T jinsite anniversary_issue_2012

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T jinsite anniversary_issue_2012

  1. 1. VOLUME-II | ISSUE 2 JANUARY ISSUE H I R I N G & B E YO N D www.research.timesjobs.com2012 will be the year of…On the commencement of New Year, TJinsite brings to you the projections for recruitmentindustry in 2012 by Industry Leaders. Read on to know what the future holds forrecruitment sector… Test for resilience of Indian Economy. Recruitment space will witness focused effort, new approach to build talent pyramid shifting away from cost optimisation to build niche-skill inventory for the organisation. Dr Pallab Bandyopadhyay, Director-Human Resources, CitrixReinvention. To make themselves more marketable in theworkplace employees need to learn new skills, multi-task and addvalue to their employers. Employers will also have to make jobsmore challenging and streamline processes so that manpowercosts can be optimised. Ruth Singh, Head-Human Resource, Emkay Global Financial Services Opportunities in specific areas based on India’s growth sectors, with focus on rural retail and e-business. Healthcare, Hospitality, FMCG and Retail will be the key employment generators in the Indian market. Anuricha Chander, DGM-Human Resource, Technopak Advisors HiringChallenges, but still India is not in a tight spot; however,recession fears have not faded. We will continue to see someimprovements in the job market towards the second half of the Outlookyear. Career/ job websites will provide mobile version benefitingthe prospective hires and Gen Y in particular. Manmohan Bhutani, Vice President-People and Operations, Fiserv India 2012 Guarded Optimism. Learning from mistakes in 2008, few companies will develop their talent pipeline by proactively hiring before others as soon as they see the first signs of economic recovery. Critical thinking and communication skills will emerge as the most important skills in 2012. Saurabh Singh, National Head, Pearson Clinical and Talent AssessmentConsolidation and re-invention. As the economy grows,recruitment will continue to see the upward trend. Developingdifferent channels of identification of talent and matchingaspirations of candidates to requirements will be the key for therecruitment industry. Sunil Bhave, Vice President, Fujitsu Consulting India Mobile Platform. By the end of next year, the mobile platform will become the dominant communications and interaction platform. Global economic issues will persist for years to come, but the global war for talent will continue spiking in key regions and industries. Meenakshi Roy, Sr Vice President-Human Resources, Reliance Broadcast Network
  2. 2. VOLUME-II | ISSUE 2 HIRING & BEYOND JANUARY ISSUE HIRING & BEYOND www.research.timesjobs.com VOLUME-II ISSUE 1, DECEMBER 2011 www.research.timesjobs.comKey Trends for the Year 2012… There is a huge skill drought in themselves, integrate the social hiring tools for various levels. the country in several media into their recruitment This includes psychometric industries and there are and screening processes to tests, communication & possibilities that people will attract the right kind of talent. presentations skills andU switch industries in search of More prospective candidates leadership assessments. sing Social better opportunities. These moves will be result of will leverage on social media as the avenue to seek the right jobs. Ramakrishnan Ramamurthy President Media consolidations and Raja Shanmugam Mytrah Energy India Limited, Hyderabad effectively to opportunities rather than monetary gains. Also, attrition Chief People Officer Happiest Minds Technologiesmaximise return on rate is at its low currently with The key trend, undoubtedly, willhiring investment average attrition of 8-10% and we believe that the trend will The trend will clearly be be the use of social media platform. Also various employerwill see growth continue. “cautious hiring” the companies branding forums will gainthrough entire 2012 Ashish Arora Founder & Managing Director-HR are likely to follow rigorous process of evaluating every mindshare as companies are getting acclimatised andas will employee Anexi vacancy and the need to therefore embracing this newreferral programs. actually hire from outside. A major impact could also be on reality.SMEs across all The last quarter of 2011 has recruiting fresh candidates from Prashant Bhatnagar Director-Hiringindustries will be been slightly tense and has kept organisations on guard. In the campuses and colleges. Having learnt the lessons in the Sapient Indiamajor employment IT services space, there will be a previous slowdown, it isgenerators in 2012. requirement of people who are willing to multi-task and take up unlikely that companies will have a knee jerk reaction to Talent would be scarce and the focus would be for retaining Shuchi Nijhawan additional responsibilities in recruitments in 2012. existing talent, whereas Head-Global Human Resources terms of client deliverables. Sudakshina Bhattacharya