India, 23rd August 2022: Hirect, the chat-based direct hiring platform, launches its second insight report providing an in-depth look at how startups should reformulate their hiring strategy for each stage of a startup from seed to IPO stage.
Hirect conducted the market survey with 1500+ senior and mid-senior recruiters across the country. The survey reveals how the leading tech startups are reformulating their hiring strategies in each stage of a startup. The report aims to help startups, recruiters, employers and decision-makers to understand how to adapt the current talent acquisition landscape to remain competitive in today’s employee-driven marketplace. For startups, hiring is essential since building a core staff will guarantee effective productivity within the business. Employers must re-evaluate their staffing requirements as they move toward their growth phase.
The report includes insights into the recruiter-candidate experience, the impact of scams during the recruitment process, the importance of artificial intelligence in talent acquisition, and the influence of remote work, among other findings, including:
- The essential role of company culture, remote work and professional development
- The hiring practices to be followed in each stage of a startup
- 96.5% of recruiters believe that “The use of AI is one of the best ways to improve the recruitment process and eliminate bias from the hiring process”
- 50% of recruiters believe AI will become a regular part of the recruitment process in the coming years.
The key finding from the report includes:
- 89% of employers believe referral programs produce the best results and have a higher employee retention rate
- 92.5% of the people believe founders are the right person to hire in the initial stage of a startup
- 52% of the recruiters believe in building a diverse workforce is necessary to address the huge disparity in the representation of women in leadership roles
- 97.4% of the recruiters believe that skill-based hiring is the future
- 87.1% of recruiters are in favour of retaining old employees instead of hiring new ones
Speaking on occasion, Mr. Raj Das, Global Co-founder and CEO of Hirect India said, “In the employee-driven market the employers must quickly adapt to the current reality of talent acquisition to remain competitive in today’s labour market. This includes creating a workplace that aligns with jobseekers’ needs while also leveraging the right system, tool, and channels to effectively grow their organizations/startups.”
The hiring process in startups also relies on referrals and that is why startups formulate referral policies. Around 88.2 percent of recruiters believe that referral is the best way to hire people with the right talents. The survey reveals that the referral policy helps in enhancing the organization’s employee retention rate.
Building a startup from scratch is like a roller coaster journey. They face several challenges while building the brand or hiring their core team members as it takes time, money, and effort. As businesses continue to speed up their digital transformation journeys, there is a rise in demand for tech-related functional areas and industries. Hirect simplifies the hiring process by implementing an AI algorithm on its platform to offer direct chat-based services for recruiters and job seekers. The majority of recruiters feel that artificial intelligence will play an increasingly important role in recruiting and make the hiring process easy, efficient, and swift.