The Rising Importance of Contests in Modern Recruitment Practice
In a world where skills and innovation are paramount, recruiters have turned to hackathons/contests as a strategic tool to identify, assess, and attract top-tier talent. This blog explores the transformative impact of contests on recruitment, delving into how they offer a unique platform for both candidates and employers to showcase their abilities and foster meaningful connections in the ever-changing talent landscape. Most importantly, it gives organisations a competitive edge in the talent market and enhances overall organisational reputation and success.
As per Forbes observation, “more than 80% of Fortune 100 companies utilise hackathons as a strategy to fuel innovation”. It also revealed that in the last two years, India ranked second in the line of hosting hackathons contributing to nearly half of contests run by private companies. The contests are live for days and even months for maximum engagement, on floor collaboration, out of the box innovation and building solutions all in real time.?
Here are a few fundamental reasons why contests decide the fate of businesses today:
Hosting contests especially across campuses demonstrates a commitment to innovation and creativity. Your approach to identifying young talent through contests can attract those who are passionate about pushing boundaries and thinking outside the box with their problem-solving skills. Some of best known employer branding strategies are to create an engaging landing page containing your company values, goals and your vision to innovate for business challenges.
Additionally, sponsors of contests actively participate as judges of the event, giving you a window to showcase your brand not just to talent but industry experts as well. You can network with new people and gain knowledge of the latest trends and expectations in the tech and non tech industry. Attendees make valuable contacts at hackathons which highly profits their brand even after the events are over.?
As unique as every business is, so is the challenge they face. The contest hiring process offers a way to identify the top talent in the industry who are ready to solve your business challenge, in the fastest and most accurate manner possible. Simultaneously, you are creating a larger pool of qualified applicants for future roles i.e, a skill first pipeline. In a limited timeframe, contests challenge participants to think on their feet and solve a long-impending business challenge with an out of the box approach. The sense of urgency and the collaborative environment gives way to rapid ideation, prototyping, brainstorming and iteration. You are not only solving your challenges, but discovering talent that gauges, understands, builds solutions, manages time and is ready to collaborate.
Case study reference: Recently, we solved a layered business challenge for our client Powerschool. The client was struggling to attract talent and was unable to create a relevant talent pipeline for hiring. Not only did DoSelect Contests empowered them to hire for a niche role, but we also built them a quality talent pipeline for other relevant roles.?
Contests offering do not stop at building a branding and innovating, contests have emerged as the most time efficient method to attract and engage talent. GenZ and laterals have one thing in common - they can only be enticed by challenges and prefer fast-paced hiring decisions. A study suggests that nearly 40% companies use contests to hire and about 60% participants get their jobs via contests. One contest conducted by you will leave an imprint on thousands of sourced relevant candidates who are attracted to?
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Contests/Hackathons facilitate rapid prototyping and testing by providing an intense, focused environment for cross-functional collaboration. It encourages experimentation with new technologies and solutions, leading to creative problem-solving and faster iteration cycles as opposed to traditional in-house collaboration. They offer access to resources and function on immediate feedback loops, fostering a sense of urgency that drives teams to prioritise essential features and iterate quickly. This process accelerates product development, cross verify ideas, and enables teams to deliver innovative solutions efficiently.
Hackathons/Contests foster business model exploration for AI integration by assembling cross-disciplinary teams with diverse expertise. They provide access to AI tools, mentorship, and resources, enabling rapid prototyping of AI-powered solutions. As per a recent LinkedIn article, “Hackathons are not just events; they are a strategic imperative in the AI era, serving as a launchpad for transformative business innovation”. The competitive environment encourages teams to experiment with unconventional business models that leverage AI's capabilities. Immediate feedback from experts helps validate and refine AI integration strategies. Overall, contests serve as a catalyst for creative thinking and strategic exploration, driving innovative AI-driven business models.?
Internal contests are a game changer when it comes to engaging and upskilling talent in-house. Additionally, it also helps companies build a centralised skill inventory to move talent as and when new projects/challenges come up. It provides hands-on experience in problem-solving and technology implementation. We encourage collaboration among diverse teams, fostering learning and knowledge sharing. Hackathons/contests also offer mentorship and feedback from industry experts, helping participants refine their skills. Exposure to new technologies during the event enhances technical competencies and adaptability. Networking opportunities at hackathons facilitate professional connections and future career growth.
Hackathons/contests contribute to talent retention by engaging and motivating employees with exciting opportunities to showcase their skills. These events provide a platform for continuous learning and growth, keeping employees engaged and invested in their professional development. They also foster a sense of belonging and teamwork, strengthening bonds within teams and increasing job satisfaction. Recognizing and upskilling top performers during hackathons further reinforces a culture of appreciation and encourages talent to stay and contribute to the organisation's success. It also promotes inclusivity of teams and takes care of innovation within the company too. Overall, challenging hackathons/contests play a vital role in retaining talent by offering meaningful experiences that align with employees' career aspirations and ambitions.
DoSelect is a platform that enables people decisions with skill data for more than 4000+ organisations; discovering, developing, and retaining skilled talent to reach their organisational goals. Contact [email protected] to talk to our expert.
Author - Insha Fatma, Senior Content Executive