Hiring 2.0: Why India Inc is prioritising skills over degrees

In today's job market, hiring trends are like the weather in April—unpredictable and ever-changing. Gone are the days when a solid resume and a decent suit could land you a job. Now, we need to adapt our strategies to attract the best talent. This isn't just about filling positions; it’s about creating a culture of learning and growth. Remember that time I tried to hire a marketing intern and got a tech whiz instead? Well, those days have forced employers to rethink their approach and realize that flexibility is key. Skill development platforms are becoming the new Swiss Army knife for companies, offering not just training but also a chance for employees to flourish. So, let's dig deeper into these hiring trends and the vital role of skill development today.

Key Takeaways

• Hiring trends are shifting towards flexibility and adaptability.
• Skill development platforms play a crucial role in employee growth.
• Hiring for potential can lead to unexpected and delightful surprises.
• Creating a learning culture boosts retention and engagement.
• Understanding the value of diverse skill sets can enhance any team.

Now, we are going to talk about how hiring practices are changing in modern businesses and what it means for job seekers and employers alike.

Adapting to New Hiring Trends

At Plum Benefits, a startup dishing out health insurance and employee benefits like candy on Halloween, the focus isn’t just on the degrees candidates rack up. Priya Sunil, the vice president of people success, shares a refreshing perspective: “Our founders didn’t come from the insurance scene, and believe it or not, some of our top sales stars hail from software and fintech.” This is a bit like choosing the best chef not by their culinary school background but by how well they can whip up a gourmet meal using whatever ingredients are on hand. To them, finding folks who can think on their feet and solve problems like a crossword aficionado is more crucial than traditional qualifications. So, what do they look for? Here’s the shortlist:

• Proactively identifying core issues
• Potential to take the reins in the future
• Ability to cope with uncertainty, like a cat on a wet floor

At Happiest Minds Technologies, the philosophy matches their optimistic name. They've been champions of skills-first hiring from day one, and recently, more candidates are flaunting certifications like trophies; and why not? Sachin Khurana, the chief people officer, believes these credentials indicate a commitment to lifelong learning. He candidly adds, “While we don’t ignore certifications, our main check is real skill. Show us what you can do!" Funny how life mirrors work—much like trying to assemble IKEA furniture without the instructions! M Lakshmanan, the HR maestro at L&T Technology Services (LTTS), has a slightly different take. Degrees aren’t tossed aside but are treated like the first slice of cake; foundational yet not the be-all-end-all. “Degrees give you the basics, but skills are the frosting that make it all delicious.” With complexities in engineering hitting a new high—think digital tech and AI mingling with good old engineering—having the right skills is essential. It's a bit like having a GPS when driving through a maze. Consumer goods giant Zydus Wellness is riding the wave of this shift too. CEO Tarun Arora puts it succinctly: “Degrees used to be decision-makers. Now, they're a mere piece of the puzzle.” This change isn’t about throwing degrees under the bus, but about ensuring they keep pace with change. With consumers flipping to online shopping at the speed of light, traditional qualifications don't necessarily prepare candidates for real-world challenges. In the hiring gym of today's business world, skills are the heavyweight champions. They shape candidates in ways degrees simply can’t. So, whether you’re swinging a diploma or just a strong set of skills, it’s all about adapting and thriving in this fast-paced situation. After all, in our quest to find the right fit for our teams, we just might stumble upon the next genius hiding behind a non-traditional resume.

Now, we are going to talk about platforms that help us gain new skills and stay afloat in the competitive job market. It’s kind of like learning to swim, but with a flotation device made of certifications!

Empowering Growth: Skill Development Platforms

Have you heard about upGrad? This platform has welcomed about 160,000 eager learners globally in just the past year. Surprisingly, India leads the pack, outpacing the good ol' US, Canada, and the UK. Talk about a surprise twist in the plot! They recently launched a shiny new certification course in partnership with Microsoft and the National Skill Development Corporation. Noticing a trend? Over 35,000 folks have already jumped on board for this U&AI course.

Anuj Vishwakarma, the chief operating officer, puts it beautifully, “Learners are after modular, impactful certifications that truly deliver.” Who doesn’t want a ticket to the real world, right? Contrary to the common belief that it’s mostly newbies signing up, these platforms are pretty popular among early and mid-career professionals too. People are keen on learning new tricks, swapping roles, or leading the charge in a digital-first workplace. It’s like everyone is trying to be a digital Swiss Army knife!

Now, here’s the kicker. Companies globally, especially in India, are eager to get in on this too. They’re partnering with upGrad for large-scale internal skilling. According to Vishwakarma, “AI isn't just the buzzword of the day; it’s a transformational partner. The skilling conversation has flipped from if they should upskill to how quickly and contextually they can upskill.”

And speaking of the early birds who hop on the upskill train, Arati Porwal from the CFA Institute mentioned that India is the top market for the Chartered Financial Analyst certificate worldwide. It seems everyone's after top-notch finance professionals and companies are bending over backward to help them earn those titles. Many organizations even offer extra time off for studying or cover course fees. "We’ve noticed several employers prefer qualifications like the CFA Charter for new graduates, often using these as filters in hiring,” Porwal shared. Talk about opening doors in the finance world!

• Growing demand for skill-specific certifications
• Companies supporting employee education
• A shift in hiring practices towards qualifications

In short, whether you’re just starting or wanting to reignite that old spark in your career, these platforms offer a treasure trove of possibilities. It's all about adapting and evolving—with a pinch of humor and a splash of determination!

