Even as the booming Indian economy is
leading to tremendous growth in many sectors, recruiting
and retaining people still remains as the greatest challenge
for most companies. The business environment has changed
phenomenally over the past decade and it demands recruiting
the right talent and adopting more aggressive retention
strategies. New and innovative hiring strategies will be
most important if Indian companies have to succeed in today's
business environment. With the Indian companies aggressively
pursuing global mergers and acquisitions, already newer
recruitment strategies have been introduced in the past
decade. The companies across sectors, irrespective of margin
pressures, are investing massively in evolving and encouraging
robust hiring plans to meet the growing demand for quality
talent. While the number of recruits available is aplenty,
those employable are in short supply. Owing to the widening
demand-supply gap in the market and soaring employee turnover,
there has been a shift from employers' market to that of
an employee. Employees are now calling the shots, with
companies taking more interest than ever in offering superb
pay packages in recruiting talented people.
Organizations have devised multi-pronged
strategies with the ultimate goal of attracting the best
minds. Tesco, the British retail giant, put hoardings in
the corridor where IT folks travel in Bangalore to build
its employer brand. The IT recruitment campaigns of the
company showed potatoes and carrots underlining the message "you
use technology to keep food fresh." Besides, some
of the innovative hiring strategies could include campus
recruitments, internal job posting services, employee referral
programs, engaging placement consultants, job fairs and
advertising in newspapers and on job portals such as www.naukri.com.
The greatest challenge facing many firms today is not restricted
to recruitment part alone; it is also attracting talent
for retention. "Job fairs, online talent auctions
and talent referral programs, job sites, walk-in tours
of employer campuses are just some of the popular means
to bring home the best," says Monisha Advani, Managing
Director of Randstad India.
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