recruiters would have to push Eka Software Solutions Social media attractions, lesser Head-HR for creating attractiveness for openings but better offers/ IL& FS Financial Services making such talent consider packages and bigger hikes will new employment choices. be the focus of the year. Campus Placement would be Seetharam Subramanyam The key trend will continue to stronger though not in terms of VP-HR (Global TA and RMG operations) be productivity and hiring will higher packages. Jobs versus CSS Corp be purely on skill and age profile would see lowering of competence mixed with right age requirements. attitude. Companies have moved Sanjay Jain More organisations will use the from conventional hiring VP-Corporate HR social media to market process to more sophisticated Abhijeet Group Watch out research.timesjobs.com for more articles on hiring outlook 2012SWOT 2012… Strengths Weaknesses Opportunities Threatsl More and more jobs will move l Lack of domain or functional l RPO for mid-size companies l Recruiting industry is still to India or created in India expertise seen as unorganised sector l Unorganised sectors moving itself l Absence of proper recruiting into organised sectors (for l Large players may emergel Growth of technology and the tracking systems and example, Retail) which may and local players may have ease of reaching out to processes at recruiting create a plethora of recruiting difficulty in sustaining their prospective employees will companies opportunities business help employers source talent l Challenge to handle complex l Employer branding will be in l Retention could turn out to be for niche roles more easily hiring situations and cost focus and is going to see better the highest-economic-impactl More alignment between the push results this year area industry and recruitment l Talent Crunch. War for talent l Use of social media and l Uncertainty in the global segment in terms of better for niche and specialised moving from a "me too" market due to recession and understanding positions and roles – scarcity strategy to embracing new economic downturnl Maturity of recruitment of supply techniques l Lesser rate of growth, practices and tools l The global economic climate l Extension of recruitment political instability resultingl Resilience of Indian Industry coupled with Government process outsourcing to other in overall slowdown and and growth in the newer performance and expected industries like banking, cautious outlook by global sectors depending on showering down of rate of financing and insurance investors investment climate growth in GDP industries 2
  3. 3. VOLUME-II | ISSUE 2 HIRING & BEYOND JANUARY ISSUE HIRING & BEYOND www.research.timesjobs.com VOLUME-II ISSUE 1, DECEMBER 2011www.research.timesjobs.com As we celebrate our first anniversary.. We thank all our readers for their constant support and motivation! Anniversaries are a good time to reminisce, take stock and look ahead, and that’s what we’ve tried to do in this special issue commemorating the first anniversary of TJinsite. Looking back and recollecting gives us a better understanding of where we are now, what all we accomplished to get here, how we reached here and what do we want to do next. A good understanding of the past helps us envision better. With this special anniversary issue we have tried to capture the gamut of HR subjects, which TJinsite has researched so far. This issue focuses on how each of these hiring aspects have evolved and what significance do they hold in the present-day HR universe. As they say.. “The journey has just begun..” And TJinsite look forward to provide quality and relevant content for many more years to the HR and recruitment fraternity with your enduring support. Thank You! Team TJinsite SUBSCRIBE TODAY Log on to www.research.timesjobs.com 3
  4. 4. VOLUME-II | ISSUE 2 HIRING & BEYOND JANUARY ISSUE HIRING & BEYOND www.research.timesjobs.com VOLUME-II ISSUE 1, DECEMBER 2011 www.research.timesjobs.comChanging Hiring Landscape ANALYTICS METHODOLOGYH iring is an integral part stage of hiring goes a long way hiring should focus on the core of any organisation and in damaging the functionality of business and the strengthening is a continuous process. businesses. As a result, of it, is all about the accurate The insights and analysisIt has evolved in processes, recruiters today are learning defining of the current state of provided by TJinsite is basedfunctionality and approach. contemporary techniques to the organisation, the future on the data collected fromPlenty of change swirls around select the right candidate for desired state and the job seekers, employers andin the HR world. With changing available jobs. implementing of the plan. industry experts throughdynamics and economies, hiring Since, so much effort and time But it is not the organisations personal interviews,process and strategies have goes into recruitment processes, that adapt to change, it is their telephonic interviews,undergone a transmission for organisation have started people and in the focus on the mailers, online polls andsmall and large businesses alike. surveys.