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Why branding matters in HR

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Hubilo CEO and Founder Vaibhav Jain discusses the importance of employer branding, attracting stellar talent, and capitalizing on increasingly popular virtual career events.

With labour shortages being widely reported in the media, being a trusted employer brand has never been more important. Recruitment is back on the rise since the pandemic began, generating a highly competitive landscape for those hiring. As many leading publications have revealed that job vacancies exceed pre-pandemic levels, the struggle for qualified employees has become even more cutthroat.

In a sea of virtual meetings that look very much alike, a HR Manager must differentiate themselves from the onset. Assuming that aggressive compensation is table stakes in today’s hiring conditions, HR managers must also leave a positive impression on a set of intangibles that matter to candidates like corporate culture, values, and growth potential. Rather than just scheduling yet another virtual meeting, many HR Managers have turned to virtual career fairs to captivate and engage new talent and ensure a strong talent pipeline. 

What can HR managers do to maximise the power of this new tactic in their talent acquisition strategy? 

Reducing turnover and cost by hire

Studies have shown that a strong branding strategy can reduce a company’s turnover by as much as 28% and slash the cost per hire by half. Virtual career events present the perfect opportunity for businesses to showcase their brand and position themselves as the employer of choice for a diverse pool of candidates. Not only does a virtual job fair increase the size of your talent pool because there are no costs associated with travel, renting physical space, or printing physical collaterals, companies can spend more time creatively connecting with candidates and differentiating their employee experience from their competition.

Skilled employees can afford to be choosy when so many people want to hire them. When an employment brand shows that they care about their employees’ wellbeing and development through their brand story, skilled candidates may consider this as a differentiating factor to consider a smaller company, rather than a well-known brand. As these candidates become employees, they will reinforce the culture you want to create and attract additional employees with the same values and vision.

Creating authentic connections for the future

In the increasingly normalised remote workplace of the future, face-to-face meetings are always appreciated but not always a possibility. What differentiates a successful remote workplace from others is engagement. When people can see how they can participate in two-way communication and interactions from the onset, rather than passively listening to virtual presentations, candidates begin to see how they can grow and make an impact on an organisation, even remotely.

At Hubilo, we create intimate virtual rooms and lounges for candidates to have a 1-1 chat with a hiring manager, a CEO, or an executive. Not only do the candidates get the ability to ask leadership direct questions, but HR can analyse the interactions to better hone their messages for prospective candidates. In addition, having a breakout or lounge room will allow potential employees to see how other people within the business interact with one another and if they would be a good cultural fit. Many platforms also offer polls and Q&As to boost the interaction between the candidates. Fostering engagement and communication throughout the virtual event is crucial to identifying the candidates displaying the most enthusiasm towards the business and converting them to employees.

Demonstrating ESG

ESG (Environmental, Social, and Governance) programs and metrics help people to understand the sustainable and ethical impact of a brand, and today’s leading companies are demonstrating these metrics at every opportunity. More than just a nice to have, many companies like Amazon consider ESG as a strategic board concern. ESG is a growing area of focus for HR managers because strong ESG programs attract skilled candidates who want to invest their time in a diverse company with a sustainable business model. ESG credentials are also becoming increasingly important to investors who realise that business performance is directly tied to ESG. Companies on the S&P 500 ESG Index outperformed, suffered fewer losses, and recovered faster than the S&P 500 during the pandemic.

Virtual job fairs and recruitment rallies present great opportunities to share these ESG metrics and credentials with candidates and even investors who are concerned about recruiting the best talent for the company.

The power of a brand

Every interaction between the employer and the candidate will help shape a candidate’s perception of a brand; therefore, businesses who proactively engage a candidate through a rich, dynamic virtual experience will be far more successful in building a strong talent pipeline than one who simply schedules a string of interviews. Your brand story isn’t just what you want people to believe but who you are. When done effectively, the people you attract not only become your employees but will write your story long after.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: http://hrnews.co.uk/why-branding-matters-in-hr/

HRTech

South Korea offering Rs 1 lakh a month to farm hands

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When the Overseas Development and Employment Promotion Council (ODEPC) organised a seminar for overseas job recruitment, it did not expect such an overwhelming response to farm job offers in South Korea.

