Hiring in the Digital Age - Overview

Monster’s annual trend report has unveiled that the upcoming decade would belong to technology in the job sector. It will primarily be driven by the demand for AI and Machine Learning, chatbots, Fintech, IT jobs, Big data, sales. As all of these shapes into a new paradigm, there will be a dramatic change in the recruitment process as well which we shall discuss now.?

Recruitment Industry Overview:?

Recruitment industry is going through a transformative phase with the demand for overall skilled talent surpassing the supply at the time of writing. The reason for the same is mass resignations have made way to the skilled workforce sector. As per the current trend, more than 38% of the workers prefer to hop on to a new job within a year's time. This has been primarily driven by the startup culture in India.?

The reason that startups have contributed to faster job hopping is because of the opportunities that employees are seeking during their formative year of career and startups promising the same. In a typical MNC, there’s a specific process to follow. It is like you can pluck the oranges from the tree by bending it a little over; however, a typical MNC culture would much believe in climbing the tree and then plucking the fruit. Whereas, a startup culture would much like to tilt the tree and innovate for attaining the results at a much faster rate. That’s why startups have become the building blocks to do more than needed for building a robust career for C-Level? and other people.?

How has this Impacted the Recruitment Trends in 2022??

The robust exposure at the startups has surprisingly helped in building strong professionals which are demanded across various IT and other related sectors. As a result, the recruitment industry which has been vying for high value recruitment that must be filled in at a faster rate have found startups as an immediate refuge. In 2022, roles where the need for high volume recruitment has been needed both in startups, SMEs and MNCs have risen by 65%. In this pursuit, traditional ATS or Application Tracking Systems sped up the advertising scheduling and communication.?

As per the report, there will be more than 39% top C -level executives who will be leaving their jobs within the first 18 months in 2022. This would create a huge gap for the recruiters to fulfill and they may be in need to identify such applicants who might not be continuing with the company? for long.?

In this regard, the HR and recruiters will need to pull up their cap and use all the latest technologies like AI, ML and other related tech that will help in better identifying the potential intention of the executive level employees at the very beginning of the interview. This is essential since it not only reduces the cost of hiring but also makes hiring very efficient.?

For example a X company, has been doing the same through the recruitment bots to analyze the soft skills of the candidate and take necessary actions according to their answers. To make the process much more refined, X company used seed link technology that uses specific algorithms and derives value from the executive’s answer to give the right result to the recruitment team. For achieving this feat, the technology uses three questions and answers to come to a conclusion;?

1. Tell us more about the project that you worked on and failed? When you worked on the project and failed, what was the immediate reaction and the rescue plan to sustain the project?
2. How was your experience if you have worked in any project where there were teams coming from various cultural backgrounds? What have you learned from the same and if you face a similar problem here, how would you deal with it?
3. Had you faced a situation where your ideas failed to convince the seniors? How did you deal with that situation? Did you give up or found other ways to make your seniors convinced??

Through the use of this advanced technique, it was much easier to find the right candidates for the job. At the same time, even the candidates were shortlisted at a faster pace and positions were closed very early in comparison to other processes.?

Conclusion?

AI and ML aren't restricted to just identifying opportunities in the manufacturing and retail segment; rather, they have played a pivotal role in hiring. Many IT companies have been working towards creating scenario based simulated models that would significantly improve the hiring process across diverse sectors. At the moment, the need of the hour is to give very high level service with little scope for errors. Through the use of tech, the recruitment industry is already on the path to attaining the same and revolutionizing the workforce market.?