Hiring Trends in Startups in 2020
Here's how aware and qualified candidates are bringing more to the table than ever before
Often heard statements in the hiring industry - “I need to hire a new CFO.”, “2 of our C-suit managers are retiring in a few years' time.”, “Our HR Head has taken up an international assignment.” “We need to scout for replacements.” Tough jobs all of them!
But the future is bright for some. New and exciting trends are ushering in a whole new experience for hiring teams and Recruitment Search firms! 2020 promises a major shift in the hiring paradigm and indicates the movement of power from a company towards a candidate. With highly dynamic market competition getting the near-perfect candidate with the right skill-set and cultural values has become a challenge for all recruiters and hiring managers. Further, candidates, these days are more prone to experimentation like Job Hoppers and are moving towards preferences for healthy work-life balance and on-job training over hefty packages.
Millennials nowadays are keen on aligning their career choices with their passion. The Bots, however, are yet to master the Emotional Quotient and this is where soft skills like comprehension and empathy of a deserving candidate will thrive.
Enlightened, aware and qualified candidates are bringing more to the table than ever before. Highly skilled, motivated, result-driven, Tech-savvy and what not – people’s skills have gone over the roof! 2020 is definitely going to be the year of the candidate!
The highly volatile and tech-enabled business environment brings about a whole new set of hiring trends for the year 2020 - 21.
Top things you can expect –
Data-driven Hiring and HR Analytics - HR professionals, across the board, are looking for comprehensive tools to ease their analysis and verification processes. These tools help analyze the entire lifestyle and candidature details of the recruit. The recruiter can efficiently manage every minute task and data, through recruitment to retention; assessment, engagement and skill gap analysis. These tools use data acquired through Hiring Funnels and other tools to plan and decide compensation and engagement methods. Companies are in the process of optimizing their tools to improve hiring TAT and get meaningful insights on future trends.
Social Media Hiring - Breaking the age-old stereotypes, hiring managers are going beyond the usual job portals to look for the right candidate. From LinkedIn and Facebook to Instagram and WhatsApp, you can view job vacancies everywhere. Social media insights are sometimes better and more accurate when it comes to understanding the candidate’s persona. It is not unheard of to source candidates based on their choice of holiday destinations!
Automated Hiring Process and Artificial intelligence - Hiring a candidate is both a time-taking, highly involved and a stressful task. This is more so when it comes to CXO level positions. Of course, the stakes are higher here. A 1- year time span from when the position becomes vacant to when a candidate joins is not unheard of. Occasionally, of course, it may be longer. In the near future, most companies are likely to using recruitment automation tools to make the process easier and efficient. The tools are now integrated with Applicant Tracking System (ATS) and Recruitment Marketing Software (RMS) to attract, engage, nurture and convert candidates into employees. These tools simplify, streamline and make the hiring process faster and less prone to human error.
Remote Workplace - More employees across the world are looking for ‘work-from-home’ opportunities while seeking new jobs and companies. According to a survey, 48per cent of the workforce may consider quitting their current job, if the company takes away the flexibility to work remotely. According to the respondents from a study, work-from-home gives them a better work-life balance and also helps them in managing stress levels. Needless to say, it scores on the sustainability parameter as well.
Focus on Diversity – The hot spotlight, of course, is on gender diversity, but others are not far behind. Hiring people with disabilities, diverse religions, colour, and caste are all very definitely part of a well-thought-out recruitment exercise. Suitable positions, especially for women, are being carved out with care and organizations are gearing up to support these various diversities.
An Increase in Employee Referrals and Referral Programs - an increased focus on collaborative hiring in the upcoming year is definite. It is easier, less expensive and less risky. Multiple incentives for employees are being framed to encourage this trend. It also ensures the people who join already have mentors in the organization and to that extent may become productive in a shorter time span.
A Shift From Resume-based Hiring to Non-conventional Hiring – Old is passé. The thought applies to recruitment as well. In the coming year, there are sure to be new trends as to how this will be applied to hiring. ‘Out-of-the-box thinking’, networking meets, casual travel acquaintances and friends may be the new pipeline where you can get your man or woman for the job!Did you know that Google receives close to 2 million job applications in a year and recruiters spend an average of 6 seconds looking at a candidate’s resume – source: The Ladder.
A Boom in Gen Z Hiring - Gen Zers will form a major chunk of the workforce in the coming years. This makes it very important for recruiters to understand their needs and wants. Both millennials and Gen Zers come with their own skill sets yet both could not be more different from one another. With the oldest of Gen Zers being in the age group of 23 to 25, most recruiters can’t use the same tactics which work for millennials.
Looking Beyond the Conventional Skill Set – One has specialization is in HR. So, one should get or can do an HR job only. This thought is out of the window. An innovative attitude is high at 70per cent of the part that the recruiter is concerned about. CFOs can also become CEOs and so can IT experts. 2020 will increasingly witness mixing of functions and roles. Competition for top talent is at an all-time high with recruiters finding it challenging to hire candidates who fit both culturally and skill-wise. Most organizations are now looking beyond industry standards and are hiring candidates who are eager to learn.
The Rise of the Proactive Recruiter – The recruiters’ role has changed from yesterday. Armed with efficient technological tools and know-how, they’re more empowered to better engage with candidates and colleagues. By shifting from reactive hiring methods, they’re now proactively sourcing from internal talent pools and the outside environment. Accessible, easy-to-use HR technologies are the key to streamlining and accelerating the hiring workflow. Innovative tools enable hiring managers and recruiters to have closer relationships as well. The resulting transparent, simple workflow helps to eradicate constraints to excellent talent pool management and internal candidate mobility
Basics always remain similar, but newer and interesting ways to go about their jobs, the world of recruiting and hiring is set for a giant leap ahead and should reflect thought-provoking findings during new surveys. The major change has been with technology and newer tools. The essence of intuition, however, is there to stay!
With an overall experience of over 20 years, Jyoti Bowen Nath is among the most experienced Executive Search Consultants in India. Jyoti was a part of the founding team and a Board Member at Gilbert Tweed Associates, which has now transitioned into a larger platform known as Claricent Partners. Jyoti is not only responsible for the overall business growth of the company but is also actively involved in daily company operations. She is known for working closely with her clients and plays a critical role in executing search assignments for senior professionals at the CEO, CFO and Board levels for Indian and Global organizations. She has a deep-rooted understanding of the macro-economic functions of India, which helps her in advising her clients on Board & Governance Practices and Organization Strategy.
Jyoti believes, “A successful Executive Search Consultant is one whose focus is not only on finding the functional expertise, but also leaders with attitudes and approaches that fit-in with the organization’s corporate goals and culture.” Armed with a Degree in Law, her keen interest in people & their development combined with her diverse Executive Search experience makes her the go-to expert and advisor for Claricent business partners.