Companies need freshers for several reasons. Freshers are capable of learning and applying new skills. Freshers are willing to listen to constructive criticism and learn from it. In addition, they are more likely to increase productivity and profitability. Their familiarity with the latest technology makes them easier to train. They are also willing to learn new things quickly and efficiently. This helps a company increase its overall efficiency and profitability. But despite these benefits, one of the most significant reasons for hiring freshers is the high attrition rate of existing employees.
Job market for freshers
A recent report published by Career Outlook reports reveals a significant spike in the interest of employers to hire freshers. In the January to June period of 2022, employers plan to hire 47% of fresherslive. The top sector for hiring freshers is Information and Technology (IT). Hospitality and travel are also experiencing a 30% spike in hiring sentiment. The IT sector accounts for 31% of entry-level jobs. This indicates that IT and BPOs have a positive outlook for freshers.
The job market for freshers is expected to be tougher than in previous years. As fewer jobs are available and competition for jobs is increasing, some new graduates may find it difficult to secure a job. Also, higher unemployment typically means softer wage growth. The COVID-19 crisis will have a similar impact. Freshers may find it necessary to boost their skills and qualifications. Here are some steps they can take to prepare themselves for the job market.
Skills required for freshers
There are several skills required when working for companies. It helps if you are bilingual so you can communicate with a wider customer base and differentiate yourself from the crowd. Some of the most common languages used in companies are French, Arabic, German, and Spanish. However, depending on the industry that you are applying to, other languages are also essential. To gain more exposure in any industry, you may also be required to have a second language.
Adaptability is a vital skill for any career. As a fresher, it’s crucial that you’re able to change and adapt to changing circumstances in timesweb. New initiatives and company priorities will undoubtedly disrupt the way you do things, so it’s important to be flexible. Here are some tips for improving your adaptability. They include: (i) Develop a positive attitude toward learning and adaptation
Benefits of hiring freshers
One of the benefits of hiring freshers is the lack of biases and expectations. As a result, freshers are eager to learn. This makes them great employees who can quickly adapt to the company culture. Freshers also tend to learn new skills easily. The benefits of hiring freshers are many. Here are a few. Read on to learn more. Here are three advantages of hiring freshers:
Freshers are more flexible: They don’t have any preconceived notions and are more adaptable to new cultures. Freshers are also better at coping with disruptive change. Furthermore, they are more innovative and creative. They bring with them ground-connect and an incredibly fresh perspective in toonily. Freshers are less likely to be victims of employee manipulation. Freshers are less likely to have inflated egos and assert made-up rights.
Attrition rates of existing employees
Attrition rates indicate the rate at which existing employees leave the company. A high attrition rate indicates that employees are leaving the company frequently, whereas a low attrition rate means that existing employees are staying longer. This issue has caused major Indian IT firms to try to reduce their attrition rates by hiring more freshers and retaining existing employees. Read on to learn why freshers are essential for the IT industry.
According to the McKinsey and Company study, by 2030, there will be an estimated 100 million workers leaving the IT industry. In the US, France, Germany, Spain, India, and the UK, these figures are higher than that of the tech sector overall. The emergence of new technologies has accelerated the attrition rate. The study found that the attrition rate of existing employees is the highest among people with zero to five years’ experience in hiperdex. And while attrition rates have increased in the past few years, compensation for the freshers has remained stagnant.
Preference for hiring through referrals
One of the most significant benefits of hiring freshers through referrals is the reduced risk of losing their current job if they don’t meet the quality standards. Moreover, referred candidates are more likely to stay longer than non-referred candidates. In fact, a recent study shows that referred employees stayed at work for an average of 22 months, compared to only six months for non-referred employees. The success of an employee referral program can be directly correlated with the quality of hire.
Companies should track the number of candidates they get through referrals and how often they refer. The process may vary for different companies, with smaller companies relying solely on referrals while larger companies tend to have a standard form. Employers should know their specific requirements and make clear how they prefer referrals before they start the process. If referrals come in a high volume, however, the employer will need to clarify its requirements and their motivations.