Mumbai: Attracting and hiring exceptional talent is among the key challenges faced by recruiting and HR managers. This has been corroborated by a TimesJobs study where nearly 39% employers state that attracting and finding quality talent is one of the most challenging aspects of HR. This is followed by benchmarking and offering competitive employee benefits (26%), engagement and retention (25%) and upskilling or training (10%).
Social media and technology have helped on the technical aspects of recruitment but the softer aspects of engagement still need a lot of attention. With most of India Inc. planning to add nearly 10-15% more workforce in the next 12 months, it is time that best ways to attract and hire top talent in the most efficient way is studies and revealed.
Offering a clear career growth path is the best way to attract and hire top talent, say most HR managers and recruiters who participated in this TimesJobs study.
“While interviewing talent, we have found that the best of them are looking for challenges, diverse opportunities and a clear growth path for the next 3 to 5 years. They evaluate job offers based on opportunities for advancement they’re given during their tenure with the company. So organizations who offer clear career paths have a big advantage over competition, in hiring the best talent,” says Nilanjan Roy, VP and Head of Strategy, Times Business Solutions.
Over 50% of the 550 employers TimesJobs surveyed for this study believe that a clear career growth path is the most attractive job aspect. Clarity in what the position offers in terms of – a chance to develop new skills, a stepping stone to a position with more responsibilities or other incentives such as money, overseas projects, etc. is essential in attracting the best talent.
Conversely, when recruiting managers are themselves not clear on career progression, they tend to lose a lot of good talent to the competition.
Flexible work hours, is the second most attractive job element for top talent feel about 40% of the surveyed employers. Furthermore, flexibility is attractive to both female and male employees, as reported in an earlier TimesJobs study.
Attractive salary is the third most attractive lure for candidates, say 30% employers. HR managers noted that with rising inflation and increasing cost of living employees are re-evaluating their priorities and most employees, across generations, prefer a higher ‘in-hand’ pay out compared to other components of the salary. In fact, 87% employees seek a customised pay plan which best suits their requirements.
Learning and development opportunities are seen a vital talent pull by 20% surveyed employers. Fast-paced work world requires people to upskill, frequently and thus organizations which offer good learning opportunities are preferred by the candidates.
Post-retirement benefits and onsite opportunities are termed as crucial talent attraction components by 10% and 5% surveyed HR and recruiting managers, respectively.
According to the surveyed employers the elements of attraction varies for employees at different levels.
While clear career growth path is more crucial to junior and middle level employees, salary, learning and development opportunities and onsite opportunities are more attractive to junior level employees than to a middle or senior level employee.
However, flexible work hours are more vital for middle level employees and post-retirements benefits are comparatively more important at senior level.
On asking how the employers rate themselves on all the key talent attractions listed by them, 45% of them rated themselves highest on offering attractive salary. Interestingly, while clear career growth path was termed as the most crucial element in attracting good talent only by 30% of the employers rated themselves high on this parameter. An equal percentage of employers ranked themselves highly on offering flexible work hours to employees. Nearly 20% felt they are good with onsite opportunities and post-retirement benefits.