With many Keralites having lost lucrative jobs in the Middle East due to the pandemic-induced slump, this offer of farm jobs on government-owned agricultural lands, appears to be too good to resist, even if it is on contract for a year.

There are only about 100 vacancies available right now, but a thousand more will be recruited in a second round later. There appears to be more demand for women.

The requirement for farm hands in various islands in South Korea’s Sinan and Muan counties has attracted about 500 applicants. Most are clearly attracted by the pay, since the work will be hard considering they will have to work on cabbage and onion fields, and that too in very cold temperatures for about five months in a year.

The employers are not looking for highly educated candidates, even though many who turned up to register were postgraduates, which shows how desperate people are for jobs! Those who have passed high school, have basic knowledge of English and are between 25 and 40 years of age, may apply. Accommodation will have to be arranged by the candidates themselves. Preference will be given to those who have some knowledge and experience of farming and agriculture.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://www.hrkatha.com/news/global-hr-news/south-korea-offering-rs-1-lakh-a-month-to-farm-hands/

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HRTech

Spice Money strengthens its senior leadership team amid high business growth

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Spice Money, India’s leading rural fintech, today announced the appointment of four senior leaders – Vivek Venkatesan as Chief Financial Officer for Spice Money, Sameer Nagpal as Chief Business Officer for Spice Money, Vishal Jain as Chief Business Officer for the new Lendtech Business Entity (JV between Spice Money & Israel based Tarya Fintech), and Bishnu Prasad Mohanty as Chief Operating Officer for Travel Union. The new appointments are aligned with the company’s vision of becoming the most admired rural fintech brand in India. Spice Money has witnessed stellar growth in FY21 on the back of its 7 lakh+ Adhikari network and different product offerings, making rural India financially independent. Going forward, the company will continue to grow rapidly while introducing new lines of business and product offerings which will be helmed by the senior leadership of the company.

Vivek Venkatesan, a Chartered Accountant with 20 years of experience across the banking and fintech industries will drive the financial strategy at Spice Money to achieve the company’s goals of business expansion and profitable growth. Prior to joining Spice Money, Vivek has worked as the CFO at Jio Financial Services. Previously, he has also worked with Jana Small Finance Bank, Standard Chartered Bank and Mashreq Bank. On joining Spice Money, Vivek Venkatesan, Chief Financial Officer said, “I am glad to join Spice Money, as its vision aligns with my passion for financial inclusion. Spice Money has a strong business model and I look forward to working with the leadership to accelerate growth and deliver value to the stakeholders. We are extremely bullish on growing aggressively and will look forward to raising capital to fuel our growth plans.”

Sameer Nagpal, a highly experienced business leader with over two decades of experience in business & sales strategy, growth management and business operations will work towards scaling up the business and services offered by Spice Money. An INSEAD Alum and MBA in Marketing, Sameer has previously worked with Airtel Payments Bank as Chief Sales Officer and with Lendingkart as Chief of Revenue Operations and Disbursements. His earlier stints include working with Bharti Airtel, Idea Cellular Ltd. and Hindustan Coca-Cola. On joining Spice Money, Sameer Nagpal, Chief Business Officer commented, “Given my close affinity with rural markets, I am excited to be joining Spice Money and look forward to leveraging my experience to help the company reach new heights, while ensuring a great experience for its core customers and stakeholders. Spice Money has been making strides in rural India and there is considerable growth potential to be explored by creating a holistic banking and payment ecosystem for the underserved rural citizens. I am looking forward to driving strategic initiatives that bring Spice Money closer to realising the full potential of its financial inclusion mission.”

