10 KEY TRENDS THAT DEFINE THE CURRENT JOB MARKET
With the advent of technology being used as a tool for the modern day competitive job market, the future of recruitment looks to be an exciting one, with many challenging opportunities for innovation and proactive thinking.
Let’s look at 10 key trends that define the way the job market functions in recent times:
1) Technology adaptability: An increasing number of employers have started the use of modern-day technology for their recruitment processes. Increased use of technology will not be a choice but a necessity in the coming time. Adaptability of innovative tools like video interviewing, asynchronous interviewing and online assessments will increase.
2) Hiring through Social Media is getting bigger: With 243.2 million internet users and 106 million active social media users, among a total population of over 1200 million, the social media wave is yet to get into the heart of India. Given its numerous benefits and ease of usage, India has witnessed an increased focus on social media channels since 2015. The number of recruiters accepting social media as a sourcing channel has doubled ever since.
3) Referrals will grow in size and importance: Referrals will gain importance because globally, organizations recruit 50% of new hires through referrals. The popularity of referrals will also increase due to an option of recruiting passive talent that would otherwise not be accessible for organizations.
4) Passive Candidate Recruitment: Indian companies are increasingly reaching out to passive candidates through proactive sourcing. India ranks 3rd (69%) compared to other countries in terms of hiring passive candidates. Organizations increasingly focus on “quality of talent” and this trend will grow further in the years to come.
5) Online assessment: Conducting interviews is a mammoth task and does not deliver desired results. A lot of industries and job roles require an assessment of the candidate applying for a job vacancy. Online assessments have proven to be the best solution for such situations. This methodology is also the new favourite amongst the industries like insurance, IT and BPO/ITES.
6) Match-making: With an outlook of changing needs, manpower is being characterized as key to growth, and hence hiring is no longer just about sourcing candidates and getting vacancies filled. In India, a reservoir of talent pool is available along with increased job opportunities. It is important to match the requirements of a job with a candidate’s capability. This holds the answer to business growth and expansion.
7) Employer branding will be a key pull factor for candidates: In today’s world, attracting candidates is considered as important as attracting customers. Employer branding has gained more importance than ever before. Employers across industries will be seen focusing on building an attractive employer brand using social media channels and using video marketing to reach out to the workforce in appealing ways.
8) Candidate experience: Every company wants to attract the best talent and that is why organizations are focusing on delivering an unparalleled experience to candidates. A good employee experience leads to a good reputation for an organization. If a bad reputation spreads around, individuals feel de-motivated in accepting offers from the organization.
9) Recruitment through mobile phones: India is home to about 350 million unique mobile phone users that surf the internet using phones. People spend a large portion of their time on their phones and hence it is a good way for recruiters to get attention. As per a recent research, there has been a 90 percent increase in the number of users who look out for job opportunities through mobiles and 75 percent increase in the number of users who apply for jobs through mobiles. This encourages a large number of employers to have mobile-optimized career sites and job postings.
10) Analytics: Nowadays, HR leaders are expected to be strategic partners in the recruitment industry. A growth wave in any business requires incremental hiring in the organization and that is why talent acquisition leaders are expected to have an armour of data. With the use of analytics, HR professionals are ready to move from intuition-based decision making to data-driven decision making. A recent study reveals that there is a huge scope for analytics to improve in workforce planning, utilization, and sourcing. Technology will make it possible to track the cost-effectiveness and efficiency of the several different methods of recruitment.