85 percent of millennial candidates said the job role was more important than the salary while 50 percent said that the company brand was more important

Modern candidates do value a competitive salary, but there are several other factors that are equally or more important, according to a survey by HR tech platform CutShort.  85 percent of millennial candidates said the job role was more important than the salary while 50 percent said that the company brand was more important. So, while salary is considered a factor, it is no longer enough to ensure that companies will be able to hire and retain talent just because of CTC package. 

The survey cut across more than 1000 candidates, with 60 percent in tech roles and the remaining 40 percent in non-tech roles. The report also has in-depth recommendations for companies to introspect into their hiring process and make improvements to lock in the right talent.

In the past few years, hiring and retaining talent has become extremely tricky, particularly for new-age job roles. Companies often complain about poor acceptance rates (only 1 out of 5 job offers get accepted on average), low skill levels among candidates, and unprofessionalism during the hiring process including many candidates don’t want to take tests or disappear in the middle of the process. 

The report also revealed some unexpected insights into the candidates’ perspective on the hiring process. For instance, 70 percent of respondents said that they dropped out of an interview process because they were asked to put in an unreasonable effort. Many companies still have the “employer first” mentality that worked 20-30 years ago when opportunities were scarce. In today’s high-skill, post-globalization era, candidates with the right experience and skills have no dearth of opportunities. 

It’s become very important to be mindful of the candidate’s time and effort during the interview process. More than 50 percent of candidates said they really value professionalism in an interview process. This includes things like transparency, timely communication, and respectful conduct.

Companies need to put more effort into things like outlining a clear job role and career path. Brand building from an employee perspective, especially in terms of the online reputation, is something that companies can no longer afford to ignore. According to the survey, 65 percent of candidates said they read Glassdoor reviews when interviewing with a company.

Nikunj Verma, CEO of CutShort says, to hire in the modern context, companies need not only new technology but also access to relevant data and modern mindset. Our platform provides companies with deep tech capabilities and this report aims to equip them with relevant data to update their hiring processes. We hope HR teams across the spectrum use these insights into improving their hiring process and retaining talent for long.