Vishal Jain, with over 16 years of experience across Banking, Consumer Tech and Financial Services industry will lead Spice Money’s new joint venture entity with Tarya with a focus on establishing a Lendtech business that caters to the specific needs of Bharat and fills the credit gap for MSMEs. In his last assignment, Vishal was the Vice President for Lending Business at Paytm. Earlier, he has been associated with Indifi, Barclays Bank and Standard Chartered Bank. He has also founded two private limited companies, called Pramati Healthcare and Nineyards. Vishal Jain, Chief Business Officer, Lendtech Business (JV entity), said, “I firmly believe, rural India presents a tremendous opportunity for the country’s growth and also value creation. I look forward to contributing to this exciting journey through the Spice Money-Tarya JV. Spice money’s deep understanding of the rural landscape coupled with Tarya’s digital lending capabilities provides a strong foundation for success. We aim to enrich lives in the most credit underserved segments in India through innovative and comprehensive credit products.”

With the launch of Travel Union, India’s first rural B2B travel tech platform, Bishnu Prasad Mohanty has been elevated as the Chief Operating Officer for Travel Union. Bishnu will spearhead the business operations and overall strategy for Travel Union. Previously, he was Head of Travel and New Verticals and Spice Money. Bishnu has more than 20 years of experience spanning across travel domains with companies like Kuoni Group and VFS Global as a Strategic Business Leader, managing alliances, contracting, and compliances globally. Addressing the new role, Bishnu Prasad Mohanty, Chief Operating Officer, Travel Union said, “Over the last one year, Spice Money has emerged as a leading fintech for industry-first innovations. With the launch of Travel Union, we aim to further our efforts of creating innovative tech lead solutions catering to travel needs of Bharat consumers. I am excited to drive growth for Travel Union, as we continue to offer customised and industry first travel solutions and offerings to the underserved rural community.”

Sanjeev Kumar, CEO, Spice Money, said, “The new senior leadership appointments are a testimony of our mission of digitally and financially empowering rural India. With the vast experience and expertise of the new leadership team, Spice Money will be able to create a holistic ecosystem of superior technology, new products and robust distribution system thereby furthering the company’s presence and growth across rural India. This will also enable us to expand our scope of services to address more of rural India’s needs, such as the demand for credit and rural-focused travel services, and continue the journey of creating self-reliant rural entrepreneurs that serve their communities with essential digital and financial services.”

These leadership appointments are strategically aligned with Spice Money’s aim to strengthen human capital within the company and having people with the right skills as well as experiences, thereby driving the next level of growth for the company.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://www.hrkatha.com/industry-news/spice-money-strengthens-its-senior-leadership-team-amid-high-business-growth/

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Forex

Cromwell FX Market View Dollar drifted as Fed taper all but confirmed

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The US dollar drifted lower throughout the week continuing its negative correlation with risk assets. Optimism in risk assets meant the USD lost ground against commodity pairs such as NZD and AUD. Fed Chairman Powell spoke and he confirmed that the taper is coming with a base case start of November. We still see a firmer dollar market in place despite these headwinds given the anticipated growth and yield advantages.

Despite a general risk on move and oil prices continuing to climb, CAD lost ground during the week suggesting a degree of caution and some mild profit-taking setting in on the CAD ahead of next weeks BoC policy decision.

The week ahead sees top tier economic event risk from ECB, BoC and BoJ rate decisions. Markets will be watching  how the central banks are viewing current inflationary trends. Friday sees Core PCE data from the US which is the Feds choice gauge of inflation.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://www.blockleaders.io/cromwell-fx-market-view-dollar-drifted-as-fed-taper-all-but-confirmed/

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HRTech

Digital HR publication helping you to transform HR | HRZone

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Can you spare 5 minutes?

As a valued member of our audience, we need your help. Take our short survey and share with us your biggest HR challenges, priorities and aspirations in the current climate. Your feedback will help tailor what the HRZone community reads and receives from us in the future. 

For every completed response, we’re donating £1 to the UN Refugee Afghanistan Appeal.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: http://www.hrzone.com/

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