talent acquisition – Talent500 Blog

How AI is changing the recruitment game forever

Posted on September 26, 2022 by poosarladileep

We all want the best talent, who are engaged, productive, and happy. That’s easier said than done. Especially so with lean teams and even leaner budgets. We believe traditional recruitment is broken! It relies heavily on strategies that seeks out only active candidates through efforts like job fairs, seminars, newspaper ads, referrals, a few job boards and maybe intra-organizational hires.

Recruiters are often chasing two key metrics: efficiency – “how soon can the position be filled?”; and quality of hire – “how to ensure the right candidate with the right set of skills is chosen for the position?” To successfully reach these goals of scale and speed, businesses are increasingly investing in technology to transform dated processes. More than $12 billion was invested in HR tech in 2021 alone, with a larger chunk favoring Artificial Intelligence (AI) powered solutions.

The pressure on Talent Acquisition (TA) is at an all-time high. Amidst the “big quit” and the recession, business priorities have shifted to be more talent and employee-centric. More and more recruiters are relying on AI to enhance the candidate experience. And to upgrade recruitment processes to be faster and fairer.

Recruiting AI enables TA teams to discover passive candidates and unlock data-driven insights that guide decision-making and better outcomes, such as quality of hire and time to hire. AI recruitment tools can help deliver the right jobs to the right talent, the right talent to the right recruiters and ultimately, build the right teams for the company.

While the hiring industry has embraced applicant tracking systems (ATSs), the challenge is that many teams still don’t fully understand how AI can help them immediately or whether it’s worth the time, money or effort.

Top 4 ways that AI can help you solve common TA challenges today:

Deep insights for informed decision making

AI can help recruiters make better decisions. It can identify the right candidates faster by leveraging machine learning algorithms to analyze thousands of data points about each candidate — including their skills, experience, education and interests — to find those who align best with your organization’s needs.

Predictive analytics allows companies to use data from past hiring experiences to predict future results, including who will accept an offer, who will stay in their job and how long they’ll stay there. Recruiters can use complex data sets to forecast which candidates are most likely to succeed on the job based on factors like performance history or education level. This insight allows recruiters to focus their efforts on the best candidates instead of spending time reviewing every application.

AI technologies are revealing recruitment blind spots by analyzing historical hiring data to identify patterns that may have previously gone unnoticed by human recruiters. It’s not uncommon for businesses to hire candidates who possess similar skills as those who’ve been successful in the past. But, you are now able to find people who had been overlooked due to them being in different industries, locations, or roles than those that companies typically look for.

AI can make hiring better, more consistent, and more efficient by reducing the risk of a bad hire and increasing retention rates through real-time feedback loops.

Automating & scaling manual tasks

AI already plays a vital role in the application process and a majority of companies use an automated Applicant Tracking System (ATS) to streamline this. ATSs screen resumes faster than humans. By using Natural Language Processing (NLP) techniques, AI can scan thousands of resumes in seconds and deliver those that match the job description. It is a time-saver and recruiters have reported that it helped them source effectively from a large pool of candidates – both active and passive profiles.

AI makes screening more effective. For example, a conversational assistant can collect data points for first level screening. Cognitive interviewing is an automated tool that uses a chatbot interface to ask interview questions based on what hiring managers want to know about a candidate’s experience and skills. This allows recruiters to get more information from their interviews faster by eliminating repetitive questions that have already been answered elsewhere in their application materials.

Automation of administrative work for improved productivity is another big advantage. Mundane tasks such as scheduling interviews, calls, and emails may hamper a recruiters ability to focus on higher-value activities like employer branding, candidate engagement and relationship building. This maximizes productivity and thereby cuts down time-to-hire. AI solutions can deal with this issue, absorbing these responsibilities with ease. By unloading mundane work, employees have more time to dedicate to core tasks.

Overcoming human biases

Unconscious biases are often responsible for companies struggling to attract and hire diverse candidates. These biases often enter the system through training data that algorithms use to make decisions. For example, if your company hires mostly white males, then the AI will learn that bias and will continue to hire them at a higher rate than other candidates. Or it may be able to detect that your ATS is giving preference to candidates who went to Ivy League schools over other applicants with exactly similar skills and experience due to unconscious bias among recruiters who use it as part of their hiring process.

This is why it is imperative to perform regular audits. These help recruiters pick up on problems that hinder the algorithm’s ability to procure desired results. Bias detection frameworks use machine learning algorithms to analyze how well an AI system makes decisions based on race, gender and other factors like historical patterns. The results of this analysis can be used to train the AI system to adjust its decision-making process to avoid discriminatory outcomes. In addition, these tools allow organizations to monitor their AI systems regularly for potential bias problems before they become visible externally.

AI has the potential to transform the recruitment process and make it more inclusive and transparent. It can hire objectively without unconscious bias against women, minorities, and older workers; and hire the best person for the position without stereotypes interfering.

Enhancing candidate experience with personalization

AI can help keep candidates engaged throughout the process. 85% of professionals think that delays in communication of next steps is the biggest challenge in their current hiring process. AI allows you to automate messages that are still cusomized, and send them periodically according to each step of the process.

