By Anish Srikrishna, Chief Executive Officer, Times Professional Learning
To tackle challenges brought on by the pandemic, recruiting teams should adapt to technology and find newer and better ways to build talent ecosystems.
The Covid-19 pandemic has been a major destabiliser for labour markets across the globe. While millions of people have lost their jobs, there have also been counterintuitive trends, such as ‘The Great Resignation’, that brewed up a storm and created myriad challenges for recruiters as companies look to hire employees. On the domestic front, India has also been a witness to contrasting trends where nearly 15 million jobs were lost in May this year. A recent Reuters report highlighted the acute shortage of technologists and the talent wars ensuing in the Indian start-up ecosystem. Thus, as the economy and job market navigate these unusual times, there are several emerging trends that are most likely to become permanent fixtures of the hiring space in the years to come.
Several new technology tools have emerged to help employers in their quest to hire and retain talent. These tools include job aggregator sourcing tools, applicant tracking systems, recruitment CRM tools, and much more. They are not only making hiring practices efficient but are also freeing up resources and time for HR teams who can then divert their attention to more crucial tasks which require human intervention, such as devising robust talent acquisition and employee management strategies.
In essence, an on-demand workforce refers to the cohort of gig-economy workers and freelancers who can be on-boarded for time-bound individual projects. Usually synonymous with the entertainment industry, on-demand workers will become a permanent post-pandemic feature for companies across sectors. Even before the pandemic, freelance workers had challenged the concept of a fixed workforce in the industry. The pandemic acted as a catalyst with companies, began transitioning to an on-demand workforce model to bridge the exacerbated skills gap and to tackle the problem of the availability of the right talent.
The proliferation of this model has also been made possible due to a younger demographic entering the workforce and the growing availability of digital talent platforms. On-demand workers ultimately allow companies to tap into the skill sets that they cannot source internally with the bonus of not recruiting them into the organisation. It will lead to an improvement in the company’s ability to execute critical projects using best-in-class talent.
Leveraging Talent Networks
Recruiters have initiated the latest mechanisms to scout talent using internal and external talent networks. Internal networks entail recruiters creating and engaging large groups of potential candidates, employees, alumni of various universities and even customer circles. Such ecosystems, if nurtured well, can form a pool of ready talent for companies to leverage as and when needed. Recruiters can inform candidates about developments in a company about events, fairs, projects, and other job-related opportunities through newsletters or other online engagement platforms.
Digital platforms give companies access to large databases of job seeker profiles. They are enhanced via automation and algorithms that help employers and job seekers to conduct personalised and detailed searches.
Most companies recruit candidates who are actively looking out for jobs. However, often, an active candidate may not be the right fit. The passive recruiting technique might hold the answer. As per a recent survey, one in four workers in the US is considering quitting 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 shaking up the workforce leading to candidates exploring newer job opportunities.
Companies, thus, have the chance to develop a strong pool of potential candidates who are not actively looking for a job but have the necessary skillsets for a position. Engaging with passive candidates is almost akin to creating brand awareness among people who might not be familiar with an organisation but are aware of its existence. Passive candidates have secured positions with a strong track record at their existing workplaces; hence, they are significantly harder to recruit. However, if initiated effectively by recruiters, it can garner the best talent for organisations.
Deemed unconventional before the pandemic, remote hiring as a trend is here to stay and offers organisations the ease to access a wide range of talent and quicker turnaround time when it comes to hiring. Apart from the ease of scheduling and managing logistics, remote hiring and remote working signify that companies are flexible to hire talent irrespective of their current location.
In addition to the diverse skill sets on display, remote hiring can also help companies build a diverse workforce. The trend has picked up to such an extent that as per LinkedIn’s new Future of Recruiting: Asia-Pacific report, 80 per cent of companies have said that their interviewing and hiring process is now fully remote.
In an ever-changing world of work, recruiters will need to constantly upskill themselves to help companies build a formidable talent pool. The best HR professionals will have to adapt and be agile to keep pace with technological advancements and adjust to a fast-changing industry. Staying attuned to the industry requirements, Times Professional Learning, offers a series of Human Resource Management programmes collaborating with premier management institutions in the country. Intensive and future-oriented in nature, these programmes are designed to equip HR professionals with the skills they will require to succeed in any dynamic and success-driven organisation.
Disclaimer: Content Produced by Times Professional Learning (TPL)