The War for Talent
Everyone has heard the term The War for Talent among the Best Employment Agencies. However, how deeply everyone understands this and what employers do to win this war is questionable?
This article refers to War of IT Talent more suited to hiring IT Professionals in Bangalore, Karnataka, India. Bangalore is termed as Silicon Valley of India has thousands of IT companies and millions of IT Professionals. The number of IT companies hiring IT professionals is the foundation of this War forTalent.
This competition is not between well-known brands, multinationals and fortune 500 companies but it spreads across unknown brands, small and mid-sized IT companies. One may say that a small company or start-ups can not afford to hire top talent because of cost but this is unfortunately not true. There are hundreds and thousands of startups with deep pockets who are trying to innovate/disrupt their respective fields and hence they only want the top talent that is being targeted by multinationals and fortune 500 companies.
Compensation is one of the key factors in winning this war but success is not limited only to compensation. Employers need to know that their employer brand plays an important factor in competing for talent. If your employer brand is not attractive and if there is no compelling story for candidates to look at your brand as a potential employer; then candidates will slip away from your talent pipeline and you will lose the war for talent to another employer who’s brand is much more attractive and they are providing compelling reasons for candidates to chose them.
A lot of times candidates tend to slip away from branded or attractive employers because of the treatment they receive during the evaluation process. Candidate experience plays an important role in attracting them to your organization and brand. Hence, it is important that every single person right from the recruiter to the receptionist to hiring managers and decision makers focus on providing a satisfactory experience to every single candidate who comes in touch with your organization and brand. Candidates opt out of your evaluation process if they receive incomplete information if they are not greeted properly. If they are made to wait for the interviews, if interviewers become no shows for the interview and if they are not clearly guided about the whole evaluation process from the start. There are numerous instances where hiring managers say that it’s just a candidate if he /she needs a job they need to wait. On one hand, hiring managers want to hire the best possible talent, on the other hand, they believe that candidates are at their mercy. It is important to note that we are in a candidate market and candidates have access to multiple opportunities, employers and brands. If a candidate is good, they have no dearth of opportunities.
To ensure candidates take away good experience and are satisfied in the evaluation process, you need to have recruiters or job agencies who have the competency, maturity and experience of managing candidate experience to ensure you don’t lose out on top talent.
Over 90% of the employers and recruitment agencies do not give any or enough importance to employer branding or candidate experience and when candidates drop out of employer’s talent pipeline it is the recruiter who is made responsible.
It is important for every employer to give significant focus to employer branding to become the employer of choice and ensure that everyone who comes in contact with the candidate is oriented to provide a positive experience to candidates during the evaluation process.