AI can also offer more meaningful conversations and discussions. Historically, communication has relied on non-verbal cues such as body language and expression. As such, the meaning and depth of an interaction are often lost in translation when communicating virtually. Fortunately, AI tools were able to deliver a solution in this regard. By analyzing text, programs can now assist employees in decoding communication, offering clarity on the tone of the conversation. This helps reduce miscommunication amongst stakeholders. Some AI tools can also help gauge an employees’ morale and engagement with the help of language and sentiment analysis.

And finally, AI solutions can provide opportunities to train new joiners and employees efficiently.

AI programs and tools can not only assess productivity but also determine an employee’s strengths and weaknesses. From there, personalized training programs can be offered to promote targeted upskilling. This helps employees expand their skill set and improve their quality of work. This type of training can ease the onboarding process and also prepare employees for job enlargement. Organizations that invest in training directly increase their intellectual capital, of which more is always better.

AI is already augmenting recruiting at leading companies across a range of industries. As a TA leader, it will enable you to focus your time on the people aspects of recruitment, which are by far the most valuable. Connect with us to discover what AI can do for you and your business. Set up a consultation with our team here.

Why do you need a global talent acquisition strategy?

Posted on May 1, 2022July 11, 2022 by naveen

The job market is witnessing an unprecedented decline of available workforce post-pandemic. In the US alone there are over 7 million unfilled job positions relative to 6.3 million people looking for job opportunities domestically. There is a clear mismatch between the demand and supply of talent and this gap further widens as most people are looking for work-from-anywhere opportunities and exploring international markets. There is no way companies can fill the open positions by restricting their hiring to local talent.

Fortunately, with an exponential increase in demand for remote work opportunities, recruiters now have a chance to tap into talent sources from anywhere in the world. Global talent acquisition is the future of work and companies certainly need to put in place strategies and policies to hire globally, efficiently. Today, more than ever before, companies have the opportunity to build a globally distributed workforce with the right talent for the right job.

Why companies need a global talent acquisition strategy

Helps in building diversity

Building diversity in the workforce presents so many opportunities for employers that can’t be generated otherwise. According to a PWC survey, over 75% of managers and global companies agreed that diversity is a predominant factor for building a competent workforce. Furthermore, companies with diversity are known to generate 19% more revenue with a 1.4 times higher profitability rate.

There have always been discussions around diversity building initiatives in the workforce, and for some reason, companies have failed to deliver on their promises. But in 2022, when employees now have the option of choosing to work at almost any organization, they are more likely to choose ones that have a strong diversity and inclusion program.

Fosters operational efficiency‍

Operational efficiency is the measure of how smoothly business operations are conducted on a day-to-day basis. When companies have a global talent acquisition strategy in place, it considers cultural and local hiring practices which enable companies to better manage local talent because they are more prepared for behaviors and expectations.

When companies fail to adopt a global talent acquisition strategy, they end up making policies at the country level which only help with the selection and retention of a selected group of talent. This can be disastrous for expansion to new markets as there are clear operational gaps and inefficiencies. Many companies with no global talent acquisition plans are forced to outsource the recruitment process to third-party agencies. However, partnering with the right talent acquisition company can take your company to the next level.

Increases understanding of the local market

With a global outreach plan, companies are not only hiring candidates with different cultural backgrounds and mindsets but are also readying the environment to accommodate these differences. Companies that have diverse teams should plan training for current staff to help them interact with employees from other cultures.

This has far-reaching impacts as apart from embracing diversity, members of the organization also get acquainted with foreign market norms. For companies boasting a global workforce, they are better positioned to navigate through local customs to avoid misunderstanding. This significantly helps the business because it becomes clear as to what sells and what doesn’t in a particular market.

Provides access to a wider talent pool

Hiring globally implies that companies have access to a large pool of talent. However, to truly capitalize on this advantage, an effective global talent acquisition strategy is required. Apart from providing the above-mentioned benefits, it also helps with talent management.

As you continue hiring from different markets, you will have to work with different labor laws, compensation structures, and expectations from potential employees. An acquisition strategy will help in streamlining the entire hiring process to accelerate hiring and managing all the requirements in a local market.

At Talent500 we have been building global teams for Fortune500 companies. We have the tools and talent to help you build globally distributed teams faster. Let’s discuss your requirement, set up a consultation today.

Can you find the right talent by leveraging social media platforms?

Posted on April 29, 2022July 8, 2022 by temp

Over the years, the role of social media has evolved from merely just a space for socializing to a tool that helps audiences also connect with the brands and businesses they are interested in. Naturally, companies saw the opportunity here and social recruiting took form, forever redefining hiring practices and increasing the success factor. With time, these platforms evolved and social media is now a crucial cog in the hiring process. In fact, north of 84% of companies use social media for recruiting, and with the success this route offers, another 9% are looking to board the train soon.

Although job search portals and websites help, leveraging social media for recruitment greatly increases the chances of finding the right candidate. As per RecruitLoop, a Facebook ad can achieve twice the visibility of a classified ad. While reach is one part of the equation, cost is the other, wherein social recruiting does save recruitment costs. This goes hand-in-hand with the fact that these sites now house several hundred million users. For instance, LinkedIn – the popular recruitment social media site – has over 800 million members. Considering the nature of the users on this platform, it is ripe with passive job seekers, and recruiters are able to scout and target these individuals better with social recruiting.

Social recruiting demands a calculated approach.

Key strategies for leveraging social media in recruitment.

