In today’s dynamic business environment where technology is changing in the blink of an eye and customer expectations are sky-high, the availability of talent is the biggest challenge for the best of the organizations the world over. It is a global phenomenon where talent is scarce and the problem is amplified by incorrect talent evaluation at the time of sourcing. In India, despite the availability of a vast pool of potential candidates, it is ranked #4 globally grappling with the repercussions of erroneous hiring decisions. The consequences are not to be underestimated, with a staggering 30% of companies reporting the financial strain inflicted by even a single bad hire. Quantifying this impact further, the average cost of a wrong hire is a significant INR 20 lakhs ($24k). These stark realities underscore the critical importance of effective talent acquisition strategies, particularly in the context of interviewing as a methodology to source talent.