“Organisations must change l The TJ research teambecause their environments runs polls on TimesJobs.comchange," according to Thomas S. to capture information fromBateman and Carl P. Zeithaml in over 3 lakh unique jobtheir book Management: seekers visitingFunction and Strategy . TimesJobs.com daily Data is ."Today, businesses are also collected from 3.5 lakhbombarded by incredibly high HR professionals, registeredrates of change from a on TimesJobs.com, throughfrustratingly large number of telephonic interviews andsources... Inside pressures come online polls and surveysfrom top managers and lower- l Results of polls andlevel employees who push for interviews are corroboratedchange. Outside pressures come by analysing the vast data-from changes in the legal, base that TimesJobs.comcompetitive, technological, andeconomic environments." maintains and updates regularlyWhether the reason for hiring isstrategic, financial or technical, l A final round of data and Tthe people in the organisation information check isare always central to the change he talent market is always in a higher undertaken by surveying joband managing the people side of demand and lower supply of “good” seekers across thechange is extremely crucial. people. Opportunities are in recruitment industryHaving tasted the market abundance. Every organisation is positioning l The data is also vetted byslowdown, many organisationsare now learning to focus on its best face to the talent market. This itself is industry experts who checkbigger aspects of hiring – a big challenge. Positioning ourselves as the for aberrations and discrepancies at the macroretention, training and most desired employer to work with, leveldevelopment, employee participating in best employer surveys,engagement and manpowerplanning and management. HR understanding what a best employer doesfraternity today understands the best and being ahead of competition iscriticality of all these aspects of critical.hiring and the challenges that Murali Santhanamfollows. Executive VP-Group Human Resources CavinKare Pvt. Ltd.The challenge also encompassesthe technical and quantitativecomponents of hiring. For understanding that retention is business objectives there is ainstance, the budgetary as critical to the success of any clear danger of people beingallocations are no longer organisation as an effective overlooked, possibly leading tounlimited. Considerable thought hiring approach. the failure of the hiring process.is given today while allocating Organisational change is Therefore, as the changingbudget to HR and recruitment inevitable in today’s changing dynamics of hiring demands, itfunctions. Slowdown has taught business world and is complex is extremely important, to alignIndia Inc tread cautiously . due to the interdependencies the people with the recruitmentTherefore, companies are hiring between stakeholders, process, the technology and thebut they are vigilant as they organisation and supporting new system and ensure thecannot afford to make a hiring technologies. The process of success of the hiring program.error. An error in the initiation 4
  5. 5. VOLUME-II | ISSUE 2 HIRING & BEYOND JANUARY ISSUE HIRING & BEYOND www.research.timesjobs.com VOLUME-II ISSUE 1, DECEMBER 2011 www.research.timesjobs.com HiringA Paradigm Change in Hiring Practices A fter the recession hiring changed, the drivers of hiring patterns changed Paradigm Change in and employee engagement has distinctively Currently, . also changed dramatically HR . also, apprehensive of the Hiring Practices department has risen in slowdown in the US markets, importance to deal with long- India Inc is hiring cautiously term goal setting and and specifically . 4% projections. As the workforce 6% development needs and The BPO and ITeS sector, reliant on the world economy for ambitions are so unique and 7% 36% dynamic it has become even business has been able to keep up with the international more challenging for the HR economic downturn. According fraternity to have a clear vision to one of the TJinsite studies and long-term goal in place. 23% companies in these industries According to international are coping up better compared studies and industry experts, to other key sectors. Industry 24% the functionality of HR experts believe that domestic department has graduallyE strengthening of these shifted from being a mere mployees industrial operations have paved Recruitment Portal support function to a prominent have made a way for their success. Reference/ Word of mouth leader in any discussion on company strategy, goals or qualitative Where earlier, organisations would hire talent with fairly Recruitment Agencies Print mergers and acquisitions.shift – they look at generic skills as a strategic Social/ Professional Networking Sites Not only the functioning andjob and work buffer to expected and forecasted ramp ups that would Job Fairs process have undergone change but also