Recruitment in 21st Century India
The new millennium has witnessed the advent of the 21st century enterprise – born digital firms such as Amazon, Facebook and Google. Along with these, sharing economy startups like Uber and Airbnb have redefined the present day business landscape. Today the average lifespan of a Fortune 500 company is a third of what it was 50 years ago, and it’s estimated that by 2020 more than three fourths of the S&P 500 will be companies established in the new millennium. This makes it essential for 21st century enterprises to possess an inherent flexibility and agility, to keep up with fluid expectations of the millennial consumer who demands a unified experience.
Employers have to reposition themselves to attract millennials, studies show that by 2025, over 75% of workforces globally will comprise of this target group.
Similar to their expectations as consumers, millennials have unique demands from their employers. Empowered with the digital channels that allow unlimited choice and the ability to connect with opportunities never available for past generations, millennials are a highly sought out community by recruiters. Their demands from career and workplaces are significantly different from their predecessors.
Just like companies have to be fluid in the way they do business in the 21st century, so too must be the way they attract talent. Adopting a straight jacket approach to hiring would inevitably lead to organization culture misfit and a lose-lose situation for the candidate and employer.
To engage with millennials on the new age platforms they frequent, firms have employed unique and differentiated digital and social recruitment campaigns. Employers have identified creative ways of getting eyeballs such as Ad agency Uncle Grey who placed recruitment ads for coders inside a popular online multiplayer game and food delivery startup Grubhub, who organized recruitment competitions on Snapchat.
To counter the rapidly forming notion that the Indian IT/ITES industry is going the way of the ‘old economy’ and to attract top tech talent, who are now increasingly lured by the lucrative jobs in the mushrooming tech startup industry, IT companies are increasingly embracing innovative recruitment practices.
To truly differentiate themselves in a crowded space and benefit from being a preferred employer – with better quality of hires, increased application to hire conversions, reduced cost and time per hire, 21st century enterprises need to accelerate how they shape a vision that embraces millennial-friendly recruitment practices.
This is a summary of the original article that Prithvi wrote for The Huffington Post in January 2016.