Research and target the right demographic

The number of social media sites has grown in number over the past decade and has split communities into bubbles. For instance, LinkedIn is the standard platform for all things career and business, but companies can still find viable professionals on other platforms. However, to be successful, companies must consider the primary demographic that frequents these digital watering holes.

For instance, finding and attracting part-time employees and interns will likely be a lot easier on sites like Facebook and Instagram as these are often frequented by college-goers and young adults. On the other hand, if the goal is to attract a mid-level executive or a senior programmer, specialized forums, LinkedIn, and a handful of Facebook groups may be the better choice. While it may work to cast a wide net to leverage the full force of social recruiting, companies would do well to be more deliberate in their communication.

Establish a relatable employer brand

With more than 4.48 billion users on social media platforms across the world, there’s no doubting its reach. But to tap into these channels, companies must build and express a relatable and aspirational employer brand. Company culture is an important factor for the modern employee and many that are considering a new position will do their due diligence on a company. This means checking their social pages, company pages, reviews, and interactions with the world around them. Companies should take this into consideration and use social media to showcase what their brand is all about. In fact, by being active within the right community, companies stand to make serious reputational gains. One of the best ways to go about this is to work on building an organic network. Companies can offer value to their audiences in the form of newsletters, industry-specific insights, thought leadership content, and more.

Another approach is to celebrate the existing talent. By using the platform to express warmth and gratitude toward the existing workforce, companies can convey a strong message to their audiences. The idea is to work on employer branding and to enlighten audiences, and potential hires, about the company culture. Doubling down on this, companies can even go the extra mile to reinforce retention. One effective way to do this is to support pages, employee posts, and even popular creators that advocate for work-life balance. In doing so, companies subtly express their views, even if it is just a reshare, and inform audiences about the principles they stand by.

Leverage FOMO appropriately

While mainstream in B2C marketing, FOMO can actually help companies build interest when engaging in social recruiting. With the right employer branding, companies are in a unique position to create and retain interest, especially for viable candidates. As such, whenever there are openings, users that are genuinely interested will organically reach out. The inherent interest in the company, its values, and culture is a good sign for companies as this means that candidates that have the right skills are also those that relate with the organization on other levels.

Utilize the right targeting features

Social media platforms have technologies for hyper-targeting and these are immensely valuable in the social recruiting process. Take hashtags, for example, a simple tagging provision that categorizes content and makes it easier for the user to explore what they want to see. Companies can use these to their advantage to identify and target specific demographics more effectively. By doing so, any material or communication published gets viewed by the right audiences, and this increases the likelihood of success.

Personalize communication wherever possible

Gone are the days when audiences, and even potential hires, will respond to what seems like an obvious email blast. The problem here is the message and that it doesn’t seem genuine or remotely intended for the receiver. While companies can utilize solutions that do allow for personalized messages, it is important that this becomes the primary strategy for communication. Companies can send a personal note to the potential hires expressing why they are a good fit for the position.

Do note that companies should know when to draw the line with personalized messages. While assessing metrics and retargeting those that showed interest at some point in the past is acceptable, including talking points about a user’s recent move to a new country can come off as digital stalking.

Encourage and broadcast employee-generated content

Companies should encourage employees to share their experiences and memorable moments on their preferred platforms. In doing so, existing employees inform their respective networks about the company, while also associating with the organization in a positive manner. To add to this, companies should utilize special hashtags or tags for such content. This makes it easier to find such content, promote it, and even leverage it during recruiting. Considering these tactics, it is clear that employees may just be the best option for companies to communicate their values in a genuine manner, and this will help attract the right talent.

Assess a candidate’s profile and personality

There are many ways to assess a potential hire and companies can use social media to get the required insights to make the right decisions. In fact, such information is crucial when hiring for creative or even leadership roles and such candidates usually express their opinions and share their ideologies with their peer networks. All of this provides crucial background and can assist organizations in checking for specific traits. In fact, when assessing if a candidate is a cultural fit, such checks may be critical both before and after the initial interview phases.

Do note that while social recruiting is a viable strategy for all these reasons, it is important that companies realize that for most users, these platforms are an extension of their personality. Being invasive will not lead to favorable outcomes and finding the line can be tricky. To ensure that your company doesn’t face such hurdles, outsource talent management and partner with Talent500.

Our hiring and management protocols have driven success for major Fortune 500 companies. We achieve 60% higher recruiter productivity with pre-assessment tests, intelligent AI fit, and trusted multi-channel sourcing, and will find the right talent for your specific needs. To know more, schedule a consultation and build a global workforce efficiently.

Global technology talent crunch: What it means, its implications, and how to solve for it

Posted on April 29, 2022July 8, 2022 by mahidhar

Shortage of skilled tech talent has been a pressing issue globally due to rampant digital transformation. In recent times when the pandemic played the role of disruptor, this gap only widened and reliance on digital increased. Satya Nadella, CEO of Microsoft, rightly stated, “All businesses are software businesses”. This is apparent now more than ever as entire industrial ecosystems have now gone digital. This shift was revolutionary, putting talent in the driver’s seat for the first time in a long time, and new movements took form.

For instance, the full force of the ‘great resignation’ phenomenon was felt by global industries as professionals across major countries were quitting jobs in record numbers. According to Microsoft’s Work Trends Index 2021, more than 40% of employees were considering changing jobs. And in a more recent Talent500 Talent Intelligence survey, 85% of employees are considering a job change in 2022. With travel restrictions, tightened immigration policies, reshuffled company budgets added to the mix, it is no wonder that several big players found it hard to maintain steady workforces. In fact, the attrition rate at India’s IT giants has spiked to 20-30% per annum.

