India’s workforce ethics, especially those revolving around the average length of an employee’s tenure have gone through a tumultuous change. About 30 years ago, it was common practice to be in the employ of a single organization for more than 15 years or even retire from it. Changing multiple employers was practically unheard of. Today, its mind boggling just how many jobs people change within the first few years of work.
As attrition numbers climb higher each year, so do the recruitment targets. As a process, the hiring function too has changed from a support function to a business objectives-linked process. In this scenario, identifying the right talent for the job within a narrow window of time is critical to ensuring there is no lag or dip in productivity because a position is lying vacant.
Talent Acquisition, therefore, has become an essential strategy-led exercise rather than a firefighting situation whenever an open position crops up. Traditionally, organizations either staffed positions by moving internal personnel or farmed out the role to headhunters and executive search firms for them to identify relevant candidates. While there are all categories of headhunters- from a one-man shop to specialist/boutique firms specializing in industries or functions- the bottom line was that by and large, recruiters were less than effective on most occasions. Their research did not entail a detailed understanding and mapping of the entire talent pool, so they recommended from whatever database they had available to them. And organizations got saddled with less than optimum employees and eventually productivity suffered.
For any position or role to be staffed with the best-fit candidate, a deep understanding is needed of the job description, the kind of skills and qualifications the candidate must possess, his personal and behavioural qualities as well as detailed information about the employer. And Talent Mapping is no regular skill. It needs an inordinate amount of patience, endurance and expertise in the employer’s industry to be able to track industry trends, know what kind of talent exists and what kind of talent is relevant.
Talent acquisition teams face enormous challenges every day when looking for the best people in the market. Here are some of the common issues that plague hiring teams across the world:
- Difficulty in drawing the “best fit” job candidates to the company: Every organization wants the best people to join them and that means racing against time, and other competitors, to snag the best-fit.
- Failure to connect with candidates that fit job profiles for vital roles at the moment of need: Not being able to reach out to all the relevant candidates because of lack of time or because one might be totally unaware of existing talent pools is one of the most frustrating things hiring managers experience.
- Misalignment of localized recruitment and hiring processes with that of a global parent company: Many times a country may operate independently according to its own hiring practices which may be out of synch with the pre-defined global norms. This may cause the recruitment process to stretch much longer and result in an adverse candidate experience.
- Inflated cost-per-hire or incapability to assess talent acquisition costs: HR teams face higher hiring costs when the search process is not controlled well or when the position requires specialized/scarce skillsets.
Our client is a public-listed (NSE & BSE) – IT Product & Solution company specializing in the BFSI sector, with imprints across 50 countries around the world. Having over 1500+ employees and with $10Mn in profits, this mid-size IT firm faced a challenging task of attracting, retaining & nurturing talent for their core software engineering roles, specially for a Product Manager/Architect /Lead profile, requiring about 6-10 years of work experience.
With the need for acquiring extremely niche skills but faced with the challenge of hiring in the Indian market, the client partnered with PeopleStrong for addressing their end-to-end talent management needs, because it incessantly faced the following problems:
- Even after identification of the right candidates, the selected candidate had multiple offers in hand, and therefore, the decision came down to the candidate instead of the client.
- Since the jobs required very specific technical skills, which were not very common, candidates expected almost 40-70% salary hikes.
- Apart from salary, there was an expectation of a significant bonus as well as other perks.
PeopleStrong proposed a Talent Mapping and project hiring intervention for the client to address their near & long-term Human Capital needs.
The Market Mapping
After discussing the client’s requirements in detail, PeopleStrong carried out a pan-India Talent Mapping exercise to generate a skills repository by engaging with a pool of qualified, passive and interested candidates for Core Java roles specializing in Hibernate & Spring, over a period of two-month.