The concept of startups is not new in India. With a recent hike in the number of investments made by global corporate giants in the Indian startups, things are expected to reach a new pinnacle in the coming years. In spite of great outputs, the startup ecosystem has its own set of challenges, and the biggest of them is Hiring.
At a set-up, which is actually a make-shift kind of place and requires expert organizational skills, countless hours are devoted by the Human Resource department simply shortlisting resumes and then interviewing the candidates. As per a survey, one of the major challenges faced by 44.4% of the Indian startups is finding the skilled manpower. So, in this post, we are going to highlight some of the current hiring challenges faced by startups in India.
There are many job applicants who are willing to join a startup, but the biggest problem is, they are not experienced enough to survive in such a multi-tasking and fast-paced environment. In the Indian education system, there is a huge gap between things taught in the university and the knowledge desired for a job. As such applicants are not much aware of the industry requirements; most college freshers are not readily employable for the startups. As a result, startups are forced to invest a good amount of time and money on training.
Another current hiring challenges faced by startups in India is lack of job security. For a job seeker, joining a startup is not a safe career option; thanks to the inherent risk! Instead, most of the millennials like to work for reputed corporations, who promise better growth and job stability. So, a startup can hardly compete with a brand well-formulated growth structure and stability benefits.
According to a blog by inc.com, 75% of the global workforce will be of millennials by 2025. And why not, they have much more hands-on experience of the latest technologies and they work with a different passion and energy than their predecessors.
At the same time, like any other human being, they also look for a promising career, job security and love doing things that take them out of their comfort zone. In the Indian startup ecosystem, they may encounter challenges every other day but they may not get the compensation required for a decent living. Hence, things take an ugly turn when it comes to attracting and retaining millennials in an Indian startup.
Hiring a perfect pool of talent for a startup is not less than climbing Mount Everest for HR professionals. It is one of those topics which need serious brainstorming before it begins impacting the startup ecosystem of the country.