Empowering India’s future: Revamping campus recruitment in 2024

August 31, 2024 Vinod Kumar Blogs

Ever wondered why some economies roar while others just trot? The International Monetary Fund (IMF) has fancy terms like advanced economies and emerging markets and developing economies, but what’s the real difference?

There’s no one-size-fits-all answer, but strong economic growth, high living standards, open access to foreign investors and a dependable regulatory system are all hallmarks of developed markets. So, what does a developed economy look like under the hood? Here are some key characteristics:

Diverse economic structure: The service sector plays a dominant role. This sector encompasses a wide range of industries—finance, technology, healthcare, education, tourism and professional services. A robust service sector is often associated with a high standard of living and a knowledge-based economy.
Strong human development: Life expectancy and literacy rates are typically higher, while infant mortality rates are lower.
Well-developed infrastructure: This means reliable transportation networks (roads, railways, airports), efficient communication systems (internet, phone) and a strong energy grid, all of which support a thriving economy and a high quality of life.

These factors together paint a picture of prosperity in developed economies.

It is important to acknowledge that these are general trends, not absolutes. While developed nations often exhibit strength across these factors, some developing countries might boast pockets of excellence. For instance, India’s thriving IT sector showcases a booming service industry within a developing nation. The key distinction lies in the overall consistency and pervasiveness of these positive economic indicators across a developed nation’s landscape.

Recognising this, India has set an ambitious goal: establishing itself as a developed country by its 100th year of independence, that is, 2047.

Known as Viksit Bharat, which means “developed India” in Hindi, the vision hinges on the country’s youth, with organisations having a vital role to play. They can engage and equip freshers with the skills and knowledge to make the vision a reality.

Rising demand for fresh graduates

India’s economic engine is roaring, fuelling a massive infrastructure investment spree and a wave of tech advancements across industries. This innovation boom means a job bonanza for fresh grads, especially in the following hot fields:

Information Technology (IT): The IT sector remains a powerhouse, projecting massive recruitment for both tech and non-tech roles in 2024. Industry reports estimate a staggering 50,000 new positions for fresh graduates to be filled in just the next six months!
Manufacturing: The manufacturing sector is also experiencing a significant upswing. Companies are planning to hire 15–30% more graduates from the 2024 batch, compared to the previous year, indicating a growing demand for skilled talent.
Medical & Pharma: Advancements in healthcare and pharmaceuticals are creating exciting opportunities for fresh graduates with relevant degrees.
Management: As businesses expand and diversify, the demand for skilled management professionals is expected to significantly increase.
Green energy: Sustainability is at the forefront of India’s development plans, which effectively means greater opportunities for fresh graduates in the green energy sector.
E-commerce: The burgeoning e-commerce industry is constantly seeking fresh talent to fuel its growth.

But the good news doesn’t stop there!

A new wave of job creators called Global Capability Centres (GCCs) is emerging. These are centres established by multinational corporations in India to handle various non-tech functions such as finance, analytics and human resources. Here is what makes GCCs exciting for fresh graduates:

Increased hiring: GCCs are planning to hire 50% more freshers in 2024, as compared to 2023, specifically in non-tech roles.
Competitive salaries: To attract top talent, GCCs are offering salaries that are 30% higher than average IT firms.
Growth potential: The hiring numbers at GCCs are expected to grow by 20% year-on-year, indicating a promising career path for fresh graduates.

The takeaway? India’s booming economy and the focus on innovation are creating a golden age for fresh graduates. From established sectors like IT and manufacturing to emerging fields like green energy and e-commerce, there is a plethora of exciting opportunities waiting to be explored. With GCCs stepping up their hiring game, the campus recruitment scene looks promising.

Campus hiring and its evolving landscape

College campuses are bursting with talent, but are you using a dial-up modem to recruit them? It is time to ditch the outdated methods and level up your campus hiring game. Here is what you need to know for the new era:

The rise of hybrid hiring: Companies are going hybrid with hiring, using both virtual and in-person elements to win. Online platforms enable access to a wider talent pool, while in-person career fairs and events foster deeper connections.

Tech revolution of the process: Artificial intelligence (AI) is making significant waves in recruitment. AI-powered platforms streamline resume screening, identify high-potential candidates and even administer gamified assessments, making the experience more engaging and interactive for graduates.

