India now boasts more than 50 startups valued at over a billion dollars, up from just a few dozen unicorns the year before. And there is no reason to suspect that the startup world is establishing a robust economic foundation.
Following the pandemic, several start-ups have managed to raise new funding and are predicting a solid growth progression. Indian startups have raised over $10 billion in capital during the first semester of 2021, which is even more than the capital raised in 2020. India now boasts more than 50 startups valued at over a billion dollars, up from just a few dozen unicorns the year before. And there is no reason to suspect that the startup world is establishing a robust economic foundation.
Additionally, according to LinkedIn’s most recent Labour Market report, hiring in India is up by around 42% from the pre-Covid era. Meanwhile, the number of applications per applicant has gradually increased and now stands at 1.2 times last year. Start-ups are ratcheting up their employment as they develop new business models in a pandemic-hit world. Furthermore, start-ups that have recently received investor funding and accomplished unicorn status are rapidly expanding their operations and, as a result, are on a recruitment drive.
Although technology has helped publish a job posting to a broad audience more quickly than before, it has now become essential to identify strategies to distinguish oneself from other employers. This is where third-party companies come into play. These partners can transcend the enormous demand and supply gap and simultaneously resolve the problem for both employers and applicants.
Let’s have a look at the go-to platforms for the hiring managers of these unicorns to scout talent from:
Newton School is an edtech startup that enables students to become great full-stack developers through its six-month training program. It then offers this readily available, highly skilled talent at zero hiring fee to the employers. Newton School uses AI technology to manage qualified applicants and nurture them, providing a smooth recruitment process, allowing companies to meet job-ready people. Their onboarding strategies save recruiters time, energy, and money in identifying the ideal matches and onboarding them. Apart from being a helping hand to the hiring managers, the platform also runs training programmes that allow students to code and solve real-world projects. Unicorns such as Byju’s, Policy bazaar, Zomato, Unacademy, Nykaa, Lenskart, and many more have hired employees for their organizations from Newton’s talent pool.
LinkedIn is the perfect way to find skilled people because of its exceptional search technology and exhaustive reach that covers a large section of the job market. It is significantly easier and time-efficient to recruit on LinkedIn than any of its previous online employment boards. Employers are now able to save time and money, improve access to suitable applicants, and work at the right time. Furthermore, LinkedIn makes it simple for recruiters to find common associations for handy reference vetting. The platform is helpful to recruit and provides an employer with an opportunity to increase branding. Employers can build corporate profiles, join LinkedIn groups in the industry concerned and participate in discussions within the industry. Companies can demonstrate the potential candidates that they are even more enticing.
Instahyre is a powerful artificial intelligence recruitment technology that allows recipients to attract outstanding personnel easily. The platform has devised “Instamatch” technology, which “comprises” the talents and interests of each job applicant based on each employer’s information and recruitment activities. Instahyre thus suggests only highly appropriate applicants to the employers. This allows the employer to spend more time offering a high-quality experience for candidates, while Instahyre does the heavy lifting of providing quality profiles.
Unicorns in the startup ecosystem are not only garnering money but engaging talented personnel from across the sectors to steer important roles. With the recruitment pool growing and the recruitment process going virtual, a recruiter’s responsibility has significantly become more than simply recruitment. Great employees with the necessary qualifications are often challenging to scout – and the contest for them is intense. Thus, to attract potential candidates, unicorns now need to use innovative recruitment strategies more than ever.
Source: Business World