Detail Insights

As more and more organizations are discovering, adopting a skills-based approach to recruitment can have a dramatic impact on talent management and overall performance. Finding and attracting the right individuals can be an ongoing challenge for many organizations. 

Skills-based hiring is one recruiting strategy that employers are using more and more often to fill open vacancies. 

According to the Harvard Business Review, a review of millions of positions advertised between 2017 and 2020 reveals that employers are not as concerned with degree requirements as they were in the early 2000s. and To a recent study, an increasing trend suggests shifting away from traditional resumes and toward an emphasis on skills-based hiring. Over 70% of survey respondents stated that skills-based hiring is more effective than relying on résumés, according to a report published by Test Gorilla - representing a more effective, efficient, and cost-effective way to hire candidates. 

What is Skills-Based Hiring?

Traditional role-based recruitment procedures evaluate qualifications, experience, and education. A hiring approach referred to as "skills-based hiring" looks at specific competencies. Skills-based hiring looks beyond majors and focuses on candidates' skills that are relevant to the role (for example, the candidate may not have a computer science degree but has Python expertise).

According to Handshake survey data, skills-based hiring is an effective strategy for attracting Gen Z talent. 

Why? A new generation of upstarts with a drive, purpose, and ability to guide companies through digital transformation is known as early talent. They are looking for paths to employment, chances for advancement, and professional growth. 

Advantages of Skills-Based Hiring Include

Retention: 

A significant business advantage of skills-based hiring, according to more than half (56%) of people leaders, is the ability to retain talent. Schnauffer says, "We know that a skills-based culture is something that helps keep employees in businesses for longer. A skills-based approach to hiring helps to create that."

"A skills-first approach is key to strong talent retention," according to LinkedIn statistics," which shows companies whose employees learn skills on the job have a nearly 7% higher retention rate at the 3-year mark." 

Job Performance:

According to McKinsey research, hiring based on skills is more than twice as predictive of job performance as hiring based on work experience and five times more predictive than hiring based on education.

Diversity: 

Skill-based hiring promotes equity and diversity in the workplace. According to a Deloitte survey, 75% of CEOs believe that making hiring, promotion, and deployment decisions based on a person's talents can help democratize and enhance access to opportunities. According to Perry Timms, tests including job descriptions have shown that particular demographics—such as age, gender, ethnicity, educational level, social standing, and disability—are discouraged from applying. We thereby eliminate the greatest prospects, something we could never be aware of or monitor. People are far more inclined to apply under the framework of skills-based employment without being discouraged by subtle biases in job specifications.

A Revolution in Skills:

Considering these massive advantages, it should come as naturally that an increasing number of organizations are implementing a skills-based strategy. And it's expected that the figure will keep rising. 

Ian Monk states, "Deloitte reports that 85% of HR executives want to become more skills-focused." Additionally, 79% of employees state that they would rather work for an organization that is skills-based. 

If you are looking for a skills-focused hiring strategy, look no further! At Silver People, we prioritize competency-based employment. connect with us at enquiry@silverpeople.in and unlock a world of opportunities where your abilities play a key role. Grow your business with a team that values ??what you bring to the table. 

SilverPeople, a venture by Uberlife Consulting Pvt. Ltd., offers complete recruitment solutions for all hiring/headhunting requirements in a Focused, Accurate, and Time-bound manner (Proprietary FAT* Methodology). 

SilverPeople specializes and is placed strongly in 7 Industry verticals: Retail, E-Commerce, Education, Real estate, Fintech, Digital Transformation and Sustainability. SilverPeople has a deep understanding & strong capability to solve Digital Transformation Hiring challenges and is the go-to place for ‘Go Digital’ recruitment consulting!

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Website: www.silverpeople.in

Email id: enquiry@silverpeople.in

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