The situation did improve over time as data published in CompTIA’s Workforce and Learning Trends report, 2021, stated that 40% of companies hired IT talent during the pandemic. Unfortunately, this did little to solve the talent crunch as nearly 54% of global companies faced some form of talent shortage. So, what does this talent crunch mean for the global IT ecosystem? Read on to find out.

The impact of the IT talent crunch

As industries continue to integrate with technology, reliance on qualified talent will only increase. There’s no dearth of evidence for the rising demand of technology talent but very few countries have the resources to deliver. India, for instance, was found to be the only country capable of matching the talent needs across various sectors, even having a surplus with a total pool of 250 million workers!

The struggle and delay to identify and hire skilled talent is massive as it results in stop-gap solutions that often fall short of the mark such as temporary staffing and inflated salaries, all in a bid to retain what little talent is available. In fact, surveys found that such tactics cost UK companies €7.6 billion every year, negatively impacting their bottom lines. This loss in revenue is alarming and much of it has to do with talent and skill shortages. That’s not all; lack of talent also impedes a company’s ability to cater to their clients, offer services or maintain desired output. The global talent crunch has led to competition among companies, cities, and countries.
According to Korn Ferry’s projection, some nations will be affected more than others in the coming years. Among the countries that are expected to struggle with technology talent shortage include the US, Russia, China, Brazil, Indonesia, and Japan. The crunch has devastating implications, some of which are restricted world trade, reduced overall quality, slower production cycles, and increased cost of labor.

The key causes of the IT talent shortage

Talent shortages are fueled by several factors. On one end was the rapid digitalization brought on due to the pandemic. Almost overnight, entire industries went digital, leaving many employees inadequately equipped for their new roles. Another contributing factor is the lack of education. Emerging technologies and advanced systems rely on educated talent for optimal execution and the supply is not nearly enough to meet the demand. While countries like Poland, Portugal, and Israel are working toward building these educated workforces, major players are plagued with socio-economic issues that stifle progress.

Aside from these, the increase in the number of workers at the end of their career is another notable factor. Baby boomers are now closer than ever to retiring and the millennial workforce is partly reluctant and partly ill-equipped to fill their shoes. While a part of the problem has to do with the steep learning curve of modern technologies, the more pressing issue here is the lack of managerial skills required to take on these roles. As such, companies are left with limited options, if any.

This compounds the issue as bigger corporations and even non-technological companies compete for the precious few capable of handling these roles – throwing big money at the problem. Employees then cement themselves in these positions with no future plans to move. As a result talent is unevenly distributed, and smaller companies have to think out of the box to stay afloat. This often includes relocation to places with a more stable technology talent base and lesser competition.

How tech giants and major players responded to the talent crunch

Tech giants have employed diverse strategies to attract and retain talent. Some include driving up wages or offering higher remuneration through generous signing bonuses and incentives but there are other tactics in play too. Upskilling, for instance, is a big priority for the modern employee and employers are happy to oblige. For instance, Amazon recently invested $700 million to re-skill or upskill their employees. Similarly, PwC planned to invest $3 billion towards upskilling workers in the field of AI and machine learning. Interestingly, 42% of companies plan to launch upskilling initiatives.

By creating training programs and offering opportunities to improve, employers invest in their employees, who in turn become value drivers. Another viable option that now has its moment in the sun is the freelance ecosystem, also known as the gig economy is a labor market that consists of short-term contracts. In this context, companies look to hire self-employed individuals who can take on specific jobs in return for an agreed-upon payment. While this could lead to permanent, full time roles, usually these are intended for short term projects.

Hiring from anywhere has the potential to deliver value in a cost-effective model, and many companies have this option as a preferred route. In fact, hiring remote employees and adopting hybrid work models is now the norm. Around 85% of businesses agreed that implementing hybrid work models increases workplace productivity while 77% of companies declared that remote work reduces operational costs.

Global talent acquisition outsourcing: A long-term solution to bridge the talent gap?

Recruiting international staff is challenging and time-consuming. The top leaders including Fortune 500 companies outsource global recruitment and leverage globally distributed working models, EOR frameworks, and global talent management companies to meet these goals. Data suggests that 65% of successful companies employ outsourcing in their hiring model. This makes sense considering that the global IT outsourcing market is expected to reach $98 billion by 2024. Outsourcing frees up company resources, which can then focus on evolving core business practices.

Around 66% of companies with more than 50 or more employees outsource recruitment. And 78% of businesses have a positive view of their outsourcing partners. Companies like Alibaba, Skype, WhatsApp, Citigroup, Pricena, Slack, CuriosityStream, Klout, Github, Transferwise, and StudyTube found success through this model. Global talent managing companies like ours have successfully helped start-ups and Fortune 500s including Nike, Walmart, Rakuten, Uber, H&M, Twitter, Pepsico, and Target to manage and scale their global teams globally.

With the continuous demand for high-skill IT personnel, companies can’t afford to ignore global talent when hiring. To make hiring the best talent easier, partner with Talent500. Our pre-assessment tests, Intelligent AI fit, and multi-channel sourcing makes hiring 5x faster and 60% more efficient. Find and build the perfect team and scale effortlessly. Schedule a consultation today and build effective globally distributed teams that deliver.

