Approaches To Modern Talent Acquisition

<h2 class="MsoNormal" style="text-align: justify;">Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry? </h2>I have worked in the US for over a decade, mainly focusing on big tech companies with global operations. My last job was as an HR Director for CDK Global, a leading Data Analytics Company in Silicon Valley. I supervised all HR activities for about 1500 Indian and US-based engineers. Before that, I was the HR Business leader for Cisco's data centre and networking business, working with teams worldwide.I have also worked with most corporate functions at Cisco, including Finance and Corporate Strategy. I also have manufacturing and R&D HR expertise, having been part of the leadership team of the Food Safety and Quality organization. I have also been a Plant HR leader at Mars and a Global HR manager for Samsung R&D centres. I have worked for multiple years in South Korea and India dealing with recruitment, HR strategy, Talent Management, Performance evaluations, Performance management, Compensation, and all aspects of the HR life cycle. <h2 class="MsoNormal" style="text-align: justify;">Q2. What are some strategies for budgeting efficiently in the recruitment sector?</h2>These are the ideas I would propose for budgetary efficiency:<ul style="margin-top: 0cm; text-align: justify;" type="disc"><li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">First, have clear goals for the overall strategy. One can optimize headcount, recruiting costs, business strategy, business growth, business structure, efficiency, compensation, and many other factors of HR and the client business. It should be clear what the end goal or goals are.</li><li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">Ensure that all costs are captured when calculating the total cost for each recruitment drive. These costs should include job boards, recruitment tools, background checks, onboarding, etc.</li><li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">Find low-cost ways to decrease the cost of talent. This process could involve collaborations with universities, flexible hiring options (choosing between full-time, part-time, and contract positions) for backfills, improving company branding, and leveraging technology to decrease the "time to offer" and other metrics.</li><li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">Use data to make decisions. HR and recruiting can often be involved in intense and emotional conversations. Always use data to identify issues, bottlenecks, and solutions.</li><li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">Deploy a feedback system for Kaizen (continuous improvement). Always seek feedback from primary stakeholders, including HR, business, and job applicants.</li></ul> <h2 class="MsoNormal" style="text-align: justify;">Q3. What is the current demand/volume in the Recruitment sector? How are key players adapting? </h2>Current Demand and Volume Overall Demand•               Generally high, driven by economic recovery post-pandemic•               Varied across industries and regionsKey Sectors with High Demand•               Technology and IT•               Healthcare•               E-commerce•               Renewable energyEmerging Roles•               AI and machine learning specialists•               Data scientists•               Cybersecurity experts•               Remote work coordinatorsVolume Trends•               Increased job postings compared to previous years•               Higher volume of remote and hybrid work opportunities•               Growing gig economy and contract work volume Key Player Adaptations AI and Automation Integration•               Enhanced use of AI for resume screening and initial candidate assessment•               Automated scheduling and communication toolsRemote Hiring Processes•               Virtual interviewing platforms•               Online assessment tools•               Digital onboarding solutionsSkills-Based Hiring•               Focus on specific skills rather than traditional qualifications•               Implementation of skills assessment platformsDiversity and Inclusion Initiatives•               AI tools for reducing bias in hiring•               Targeted outreach programs for underrepresented groupsCandidate Experience Enhancement•               Improved application processes•               Faster feedback and communicationData-Driven Decision Making•               Advanced analytics for workforce planning•               Predictive models for hiring successUpskilling and Reskilling Programs•               Internal talent mobility platforms•               Partnerships with educational institutionsEmployer Branding Focus•               Enhanced social media presence•               Employee advocacy programs<h2 class="MsoNormal" style="text-align: justify;"> </h2><h2 class="MsoNormal" style="text-align: justify;">Q4. Who are the main players in the Recruitment industry, and what market share or position does each represent?