics. So, instead of following up with the candidates for scheduling interviews or taking pre-employment assessments, hiring managers can gain a comprehensive insight with a clear dashboard.
Make Data-backed Hiring Decisions
Data analytics is the next step in the recruitment cycle. Organizations that are moving towards data analysis tend to make better hiring decisions, as the decisions are not based on intuition or merely face-to-face interviews. Recruitment data consists of information such as the number of candidates attempting the assessment, their performance on the test, and section-wise scores. Based on the results, employers can determine which candidates meet the industry benchmark.
HR analytics provide a holistic overview of:
i) Interview Rounds
ii) Month-on-month hiring trend
iii) Department and experience-wise distribution of the hired pool
HR technology is revolutionizing how organizations have been conducting recruitment over the years. With a string of solutions available in the market, the recruitment process has undergone a major shift, in turn, improving the quality of hires.
Benefits of Using Modern Hiring Methods
How a US-based Pharma Giant Powered its High-volume Talent Acquisition Using Mercer | Mettl ?
About the Company
The pharmaceutical group aimed to develop, manufacture, and market healthcare therapies/generic pharmaceutical products to customers in the United States. The company provides exceptional customer service, along with high-quality, affordable generic products to customers and patients.
The organization had been assessing over 10,000 applicants across ten different entities and 30 business units year-on-year. Due to large-scale hiring, the pharma company needed a
solution to address its talent acquisition needs.
- A large volume of applications for numerous roles multiplied the complexity of the hiring process.
- The firm faced difficulty in defining competency frameworks that had a balance of aptitude and behavioral assessments.
- The company was using a career platform to manage the talent pool and was seeking a solution to be integrated with that platform.
- Mercer | Mettl’s SThe orientation to learning:MEs deep-dived into understanding the competency requirements across job roles and levels and mapped the competencies with the right suite of assessment tools.
- Reports were customized as per business needs to offer actionable insights to hiring managers.
- The recruitment process was conducted on the organization’s platform that provided a seamless experience both to the company and candidates.
- Significant Improvement in the Talent Acquisition Process
- 2x Better Candidate Filtration Rate
- 100+ Assessments Created and Benchmarked Across 30+ Business Units
- Over 60,000 Assessments Conducted till date Without any Glitch