The tech hubs of tomorrow

Posted on December 17, 2021December 17, 2021 by shanthamurthy

The pandemic catalyzed the shift to a digital working interface, and remote working opened the door to a world that many companies had not yet considered – recruiting across borders. Companies, especially when recruiting for tech roles, now have access to an unlimited pool of highly qualified technical talent from hubs across the globe.

A key factor that companies assess when choosing a country to migrate over a digital-run economy, is its readiness. More importantly, the existing infrastructure should be able to withstand the bandwidth-intensive spike in traffic.

Some additional factors taken by businesses when hiring globally include:

Existence, robustness, and resilience of platforms key to business continuity
Digital payment solutions in use to ensure seamless transactions

Research conducted at Tufts University’s Fletcher School measured the readiness of 42 countries in this regard. This data is important because it shows which locations have the required infrastructure and resilience to accommodate the needs of companies. The findings showed that advanced economies were usually better prepared and a better choice, but such was not always the case. The EU, for instance, was found lacking due to archaic infrastructure and many limitations.

So, which locations make the cut for ideal tech hotspots in a digital world? More importantly, can any of these locations emerge as tech hubs of tomorrow? Read on to find out.

Argentina

Among Latin American locations, Argentina is a hotspot for tech companies looking to find remote workers in the industry. Its IT sector has seen tremendous advancement over the past years, but its appeal to industry leaders is due to its talent pool.

Per Coursera’s Global Skills Index Report 2020, Argentina secured Rank 22 globally for Data Science Skills. Some of the categories in which it outdid other Latin American countries were:

Cybersecurity
Cloud computing
Application Programming Interface
Convolutional Neural Network
Web development
UX design
Internet of Things

That’s not all. The same year, Argentina also secured 1^st place in the global ranking in technology. The Argentinian government is also actively involved in the development of this sector, with one of its campaign goals centered around increasing the number of women in technological fields. As per a report, this has proven effective and is expected to grow to include 40% of females by 2024.

The wages for such professionals are another reason why tech companies are likely to jump at the opportunity to set up remote teams here. The average monthly income for software developers is about $1000, and can go up to double the amount based on seniority.

Poland

Nearly a quarter of the 1 million IT professionals in the Eastern and Central European regions live and work in Poland as per data published by Stack Overflow. For a country in the heart of the EU, the sheer numbers alone make it a tech hub for the world. Teams working in this region enjoy easy collaboration benefits, and their stable economy reduces the risk of attrition.

From an employer’s standpoint, Poland is one of the ideal locations to set up a remote team for a number of reasons:

Ranked 3^rd globally on the HackerRank challenges.
Nearly half, 43.5%, of the population has a tertiary level education across STEM fields.
Salaries in Poland can be up to 50% lower than the average salary in the US or Western Europe. In fact, the average salary is around $25,800, which is nearly 3X less than the salary offered in the US for the same quality of service.
Professionals often work with international companies and are proficient in English. Communication problems are few, and this is key for a remote team.

Brazil

With over 450,000 developers, Brazil has steadily become one of the locations that tech companies choose when hiring or setting up distributed teams. Much like the other Latin American powerhouse, Argentina, the IT infrastructure in Brazil is booming. Tech parks, accelerators, and high-density research centers churn out some of the most talented professionals, most of whom are sure to be assets.

A key reason why Brazil is soon to become the go-to in the future is because of its proximity to the United States. Collaboration is much easier, and top tech companies located in the valley won’t have trouble with the time difference and can work in real-time. Lastly, Brazil offers cost-effective talent that is reliable with high retention rates. The average yearly salary here is $18,043 and as the market isn’t as competitive, the risk of attrition is negligible.

India

India has always been known to be one of the most cost-effective locations for technology-related services. The country has more than 2 million people working within the IT sector, meaning that companies have a rich vein of talent to choose from.

Besides this, tech companies looking to set up remote teams in India also benefit from the fact that it is a cost-effective option and that it has a booming IT market. The average hourly wage for IT professionals in India is between $25 and $49 per hour, and it is possible to work with experts at a significantly cheaper rate. Communication is another plus point as English is a primary language. Combining the largest talent pool with the evolving IT sector, companies looking to set up efficient remote teams needn’t look any further.

According to Gartner, as many as 51% of knowledge-intensive workers like engineers and writers will work remotely by the end of 2021. This seems more than likely considering the vast pool of talent spread around the globe and tech companies are sure to leverage them to the maximum. However, choosing skilled workers from the tech hubs is just one-half of the battle. The other is extracting true value from the exchange. Oftentimes the price-to-quality ratio isn’t all that favorable. This is especially the case with remote software development teams and fixing issues could easily cost twice as much.

Partner with Talent500 to establish global remote teams that deliver. Get access to over 200,000 pre-vetted, location-independent professionals and scale efficiently. Talent500 also offers enterprises the option to establish a global presence through the Employer of Record (EOR) model. Benefit from complete compliance and employee management services from a trusted market leader. To know more, request a consultation online.

