MSMEs must evolve and design their engagement with the talent end-to-end right from hiring to learning, measuring performance and feedback, and transparency in sharing their future growth path and how they want to achieve it.
Small and medium businesses (SMB) have been integral to job creation in the country. The sector saw a growth of 13.9 per cent in job creation (3,32,394 new jobs) over the past four years, a survey by CII had revealed earlier this year. However, the challenge SMBs face when it comes to hiring is in terms of “discoverability by potential candidates,” Sashi Kumar, Managing Director at the India unit of the US-based job search site Indeed told Financial Express Online adding that “with job seekers moving to the online space in search of work opportunities, it is crucial that SMBs also be present and visible in the space where the talent pool lies in.”
The sector is also expected to generate around 1 crore jobs in the coming four-five years, as per a report by consulting firm Nomura Research Institute, on the back of the rising middle class and disposable income making the country an attractive market for consumption. However, its substantial portion consumed by imports that hinders job creation ability by the domestic manufacturing sector, the report said. “To scale-up, the MSME sector needs a market-oriented strategy based on two key areas of demand-led manufacturing and advocacy marketing of the products,” Ashim Sharma, Partner & Group Head at NRI Consulting & Solutions had said earlier.
Coming back to hiring among SMBs, while the dearth of talent is not an issue but finding the right talent to fit their business is the challenge faced by recruiters. On the other hand, often, the candidate may be willing and excited about what the company does and its future vision but might not be sure about his/her long-term career prospect at the organisation. For this, the company must evolve and design its engagement with the talent end-to-end right from hiring to learning, measuring performance and feedback and transparency in sharing the company’s future growth path and how it wants to achieve that.
In order to make the hiring process more efficient, SMBs require access to a large reserve of “potential candidates that can be filtered as per relevance to the company’s requirements, thus ensuring that the right job role is matched to the right job seeker,” said Kumar adding that 76 million people in India browse a career-related site each month.