5 Insider Tips from HR Experts for Navigating a Challenging Talent Market

It is no secret that the current job market heavily favors candidates, and with the aftermath of Covid-19, the hiring landscape has undergone significant transformations.

How can we effectively address these changes and align our strategies? Let's explore.

India's labor market has experienced a positive trajectory in employment since July of the previous year, witnessing a surge of 15 million individuals joining the workforce in the last three quarters. Among them, a noteworthy 11.2 million individuals, accounting for over 75%, successfully secured employment, as reported by the Centre for Monitoring Indian Economy. The employment rate in India rose to 36.9% in the March quarter, up from 36.6% in December.

In the post-Covid era, job positions are opening up at a faster pace than recruiters can fill them. This dynamic challenges job seekers and employers, creating a precarious situation within the labor market. Consequently, many companies are struggling to find suitable candidates in the face of this surge and economic imbalance.

If you find yourself seeking the perfect fit for your organization or as a job seeker striving to meet your expectations and the employer's needs, consider the following insights from HR insiders:

1. Stick to Your Water: ‘Drawing wisdom’ from Bill Catlett , the managing partner of Contented Cow Partners, a renowned organization specializing in workforce retention and engagement, recruiting can be likened to trout fishing. In the spring, when the air is warm and insects abound, fish have a plethora of delectable options. Similarly, the current job market is experiencing its "spring" season as we revive major sectors post-pandemic. This abundance of job openings caters to the appetite of eager job seekers. Employers and employees alike should focus on their core strengths and experiences, selecting candidates and job opportunities accordingly.

2. Recalling Ancestor Ways: Art Shaikh , Founder and CEO of CircleIt, a digital greeting-card platform, emphasizes the importance of establishing meaningful connections with people. To recruit high-achievers in this fiercely competitive market, he advises employers to return to the basics and reconnect with the daily operations of their companies. Shaikh notes that some CEOs are dismissive of staff concerns, leading to friction and misunderstandings. Enhancing employee relations and gaining a competitive recruiting edge entails a genuine understanding of each job's requirements. Shaikh personally delved into the fundamental skills of various functions as a founder, equipping himself to discern the right fit during recruitment.

3. Revamp Your Benefit Package: Cara Kahan , CEO of 1706 Advisors, recognizes that thoughtful benefits triumph over superficial perks when cultivating a meaningful workplace culture. However, in the face of recession risks and shrinking budgets, which employee benefits should you prioritize? While office lunches and desk plants can uplift morale, retaining employees and attracting top talent necessitates a strategic approach to fulfilling their desired benefits and insurance. Kahan emphasizes the importance of aligning employer investments with employee needs, rather than superficial gestures that merely convey a "fun" workplace.

4. Centred Diversity: Tom Leighton, COO of Sofary, a luxury lighting brand, shares valuable insights for employers seeking to attract exceptional talent in a cutthroat market. Leighton suggests that establishing company policies appealing to diverse candidates is the key. Attracting applicants from underrepresented groups commences with inclusive and diversity-oriented job postings, particularly in the "About" section. This section should eloquently convey why your company is an exciting place to work, what sets you apart from competitors, and why candidates should choose you. Creating flexible work hours, scheduling policies that accommodate religious and community holidays, seeking input from employees of diverse backgrounds to identify potential biases, and implementing meaningful policy changes where necessary are crucial steps