Focus on skills, not just degrees: While degrees remain valuable, companies are placing a stronger emphasis on specific skills relevant to the job at hand. This opens up doors for graduates with strong practical skills and relevant certifications, even if their academic background is not in a traditional field.

Focussing on soft skills: Beyond technical expertise, soft skills such as communication, teamwork and adaptability are crucial for thriving in today’s workplace. Companies are actively seeking graduates who can demonstrate these qualities.

Embracing diversity and inclusion: India’s “Viksit Bharat” prioritises women-led development, as highlighted by India’s UN Representative, Ruchira Kamboj. To reflect this shift, campus recruitment needs to embrace diversity. Companies that actively recruit top female graduates and empower them will contribute to India’s goals and gain a global edge.

Building bridges for mutual success: Strategic partnerships with universities, collaborations with industry leaders and personalised interventions for students (targeted communication, skill-based challenges, etc.) are becoming key to effective campus recruitment. These partnerships create a win-win for all stakeholders—companies find the talent they need, universities prepare students with relevant skills for the workforce and students graduate with brighter job prospects.

A transformed campus recruitment scene unlocks a treasure trove of opportunities. Graduates can shape their careers and companies can invest in the future workforce that will propel India towards greatness.

Building a future-proof campus recruitment strategy

We now know the old campus recruitment playbook no longer works. It is time to refine our strategy. The guidelines enlisted below will help you attract Gen Z, which values purpose over perks.

Build a powerful employer brand

Reputation matters. Developing a strong employer brand that showcases your company culture, values and commitment to employee growth will resonate with potential candidates. Highlighting opportunities for professional development and exciting career paths will help attract the best and brightest students.

Social media presence, engaging content and positive employee testimonials can all contribute to building a strong employer brand.

Use innovative assessments

AI-driven assessment methods are revolutionising talent acquisition. These innovative tools:

Engage graduates with gamified challenges, making the evaluation process fun and interactive.
Uncover hidden potential by providing deep insights into a candidate’s skills and problem-solving abilities.
Speed up your hiring by helping you identify top talent quickly and efficiently.

Seamless candidate experience is the key

Roll out the red carpet! From the first click to the offer stage, prioritise a smooth and positive experience for candidates. This means:

User-friendly application process: Make applying for the open position a breeze, not a chore.
Clear communication: Keep candidates informed with timely updates throughout the process.
Engaging online presence: Showcase your company culture, values and exciting projects on a well-designed careers page. Throw in bonus points for employee testimonials!

A great candidate experience is the first step towards building a happy and loyal workforce.

Maintain recruitment excellence

Don’t settle for good enough! Be a leader in campus recruitment by:

Analysing your process regularly: Gather feedback from candidates and universities to identify areas for improvement.
Adapting your strategies: Stay informed about the latest trends, such as skills-based hiring and hybrid models, and adjust your approach accordingly.
Staying ahead of the curve: Embrace innovation to attract top talent in this ever-evolving landscape.

These strategies will help you nail campus recruitment. Without them, you could simply be chasing wild geese—staying busy but achieving little.

Building a brighter future together

Economist Ludwig von Mises observed, “A higher standard of living also brings about a higher standard of culture and civilization.”

Strong economies allow investment in education, arts and innovation, driving societal progress. This aligns perfectly with Viksit Bharat by 2047, India’s ambitious vision of a thriving economy brimming with innovation. Achieving this vision relies on a forward-thinking talent acquisition strategy that is revolutionising India’s campus recruitment landscape.

Here’s a quick recap of the key trends shaping this exciting future:

Hybrid hiring is here to stay: Blending virtual and in-person elements helps expand the talent pool and fosters meaningful connections.
Skills take centre stage: Job-relevant skills and practical experience now take precedence, with soft skills like communication, adaptability and teamwork also being crucial factors in the recruitment game.
Tech is transforming the game: AI-powered platforms and gamified assessments are streamlining recruitment, making it more efficient and engaging for companies and graduates.
Employer branding matters: Building a strong employer brand that showcases your company culture and values is key to attracting top talent.

Companies, level up! Continuous adaptation is key. Embrace new trends and technology and focus on candidate experience to win in today’s dynamic hiring scene. The future of India’s campus recruitment is shining! Skills-driven, hybrid approaches create exciting opportunities for both companies and graduates. By embracing change and partnering with universities, you can build a talent pipeline that fuels India’s growth and propels it to a brighter future!

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Vinod Kumar

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