the preference forprofile and also a be required; now, the trend has word of mouth and recruitment hiring channels has changed.good work-life been towards contract hiring, where talent is recruited for a agencies. With the growth of internet as a hiring medium, recruitmentbalance. They are specific project or ‘Just-In-Time’ However there are variations portals have gained a lot ofnow prioritizing hiring where the hiring is based on business demand. when analysed by industry type. Print is the most popular source acceptance. Most organisations today vote for onlinefriends, family and Skills, not educational among the IT companies, 63% of recruitment portals as the mostfactors such as this. qualifications are at a premium them said that they rely on print media. Among the other popular source for hiring,Employers too are in the industry today Job . specific skills, followed by industries, BFSI favours word of followed by recruitment agencies and employee referrals.looking at experience are more prized than mouth and the CRM/Call Centres/BPO favour Print has taken a backstage asdeveloping and educational qualifications, which in the past were seen as a recruitment agencies. far as being, a recruitment medium is concernednurturing talent. passport to a good job. A meager Besides the recruitmentThey want to 10% employers surveyed by practices, candidate preferences and aspirations have alsorecruit well and TJinsite, cited educational qualifications as being changed. While earlier, peopleretain better. something that they look for in a candidate. were more than willing to compromise on location and job Celine George profile for money, the scenario Organisations today prefer to Partner has changed today One of the . use their internal resources to People Facet give themselves a competitive recent TJinsite studies revealed that salary is no more the edge. In a survey conducted by TimesJobs.com, 70% of the driving factor for present breed FACTS of workforce. Job profile counts organisations across industry the most while deciding on type preferred to use internal resources over hiring outside taking up a new job or sticking TimesJobs help in the form of consultants to the current one. This could be attributed to the shift in thought provides you a or others. Use of recruitment portals seem process of the workforce. They talent pool of are thinking long-term and are to be on an upswing. In a more concerned about the more than 1.8 TJinsite study, recruitment portals have emerged as the sustainability rather than making quick bucks. crore resumes to most popular source for hiring Since, the expectations and choose from of resources, followed by both motivations of workforce have 5
  6. 6. VOLUME-II | ISSUE 2 HIRING & BEYOND JANUARY ISSUE HIRING & BEYOND www.research.timesjobs.com VOLUME-II ISSUE 1, DECEMBER 2011 www.research.timesjobs.com SkillsFall-out of the Talent Crunch W hile hiring is on the available for employment; there increase, the problems Biggest challenge are not enough numbers of with the talent pool sufficiently skilled people in the available still continue. Skills right place at the right time. are at a premium and extremely 8% India Inc requires talent in hard to find, whichever the quantity and quality; and that sector. puts companies in a dilemma: 18% In the year 2006-2007, the talent 42% the inability to retain talent due crunch in Indian industry was to cross-hiring erodes their identified as the top trend of the competitive advantage, but the year. Despite the economic competition for talent sends slowdown that followed this salaries so high that trend continues. In 2010, mass competitiveness is lost anyway . hiring happened in all the 32% The growing economy has industry segments leading the spawned many industry economy (according to a segments that are nascent and TimesJobs.com survey, nearly Skill/ Talent crunch in job seekersO evolving which create new 80% of organisations said they Retaining the existing workforce ur biggest were hiring) and employers Meeting the salary expectations requirements for skill sets, leading to a further mismatch talent crunch continue to face the problems of people shortage and attrition. Lack of experienced workforce between requirement and is at the As shown in an earlier TJinsite the employer’s scheme of availability.design levels in The mismatch between the skill studies on skills - talent and things. What is really worrying shortage and requirement,textiles and experience, not education, has emerged as the most valued for recruiters here is that talent and skills remain a big problem especially given the largeengineers who are attribute when hiring. This is a which is as yet unresolved. number of graduates, and therefore, ostensibly theseeking a career at uniform need across all industry sectors. Only 6-10% of The reasons for this talent employable mass is brought outthe shop floor. At the organisations claimed crunch are two-fold. One is the mass recruitment that is starkly in the TJinsite Skills Survey