Workplace bias is real: Combat it & attract the best global talent

Posted on December 1, 2021December 1, 2021 by poosarladileep

Sigmund Freud, through his famous Iceberg Analogy, illustrated that the unconscious, what’s not apparent at first, plays a huge role in behavior and decision-making. Simply put, the brain uses mental shortcuts based on past experiences to arrive at decisions. Think of it as the hunter-gatherer in you using a quick pathway to process tons of information. It’s a great route for survival, but is it a recipe for success—and that too in the modern hybrid workplace?

For instance, anchoring bias affects our judgment to the extent that we favor the initial experience or first bit of available information. One may make adjustments, but these are “typically insufficient” suggest Amos Tversky and Daniel Kahneman, psychologists of Nobel Prize fame.

Think of the trajectory of remote work:

Month	% of employed persons who tele-worked or worked at home for pay at any time in the last 4 weeks due to COVID-19
May 2020	35.4
August 2020	24.3
November 2020	21.8
February 2021	22.7
May 2021	16.6
August 2021	13.4

Source: U.S. Bureau of Labor Statistics

Is remote work shrinking because of the benefits of on-site work? Or because decision-makers have their views on remote work anchored in a negative experience? Such questioning becomes pertinent when you consider that a McKinsey study posited that 29-39% of the U.S. population could spend more time working remotely without loss of productivity.

The truth is that it is wholly possible for unconscious biases to creep into professional decision-making, especially as we move into the remote and hybrid working models. In such a case, conscious action needs to be taken. To get on the right track, consider these common avenues of bias and learn how to counteract and build a diverse, inclusive, and effective workforce.

Equitable hiring demands objective criteria

A study by MIT and UChicago found that when resumes containing African-American- or White-sounding names were analyzed, those with white names earned 50% more call-backs.

Another study, by researchers at UPF’s Department of Political and Social Sciences, found that on average, women are 30% less likely to secure a job interview than men with the same characteristics.

A third study, analyzing data from Paris found that applicants of North African origin and those linked to Islam faced hiring discrimination, regardless of their religion and national origin respectively.

Why does this happen?

One reason is affinity or implicit bias: This is when recruiters favor applicants who are similar to them or share experiences with them. Age, gender, race, and more often play a role here, becoming attributes that bring up unconscious bias. In a word, the similarity makes recruiters feel safer, but the trade-off is diversity and inclusion in the workforce.

Another reason could be the attribution bias: This is when you make a judgment about someone without sizing them up objectively. Here, persons from certain ethnic groups could easily be looked on as less effective. A Yale study showed that such class bias arises in hiring processes within a few seconds of the applicant speaking.

How to combat it?

The first step is being aware, and the second step is to be objective. A case in point is a study that illustrated how blind orchestra auditions were better for women musicians!

Here are some actionable ways to steer clear of sexism, racism, and ageism:

Have a diverse hiring team
Ask the same questions to all applicants
Give a second look to those applicants that you think aren’t up to the mark
Try ‘name-blind’ resumes
Consider using a voice-changing software
Set targets for diversity and inclusion

Remote work demands a level playing field

The year 2020 was the turning point for remote work, and yet, such may not truly be the case to the extent imagined.

~70% of employees desire remote work options, says a Microsoft survey.
40% of U.S. employees would take a salary cut to retain flexible work, with 47% ready to call it quits if hybrid work wasn’t an option, as per an Envoy survey.
77% of those who worked remotely at least a few times a month, agreed that working off-site makes for increased productivity, as per a study by ConnectSolutions.

Yet, an SHRM research shows that:

42% of supervisors confess to sometimes forgetting remote workers when assigning tasks.
29-34% of remote workers feel that working remotely will dampen their career prospects.

Further, U.S. labor statistics show that:

Remote work is on the decline, from 35.4% in May 2020 to 13.4% in August 2021. (See introduction)

Harvard Business Review also notes that:

When the right to work remotely is scrapped, it’s the lower-level employees who suffer.

Why does this happen?

Earlier, the anchoring effect was considered, where an initial perception greatly determines the final outcome. The danger is that if one’s initial experience is negative, then you end up with confirmation bias, the tendency to search for reasons to support your beliefs. So, if you’ve had a bad experience with Anthony, who slacked off while working remotely, you think that Anna’s delayed submissions are due to lack of effort or because remote work is just a bad concept to start with.

In addition to this halo versus horns contrast that may be unconsciously applied to on-site versus off-site employees, there’s also the issue that statistics point out that, ‘out of sight is out of mind’. It’s natural to feel comfortable about handing over the next big project to the employee who’s at the office day in and day out rather than to someone who works remotely. But as a McKinsey report displays, if you favor fully on-site work talent is at risk. Bias, even unconscious, affects your bottom line.

How to combat it?

Many industry leaders now suggest that if you’re convinced about hybrid work, the tone at the top needs to be clear. In other words, senior management needs to work from home. It sends out a clear signal: “We’re offering flexible work options — and it’s okay to do it!”

A good list of actionable steps include:

Having the executive team work remotely
Using data to track productivity
Avoiding micromanaging remote workers
Cross-checking that you’ve considered remote workers for the next assignment
Planning virtual and in-person meets with remote teams
Providing remote-work perks in lieu of those others get at the office

Unconscious biases can kill talent. It is most commonly seen when emotion and gut override objectivity to the detriment of remote workers and persons of a particular gender, race, age group, or religion. Now that you are conscious of the problem, it’s time to take concrete steps to see diversity and inclusion flourish in your workforce.

