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Startups in India are facing an employment bust

Entrepreneurs have done well to establish a remarkable startup culture, but startups in India are only adding to its unemployment problem. -MeraJob.in

The failure rate of startups across the world is over a whopping seventy percent, and that’s not news for anyone. Despite the many risks that come with working for a startup, more and more millennials are choosing to start their careers with new-age companies rather than with established organisations. Of course, there are number of factors, such as a liberal work environment and significant creative freedom, the draw employees towards startups. But as increasing numbers of graduates choose to affiliate themselves with startups (and also aspire to establish their own startups), the unemployment problem in India continues to grow.

Overambitious hiring by startups in India such as Flipkart, Snapdeal, Foodpanda, Ola Cabs and Zomato has not only resulted in thousands of employees receiving their pink slips but in job offers being withdrawn in an undue manner. To curtail the unemployment problem, especially in the mass-hiring segment, is the need of the hour. Apart from labour reforms that will protect the rights of employees, policymakers and employers also need to look into what is going wrong at the time of making an offer or recruiting candidates and how that can be prevented.

 

Related: Hiring lessons from the who’s who of business

 

Some questions that recruiters can ask at the time of hiring:

 

-Are you making a reasonable offer?

Employees don’t necessarily seek a higher pay when deciding between two job offers. They’re more likely to focus on the scope for career growth and other such incentives. So, when deciding upon the compensation to be offered, make sure that you don’t necessarily exceed your budget but look to offer good employees other kinds of benefits.

 

-Are you pre-screening your candidates?

Employers lose out on significant amounts of time and money when their hiring strategy is not an effective one. A pre-screening solution that identifies the best candidate for the job can help you hire in ½ the time and at ½ the cost.

 

-Are these employees the ones that you can retain?

Retaining talent is one of the best business strategies there is. So, while you’re devising ways to attract the top talent out there, you must also make sure that you’re doing everything to retain these employees.

 

 

Startups are undergoing a tumultuous phase, and as long as they continue to be “starting up”, there is little hope to find employment stability in the sector. However, employers must look to address the unemployment problem in the country and still be able to fill vacancies with suitable candidates.

 

As an endeavour to address the ever-increasing employment gap in India, MeraJob has partnered with NSDC (National Skill Development Corporation), Ministry of Skill Development, Government of India and NCS (National Career Service, which already has a registered user base of 36 million jobseekers) to tap into the resource of millions of registered jobseekers that otherwise remain inaccessible to employers. While there may be sufficient employment opportunities for jobseekers across the country, the channels available for them to reach out to prospective employers have thus far been severely limited.

 

Related: How to choose the best job portal for hiring

 

The need for a job portal 2.0, a job-matching portal, has arisen. It is important not only to identify the right person for the job in as little time and by incurring as little cost as possible, but it is also important to reach out to the high volumes of candidates across the countries who have both the skills and the aspirations and yet are not being able to signal their presence to employers.

 

To hire at ½ the cost and in ½ the time, register with MeraJob.in.

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