Gone are the days when human resource was associated merely with hiring talent. The role of recruitment industry in India and world-wide has seen a major impetus in terms of expanding their functionality and gaining a firm foothold in today’s dynamic business environment. This change can be attributed to the fluctuating demographics & diversity of workforce, penetration of technology and organizations seeking more control over their employees. These factors have definitely helped this industry in more ways than one.
To start with, we are no longer viewed as a ‘hiring’ agency but are considered now as a ‘strategic partner’. True to this new sobriquet, a good number of home grown players have been offering comprehensive HR management solutions like providing corporate training, pay-roll processing, analytics, engagement, recruitment process outsourcing, etc. So, can we say that the future looks bright for the recruitment industry in India? It surely does. On this note, let’s envision the trends and opportunities for the recruitment industry in 2017. …
- HR technology – As discussed in my previous post, with the help of technology, HR can be extended to the organization, allowing managers and employees to manage their own profiles and perform many other processes in a self-service format. This can help with recruitment, on boarding, training, performance reviews, and even career path strategy and succession planning. HR technology reduces workload and improves business. Cloud based hiring tools, data analytics, biometric data, mobile computing are some of the significant trends that are impacting the HR technology space.
- Rising popularity of social media– It’s not just the millennials who are making the optimum use of social media tools but companies too have realized that social media is one of the best and probably the most cost effective way to attract and retain talent. To widen brand reach and visibility, companies should make their presence felt on social media platforms, niche job portals, industry specific web pages and various groups/forum. Katherine Mills, a Vancouver-based digital marketer sums it aptly, “Your online presence is your brand. Reputation management should be in every company’s repertoire.” The tech-savvy HR professionals should take maximum advantage of social media tools but should also learn to mitigate its risks.
- Say goodbye to obsolete methods – In today’s times speed is the name of the game. Hiring process has to be quick, seamless with minimal paper work. Obsolete methods like endless wait for a job interview, innumerable paper work and rigid hiring processes can give an impression that the company is technologically challenged and inefficient. Thankfully, smart HR managers are making use of tools like skype, LinkedIn and google hangouts to attract/interact with candidates. The trick is if you find a good talent, then act quick and hire! Video interviews/skype calls or interview is another trend that is catching up in a big way.
- RPO will become a force to reckon with – Recruitment Process Outsourcing(RPO) as the term indicates is a process wherein an organization outsources all or part of their recruitment process to a third party/external service provider. Experts believe that an increasing number of organizations across varied business sectors including small organizations with an employee strength of less than 100 are likely to embrace RPO. Seen as a next generation recruitment method, RPO effectively adopts technology by ensuring talent acquisition in the most cost-effective and reliable way.
- FDI may upsurge Business–Industry experts believe that Foreign direct investment will have a positive impact on the recruitment industry. With the arrival of new talent, there will be a greater need for HR technology to effectively manage and retain workforce.
As per a news report in The Economic Times, recruitment companies are saying that jobs in India have increased by as much as 18% year-on-year and are optimistic about further jobs growth prospects. Though this optimism can take a beating in case of sluggish economic growth, let us hope and work hard towards a brighter and promising future for the sake of the country and the workforce alike. After all the recruitment industry plays a significant role in the economic development of the country. Don’t you agree that an efficient work force = strong economy? Your comments are solicited.