Organisations are coming up with unique ways to counter the challenge of a declining offer-to-joining ratio across industries among candidates negotiating multiple job offers at the same time because of more opportunities opening up for skilled employees, according to HR heads at an online panel discussion on Tuesday.
The ratio, a metric measuring how many job offers made by a company are accepted, is an indication of the attractiveness of the role. A lower offer-to-joining ratio would mean HR managers have to make a higher number of offers to hire candidates.
This metric was in the 70s (meaning 7 out of 10 offers were accepted). Now, it has declined to the 60s, according to L&T Technology Services CHRO Lakshmanan.
“One of the things we encourage our talent acquisition team to do is to look for people who have already resigned and will join in the next one month, and try to match the last offer as opposed to last drawn salary. We also try to incentivise interviewers who get candidates to join the company. So, they stay connected with the candidates through the selection, offer and onboarding processes. It leaves a good impression on the minds of the candidates in the pre-joining stage,” he said at the ‘The Great War for Talent amidst The Great Attrition’ organised by SHRM and IDfy. "For critical hires in India, we have confidential reference checks apart from the formal reference checks where we talk to their former bosses," he added.
Raymond CHRO Adhir Mane said they get candidates for the GM-level and above to spend a day at their assessment centre. “For other cases we have a robust mechanism of doing psychometric tests. We also insist on getting the person reviewed by a panel as opposed to 1-2 people. That helps us get a different perspective on the person from a variety of angles. So far, it has been successful for us. More needs to be done,” Mane said.
But creating a strong employer brand is what creates more stickiness among employees and that cannot be done in a jiffy, he argued. “The entire journey of 6-7 months helps to avoid early infancy debacles. It can’t be about chasing people who have 3-4 job offers,” Mane added.
The declining ratio has also resulted in interview fatigue among interviewers, noted Bhakti Dharod, Head of HR, IDfy. “We worked around that by outsourcing the interviewing process. We got outside experts to ensure the hire we get is of superior quality. The other thing we do is to give joinees an experience of the place. So, we make sure they come to the office before the offer is made, meet up with the leadership team so that they really get the feel and culture of the place,” she said..
On the retention side of things, however, Mane pointed that every talent need not be retained. His comments come against the backdrop of several sectors recording higher-than usual attrition rates. “Every talent resignation that comes to the table of a line manager is not critical. We will have to let go of some. It is a good period to decide to look at which is the talent we want to let go…So, HR [managers] need to understand business in a deeper way to pushback line managers and build a sanity within them about ring-fencing only critical talent,” he said.
The use of tech tools like predictive analysis, while useful to get an indication of which cohorts are at risk, they also have their own pitfalls, the HR leaders agreed.
“If you predict x, y or z is going to leave the organisation by such and such time based on predictive data analysis and give the data to the boss, unfortunately, the boss makes sure those people leave because an unconscious bias acts behind this kind of modelling and data. When I heard this reasoning from a professor at TISS, I just stopped all research into this,” said Lakshmanan.
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