Emerging technologies and trends that are expected to shape the future of talent acquisition in India.
By Navin Rungta
In the continuously evolving field of talent acquisition, India shines as a vibrant center of opportunity and ingenuity. As we navigate the complex world of recruitment and talent acquisition, it becomes essential to explore the emerging trends that shape the future of this crucial business domain.
The talent market in India is experiencing significant changes, driven by global economic shifts, technological advancements, and evolving workforce expectations. Some noteworthy talent trends observed in India, as per EY’s Future of Pay Report 2023, include an expanding talent pool, shortage of skilled talent, intensified competition for top talent, upskilling and reskilling, key sectors for job growth, and retention and attrition rates. In recent years, there has been a significant change in the trends in recruitment and selection. The recruiting trends of 2023 would be entirely different than those of just a year ago. The latest trends in recruitment are a result of the pandemic and its devastating effects, which have made virtual recruiting and work-from-home a norm.
Today’s talent acquisition leaders are the ones who ensure their teams have both data-driven mindsets as well as the requisite technology that enables their organizations to execute data-driven recruiting and TA strategies. That is, they use real-time analytics and insights — from pipeline growth metrics and offer acceptance rates to the quality and cost of new hires and candidate feedback scores — to help them in the short term (craft automated processes to reduce/eliminate manual work and improve in critical areas) and long term (routinely attract, engage and hire the best talent).
Let’s delve into the significant trends that redefine talent acquisition in India:
Digital infrastructure & initiatives: Adopting the latest technology to ensure a gratifying candidate experience with smooth and well-structured processes sets an organization apart and ensures that the new recruit feels comfortable. Technology is a game changer and enabler – from screening and recruitment to upskilling and managing employee exits, it will help organizations deliver superior employee experience. Adopting the latest technology to ensure a gratifying candidate experience with smooth and well-structured processes sets an organization apart and ensures that the new recruit feels comfortable. While technologies such as AI/ML are being adopted to conduct various tasks at every step of the people’s journey, other technologies such as blockchain, IoT, big data analytics, etc will continue to be introduced in HR processes. For instance, Artificial Intelligence (AI) is being used to streamline the entire hire-to-retire cycle for Human Resources – this helps in automating mundane and repetitive tasks, allowing hiring professionals to focus on adding more value to their work.
Increased use of technology: Technology is playing a crucial role in enhancing rewards and recognition programs. Companies are leveraging gamification platforms, mobile apps, and data analytics to create more engaging and effective programs. The adoption of technology-driven solutions is set to increase in 2023.
Upskilling infrastructure: Replacing current employees with new talent can be both expensive and time-consuming. Reskilling and upskilling can remove the need to hire new talent, allowing you to invest more in developing and training your existing employees. It means that you will have a more well-rounded workforce that caters to the needs of your company. Having ongoing training and development programs means that your workforce has the skills to complete tasks effectively and efficiently. Employee engagement, collaboration, and productivity will increase with employee upskilling and reskilling programs in place.
Rise of EORs: India is one of the world’s fastest-growing countries in regard to both population and GDP. India’s GDP is projected to grow to $5 trillion by 2025 and $8.4 trillion by 2030. India’s diverse business sectors offer companies from all industries a chance to increase their global market share. In particular, tech firms find India’s booming tech industry one of the world’s most promising talent pools. Employers of Record (EOR) platforms play a crucial role in changing this perception and access to Indian talent in a completely frictionless manner. They allow global companies to hire in India without creating a local legal entity and freeing up all their bandwidth from Indian compliances.
Digital onboarding infrastructure:
Diversity in the workforce: The performance of a company improves to a great extent just by making the workforce diverse. Therefore, diversity should not be simply a new trend in recruitment and selection but a continuing practice. The talent acquisition and HR departments should designate significant positions exclusively for gender, racial, and cultural minorities. In this sense, the companies should focus on becoming more gender-neutral and making the workforce diverse.
The talent acquisition landscape in India is undergoing a profound metamorphosis. To maintain a competitive edge in this dynamic environment, organizations must adeptly adapt to these emerging trends.
(The author is Navin Rungta – Founder of Rapid, and the views expressed in this article are his own)
