‘Companies To Develop Corporate Alumni Networks And Rehire Ex-Employees’

Rajesh Jain, head – corporate HR, Srei Infrastructure Finance Ltd.

Jain feels in 2014 businesses have to start hiring from within. This will involve taking stock of the company’s current skill inventory and redeploying to fill mid-level positions so that the new hiring can be done at the entry level

What will be the top recruitment trends in 2014 in your industry? What will be the game changers in recruiting?

• Non-banking financial companies (NBFCs) see the announcement of banking licenses as the next game changer when it comes to attrition and hiring scenarios. Irrespective of the number of licenses given out or the players, the effect and impact of this landmark decision may be felt across the industry especially in few areas/roles where talent demand may disproportionately increase.
• Recruitment in our industry would undoubtedly increase to catch up with the growth aspirations. Most of the hiring will be at the mid-level. However, industry will also hire at entry-level to build bench strength.
• One key game changer in 2014 will be to have the businesses to start hiring from within. This will involve taking stock of the company’s current skill inventory and redeploying to fill most mid-level positions so that the new hiring can be done at the entry-level. Hiring at entry-level is simpler and we can pick good people from a vast pool. Lateral hiring is difficult and the fishing area is very small and shared by many prospective employers.
• Another key game changer would be to have the businesses to develop corporate alumni networks and try to rehire their ex-employees.
• While traditional recruitment methods such as hiring through consultants would further get reinforced, the search at the backend will get heavily dependent upon networks such as LinkedIn, Facebook, etc.
• Companies have now evolved from a model of ‘candidate relationship management’ to a model of building a ‘talent network’ from which to recruit.

What kind of compensation can candidates look out for in your industry?

Continuing on the mantra of ‘Pay for Performance’, most NBFCs doled out handsome increases to their key talent with fixed pay increases going as high as 25-35 per cent for top talent in key functions.

Going forward, we may see an increase in innovative incentive schemes, long-term benefits with organisations linking company performance with equity, corporate tie-ups or customised solutions with respect to employee benefit schemes, rewards and wellness.

What will be this industry’s top/highest paid jobs?

Top talent with specialised knowledge and skills in the areas of enterprise risk management, legal, corporate governance & compliance, corporate finance, and investment banking would command higher compensation. Seasoned management professionals and specialists in their niche area with a broad based experience across various areas of Banking and Financial Services will remain the highest paid in the sector.

What are the key challenges that every HR/Business Head in your industry should have on top of their workforce agenda in 2014?

Engage, retain and develop your workforce, effective and increased use of technology in your processes and systems should be the top most agenda in 2014. This year, we find the issues of branding, retention, development, and process automation to be top on our priority list.

Organisations will shift their focus from cost reduction to retention and development. Technology will continue to make the world a smaller place, forcing companies to improve their employment brand in every possible way. Leadership will continue to be in short supply. And HR will have to innovate to stay ahead.

Thus, 2014 looks an exciting and critically important year for HR. The economy will grow, employees will be in charge, and HR’s role in business success will be more important than ever.

Any emerging skill sets (owing to new technology/market forces) that you would like entrants to be trained/ready for?

With increasing regulatory focus of the central bank on NBFCs and the impending banking licenses, control functions such as business process automation, risk assessment and high degree of problem solving ability, strong networking capability, interpersonal skill and fraud control have become talent areas witnessing hectic activity.

What is the biggest USP of your industry (work hours, work-life balance, salary) that you would like candidates to know about?

The biggest USP of the NBFC industry is flexibility and independence in doing your work. Employees themselves earn such flexibility for themselves when they show end-to-end ownership.

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