Sunday, Jun 11, 2023

Fresher Hiring Trends To Watch Out For In 2023

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Fresher Hiring Trends To Watch Out For In 2023

Here is a detailed rundown of the ever-evolving campus hiring landscape of 2023. Get the inside scoop on the latest trends, complete with actionable insights and strategies to implement them seamlessly into your recruitment strategy right away. 

Founder & CEO, Unstop
Founder & CEO, Unstop

Strap: Campus hiring trends tend to change depending on the state of the economy and the job market. Some trends have been observed in recent years that may continue in 2023. 

As a forward-thinking recruiter, you're always on the hunt for the freshest insights and trends in campus hiring to snag the crème de la crème of talent. And why shouldn't you? Campus hiring is a golden opportunity to find top-notch talent, invest in long-term workforce development, build valuable relationships with educational institutions and promote diversity in the workforce - all at the same time. 

Here is a detailed rundown of the ever-evolving campus hiring landscape of 2023. Get the inside scoop on the latest trends, complete with actionable insights and strategies to implement them seamlessly into your recruitment strategy right away.  

Embracing diversity and inclusion 

Companies are recognizing the benefits of having a diverse workforce and are making a conscious effort to recruit and hire candidates from underrepresented groups. This includes not only ethnic and racial diversity but also diversity in skills, background, and experiences.  

Conforming to a McKinsey Classics feature, businesses with a higher diversity score are 35% more likely to earn financial returns above their respective national industry medians. It's important for employers to take steps to actively recruit candidates from underrepresented groups, as well as to review and remove any bias in their recruitment and hiring processes.  

One recent example is Walmart Global Tech India, who sought to address the global gender mandate by tailoring a hiring hackathon exclusively for female coders. Through their coding challenge, CodeHers, Walmart exceeded gender diversity mandates by hiring 300+ female coders from across all engineering colleges. 

Leaning on internship programs 

Internships provide the opportunity for companies to train and assess a candidate's performance and determine whether they would be an appropriate fit for full-time roles. More companies are offering internships, co-ops, and other types of experiential learning opportunities to students as a way to identify and attract top talent. 

In response, many companies are listing internships and learning opportunities on student community portals like Unstop which has a user base of 4.5 M+, to reach a broader talent pool.  

Through such comprehensive platforms, companies like Godrej, L'Oréal India, ITC Limited, Johnson & Johnson India, Coin DCX, and many more are able to access a competitive pool of individuals who are the best fit for their organization. 

Going remote 

Since the COVID-19 epidemic, many firms have shifted to hiring remotely, and it is anticipated that even more enterprises will do so in 2023. Remote hiring can be a powerful tool for recruiters to get access to a diverse pool of candidates from different backgrounds, geographies, and experiences. One of the key advantages of remote hiring is cost savings, as recruiters can conduct quick video interviews rather than having every single applicant come in for an in-person meeting. Furthermore, the onboarding process can be more efficient once the right candidate is selected for the job. 

However, it also means that you'll need to have a solid strategy in place for recruiting, screening, and onboarding remote candidates. This includes effectively communicating company culture and benefits, as well as using technology to facilitate assessments, virtual interviews, and onboarding processes. 

Skills over degrees 

With the rise of online learning and free educational resources, employers are recognizing that formal education isn't the only way to acquire the skills needed for a job. Research by Harvard Business Review indicates that degree requirements are being lowered by employers for almost 31% of high-skill positions and 46% of middle-skill positions, respectively. 

This means that even if a candidate doesn't have a college degree from a tier 1 college, they may still be a great fit for the job if they can demonstrate the relevant skills. Employers should focus on identifying the specific skills and qualifications required for the job and use that as a benchmark for evaluating candidates. 

Not to forget to mention how soft skills are becoming more necessary than ever. They play a key role in enabling employees to perform effectively on assigned projects by enabling them to collaborate, communicate and adapt to changes. 

Engaging candidates in a virtual world 

In the past 2-3 years, most companies have already shifted to online or virtual recruitment to connect with potential candidates. Globe Newswire anticipates that the global virtual recruitment market size is poised to increase from USD 29.29 billion in 2021 to USD 47.31 billion by 2028, as a direct result of the pandemic.  

Technology is changing the hiring process. From virtual interviews to online assessments, companies are putting their best foot forward by selecting the right technology and tools to engage with candidates and showcase the company's brand well on virtual platforms. 

Delivery giant FedEx India launched a unique hiring challenge called "FedEx India COE Talent Hub 2022" as a campus engagement activity. This allowed them to reach out to 39,37,226 students, garnering 1,05,071 student registrations from final-year engineering and MBA students across India, which helped them find the right talent in a shorter time frame and with fewer resources. By democratizing the process, FedEx India was able to tap into previously unreachable talent while still adhering to the brand guidelines of the global firm. 

Data-driven talent 

Employers are looking for more specific skills like data science and AI. As the job market is becoming more data-driven and automated, the demand for data scientists, analysts, and AI experts is increasing. In the past year, 4.50 lakh jobs were in the IT sector in India. Over the past four years, employment in AI and machine learning has increased by approximately 75%, and this growth is expected to continue.  

This demand and supply is a precarious situation, and hiring candidates with relevant skills will be key for business growth. Organisations must consider assessing and hiring for these skills, alongside upskilling their current workforce.  

Finding adaptable talent 

As companies continue to navigate an uncertain economic environment, they will be looking for employees who can adapt to change, are nimble, and have transferable skills to do the job. 

One way to achieve this is by democratizing the hiring process, by opening up job opportunities to a wider pool of candidates and using innovative methods to identify the best fit for the company. 

Flipkart, an Indian e-commerce company, also recognized the importance of finding adaptable talent. In the past year, they closed 1/3rd of their hiring through the fifth season of WiRED, their flagship B-School case competition. With 39,272 registrations, they decided to expand the competition to all B-Schools across India and hired 58 bright MBA students, along with 166 candidates through other campus challenges. By stepping out of the status quo and opening up the competition to a wider pool of candidates, Flipkart was able to find the adaptable talent that it needed to stay competitive in the market. 

In conclusion, campus recruitment offers recruiters a diverse pool of young, motivated, and skilled professionals who can bring fresh ideas and perspectives to the organization. Investing in these employees early on in their careers can result in a long-term and loyal workforce. And as a recruiter, it is crucial to stay on top of the latest trends and insights in campus hiring to remain competitive in the job market!