Talent crunch is often quoted as a serious problem by companies across different industry sectors.
Talent crunch is often quoted as a serious problem by companies across different industry sectors. The changing socio-economic, infrastructure, and policy environment in India has facilitated India Inc to expand its foot prints rapidly in various parts of the country including small districts and towns but at the same time there is an acute shortage of talent that is impacting businesses . On the other hand, growing aspirations and inability to fit into the job criteria set by the employers is a growing worry for the candidates looking for employment opportunities.
In such a scenario , the absence of an agency that can work to bring these two ends together to meet mutual needs is very disturbing. There is presence of both organized, unorganized, niche, and international players operating in the placement domain in India , but neither are they able to meet the needs of Job providers nor are they able to help the candidates. On top of it, the inability to provide desired results every time leads to a raised hiring cost, time and lower productivity, higher attrition rates at the companies, along with dissatisfaction and frustration among the job seekers.
The government tried to find a solution to this problem by introducing employment exchanges to provide assistance in helping the candidates find employment. These exchanges were not only expected to provide information to employers and job-seekers, but also act as a counseling and training centre for the latter, readying them for the demands of the workplace. But unfortunately, by not meeting the above set expectations, the employment exchanges in today’s dynamic environment have become redundant and have failed in providing adequate jobs to the population.
If the report of employment exchanges statistics, 2012, is referred, the percentage of placement to submission is not even 10% for about 950+ employment exchanges across states and union territories in India. With over 60 lac registrations happening across India and more and more job seekers getting added each year, the condition looks really grave and it seems there is a need to transform the engine to deliver better result. There is thus a clear blockage in the talent supply chain that needs to be removed to resolve the problem. Re-engineering this scenario seems to be the only alternative in the present situation.
Having observed the evolving dynamism of the needs and requirements at both the employer and the candidate’s end, and with the maturing Job market in India, there is an urgent need of a continuous evolution and monitoring of the recruitment processes. The current working model of the employment exchange or other job platform that focuses on just the people who are registered, should be transformed into true talent matchmaking engine by intelligent intervention of people, process, and technology. It is time to create talent stock exchange which will help both the job aspirants & employers by matching demand with supply.
The idea of talent stock exchange will see all stakeholders of the Job landscape – the corporate, the candidates, the government, and the recruiters (internal or external) coming together under a platform for the first time to create an efficient system in matching the right candidate with right skill sets. This will solve the major problem of skilling and talent matchmaking faced by companies.
This system would use next-gen methods like social recruiting, video interviews, online assessments, etc. to deliver the best results by process and cost efficiency along with delivering exceptional experience to the candidates.
Talent stock exchanges can be scaled up and customized as per the requirement and efficiently deliver not a person against a job description but also help in matching the job requirements with the aspirations of the potential candidate effectively for increased retention and productivity. The first step would be the creation of a database of available jobs in various industries or companies at different locations with specific requirements and selection parameters. The talent available can then be mapped against these parameters. The correct mapping is very important to reduce the time taken to search the right candidate and also help in adjusting the selection parameters if required. With jobs as its centre, the talent stock exchange will facilitate that the candidates completely understand what is being expected from him/her, choice of the location, and how the job would be like for a better career planning
With the focus of the present government in transforming employment exchanges into career centers, there is a ray of hope that the transformation of employment exchange to talent exchanges is not far off.
By Ketan Dewan, Growth Founder and Director, PeopleStrong HR Services.