In its latest Decoding Jobs Think Tank Series roundtable discussion, Taggd, got expert opinions on hiring trends, recruitment methods, and the country’s talent space from recruitment experts across industries. One of the important areas that was addressed in detail was offer dropouts.
Offer dropouts rates, about 25 to 35% in most sectors, have been a significant challenge for companies in recent times. In today’s competitive market, there’s a real risk of losing top candidates to other companies if offers are not carefully managed.
High compensation indeed plays an essential role in retaining candidates, but it is not always a feasible option. So, what should companies in India do to curb the rate of offer dropouts?
Companies need to prioritize staying connected with the candidates and establishing brand value by practising employer branding from the get-go. Communicating with the candidates throughout the hiring process is crucial to create a feeling of belongingness and show what value the role can offer them.
According to Prakrithi Shetty, Head HR – ABB, the best way to do so is to partner with a third-party RPO service that would take that responsibility of implementing such contemporary hiring policies along with the hiring managers.
However, it is also important to note that there is no one-size-fits-all strategy that works for every recruitment mandate. According to Devvesh P Srivastav, Global HR Director, Centrient Pharmaceuticals, tailoring strategies is the need of the hour especially since the market is no longer an employers’ market alone.
Depending on the skills and experience, it is essential to design an elaborate pre-boarding and onboarding process to keep the candidates engaged– using videos, challenges, and more to keep up with the current generation, a method adopted by Centrient.
Amit Das, Novo Nordisk, added that many candidates would take up a job that provides the satisfaction they seek. This largely occurs because candidates look for work hour flexibility, work-life balance, choice of location, and quality of work. Hence, companies need to ensure that they can offer what the candidates are looking for.
These are only a few of the key takeaways from the discussion. Watch this space to learn more, Decoding Jobs India Report 2023 will be launching soon. Know more here.