6 benefits of competition based talent hiring for companies

Competition-based early talent hiring is a recruitment strategy that involves assessing candidates' skills and competencies through competitions or challenges. Going forward skills & competencies are going to prime considerations in hiring. Hiring based on education, credentials and experience limit the access to wider talent pool and also limits the access to opportunities for talent. There are multiple benefits of using competitions as a strategy to build a strong talent pipeline and hire.
1.    Access to wider talent pool: Competition-based early talent hiring allows companies to identify and attract top talent. Candidates who participate in competitions are often highly motivated and driven, making them ideal candidates for early career development opportunities.
2.    Objective evaluation: Competitions allow companies to evaluate candidates based on their skills and competencies rather than their qualifications or experience. This provides a more objective evaluation of candidates and helps to identify candidates who may have been overlooked through traditional hiring methods.
3.    Improved employer brand: Competition-based early talent hiring can help to enhance a company's employer brand. By showcasing their commitment to early career development and providing opportunities for candidates to showcase their skills, companies can create a positive reputation as an employer of choice. Both companies and the talent get more time to interact & understand each other. 
4.    Receive innovative ideas/solutions: Companies receive innovative ideas/solutions to the problems that are put up in business competition.
5.    Faster recruitment process: Competition-based early talent hiring can help to streamline the recruitment process. Companies can evaluate multiple candidates at once and make faster hiring decisions based on objective evaluations of their skills and abilities.
6.    Engaged candidates: Competitions can be a fun and engaging way for candidates to showcase their skills and abilities. Candidates who participate in competitions are often more engaged and enthusiastic about the company, which can lead to higher job satisfaction and lower attrition rates.

We at Sociocharge have helped companies not only receive innovative ideas/solutions to the business problems but also helped build a strong talent pipeline.