Talent Commerce – The New Paradigm
For every hiring manager in the 21st century, the challenges are unique and unless you have really challenged the age-old ways of attracting and hiring talent; your struggle in getting the best of the talented minds join you and be with you shall continue. There was a time when getting a job itself used to be a big thing and if it were with a global multinational at a six-seven figure salary, swanky office, access to in-house cafeterias with subsidized meals and a pick & drop transport facility; you would probably be able to entice decent talent and also retain them for a reasonably good time. However, this has changed fast over the last few years with the rise of millennials joining the workforce and also owing to the new challenges faced by the baby-boomers that have significantly transformed their expectations and aspirations from their employer. All this has impacted the way the organizations attract, hire, engage with and retain their talented workforce in a big way and while they were just trying to find and adapt to the newer ways of doing all this; the world experienced a dramatic shift in technology and the way it is used in day to day life to solve business as well as real-life problems, thanks to Artificial Intelligence, Machine Learning, Deep learning, NLP, Neural Networks etc.
We at SCIKEY interviewed hundreds of hiring managers, recruiters, recruitment managers, heads of talent acquisition, CHROs, CPOs and even CXOs to understand the unique challenges that they face in attracting and retaining talent and the findings were quite insightful. While one could imagine the top 3 standard priorities like Quality of Hire(skill basis), Cost of Hire and Time to Hire making to the list; there were interesting insights behind the “meaning” of Quality, Cost & Time to hire in today’s times and also newer expectations in terms of a strong urge for deeper areas like Emotional Quotient, Passion, Psyche and even cognitive ability around “Human Analytics” of the potential hires being assessed or measured in some way and being incorporated in the overall hiring process added to the list; that could help both the hirer and the job seeker find the best match for a longer healthy association.
On the other hand even the priorities and aspirations of the job seekers have undergone a sea change and material things that were great factors in attracting the right talent for the organisations are no longer good enough as today’s job seeker seeks a lot more than the best of the compensation packages, world-class infrastructure etc, as they like to trade their talent and be a part of the organization that values their skills & talent, time & hiring experience, respects their personal identity & aspirations, helps them stay healthy(physically, mentally, emotionally & spiritually), respects the society, inclusion & environment at large, gives back, celebrates creativity & innovation and above all – makes them feel that they belong here & hence make the association a lot more meaningful.
Now, isn’t it a tough game already? Well, it is and that is why we do not call it hiring or talent acquisition anymore as it requires and involves a lot more. It is a very thoughtful commercial transaction of talent between the employer and the job seeker, that revolves around a whole new gamut of methodologies, expectations, aspirations, traits; enabled by the cutting-edge technology that not only addresses the core challenges of Quality, Time & Cost of hire but also enable the best match between a hirer and a job seeker using “MindMatch”, all on a single global DIY(Do It Yourself) platform. We call it SCIKEY Talent Commerce.
SRKay Consulting Group invests and accelerates innovative, high-potential and early-stage opportunities and businesses, alongside offering premium business advisory services to start-ups as well as established organizations. The area of focus is on long-term investments in futuristic ideas that aim to make the world a happier and a better place. The Group’s investment interests include businesses that seek to differentiate themselves through the use of cutting-edge technology.
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Karun is a young, dynamic & seasoned business leader with 15 plus years of diverse global industry experience in start-Up & emerging growth operations in a technology set-up. He is passionate about creating multi-million businesses, creating & leading stellar teams & winning smiles from his clients, teams & stakeholders.