Expertspeak: Niche talent will come at a premium

MANY INDUSTRIES in India have recently shown a dramatic growth. Initiatives such as the Make in India campaign, that seek to encourage investment in India’s manufacturing sector, have had visible effects across industries. In addition, the roadmap for the implementation of GST will facilitate greater ease of doing business. This has created optimism and will propel recruitment in 2016, with Indian employees searching for newer roles, better jobs and better pay packages.

Employees have grown more aware of their market value, and this has been particularly visible in the case of startups. The flourishing startup scene has been the recipient of high levels of investment by private equity firms and angels, and we are seeing a diversion of talent and investment away from the retail and FMCG sector. These startups have been investing heavily to support their growth.

Candidates, across the board, are being choosy when considering a change in roles, with many demanding greater responsibilities, higher compensation, better work-life balance and a strong, reputable brand before considering a shift. At the same time, we have also observed a trend among young professionals to switch roles when there is the slightest chance of a better opportunity.

They are also heavily persuaded by the lure of international opportunities. One of the biggest influences on the current hiring and recruitment trends has been the wide use of social media platforms such as LinkedIn for job searches, candidate mapping and client origination.

Companies are realising the importance of having a strong online brand, including a solid social media presence, when trying to attract top talent. Candidates appreciate the confidentiality offered by these platforms and the direct brand connectivity they facilitate.

There will be an increase in hiring activity in sales and marketing in 2016. As the financial services market in India has grown rapidly in the last 12-18 months, we can also see increased recruitment activity in this category. We have observed a greater demand for professionals with expertise in niche areas such as analytic and risk. Owing to increasing reliance on data-driven decision making in areas like risk, fraud and marketing, the demand for analytics expertise has grown across organisations.

We are seeing a corresponding demand for talent with a strong background in engineering, mathematics and statistics. One performing sector and one which is in demand for talent is healthcare. It has been experiencing consistent growth. The consumer goods sector is also expected to experience an upswing in 2016 and will contribute to an increase in headcount in the coming year.

In this environment, capturing niche talent that companies need, is going to be a daunting task for them. Escalated turnover rates (compensation) coupled with the fight to recruit the best talent presents a tough challenge To succeed, organisations and related hiring firms need to consider a revamp of their recruiting strategies and tools.

More effective retention strategies, competitive salary packages that include a clear roadmap for employees’ career progression, training and development opportunities will help organisations.