As we head to a new decade, a recent study has revealed that hiring is no more about recruitment but about attracting talent as the increasing number of dropouts, and attrition rate has reached beyond 22 per cent.
According to research-backed innovative talent solution provider SCIKEY study titled 'The 2020 Talent Technology Outlook', nearly 78 per cent of companies admit that hiring and retaining has become more difficult in comparison to the previous year.
Longer time to hire, an increasing number of dropouts and attrition that has peaked beyond 22 per cent indicates that hiring has not just become expensive and difficult, but also the inability to attract right talent is impacting the world the work, the study found.
About 68 per cent of employees are partially or fully disengaged, leading to billions of dollars in productivity loss, it asserted.
The study also stated that the organisations in 2020 will wake up to this reality and witness technology going beyond people-intensive hiring to a tech-driven and branding-focused initiative that will attract talent faster.
Unpredictably, the findings further indicated that an expensive workforce will drive companies to recruit more contractual and gig workers.
The firms will deploy branding and marketing experts to boost their image that would strike the right note with their prospective workforce. In addition, social media will also start playing even more meaningful role in HR marketing.
For the study, SCIKEY analysed 100-plus C-suite and human capital thought leaders across four continents, including in India through surveys, social media, interviews and panel discussions.
Does your organisation support you in maintaining work-life boundaries?
Bajaj Allianz Life ropes in Santanu Banerjee as CHRO
Over 70 Percent MSMEs look at cutting jobs to sustain businesses
Snapdeal onboards counselling experts to help employees
93 Per Cent employees stressed about returning to office post-lockdown
Johnson & Johnson India announces family benefits for same gender partners
Indian firms turning friendly towards working mothers
Welspun India names Rajendra Mehta as new CHRO
COVID-19 impact: 61 Per cent Indians suffering from mental health issues during lockdown
93 Percent employees stressed about returning to office post-lockdown
Wipro partners with NASSCOM to launch Future Skills platform
Human Capital is niche media organisation for HR and Corporate. Our aim is to create an outstanding user experience for all our clients, readers, employers and employees through inspiring, industry-leading content pieces in the form of case studies, analysis, expert reports, authored articles and blogs. We cover topics such as talent acquisition, learning and development, diversity and inclusion, leadership, compensation, recruitment and many more.Subscribe Now