By Anish Srikrishna, CEO of Times Professional Learning
To deal with the challenges brought by the pandemic, recruiting teams must adapt to technology and find new and better ways to build the talent ecosystem.
The COVID-19 pandemic has been a major destabilization for labor markets around the world. While millions have lost their jobs, counter-intuitive trends such as ‘The Great Regeneration’ have also emerged, which created a storm and created myriad challenges for employers as companies seek to hire employees. . On the domestic front, India has also witnessed the opposite trends where around 15 million jobs were lost in May this year. A recent Reuters report highlighted the acute shortage of technologists and the talent wars in the Indian start-up ecosystem. Thus, as the economy and job market navigate these unusual times, there are a number of emerging trends that are most likely to become permanent fixtures of the hiring space in the coming years.
tech-enabled hiring
Many new technology tools have emerged to help employers hire and retain their talent. These tools include job aggregator sourcing tools, applicant tracking systems, recruitment CRM tools, and more. They are not only making hiring practices efficient, but also freeing up resources and time for human resources teams, who can then focus their attention on more important tasks that require human intervention. , such as creating robust talent acquisition and employee management strategies.
on-demand workforce
In short, on-demand workforce refers to a group of gig-economy workers and freelancers who can be on-boarded for time-bound individual projects. Typically synonymous with the entertainment industry, on-demand workers will become a permanent post-pandemic convenience for companies of all sectors. Even before the pandemic, independent workers challenged the concept of a fixed workforce in the industry. The pandemic acted as a catalyst with companies beginning to transition to an on-demand workforce model to bridge the growing skills gap and tackle the problem of availability of the right talent.
The spread of this model has also been made possible by the entry of a younger demographic into the workforce and the increasing availability of digital talent platforms. On-demand workers ultimately allow companies to tap into skill sets they can’t source internally with the bonus of not having to recruit into the organization. This will improve the company’s ability to execute critical projects using best-in-class talent.
Leveraging Talent Networks
Recruiters have introduced the latest mechanism to find talent using internal and external talent networks. Internal networks include recruiters creating and engaging large groups of potential candidates, employees, alumni from various universities, and even client circles. Such ecosystems, if well-nourished, can create a pool of talent ready for companies, when needed. Recruiters can inform candidates about a company’s developments, fairs, projects and other job-related opportunities through newsletters or other online engagement platforms.
Digital platforms give companies access to a large database of job seeker profiles. They are enhanced through automation and algorithms that help employers and job seekers to conduct personalized and detailed searches.
passive hiring
Most of the companies recruit candidates who are actively looking for jobs. However, often, an active candidate may not be the right fit. Passive recruiting techniques may be the answer. According to a recent survey, one in four workers in the US is considering leaving their job. This is indicative of the fact that there are many passive candidates in the job market. This trend is only set to increase with the pandemic, leading the workforce to candidates looking for new employment opportunities.
Thus, companies have a chance to develop a strong pool of potential candidates who are not actively looking for a job but possess the skills required for a position. Engaging with passive candidates is almost like creating brand awareness among those who may not be familiar with an organization but are aware of its existence. Inactive candidates have secured positions at their current workplaces with a strong track record; Therefore, it is quite difficult to recruit them. However, if the initiative is taken effectively by the employers, it can bring the best talent to the organisations.
remote hiring
Considered unorthodox before the pandemic, remote hiring as a trend is here to stay and giving organizations the ease of accessing a wide range of talent and quick turnaround time for hiring. In addition to the ease of managing scheduling and logistics, remote hiring and remote working demonstrate that companies are flexible in hiring talent regardless of their current location.
In addition to the diverse skill sets on display, remote hiring can also help companies create a diverse workforce. The trend has accelerated to such an extent that according to LinkedIn’s new Future of Recruiting: Asia-Pacific report, 80 percent of companies have said that their interviewing and hiring process is now far from complete.
In the ever-changing world of work, employers will need to continually upgrade themselves to help companies build a formidable talent pool. The best HR professionals have to be adaptable and agile to keep pace with technological advancements and keep pace with the rapidly changing industry. Keeping in line with the needs of the industry, Times Professional Learning offers a range of Human Resource Management programs in collaboration with leading management institutes in the country. Intensive and future-oriented in nature, these programs are designed to equip HR professionals with the skills they will need to be successful in any dynamic and success-driven organization.
Disclaimer: Content Produced by Times Professional Learning (TPL)
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