5 sought-after benefits your company needs to invest in

Posted on November 18, 2021November 18, 2021 by surya

The pandemic made it abundantly clear that work and personal life can no longer be treated as isolated parts of an employee’s life. As industries and 5-year plans came crumbling down in a matter of months, companies and employees soon came to realize that it isn’t all about the paycheck.

While employees took action at first sight, quitting jobs even in the midst of one of the hardest times in the year, companies were also quick to catch on. Fidelity Investments, for instance, rolled out a benefit that offered greater support to workers who were also caregivers. This included access to expert care, childcare reimbursement and more.

The trend caught on soon with companies like Google and many others putting employees’ needs first. Fast forward to the present, and employees today expect more from companies, willing to take home less, if it means better quality of life and access to core working benefits. In fact, a study found that 80% of employees shared this sentiment, and would give up a raise for better benefits. Naturally, this didn’t fall on deaf ears, and per the Future of Benefits report, around 98% of US HR leaders and C-suite level decision-makers agreed to invest in workplace perks.

So, what are the most-wanted perks in a modern workplace? More importantly, do companies stand to benefit from this shift? Read on to find out.

Most sought-after workplace perks and benefits in 2021

Childcare policies

With remote work gradually becoming the norm, the division of household labor also changed. Parents share duties more equitably today and the pandemic made it clear that childcare benefits were among the most crucial of all. In fact, 500 leaders surveyed by the Future of Benefits report also deemed child care among the most essential perks.

Working families faced quite the brunt during the tough months that confined families to their homes, and now employees are doing all they can to safeguard what truly matters. So much so, that family benefits company – Cleo, saw a 167% increase in memberships, with most seeking comprehensive benefits. Companies also bought in, and as per a Sage survey, around 27% of businesses adopted childcare-specific policies.

Going forward, companies looking to go down this path will have to accommodate revised needs. Apart from health, childcare financing, assistance finding daycare, after-school care, tutoring, and other remote solutions can be a step in the right direction.

Flexibility and remote work provisions

The pre-pandemic workplace and model is no longer practical. The enhanced flexibility offered by working from home or remotely is one that employees aren’t ready to part with, and likely never will be. A whopping majority of 96% of workers chose remote working, if not full-time, at least in some capacity, as per a FlexJobs survey. On the other hand, 65% of workers chose remote working as a full-time solution.

The corporate working model has been reimagined and the ‘where’ has relocated to wherever the employee feels most productive. Companies would do well to cater to this need, and many are already on board. The hybrid work model is here to stay. As per a Gartner study, around 80% of employers are prepared to institute policies that allow for the same.

Home office perk program

To keep up with the shifting landscape of the post-pandemic workplace, home-office perk programs, like those launched by Google, Indeed, Shopify, and many others, have proved their efficacy. Since the majority of the corporate workforce wants to ditch the 9-to-5, brick-and-mortar model, this is a solution that offers what employees really need – comfort on their terms. From ergonomic chairs to stipends for setting up a workspace at home, this program can be defined by each company to suit their employee needs.

Better Vacation or PTO policies

Much like the flexibility of remote working, employees today have been vocal about the desire to unplug on their terms. Unwinding is a basic need which benefits productivity and overall performance. However, existing models do leave room for improvement. Companies have adapted to new working models, but the concept of time off is still shackled by archaic chains. However, companies don’t really need to reinvent the wheel to hit the ground running.

Netflix, for instance, has an unlimited vacation policy and allows their employees to take as much time as needed to recharge. This is part of the PTO policy and has proven effective. Another notable mention is Media Temple, a company that strongly advocates for paid sabbaticals. After 3 years, employees here are encouraged to take an entire month and engage in activities that enrich them. Perks like these allow the modern employee to get as much value as possible from their current job, and also attract those who want to grow and enhance their skills.

Health coverage

A study found that employers who invested in wellness and comprehensive health initiatives achieved around 3-to-1 return in money saved. This isn’t surprising as unhealthy employees are more stressed, less productive, and have lower morale. Rising medical inflation combined with exorbitant healthcare costs is difficult to manage without a safety net, which is likely why company-provided coverage is now a demand.

Without proper care, people can’t work, and this doesn’t only apply to physical ailments. Mental health is just as important to the modern employee, with burnout at the top of the list. Employer-led solutions are the key in this case, and some companies have done well at addressing it. In fact, of the Best Workplaces in 2021, around 70% have a provision or policy that allows employees to access mental health care as needed.

Benefits to organizations

The success of many global companies can be credited to their benefits programs. For instance, Media Temple’s PTO policy is a driving factor for attracting top talent. Remote work has been reported to be an equally huge success. As per a Mercer report based on a survey of over 800 employers, productivity was found to stay the same, if not higher in some cases.

These are just a few of the upsides, here’s a larger list and companies stand to gain these other benefits too with better implementation.

Enhanced performance and productivity
Reduced absenteeism
Increased employee engagement
Stronger organizational culture
Access to a more diverse pool of talent
Enhanced loyalty and reduced turnover
Better employee health

While instituting and standardizing nice-to-have policies, benefits, and perk programs does have some bureaucratic involvement, truly progressive companies needn’t wait to pioneer change. The benefits of a happier, more motivated, and more cared for employee far outweighs the cost, and failing to deliver basically ensures turnover. The ball is now in your court, and it may be best if the ‘new normal’ your company defines is nothing like the old.

