foundit (formerly Monster APAC & ME), India’s leading talent platform with over 7000 customers, today revealed survey findings around the changing recruitment landscape in India.
Despite the challenges posed by the pandemic and economic downturn, recruitment efforts will continue steadily.
The survey revealed that technology is playing an increasingly important role in recruitment, with 56% of companies adopting a geocentric approach to hiring using technology to source and recruit candidates from anywhere in the world.
The survey also unveils a positive trajectory for diversity and inclusion in Indian hiring, with 71.5% of organizations prioritizing diversity hiring.
While gender diversity takes precedence, with 78% of organizations setting goals, there’s a need for improvement in racial diversity (17%), LGBTQIA+ representation (12%), and disability inclusion (10%).
In terms of recruitment methods, the survey indicates that third-party recruitment is the dominant method in India, constituting 49% of all hiring.
In comparison, direct recruitment stands at 39%, and indirect methods like advertising make up 6%.
Commenting on the survey insights, Sekhar Garisa, CEO of foundit, said :
“The survey paints a clear picture of the evolving recruitment landscape in India. While challenges remain, the survey also reveals a positive trend towards technology adoption, with organizations increasingly relying on technology to recruit top talent, and we are excited to be at the forefront of this innovation. At foundit, we understand these challenges and are committed to providing recruiters with the tools and resources they need to succeed. Our cutting-edge technology solutions, anchored in four fundamental pillars – access to talent on and off the market, candidate profiles with Smart Insights, AI-powered Magic Search, and personalized solutions – empower recruiters with unparalleled agility and efficiency, ensuring superior hiring outcomes.”
From Sourcing to Engagement: The Multifaceted Challenges of Recruiting in 2023
In 2023, recruiters are dealing with various challenges, and the main one is finding the right candidate, as 52.30% of recruiters mentioned.
This shows the ongoing difficulty in finding highly qualified individuals for job positions.
Additionally, 40.23% of recruiters face the challenge of managing competing job offers, indicating that the job market is highly competitive.
Another concern for 33.33% of recruiters is finding cost-effective ways to recruit, underlining the importance of using resources efficiently.
While candidate engagement is not currently seen as a big challenge, there is an expected shift in focus for 2024, with concerns like insufficient workforce, time to hire, and cost of hire coming to the forefront.
Regarding sourcing candidates, 43.41% of recruiters find it challenging to handle various sourcing platforms, emphasizing the complexity of managing diverse channels.
Similarly, an equivalent percentage faces issues with irrelevant search results and in identifying candidates actively seeking employment, underscoring the need for a more efficient process.
Additionally, 42.31% struggle with the impact of competing offers, reflecting the intensely competitive job market.
Whereas 28.02% of recruiters feel capturing candidate interest is a challenge, and 21.98% feel candidate engagement is another challenge.
In shortlisting candidates, incorrect contact information and inadequate educational and professional details are top challenges.
Shortlisting across platforms, filtering by skillset, and the time-consuming nature rank as additional hurdles.
While in candidate engagement, the top challenge is managing communication across multiple platforms, underscoring the need for streamlined communication channels.
Another closely followed issue is the need for consistent follow-ups to generate interest ranking as the third challenge.
Furthermore, the lack of personalization in outreach efforts is another concern, emphasizing the need for streamlined and personalized approaches.
Data-Driven Recruitment: Organizations Invest in Tech to Streamline Hiring
The survey underscores organisations’ widespread adoption of diverse recruitment technologies, revealing the prominence of Applicant Tracking Systems (ATS), favoured by 46% of recruiters.
Complementary technologies include Candidate Sourcing Software (32%), which facilitates the identification of potential candidates across various platforms, and Interview Scheduling Tools (33.19%).
The survey highlights the prevalence of additional tools, including Candidate Insight Tracking (28%), Advanced Smart Filters for Candidate Shortlisting (30%), and Candidate Assessment Tools (32%) for comprehensive candidate evaluation.
Beyond these essentials, recruiters are exploring more specialized technologies such as Candidate Experience Rating/Commenting Tools (23%) to refine processes based on applicant feedback and Candidate Relation Management/Engagement Tools (11.5%) to foster meaningful connections through email and social media.
Survey Methodology:
The research aimed to comprehensively understand senior recruiters’ perspectives on hiring practices and challenges in India, utilizing a mixed-method approach with secondary research from industry reports and internal documents, along with primary research through a survey.
The sample included over 400 senior recruiters globally, with approximately 300 from India representing businesses of different sizes and industries.
About foundit APAC & Middle East
foundit, formerly Monster (APAC & ME), is a leading talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME.
Since its inception, the company has assisted over 75 million registered users in finding jobs, upskilling and connecting with the right opportunities across 18 countries.
Additionally, foundit enables over 7,000 customers to find the right talent.
Over the last two decades, the company has been a catalyst in the world of recruitment solutions with advanced technology, seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies.
Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep tech to sharpen hyper-personalised job searches and precision hiring.
