Questions. 1: How do you see Indian market to grow in midst of global recession?
Indian market is the most promising one & all eyes on us from across the globe. We cannot deny that the global recession will see some impact in India too majorly due to over staffing, cost conscious measures & revamping / strategizing for future esp. in the IT industry. Overall, it’s a matter of a few more months & then the market will start to revive. The pace of revival will depend on multiple factors. India for sure will be the fastest to grow & revive as well. The growth in healthcare/ insurance, Renewable energy, Real estate, FMCG, Automobile, IT etc. will be massive in the coming years.
Question. 2: Any specific trend if you have seen or change in hiring process occurred due to Post – Covid19 impacts?
Post Covid19 the boom in hiring demanded a lot of flexibility & change. The market became more candidate centric – when it came to benefits and choices. The industry was quick to adapt to new practices of hiring remotely, more flexibility to employees, hiring process was quick due to virtual hiring etc. In competition as well as the demand of the hour companies grew exponentially by over staffing which is also one of the biggest reasons for a slowdown currently.
Question. 3: So many Start-ups flourishing in India yet the founders are struggling to hire right talent – any suggestions or tips you want to share with them?
Marketing is key for a startup. Good talent is not just looking for a new job but more from the perspective of scope of work / impact, work culture, competitive benefits & growth plans. Searching for the right talent & scheduling should be outsourced so that the internal TA team can focus on giving candidates the best experience during the process, relevant information & consistent communication/ feedback. Choosing the right partner who will work as an extended team with strong expertise in the domain & align with your vision is key. In short, the right kind of recruitment marketing will really help, through internal teams or through external partners. Also, as we know feedback is a two-way process so companies that value prospective candidates should take feedback on the TA process to improve further. This is something which normally gets ignored in the rush and pressure of hiring, yet in longer run can help in creating a positive pull during the interview process.
Question. 4: How to be future ready and what to expect as a business leader in this entire chaos of India Inc. growing yet global recession hitting.
Opportunities can never be dead whether it is for hiring or business of any nature if we have capability to adapt and grow faster. If we have learnt anything from the past recession/ pandemic there is always “a calm before the storm”. So, this is the perfect time to prepare, organize, introspect, learn & build for what’s coming our way. Retaining top talent- very important, take cautious steps to map the industry and identity best talent for yourself to save time when it arrives. Learn to be more cost effective in all practices. Improve communication within teams/ partners as it helps to kill anxiety and generate more ideas and inculcate patience at all levels. Emphasis on research & data analysis, revamping and realigning USPs are also, some of the key actions, which one can expedite to take more concrete direction in future. A leader with a clear vision that can articulate the same will always be the base of running a successful business.
Hope the above interaction and tips will help you plan your hiring and business strategy. We will keep bringing such interesting insights for you.
Happy Reading and Recruiting.