It is obvious that India .the entry level we educational qualifications as being important. happening across industry Inc will have to quickly seekare able to attract Employers are fairly specific segments. Given the pressure to fill positions at all levels of solutions by which it can remedy this situation. Unlessgood talent. about the skill sets that they management, employers are measures are taken at theDomain knowledge require with each industry segment emphasizing a certain recruiting not just from the same sector but also from other grassroots level to solve this it will continue to dog the industryfor manufacturing area; for instance in the IT sectors. for years to comeis important. More industry, the technical skills, that is, knowledge of Java, While the preference is still forimportantly, we VBNet, PeopleSoft, Oracle and people from within the industry, the shortage of talent islook for candidates SAP are important, whereas in compelling employers to lookwho fit into our the BFSI it is more the communication, negotiation and outside the industry as well. Employers today, are looking forvalue systems. analytical skills that are important. ever more specific skill sets are less willing to engage in Asit Mohapatra Although skill requirement vary anticipatory hiring and seem to Director-HR by industry, what is common to be more willing to trade a Raymond Textile all industry segments is the ‘precise fit’ for a ‘teachable fit’, where they hire talent that has enumeration of the top five skills in demand across the basics in place and then FACTS industries. These include teach them to fit into the desired communication skills, technical skills, leadership skills, soft role. The second reason for the TJ offers you skills, inter-personal skills. shortage of talent is the poor more than 52 lac It is clear that an educational degree per se has become quality of higher education in the country Of the 2.5 million . experienced IT hygiene and therefore fallen in university graduates, only 10- professionals the hierarchy and value-add 25% are considered employable. skills in the areas listed above This is creating a situation have become much more where, though technically there important and quite critical in is a vast pool of educated young 6
  7. 7. VOLUME-II | ISSUE 2 JANUARY ISSUE HIRING & BEYOND www.research.timesjobs.com Succession PlanningPlanning for Future Leaders S uccession planning is planning. Apart from the defined as the systematic Is succession emotional issue of employees process of developing feeling threatened when asked individuals to fill organisational planning to groom their successor, the key roles. The performance of important? prediction of future needs of the companies depends on the organisation itself poses a quality and effectiveness of 98% challenge to the time-deficient their leaders. With the help of management. succession planning, YES The benefits of succession organisations aim to effect a planning though, once the well-designed change of challenges are overcome, are leadership. manifold. This is a laudable objective for First, a planned transition every organisation to have and would mean less upheaval in the succession planning is seen as company’s functioning and crucial in ensuring that there is structure, resulting in better no vacuum created in the eventA business performance. of a sudden leadership change. s a part of However what really happens? , Second, succession planning can tackle the perpetual attrition our company TJinsite delved into succession problem, leading to higher strategy, we planning processes and employee retention.have ‘universal motivations and conducted a 2% Third, succession planning if study to carve out the current formally instituted andleaders’ in our trends in this area. The study NO systematized, can lessen theorganisation, where revealed striking findings about the succession planning process ‘replacement planning’ with this anxiety felt by employees and actually lead to more employeethey know the and practices in India Inc. process. However, this is not empowerment.processes of all While nearly all of the done in almost half the organisations (according to Clearly challenges exist forfunctions. At any organisations agreed that succession planning is TJinsite study), and where it is companies attempting to plan the workforce of their future.given point, one extremely important, 40% being done there does not seem But putting a successionleader can handle admitted to not having adopted to be much clarity in the planning process in place, it. This is an incredibly high process. strategically planning for thethe task of other percentage, given that the Therefore, succession planning proactive management of theirleader smoothly importance is seen as high. like the elephant in the room, becomes something that talent pool, and engaging theirbefore hiring a Most organisations prefer to look within the company for the everyone knows exists and is employees in the process, can result in a more