Tag: Hiring

Hiring in the Digital Era

The digital era has revolutionised the way businesses operate and recruit talent. With the help of digital tools and strategies, companies are now attracting and hiring top talent more efficiently and effectively than ever before. In human resources, wherein communication is crucial, technology is changing the landscape. 

Nirupama VG, our Founding and Managing Director adds, “With the evolving scenario, the digital era is throwing challenges that are changing by the hour, making hiring predictable. Having said that, the speed with which it is changing is making it unpredictable.”

What used to be paper-intensive and non-changing has become a fast-paced branch, especially in this sector. In fact, the recruitment industry is now making accommodations for this modern age of digital transformation. 

Here are some interesting facts to further demonstrate the importance of digital tools in the hiring process:

AI is becoming increasingly popular in the hiring process: In a report by LinkedIn, 76% of recruiters said they believed that AI would have a significant impact on the future of recruiting. AI-powered tools can help businesses automate time-consuming tasks like resume screening and scheduling interviews, freeing up recruiters to focus on evaluating candidates’ skills and fit with the company culture.

Gamification can increase candidate engagement: A study by PWC found that 61% of job seekers would be more likely to apply for a job if the recruitment process was gamified. By adding game elements to the hiring process, such as challenges or puzzles related to the job, businesses can create engaging and interactive experiences for job seekers.

Social media is a powerful recruitment tool: According to a survey by Jobvite, 73% of companies have successfully hired a candidate through social media, with LinkedIn being the most popular platform for recruitment. This highlights the importance of leveraging social media in the hiring process to connect with potential candidates and showcase job openings.

Remote work is paving way for technological advancements: A survey by Buffer found that 98% of remote workers would like to continue working remotely, at least some of the time, for the rest of their careers. To attract talent from around the world and create a more diverse workforce, businesses will have to invest in tech needed to support such an environment. They might have to look beyond the technology that was already in place to sustain a remote workforce going forward. 

Company culture is crucial for attracting and retaining talent: A survey by Glassdoor found that 77% of job seekers consider a company’s culture before applying for a job, and 56% of employees said that company culture was more important than salary. By showcasing their company culture through digital channels like their website, social media, and blog, businesses can attract job seekers who align with their values and beliefs.

These facts highlight the importance of using digital tools and strategies to attract and hire top talent in today’s digital era. Social media, AI, gamification, remote work, and company culture are all essential elements of the modern hiring process, and businesses that embrace them are more likely to find and retain the best talent. By using these tools and strategies, companies can stay competitive and ensure their long-term success in the digital era.

Robust final placements at top B-schools allay fears of slowdown in hiring

Hiring intent for freshers has improved by 3 per cent for the current half-year (January–June, 2023) over the July–December 2022 half-year

Amid reports of massive layoffs in the IT industry, the robust final placements at top B-schools including the IIMs (Indian Institute of Management) seems to have allayed fears of a large scale slowdown in hiring. According to industry experts, there has been a rise in the number of offers doled out and average pay package offered to candidates from top business schools and this is likely to have a trickle-down effect on the overall market.

There is also likely to be a strong demand for fresh graduates as employers realise that hiring lateral talents at a premium is not helping them achieve the intended RoI (return on investment).

“The IIM graduates are a small cohort…..obviously these are elitist set of students. Even if job markets are bad, they still have 100 per cent placement. But what is coming out definitely what I can measure from them is the number of offers that they get, which shows that how many employers are bullish about picking – is there five or 50 and that talks about sentiments and second is that if the package rates are going up, it shows the bullishness amongst employers. So of the 50 who have gone to IIMs possibly ten of them will pick candidates from there and the remaining will go to the next institution because that demand is still there so there will be a waterfall effect on other institutions too,” Shantanu Rooj, Founder and CEO, TeamLease Edtech, told BusinessLine.

Robust placements

IIM Calcutta, which recently completed the final placement process for the 58th batch of its flagship 2-year MBA programme, saw a three per cent rise in average yearly salary and close to nine per cent rise in median salary offered to the candidates this year. The institute secured close to 573 offers for the entire batch of 2021-23. Students received average yearly compensation of ₹35.07 lakh this year as against ₹34.20 lakh last year.

The lateral and final placements for the PGP and PGP-BA Class of 2021-23 of IIM Bangalore saw 606 offers, leading to all 512 students who appeared for placements being placed over two interview days.

According to Professor Debolina Dutta, Chairperson, Career Development Services, IIMB, students received offers from reputed companies despite a slowdown in the market. The institute also witnessed the participation of companies from overseas locations like Europe, Dubai and Singapore.

IIM Ahmedabad, which completed its final placement process 2023, saw firms from multiple domains participating across the three clusters. The second cluster comprised of five cohorts including conglomerates, consumer goods & durables, consumer services, pharma & healthcare and retail B2B & B2C while third cluster included 8 cohorts- analytics & IT consulting, BFSI, consumer tech, core manufacturing & infrastructure, enterprise tech, education tech, logistics, and government enterprises. The institute is yet to release its final placement report.

Consulting, finance and product management were some of the key sectors hiring in big numbers across most of the institutes.

Pay package

IIM Udaipur registered 14 per cent rise in the average CTC and 16 per cent increase in the Median. The highest CTC stood at ₹36 lakh per annum and the top 25 per cent of the batch got an average CTC of ₹28 lakh and the top 50 per cent bagged an average of ₹24 lakh. The average CTC of the whole batch stood at ₹20.3 lakh.

The PGP Class of 2023 at the Indian School of Business (ISB) saw recruiters across sectors hiring in large numbers. Despite the global economic uncertainty and the predicted slowdown, 222 recruiting companies made 1,578 offers to students, according to information available on the institute’s website. The average annual accepted CTC stood at ₹34.21 lakh – a 2.5 times increase from the average pre-ISB CTC of Rs 13.39 lakhs.

“The Indian market is steadily improving across the board and the non-IT sectors are hiring and that is a good sign. We are insulated to an extent possible,” Nirupama VG, Founder & MD, AdAstra, said.

Bullish on hiring freshers

Hiring intent for freshers has marginally improved to 62 per cent for the current half year (January–June, 2023) – a three per cent increase over the July–December 2022 half year. The hiring intent across all categories of jobseekers in India – fresh or with experience – has risen to 68 per cent from 61 per cent over the same duration. This steady growth in the job market will create enormous opportunities for freshers, said the TeamLease EdTech Career Outlook Report released recently.         

“We have seen that companies want to go back to basics and hire freshers and train them on jobs as that gives better return on investment to them and it is sustainable in the long term. And hence even though amidst all the news of layoffs that we have been hearing, we still have 67 per cent of the employers who say they want to hire freshers. So the hiring sentiments for freshers are still bullish,” Rooj said.