Now we are going to talk about the ups and downs of hiring practices today, particularly focusing on skills over degrees. It’s a hot topic, much like arguing over the best pizza toppings at a party. And believe us, everyone has an opinion! Let's dig in.

Hiring Approaches Don't Come Easy

In a surprising twist, research shows that candidates with hands-on experience—think apprenticeships—tend to shine brighter than their degree-wielding counterparts. Sharma from TeamLease has a knack for spotting this trend. It's like discovering a diamond in the rough while working at a pawn shop; you just have to know what you're looking for. Companies, like Happiest Minds Technologies, have cottoned on to this. They’ve seen a surge in applicants flaunting industry-recognized certifications as if they were rare Pokémon cards. Khurana from Happiest Minds swears that hiring based on talent has led to innovative minds delivering stellar results in areas like UI/UX design. He jestingly says that some applicants even introduced themselves with their portfolios like they were showing off their pet goldfish—proudly and with a twinkle in their eye. What’s refreshing about this approach is it opens the doors to a broader talent pool; it’s like sharing a plate of momos with friends instead of hogging it all to oneself. However, it’s not all sunshine and rainbows. Companies face their fair share of hiccups while trying to adapt.

Here’s the crux of the matter — there’s a lot of complexity in India’s education system. Sharma points out a staggering fact: only 4% of workers have received formal vocational training. It’s a bit like trying to run a marathon without ever training; you might end up flat on your back, gasping for breath! Adding to the confusion is the challenge of validating skills. Degrees often come with that elusive stamp of approval—a shiny credential that says, “I promise I know what I’m doing!” But skills? They require deeper assessment, much to the chagrin of hiring managers. Sharma likens this to trying to measure the quality of a soufflé—it's beyond tricky! Cultural biases throw another wrench in this process. Degrees are still seen as gold standards, especially in traditional industries. As Lakshmanan from LTTS notes with a sigh, shifting this mindset demands more than just a nudge; it requires a full-blown cultural revolution! In fact, Sashi Kumar from Indeed mentions that many hiring managers still need convincing when it comes to assessing skills without that degree sticker. It's a comedic irony, really—a room full of people debating who qualifies as smart based on paper rather than what's in front of them. However, once everyone remembers that it’s not the packaging but the present that counts, things might improve, as Kumar points out. But for that to happen, we need robust frameworks in place.

Companies aiming for success must equip hiring managers with the right tools and clear criteria, similar to handing out compasses to lost sailors. As Sunil from Plum Benefits highlights, documenting the ideal candidate profile and the evaluation process can eliminate guesswork.

• Focus on skill assessment frameworks
• Train hiring teams diligently
• Communicate clearly about candidate expectations

Challenges	Possible Solutions
Lack of formal skill validation	Develop standardized assessments
Cultural biases against non-degree holders	Promote awareness and education
Need for hiring manager training	Implement structured training programs

As we move forward, hiring practices will likely undergo a seismic shift. Experts, including Sharma, predict that by 2027, hiring based on skills might just be par for the course. So, candidates today, whether seasoned pros or fresh graduates, better get ready to adapt and pick up micro-credentials. In the end, it’s all about being the Swiss Army knife in a toolbox—versatile and ready for anything that comes our way!

Conclusion

So there you have it! In a job market that's as fickle as a cat deciding whether to join you on the couch, adapting your hiring strategy is crucial. Investing in employee growth not only empowers your team but can also transform your business. Just as I learned that hiring an intern can be more about chemistry than credentials, let’s not forget that finding the right fit is essential. By embracing new hiring practices and prioritizing skills development, we cultivate a thriving workplace. Here’s to making hiring a little less scary and a lot more rewarding!

FAQ

• How are modern hiring practices changing in businesses today?
  Modern hiring practices are shifting focus from traditional qualifications like degrees to skills and hands-on experience. Companies are looking for problem-solving abilities and adaptability in candidates.
• What is the perspective of Priya Sunil from Plum Benefits on hiring?
  Priya Sunil emphasizes that finding candidates who can think on their feet and solve problems is more crucial than traditional qualifications. They prioritize skills that demonstrate adaptability and proactive issue identification.
• Why do companies like Happiest Minds Technologies favor skills-first hiring?
  Happiest Minds Technologies values real skills over certifications, believing that candidates should demonstrate their abilities rather than relying solely on credentials.
• What metaphor does M Lakshmanan use to describe the role of degrees in hiring?
  M Lakshmanan compares degrees to the first slice of cake—important for a foundation but not the whole story. Skills are viewed as the "frosting" that enhances the cake.
• How has the hiring philosophy changed regarding the importance of degrees?
  Degrees have become just one part of the hiring puzzle, as practical skills and hands-on experience are increasingly recognized as essential for real-world challenges.
• What trends are emerging with skill development platforms like upGrad?
  Platforms like upGrad are gaining popularity, especially in India, with a focus on modular, impactful certifications that cater to early and mid-career professionals seeking to upskill.
• Why do companies support employee education regarding certifications?
  Companies recognize the growing demand for skill-specific certifications and often provide resources such as extra study time or tuition assistance to help employees gain these qualifications.
• What challenges do companies face when focusing on skills over degrees?
  Companies struggle with validating skills and overcoming cultural biases that favor degrees, as well as addressing the need for better training for hiring managers.
• What solutions can be implemented to improve hiring practices?
  Solutions include developing standardized skill assessments, promoting awareness to reduce biases against non-degree holders, and implementing structured training programs for hiring teams.
• What is predicted for the future of hiring practices?
  Experts predict that by 2027, hiring based on skills, rather than just degrees, will become a standard practice across many industries.