secure futureresource. successor. The reasons for looking outside the company necessary, but no one is willing to adopt, or at least finds for the organisation Rajendra Ghag and industry when hiring for excuses to delay adopting! Executive Vice President-HR & Admin leadership positions is mainly to The main hurdles to putting HDFC Life acquire skill sets not currently succession planning in place available in the industry and to seem to be attitudinal. gain new perspectives. Organisations admit that So, what’s the hold up? Why unclear organisational vision, aren’t more companies using low interest, and the lack of FACTS succession planning? succession planning and career The reasons could be many . development tools are the chief Usually, a large part of the obstacles to the implementation of the process. Armed with reason is the softer issues of employee morale, disruption in Time and resources and intelligent hiring the existing pattern and the therefore the attitude are the tools TJ offers you prominent challenges for bringing of a few employees into extreme focus leading to anxiety organisations considering faster and and tension. succession planning. Typically the day-to-day challenges of seamless It is evident that organisations clearly understand the need for running the organisation recruitment succession planning and seemingly overpower the organisations ability to experience replacing what is today, largely proactively engage in succession 7
  8. 8. VOLUME-II | ISSUE 2 JANUARY ISSUE HIRING & BEYOND www.research.timesjobs.com Training & DevelopmentEmployee Engagement & Development I t is an economic reality that expense on training, is back to the growth and survival of a Preferred training square one. thriving enterprise will depend on employee retention. method Barriers of budgets and structure need serious Employing good in-house consideration. Also given that training programs is the key to the lack of employee retaining valued employees. 4% enthusiasm is marked, efforts Training and development 13% need to be made to examine and programs have been voted as the dissect the nature of the current most effective method of programs and make them far employee engagement. more motivating and directional The criticality of training, for them. especially in-house training has 51% That the problem of retention been well documented. The 32% and employee attrition is huge importance of having an is a well known fact. The educated and well-trained question then is: is the industry workforce in order for using the tool of in house companies to remainWith training competitive and prosper during On-the-job training by seniors training effectively enough? Evidently not. From this surveyprograms ranging changing times cannot be emphasized more. According to Workshops and seminars it is clear that there are barriersfrom entry-level to a TJinsite study, 70% of the External trainers Manuals and journals of budgets and structure, whichthe highest-level organisations have separate in- organisations need to, take a house training departments. serious look at. Also given thatexecutives, the Not surprisingly, soft skills widen the scope of their experience, and with the lack of employeefocus is on the emerge as the area where about associating freshmen with enthusiasm is marked, efforts need to be made to examine andall-round half of the organisations claim senior employees as trainees. that they need training the dissect the nature of the currentdevelopment of most. Overall, training is ultimately seen as resulting in increased programs and make them far more motivating and directionalemployees. In-house training has numerous advantages, as listed by productivity and boosting for them‘Training need industry experts. These include: employee morale. This is also probably because of both, theanalysis’ is done l Cost savings with more long and the odd hours thaton a continuous effective group training employees have to put in during their working day .basis. New l Training times crafted around company schedules In-house training, in particular,technology l The ability to address specific is seen as helping maintainupgrades and employee training needs business continuity when an employee is lost; on the jobbusiness needs are l Reduced travel time with on- site training training which all organisationsan essential part of l Convenience - Programs are have is seen as important for this reason. Many organisationsthis approach. delivered at a time, location also hold periodic workshops and pace that fit in with the and seminars and some hire Vivek Punekar organisation’s business external trainers to conduct Chief Human Resource Officer schedule. training sessions. FACTS HCLInfosystems l Hand- picked trainer/s that fit On the hind side most into specific training needs organisations feel that employee engagement and training and Talent mix All organisations have a combination of formal and development programs have spread across the informal training methods. The most preferred training method their drawbacks as well. Firstly, lot of investment goes into this geography is on the job training. About 15- process, and with the crunch on lets you hire 20% also used the internet/intranet as an talent and the hunt for skilled people, a trained individual the Right informal training resource. fetches a premium in the market Candidate and is quite likely to jump jobs Informal training centred around providing the employees for a better salary The attrition . for every with challenging work or rate then remains as high, and the employer, despite the location rotating their job profiles to 8
