How head honchos are using technology to arrest attrition
Recruiting is a tough job even for the head honchos. We often end up making mistakes in hiring the right person for the wrong job and vice versa and realize the impact when the damage is done. How about using a clutch of algorithmic tools or programmes that can fetch you the right candidate for the right price at the right time?
Wouldn’t that be awesome?
Big IT firms, such as Infosys and Tata Consultancy Services recruit thousands of engineering graduates every year to write their codes. If you take into consideration the $146 billion IT industry in India, the number of employees it recruits per year exceeds three million. Nevertheless, this growth in jobs is expected to peter off soon, which means companies will have to make their recruitment processes smarter now. They will have to identify the right candidates and also make sure that they stick around for sufficient length of time in terms of cost per hire.
Data analytics is one thing HR departments need in order to make sure they take the right decisions. Armed with data related to household incomes and educational qualifications of parents sourced from many incoming engineers, the HR departments would definitely be able to make use of a battery of algorithms in their recruitment process. In fact, Wipro is one company that has already started doing this. They believe in making data-driven decisions rather than gut-driven ones.
Other top IT firms in India have started spending millions of dollars in building campuses for new hires and training them. Yet the attrition in the industry remains one of the highest at 21.9%. The only way out of this mess is to use technology to arrest attrition.
HCL Technologies has been using tools that can intelligently predict which employees are likely to resign soon, taking into account factors such as number of leaves they take and their job-searches in different companies. Such predictions have proved to be useful in about 75% cases.
The head honchos at TCS too are putting in place a similar predictive hiring project, which is right now at the beta stage. Called Campus Commune, it's an active platform whereon engineering college students can register as soon as they join college. The platform analyzes the students' strengths, aptitude etc. through a series of well-designed, smart tests and quizzes, ahead of calling them for interview rounds. In addition, there are startups like Belong (A Bangalore-based IT company) that use technology to find out if any of their programmers are likely to shift jobs or if a particular manager is getting bored at work. While recruiting candidates Belong not only checks for the right skill sets but also for the cultural fit of the candidates.
Advantages of employing technology in recruitment and HR management
- It can help you in acquiring the right talent
- It identifies the best location to conduct recruitment campaigns after analyzing the macroeconomics and talent data of a particular region/market
- It optimizes their responses to job postings
- It improves the efficiency of the system by measuring the cost-per-placement
- It successfully reduces search time and provides candidate ranking through which a company can match the right talent with the right opportunity
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