</h2>The main players can be divided into three segments. The segments and the individual companies are listed below.Tech GiantsLinkedIn (Microsoft): Leverages AI for job matching and candidate recommendations. Specialized AI Recruitment PlatformsHireVue: Offers AI-powered video interviewing and assessment tools. Hireview is the market leader, followed by Eightfold AI. It has been around longer and used by more companies than other competitors.Eightfold AI: Uses deep learning to help companies find, recruit, and retain workers. This is arguably the most well-known AI recruitment company. More than 200 big MNCs use it.Pymetrics: Uses neuroscience games and AI to match candidates with jobs.Ideal: Provides AI-driven screening and shortlisting of candidates.Belong.co: An AI-powered outbound hiring solution for the Indian market.Talview: Offers Indian AI-powered hiring and proctoring solutions for the Indian market.Traditional Recruitment Firms with AI FocusRandstad: One of the world's largest staffing firms, investing heavily in AI for recruitment.Adecco: Another major global staffing company using AI in its processes. <h2 class="MsoNormal" style="text-align: justify;">Q5. Are there any mergers and acquisitions/consolidations that are expected in the HR business industry?</h2>AI and Machine Learning IntegrationLarger HR companies would acquire smaller companies to improve their in-house AI-driven recruitment, employee engagement, and performance management capabilities.Comprehensive HR PlatformsCompanies are trying to provide comprehensive and end-to-end HR platforms.Geographical ExpansionMost future global growth will occur in the US, China, India, Asia, and Africa. Hence, companies targeting expansion will look to acquire companies with a presence in these markets. Employee Wellness and Mental HealthThere is a renewed quest for better employee health because of layoffs and the recent pandemic.Remote Work TechnologiesRemote work tools and platforms will be essential in the workplace. So, companies with a presence in this sector can be targets.Learning and DevelopmentThere is a need for end-to-end and continuous skill development from when a person applies for a job to when they quit the company. Gig Economy PlatformsHR tech companies might look to acquire or merge with gig economy platforms to cater to a new clientele.Diversity, Equity, and Inclusion (DEI) TechnologiesCompanies offering innovative DEI solutions will be targets. Some recent M&A deals in AI-based recruitment were:HireVue's Acquisition of AllyOHireVue, a leading AI-driven hiring platform, acquired AllyO, an AI recruitment automation company. The goal was to enhance its capabilities in automating candidate engagement and screening.Paradox's Acquisition of SpetzParadox, known for its AI assistant Olivia, acquired Spetz to expand its AI-driven recruitment solutions. The domains include interview scheduling and candidate communication. <h2 class="MsoNormal" style="text-align: justify;">Q6. What are the best growth opportunities in the Talent management market, and why?</h2>There is a deluge of applications for every job, climbing from around 500 to about 3000. Recruiters who were already stressed out are now under extreme pressure. Recruiters represent the face of the company to the outside world. Currently, recruiters are rarely able to spot the top candidates, who often get kicked out by ATS or cursory inspection by recruiters.The candidates called for interviews owe it more to luck than their expertise. The best growth opportunity in Talent Management is to use AI to help recruiters make the best decisions. Even job interviews only have a validity of 51%. It is time to question the entire recruiting process, which can often stretch for months and at a high cost. Can AI replace all or most of the recruiting process?Let us note that AI has to be marginally better at selecting good candidates compared to the present. The AI employed does not have to be a 100% foolproof system. Such a tool can also be used for internal talent management within a company. Every company is trying to promote the best employees, and the current model of manager advocacy is a failed model. In this case, the loudest manager wins.  <h2 class="MsoNormal" style="text-align: justify;">Q7. If you were an investor looking at companies within the space, what critical question would you pose to their senior management?</h2>I would ask senior management to describe the product and the solution from different perspectives.For example, I would ask an HR co-founder to describe the product development lifecycle from a software engineer's perspective and focus on issues they would face.Similarly, I would ask an engineering co-founder to describe the product development lifecycle from an HR recruiter's perspective and focus on issues they would face.  Only people who understand the multiple perspectives of Tech, HR, and business can solve this complicated problem.I would also look for people with a solid cross-functional understanding of software engineering, recruiting, and HR. Most software engineers do not understand the pain points of HR or recruiting and do not sympathize with their issues.In the same way, HR folks typically do not understand product development or the engineering product roadmap. The work experience, complementary skillsets, and domain expertise would all play an important role.

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