  9. 9. VOLUME-II | ISSUE 2 JANUARY ISSUE HIRING & BEYOND www.research.timesjobs.com RetentionGrowing Focus on Retention E mployee attrition is the production losses from a high biggest nightmare of any What is more attrition rate is stated as some employer. Some amount other benefits of retention, by of attrition is inevitable and challenging? the surveyed employers. even healthy for a business, but Understanding the notions of when the attrition rises to levels the modern-day workforce, the that are way beyond an strategies for retention today is organisation’s threshold, then 18% more to do with the softer the associated costs of attrition aspects. Many organisations start to spiral and impact the claimed to have set in place a company’s bottom-line. structure for better employee The costs of employee attrition communication and can be staggeringly high. Some involvement. Some also claim studies seem to suggest that the that they provide growth costs can be between 0.5 to 5 opportunities and training, times an employee’s wages 82% facility for changes in job profile depending on the employee’s and job rotation.Y position in the organisation. Not ou have to only are there quantifiable costs Retaining existing talent Attrition and therefore retention is obviously a burning get people of employee turnover such as the costs of recruitment Finding new talents issue in the industry today. emotionally (advertising, recruitment freshmen and the executives, the Studies show that the root of attrition sometimes begins inbonded to the agencies, background checks… ..) hiring costs (sign-on executives seem more prone to job-hopping, probably because the recruitment process itself. Acompany. incentives, bonuses) and in having learnt the ropes of their Harvard University study reports that 80% of employeeCompanies should some cases the severance pay; trade and made an assessment turnover can be attributed tokeep their but there are also the intangible of their own value to the mistakes made during the costs of lower productivity, the organisation, they are ready to hiring process.employees engaged costs of employee overtime, and scan the horizon for better While hiring, the tendency is toin the organisation. the costs of downtime while the learning curve kicks in for the opportunities to further their career. go for the best and the brightestWe should let the new recruit; not to mention the A second reason for higher recruit. If instead of focusing on these types of employees, theemployees know knowledge of the company and the business that the employee attrition at the lower levels focus was on the best match forthat their carries with them when they could also be related to life stage. At a younger and more the job, the fallacy of over- hiring, which again leads tocontribution is leave. responsibility-free life stage, the attrition, can be avoided. Thesignificant to the According to a survey conducted by TJinsite on the flip-side of employees are more willing to experiment and take risks with strategy of increasing employee involvement andorganisation and attrition, which is retention, their resumes and jobs. The communication should go far inthat the company shows how widespread the worry is and how broadly, the higher they move up in the life- stage, the greater the increasing the trust levels andwants the problem could be addressed. responsibility and lower the therefore slowing the attrition process.employees to be Uniformly, about 85% of the organisations said that willingness to risk losing the accrued benefits and the In conclusion, retention shouldwith them. retention was a bigger headache reputation that they have built be tackled from the grassroots rather than treating just the than finding people with the up. Sanjay Gupta symptoms to put a brake on high right skill sets. Following this is The main reason behind Global Head-Human Resource attrition the corollary that again, growing focus on retention EXL Service retaining employees was far strategies is the impact it would more important than hiring a have on the bottom line. new employee, who comes with Preventive maintenance in the associated costs of training and settling in. The implication terms of avoiding the costs FACTS associated with employee here, is also the investment costs in an employee, both time and turnover such as hiring and training is the reason given by More than money that the organisation loses, when it loses talent. about half the organisations for 20,000 new While attrition occurs at all pursing a robust retention policy, as per the TJinsite study resumes are levels, about 90% of it happens on retention. Apart from this added daily on at the lower two echelons of the easily quantifiable cost, the organisation. Between the deduced cost in terms of TJ 9
