While members of Gen Z or post-Millennials are spending much of their waking hours poring over their phones, connecting with people on social media, primarily Instagram, when it comes to connecting with organisations that they dream of working for, their chosen path of connection is not social media. In fact, social media campaigns ranked fourth for e-school students and were the last option for b-school students as a preferred way of connecting with companies. Surprising, isn’t it? Especially in a world that has been taken over by social media; where youngsters, especially Gen Zers are seen posting videos instead of conventional resumes to prospective employers! So, how exactly do members of Gen Z wish to touch base with their dream companies?
According to Unstop’s Talent Report 2024, b-school students choose competitions as the ideal way to connect with prospective employers. These competitions include case studies, quizzes, hackathons and simulations. They rank placements talks second, followed by leadership lectures as the best ways to connect with organisations. For e-school students too, competitions are the ideal way to connect with companies, followed by placement talks and workshops. Arts, science and commerce students choose competitions, placement talks and social-media campaigns in that order. There is a clear winner—competitions!
It is high time companies accepted, recognised and invested in the right communication channel to engage with top Gen Z talent. In the majority of colleges and educational institutes, over 50 per cent of the students actively participate in competition-based hiring. In fact, in 2023, a significant 65 per cent of undergraduates ranked competitions as the topmost activity companies resorted to, in order to engage with students. This year, this figure rose to 77 per cent!
The message is clear! Organisations should offer pre-placement interview or PPIs as rewards in competitions to reach out to a greater majority of the student population and also draw the best talent. The Unstop report states that Flipkart GRiD 5.0 offered PPIs for software development engineer (SDE) roles with an expected compensation of INR 32 LPA (for full-time roles) and INR 1 LPA (for internships).
The value of competitions in building skill sets has to be accepted by organisations. The ultimate goal for most graduates is to bag a good job. Even 26 per cent of University Partners acknowledge the role of competitions in helping students bag better packages. A whopping 89 per cent university partners claim that students can bag jobs via competition-led and on-campus opportunities.
What motivates students to participate in competitions?
A mind-boggling 80 per cent of students admit that PPOs and PPIs are the major motivators, while 60 per cent feel the prize money motivates them to participate in competitions. More than half say they participate for the gratifying experience. Less than 40 per cent are attracted to competitions by the lure of an international trip.
Companies can leverage PPIs as rewards in competitions to reach a greater majority of the student population, as well as attract better talent. Flipkart GRiD 5.0 offered PPIs for SDE roles with an expected compensation of INR 32 LPA (for full-time roles) and INR 1 LPA (for internships). The competition saw 4.7 lakh registrations, which was a 70X leap over the first season, and twice the number of students who sat for the 2022 CAT exam!
It cannot be denied that competitions are not just about rewards. Students see competitions as a means to hone their skills. A good 78 per cent of b-school and 79 per cent of humanities and commerce students believe so. They consider them as a platform where they can showcase their talents and capabilities, which adds weight to their resumes. About 72 per cent of e-school students too believed competitions offered them an opportunity to show off their skills. Considering the Unstop report is based on over 11,000 responses from students, colleges and recruiters, it is definitely time for organisations to sit up and take note.
