How will Hiring be Different in the New Normal?
The history of mankind has stood witness to the greatest of civilizations crumbling down to the ground, owing to different pandemics over ages. And each time, at the end of every catastrophe, a stronger and better world had risen up from the ashes of the fallen civilizations. The COVID-19 outbreak of the twenty-first century across the world is also one of such historically significant event that is paving the foundation of a brand new world. A lot of anticipations pertaining to the changes that would follow, have been making rounds in the internet, as well. How will it specifically impact the future of recruitment, and overall business operations? Let us now figure that out.
With an extensive lockdown across the world, imposed in an attempt to contain the spread of the virus, the economy had to bear a massive hit in the first half of 2020. While the entire world was compelled to stay cooped inside their houses, organizations across sectors had to sharpen their survival instincts for business continuity, and a majority of them rolled out ‘work from home’, as a stepping stone into welcoming a new era. Recruitment, as an area, also had to go through an abrupt change. The initial hit almost forced organizations to freeze fresh hiring, and cut off their hiring headcount budget to sustain revenues and margins. However, now that the economy has reopened, and it has been slowly working towards creating a momentum, a majority of organizations are desperately looking for alternate ways of working, while abiding by the social distancing norms. The paradigm shift has also led leaders to re-imagine their talent acquisition strategy to charge against the crisis at hand, which has further led to adopting new ways of working, changing job roles, and relying on remote solutions for recruiting and onboarding of new employees.
The New Normal
Business operations in the Post-Covid era are visibly different than normal times. Going forward, HR tech is expected to grow even more than 100 percent of what it is now. This growth was originally set to be seen in the next 5 years, however, all the unexpected turn of events in this year have worked in a way for us to have it realized by the end of 2020-21. The current business model, including work from home is one of the many things that are here to stay with us in the near future, as part of the new normal business strategy. Companies have started making more and more investments on digital solutions to further widen the scope of remote working. Several online modules are being put to use in different occasions like meetings, conferences, even Fun-Friday events to ensure employee engagement, virtually from diverse locations.
Experts are also of the opinion that, apart from labor-extensive jobs, work from home will be turned into the go-to mode of working across sectors. If all this continues, remote hiring and onboarding may also continue to become the most preferred procedure for the majority of the organizations. In fact, the process have already started in various places, with companies coming up with virtual job fairs, work-from-home based jobs, job matching algorithms and other such initiatives. Led by the new normal, key HR functions like recruitment, which was highly personalized and required physical presence, are now entirely being performed virtually through video conferencing. Along with that, other major HR responsibilities like onboarding, documentation, induction and training are also being efficiently taken care of on virtual platforms.
In this new world, businesses would go for the sheer capabilities of a candidate over experience or education. They would be interested to know what new specialist talent to hire, and how efficient is the talent working from home. This is no less than an opportunity for many such organizations to rethink their requirement for a skilled workforce.
As the companies are prioritizing on hiring skilled talent, the prominent skill gap among graduates is on the verge of further increasing, uncovering the acute dearth of employable youth. The sole trick that can pull the organizations out of this problematic situation at the moment, is to up-skill and reskill the existing staff. This grand requirement of skilling of the workforce has been brought into notice in multiple occasions by several authorities. However, there has not been much effort seen in this matter, and those who are most at risk of job displacement, are barely receiving any retraining. It is also worth taking into account that, driving a skilling revolution requires massive investment, and the private sector cannot afford to reskill the entire at-risk workforce alone. This calls for business collaboration, investments from governments’ end, and active public-private collaboration to cut costs and reach the required scale.
It has now become imperative for companies to adapt and move forward with some entirely revised hiring strategies and processes. The reopening of the economy also warrants some solid reformation in the workforce strategies of organizations, owing to an evolving workforce landscape in the new normal. This is a new world we are entering into as soon as the pandemic gets over, and clearly there would be various new norms to be adhered to, for better sustenance. Common people, now more than ever, are conscious about maintaining good health. The same can be expected to reflect in businesses and enterprises, as they will also be required to come up with new strategies to retain their employees and customers.