It is the age of technology and with Artificial Intelligence, technical automation as well as BOTS is transforming the nature of work and culture at the workplace.
Recruitment Trends Pre-Covid 19
If experts and survey reports by top recruitment and corporate platforms like LinkedIn are to be believed, the following trends have been observed over the years (as per the India Recruiting Trends for 2015), the 4th Annual Report.
- Top corporates were under pressure to find the best talent at lower costs while they compete with big brands and promising start-ups.
- Social media and digital marketing platforms were driving major recruitment initiatives and have become the new normal.
- The recruiting volumes and budget increase is in tandem which indicates the overall positive sentiment in the organisations on recruiting.
- There is an increase in social recruiting for quality people or hires and the recruiters’ use of social professional networks as a source of quality hires closes the gap with internet job boards and employee referrals.
- Employer brands get socially engaged and the professional networks are the top most channel to spread the employer brand story.
Recruitment Trends Post-Covid 19
Moving beyond the paper resumes and telephonic interviews, the recruitment industry is constantly upgrading and geared up to face the post pandemic market segmentation and trends.
- Candidate Relationship Management (CRM)
A structured approach which is focused towards developing healthy relationships with the past, present and potential employees, this method uses data analysis regarding the candidate’s history with the firm to improve business relationships, customer retention to drive sales.
- Internal Pool Preference
Companies are now focusing on creating or maintaining their internal talent pool, and a scarcity of qualified personnel in the labour market has led the companies to look for potential talent within their workplaces.
- Soft Skills
There is an increased lookout for all-rounder talents who can work across sundry domains, be solution-oriented as well as action-oriented, be tech conversant, invite cooperation when needed and also understand importance of human relationships.
- Employer Branding
Five key values mirror a powerful employer brand where candidates would like to work:
- Compensation
- Career Trajectory
- Benefits
- Work Environment
- Culture
- Metrics Based Hiring
Tangible facts and statistics to guide their hiring decisions will become the norm for companies. Data based hiring reduces cost, improve hiring standards, etc.
- Social Media Hiring
The trend of social media is likely to gain momentum as almost 84% of businesses are hiring social media today.
- Use of Artificial Intelligence in Hiring
The Artificial Intelligence technology is helpful in streamlining or automating certain parts of the hiring process, which are repetitive in nature, and are high-volume tasks.
Current Challenges in the Recruitment Domain Which Should Be Avoided
Post the COVID-19 pandemic, the global economy has received the biggest setback and several businesses and industry functions have been massively impacted, including Talent Acquisition or Recruitment. The following challenges are glaring in the face of the new economy:
Top Three Industries Facing Challenge
Top three industries which are facing the biggest challenge in terms of hiring are the hospitality, tourism and travel as well as transportation industries.
Mass Layoffs
There are mass layoffs as companies are running short of business, finance and resources. With the global pandemic at hand, there are many companies, especially in the small and medium sized companies which have no choice but to let go employees without disrupting their businesses.
New Joinee Onboarding Challenge
Onboarding of new joinees is another domain where companies are struggling and the people are the ones stuck between layoffs and new jobs.
Jobseeker Deluge
The jobseeker is in a deluge. According to a survey by the recruitment firm Manpower Group, there are many companies which are considering job cuts over the next three months. This will potentially mean increased number of applications per job advert. Recruiters are facing various challenges sorting the varying applications.
Online Work Patterns
Since people prefer to work online, it is becoming difficult to organise physical meetings or interviews as travelling is now being avoided. Being remote is the key to facilitate obstacle free work.
Importance of Workplace Values
People are now preferring to work in companies or cultures which give importance to fair dealings, healthy relations as well as a place which instills pride in them. More than salaries, people are now concerned about working for companies with a bad reputation. Employers excelling in the areas of sustainability, workers’ rights, flexible working, ethics, diversity programmes, and more are going to stand out from the crowd and also find it easier to attract the best candidates.
Brexit Revival
The pre-existing phenomenon of Brexit may not be dominating the news headlines but is prevalent neverthless. Even before one has international travel restrictions due to the virus, there are fewer European candidates who are entering the job market than ever before.
In order to survive and thrive in the post-COVID time, there is an increased need to prepare well and prepare in advance. Employee welfare should be your top priority and recruitment should be carried out using the best practices of technology.
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