That the job market is becoming highly competitive is very clear. No wonder, 40.23 per cent recruiters are struggling to manage competing job offers, and at least 33.33 per cent of recruiters are struggling to find cost-effective ways of recruitment. This indicates a need for efficient management of resources, as per the latest foundit survey. And one of the challenges being faced is lack of adequate professional and contact details!
Challenges faced by recruiters
Given the competitiveness of the job market, are recruiters able to find talent? It appears not, because 52.3 per cent of the recruiters surveyed are finding it difficult to get suitably qualified candidates for the job. So, what are the hurdles being faced by recruiters?
In 2024, it seems the biggest concerns will be the inadequacy of workforce, lack of time to hire, and the cost of hiring. Over 28 per cent recruiters feel it would be difficult to capture the interest of the candidates, while over 21 per cent feel engaging candidates would be a challenge. The main challenge in engaging candidates is managing communication across multiple platforms. That means, the need of the hour is to streamline communication channels.
Surprisingly, recruiters are also struggling with shortlisting candidates because the contact details, educational details and professional-experience details provided are either insufficient or incorrect!
Additionally, it becomes difficult and rather time consuming to shortlist candidates across platforms, filtering by skillset.
Another challenge is the need for regular and consistent follow-ups so that interest is generated in the candidates. Outreach efforts need to be more personalised. Again, approaches should be further streamlined and personalised.
Widespread use of technology
The good news is that technology is increasingly playing an important role in hiring. About 56 per cent companies are embracing technology to source and hire candidates from anywhere across the globe.
Recruiters in India are becoming more agile and efficient because they have cutting-edge technology solutions at their disposal. This allows them better access to talent within and outside the country. There are AI-driven search tools, personalised solutions and smart insights that help them ensure superior results.
Organisations are widely adopting diverse hiring technologies, with 46 per cent embracing applicant tracking systems (ATS), while 32 per cent are going for other complementary technologies including candidate sourcing software to better identify potential candidates across various platforms. Over 33 per cent are using interview-scheduling tools. About 28 per cent are employing tools for candidate insight tracking (28%), while 30 per cent are adopting advanced smart filters to shortlist candidates. A good 32 per cent are using candidate-assessment tools to evaluate candidates.
In addition to these, 23 per cent recruiters are also looking at specialised technologies such as candidate experience rating/commenting tools to refine processes based on applicant feedback. About 11 per cent are relying on candidate relation management/engagement tools for more meaningful connections through email and social media.
In terms of diversity and inclusion in Indian hiring, 71.5 per cent of organisations are making it a priority to ensure diverse hiring. Of course, gender diversity is taking precedence, with 78 per cent of organisations setting goals in this area. Only about 17 per cent are succeeding in terms of racial diversity, while 12 per cent are ensuring LGBTQIA+ representation and 10 per cent firms are taking care of disability inclusion in hiring.
When it comes to methods of recruitment, the survey indicates that third-party recruitment is the dominant method in India, with 49 per cent of all hiring taking place through third party. Only 39 per cent of hiring happens directly, while six per cent hiring is done via advertisements.
The survey covered 400 senior recruiters globally, with about 300 from India representing businesses of various sizes across industries.