IT firm Tredence has taken an unusual route to rope in talent. The company has designed several competitions and challenges to identify and engage top-tier talent, especially in the Data Science and Machine Learning fields.
One of its challenges involved asking hopefuls to build a demand forecasting model for weekly and daily sales of products, considering variables such as the impact of COVID-19 lockdowns, festivals, and exceptional events.
This practical test evaluated the candidates’ analytical skills, problem-solving abilities, and their potential contributions to the projects.
“By aligning our hiring efforts with the exact skill sets needed for our roles, we have significantly reduced our dependence on external hiring. This reduction in external hiring costs has been substantial,” said Rekha Nair, Head of HR of Tredence, adding that hiring externally can be up to five times costlier than retaining existing talent.
In addition, the HR leader said that attracting the right talent has resulted in an employee engagement score of over 80 percent.
Like Tredence, companies in India are increasingly recognising the value of competitions as a strategic tool to identify and recruit top talent. These competitions, often centred around sustainability, coding, and finding innovative solutions to existing problems, offer several advantages in the talent acquisition process.
For instance, companies such as Infosys, TCS, and Wipro often host coding competitions, such as CodeVita, to identify top-notch programmers. These contests test participants’ coding skills, algorithmic thinking, and logical reasoning, allowing firms to pinpoint individuals with exceptional technical abilities.
Traditional recruitment processes involve hefty costs, from advertising job openings to conducting interviews and background checks. Competitions can significantly reduce these expenses by streamlining the selection process.
Targeted hiring
Approximately 12-15 percent of fresh recruits are now being hired with the help of games, challenges, quizzes, and other competitions in the first round, marking a notable shift in contemporary talent acquisition strategies, suggested data gathered for Moneycontrol by staffing major Randstad India.
According to Sanjay Shetty, Director, Professional Search & Selection, Randstad India, there has been an uptick in competition-led hiring over the last three years and this strategy was more popular amongst tech companies and start-ups as the fastest and most effective method of recruitment.
“However, with non-tech industries evolving rapidly with a focus on innovation and specialised skills, companies are seeking to use competitions to scrutinise the available talent pool to keep pace with market developments,” he said.
When it comes to climate tech companies in India, the pursuit of top-tier talent presents a unique challenge. To address this, battery-tech startup Log9 Material introduced the ‘College Energython’, a competition for engineering students to engage in tackling pressing energy-related challenges.
The assessment features a selection of 5-6 problem statements that students can choose from to formulate and submit their innovative solutions through a dedicated platform. Prizes in the form of cash rewards and internship opportunities await the winners.
“By engaging with engineering students and tech enthusiasts who are passionate about sustainability and climate tech, we can easily identify individuals whose interests and values align closely with our mission,” said Amulya Kulkarni, Head of People Success at Log9 Materials.
This also allows for a streamlined recruitment process—early engagement enables the nurturing of talent over time, reducing the time and effort required for traditional recruitment methods, she added.
Challenging students
Multinational alcoholic beverages company AB InBev India launched a ‘100+ Challenge’ targeting Indian students. In phase one, the firm received applications from 13,000 students representing over 30 leading universities across India. They submitted ideas for a new AB InBev brand (a beer, non-alcoholic beverage, or alcoholic beverage) that utilises locally available Indian ingredients, promoting positive environmental and community impacts.
In phase two, the top 10 teams were invited to AB InBev India's headquarters in Bengaluru to present their ideas to a panel of judges. The jury included members from AB InBev India’s Leadership, Zone leadership team, and an independent management consultant, who assessed the teams based on their creativity, innovation, and potential community contributions.
“We've effectively reached and connected with thousands of students from leading colleges, helping them grow and promoting an innovative culture. Many participants have become valued team members, supporting our goal of crafting exceptional brands and positive change,” said Tanvi Rohatgi, People Director of AB InBev India.
She added that this approach has aided in top talent acquisition and strengthened AB InBev India’s reputation as a forward-looking organisation.
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