Impact of COVID-19 on Global Talent Aquisition
For most of this year, we have been on a roller coaster ride with COVID. With states being in different stages of lockdown, people are trying to navigate through the new reality involving remote learning, working from home, and plenty of family time. According to a research, over 60% of all employed Americans shifted to working from home during the crisis. Among those who have transitioned to the new work from home model during COVID:
- 65% feel their productivity has increased
- 80% feel they can better manage interruptions from colleagues
- 80% enjoy being able to spend time with their loved ones during the day-time
- 77% say they’re finding new hours to be productive outside office timings
The economy has hit an all-time low with recession taking all over. There has been a massive increase in job losses and businesses are facing challenges of shifts in demand-supply chains. The U.S. Bureau of labor statistics reported the unemployment rate of 10.2 % in the month of July with 16.3 million unemployed people in the USA. The pandemic is causing huge human and economic hardship across the United States.
According to BBC, the US economy shrank at a 32.9% annual rate between April and June when the pandemic started.
Business Continuity and Contingent Labor
Companies have been downsizing, because of which, many people have lost their jobs. However unfortunate it might be, it is happening and because of the same, the existing employees have been facing a greater workload upon themselves. Due to the Covid-19 outbreak, there has been a massive hike in the problems that have been arising for businesses. Now that the world is shut and borders are closed, it has become quite difficult for companies to manage hiring and compliance implications in the new work from home model.
At a time like this, businesses demand revised working and recruiting patterns, for which they require more efficient ways of seeking out talented individuals from all around the globe. Businesses today have taken a more future-oriented viewpoint to their recruitment process which is quite different from today’s landscape. In the wake of coronavirus, recruitment companies are facing the issue to transform a high-touch humane process into a virtual one.
According to a recent report by Gartner, 32% of organizations are replacing full-time employees with contingent workers as a cost-saving measure.
In the midst of this uncertainty, we have seen conflicting interests and expectations among employers and candidates such as:
- Hiring budgets have been reduced but the demand for talented individuals is high
- Employers are looking for “champion candidates” who can fill multiple role
- As professional and personal lives intersect, employers are leading with empathy
- Candidates are choosing practicality over passion
- Candidates are not in a position to turn down jobs that don’t match their values
The Post Pandemic Rules of Talent Management
The world of talent acquisition and recruitment has been completely transformed during the Covid-19 crisis. With so much change in market dynamics in such a short period of time, there has been a shift in hiring and recruitment processes. The pandemic has forced HR leaders to rethink workforce planning, management, and performance strategies. Now that we’ve seen what the businesses are struggling with, in the age of coronavirus, let’s take a look at the new Recruitment Reality.
- Digital Hiring and Collaboration
- Safety is Paramount
- Building successful remote teams and expanding the talent pool globally
- HR needs a global mindset post-Covid
- Businesses plan for Global Talent expansion
- Managing the candidate experience with thoughtful communication and transparency
Future of Work Trends Post COVID-19
Even though there are definitive sets of problems and apprehensions, a number of companies have emerged to bridge the gap between employers and job seekers. There are global talent management companies who bring the finest, and the most talented people for businesses to keep thriving in these difficult times. Since the agency model is already doubted upon, these management companies have an upper hand,as they offer various benefits like thorough background checks and complete accountability, with many other sets of benefits and finesse that is not offered by agencies.
Furthermore, there are numerous questions that have struck the interest of the people and where the world is headed. Even though it's not possible to tell exactly what the future holds, we know that the world of recruitment stays strong, resilient,and adaptable in the foreseeable future. We will see a change in the working culture since people are now habitual of working from home and have realized how technology has bridged most of the existing gaps. Let’s take a look at some of the things which you can expect in the future:
- Increase in remote workings
- Businesses seeking talented individuals from third world countries as labor is cheaper
- Separation of critical skills and roles
- Humanization of employees
- Prioritizing Resilience over efficiency
- Increase in Organisational complexity
In the post COVID era, we need to establish a global talent approach that meets local requirements along with the expertise to bring talented individuals from all over the world to keep businesses thriving. We should prioritize to bridge the global gap and bring out the finest and the very best people from all around the world available for businesses. The COVID-19 situation will have a lasting impact on the future of work and recruitment process. It’s high time to assess trends and evolve recruitment strategies and plans for the prosperity of your business.