Combatting the Great Resignation: 3 ways to strengthen your ranks and retain employees

Posted on November 10, 2021 by naveen

Don an employer’s hat, and you’ll quickly realize that the Great Resignation or Big Quit of 2021 resembles a war-like situation. You have opposing camps scouting for seasoned and new talent, employees who will willingly “turn coat” for better prospects, and a rise in “adieus”, each of which leaves employers with fewer resources.

Resignations are on the rise — 4.3 million Americans called it quits in August 2021 according to the US Bureau of Labor Statistics (BLS). As per a September 2021 SHRM report, over 40% of the US workforce have new jobs on their radar. Further, research shows that employee turnover can result in overall costs to the tune of 90-200% of the employee’s salary.

From the employee’s point of view, the Great Resignation is truly “great”. The very fact that workers are ready to call it quits in the face of rising vacancies and on the back of pandemic-related pay cuts means the grass does seem greener on the other side. Yet it isn’t all downhill, experts suggest, and employers can make their companies resilient by identifying the root problems behind employee attrition.

Here are 3 factors fueling the post-Covid employee exodus, and countermeasures you can adopt to keep your talent happy and at home.

Tackle burnout with organizational changes

The year 2020 is considered as the most stressful year in history by many, but by the reports, 2021 could be worse. The Employee Well-Being Report by Glint notes a 9% surge in employee burnout between April and July 2021, a figure that’s 12% up from a year ago. Concurrently, happiness at work fell by ~3%. These are alarming figures, and McKinsey further points out that employee burnout is underreported, partly because burnt-out employees have already left the office.

a. Unplugging and recharging

While there isn’t the faintest doubt that the uncertainty and fear roused by the pandemic has contributed to alarming stress levels, experts suggest the burnout experience may have roots in organizational factors that were askew before 2020. Here are some:

Demanding workloads
Lack of time to complete tasks
Insufficient support from employers
Unclear career trajectory and stagnation

Reports have it that resignations are highest in the IT and healthcare sectors, and this ties in well with the idea that heavy workloads coupled with less time are fueling burnout. LinkedIn had its team of ~16,000 employees take a weeklong vacation, with paid leave, starting April 5, 2021, and efforts to reduce work-induced stress such as having no-meeting days are paying dividends.

b. Bolstering employee engagement

To ‘listen’ and to ‘engage’ are crucial steps to improving employee retention. In fact, even before Covid-19, surveys showed that up to 76% and 92% of employees would seek other jobs because they didn’t feel valued and because of a lack of empathy, respectively. As per Herzberg’s 2-factor theory, ‘recognition’ is a motivator that spurs employees to perform better. In the same vein, peer relationships and job satisfaction are hygiene factors that must be met if employees are to fulfil their psychological needs.

Employee engagement is essential to retention. Here are some quick ways to boost it:

Invite feedback
Communicate regularly
Increase face time
Recognize performers
Organize volunteer events

Make hybrid work a permanent feature

Most employees know hands-on the benefits and limitations of working from home: 10-second commutes versus decreased collaboration, flexible schedules versus the ability to keep work and personal life separate, and so on. What employees want today is the ability to choose.

Money matters in every job market; however, reports indicate that professionals are willing to forego monetary benefits to retain the option to work remotely. A study by GoodHire had 61% of respondents agree that they’d take a pay cut (some even up to 50%) to maintain their remote working status. About 70% would forfeit benefits like health insurance and retirement accounts to work remotely, and 85% would apply to companies that offer the option to work from home.

a. Adopting a hybrid work model

The middle ground, which employers must seek, is a hybrid work model. Offering flexibility in terms of work timings and location, the model has advantages too big to neglect:

Improves productivity
Increases job satisfaction
Maintains company culture
Enhances mental health
Provides options for collaboration
Safeguards relationships
Keeps employees safe during breakouts of the virus

Meet the soul-searching worker with clear answers

Most employees have spent months if not the entire year evaluating how they work, why they work, where they want to be in 10 years, what their life goals are, and more. Top board members have resigned, citing reasons such as changed life circumstances and perspectives post COVID. The result of all the introspection is a workforce that’s keen to invest in themselves.

a. Extending options for growth

HBR notes that mid-career employees, aged 30 to 45, are the ones driving the spate of resignations. As opposed to young professionals, these are employees who can leverage their experience to seek better career progression. How to invest in their personal development and have them remain in your organization instead? Here are some options:

Have cross-departmental training programs
Organize workshops on soft skills
Reward initiatives and not just results
Offer opportunities for networking
Assign a mentor or coach
Send employees on training programs
Invest in self-paced learning resources

Investing in employee wellbeing

Employees today are on the lookout for wholesome benefits instead of simple office perks. Free coffee and foosball tables won’t make the cut, but some that will include:

A shorter work week
Wellness packages
A sabbatical
Mentorship programs

Many employers wrongly assume that money is the main reason employees quit. The truth is many leave for a better job, and today, one that caters to the health and wellness of the workforce is sure to stand out.

Strengthening and consolidating your workforce is essential to a strong post-pandemic recovery. There may be some pent-up resignations that surface in the near future, but paying attention to burnout, flexible work, and career growth is sure to help you turn the tide on the turnover tsunami and transform a deluge into a drizzle.