  10. 10. VOLUME-II | ISSUE 2 JANUARY ISSUE HIRING & BEYOND www.research.timesjobs.com Being SocialAugmenting Social Media M any companies today maintaining a virtual network and expanding their trade, there use social media to of professionals is crucial to has been a parallel focus on screen potential hires, today’s business needs. revamping existing business and to add band value so to According to Seetharam processes to more efficient and attract top talent. When Subramanyam, VP-HR, Global effective forms. executed properly, social media TA and RMG operations, “Real Use of social media is one such offers recruiting managers a strength of social media is step in that direction. It is new larger applicant pool, more relationship-building by your and getting bigger. This is a access to information that will employees. With proper form of online recruitment enable them to better pre-screen coordination, employee method and similarly, is an and filter candidates. relationships can easily be ongoing process. Every step in One of the key trends in the turned into employee referrals. the process of hiring through current recruitment process has The net result will be that as social media sites is crucial to been the evolution of social many as 60% of all hires will its effectiveness. Staring from media. In a study conducted by come from the combined identifying job opening, posting TimesJobs.com 36% of HR efforts.” it on relevant sites, the language managers said that among the used, the key words inserted,I As you supplement your available recruitment channels and continuous feedback and nformation and online recruitment portals recruitment process with social media usage, the process needs assessment is detrimental to its communication delivers the best results and social media is catching up real success. technologies fast. “Adapting social media tools from the business coupled withhave become Industry experts believe that strong analytics will allow aubiquitous across social media attractions are going to be the focus of more focused approach that harnesses and directs the effortany organisation. recruitment industry in the of all employees on socialThe interesting, coming times. media. Talent leaders will increasingly see the value of acollaborative and As Raja Shanmugam, Chief People Officer, Happiest Minds combination of internal andsocially oriented Technologies articulated, “We external social media approaches for managing andthings that people are welcoming into a generation that has been entirely fed on developing talent,” saiddo in their personal credit, mobility, internet and Meenakshi Roy, Sr Vicelives may actually social networking. Role models are either to be clearly defined and President-Human Resources, Reliance Broadcast Network.create a businessmen/entrepreneurs accurately followed. Before For job seekers, this highlightsfoundational skill- side or sportspersons, many of them regularly exposed as idols hopping on to any social media site, it is important to map the the importance of having an active profile on social andset that is valuable with clay feet. Self-control, organisation’s future talent professional networking sitesat the work place. morality, frugality, delayed gratification, deferring to requirements. Use the information gathered while mapping to search Dr Nicole Haggerty experience are not any more the sought after virtues (“not cool”). systematically for prospective Associate Professor-Management Recruitment processes therefore candidates. Mapping and Information Systems need to marry these dramatic searching sometimes co-exists Richard Ivey School of Business demographic changes with the and support each other. It is a organizational expectations of continuous process. The most loyalty, teamwork, stability, crucial thing is controlling the productivity and contribution.” processes. Efficient use of FACTS monitoring tools is essential to Maintaining company’s get desired results from the presence on social and professional networking process. TJ offers you websites helps in brand building In this age of business dynamism and technological more than and ads to the recall value. Posting organisation profile and revolutions, business processes 21 lac top brief about the core functions helps people understand the have seen an internal transformation. Today, we are management work culture and job connected to the world like industry never before. As organisations requirement. According to industry experts, creating and continue to explore newer and veterans efficient methods of sustaining 10

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