A lot has changed since Human Resource (HR) Specialists and Recruiters considered their goals and achievements for the long awaited year 2020. Everyone had their own set of hiring objectives, but as the events of the year unfolded in the first quarter, things were changing quickly.
It has been reported by NaukriJobSpeak Index that there has been a decline in 61% of hiring in May 2020. However according to a Global Outlook Survey by ManpowerGroup, in comparison to other countries, India still maintains a strong hiring pace as we enter Quarter 3. So guess there is a silver lining after all.
Read until the end of this article to get some tips on how to fine tune your hiring goals and objectives.
So what was happening in Jan 2020?
Recession has been looming over heads for quite some time now. Surely, companies knew that making key, quality hires was just a part of the equation. Retaining their quality employees was very important.
As the year began, HR Teams were highly focused on building a strong company culture. Millennial employees contributed to a big percentage of workplace productivity. This generation was already focused on receiving benefits other than a hefty salary.
The start of 2020 meant that a new generation was ready to take over the job markets – Gen Z. Generation Z employees are going to be even harder to please than their senior cohorts. Not only do they disregard salaries, they were bent on receiving a number of skills growth and learning opportunities.
Basically, this means that employers have to introduce multi-faceted job opportunities to attract these eager learners. This can be achieved by equipping technological tools and building a dynamic work environment to satiate Gen Z employee needs.
What’s happening now?
Company Culture is still incredibly important however with the increase of remote working, several companies have reduced their requirements of creating engaging office culture. There is now a heavier focus on improving communication to better retain employees and give a stronger sense of security to existing ones.
Artificial Intelligence has taken workplaces by storm since its hype a few years ago. The rise of several tech companies and services has since implemented machine learning algorithms to smoothen out and automate mundane procedures. This has made its way into recruiting as AI enables for faster screening process.
In the beginning of 2020, HR Teams that were without technological tools were quickly seeking ways to implement the best tools for their organizations. The challenge was with switching from older systems to newer ones. A complete system change could result in inefficient rather than efficient hires.
What’s happening now?
AI is still an essential tool required by HRs of various companies, but mainly to the ones who can afford it. Companies are struggling to budget and some will not have the ability to improve their hiring systems in-house. Thus, we will see a shift in implementation of 3rd party applications and tools that can be quickly implemented within a company to have a faster and smarter recruitment process.
Sourcing Channel Effectiveness
Prior to the rapid digital transformation, sourcing channel effectiveness has become a much more valued hiring metric among recruiters. There are several ways that job seekers are finding jobs nowadays.
HR blogs are quick to state that referrals and paid job ads are the most effective methods for sourcing. Although this can be true, sourcing channel effectiveness will differ from industry to industry based on the job domain.
Understanding what channels work your company is essential, especially with the growing popularity of mobile recruitment through chat applications and social media. Thus there will be a need to ensure that the content of job postings is improved by increasing readability, graphics and use of hashtags.
What’s happening now?
With millions losing their jobs, narrowing the hiring funnel is necessary in the growing job market. Finding the right talent is harder as you find individuals of varying qualifications competing for the same job. This makes sourcing channel effectiveness an even more significant hiring metric to track.
Recruiters are now also tasked with a serious dilemma of finding quality candidates for their vacancies who will remain with the company even after the economic situation eases up. Here are a few things HR teams and Recruiters must continue to focus on:
- Candidate Application Experience – Job seekers are applying to dozens of jobs. Shorter application processes will prove to be beneficial. Nevertheless, pay careful attention to job descriptions and make sure to include vital information regarding the role AND company.
- Quality Applications – Implementation of pre-screening procedures can be useful. In fact, asking a series of yes/no questions based on the hard skills required in the position can help deter unqualified candidates.
- Remote Working – If you offer remote work opportunities you can widen your search to other states as well. It is unlikely that many job seekers will be able to relocate at this time. To maintain diversity, remote working is necessary until relocation is a viable option again.
- Communication – Engage with your candidate through multiple channels. For instance, send them emails, text messages, phone calls prior to scheduling video interviews. This gives you the chance to assess their communication, time management and interests to work at your company. Consequently, you’ll see a significant increase in acceptance rates.
- Interview – Ask more company specific questions. For example, ask them to, in their own words, describe the company’s vision. Candidates are applying solely based on a job title rather than the company. This is a huge problem as often times candidates accept jobs without considering the company’s goals and mission.
- Decide Carefully – As highly qualified individuals now start applying for lower ranked positions, recruiters must fight the urge to hire overqualified talent. This is because they are more likely to switch jobs after the current economic situation settles.
2020 has brought a series of downfalls including recessions and pandemics. Recruiters will have to adjust and manage their goals, as a result. However it is important to remember that despite these shortcomings, recruitment is about to get much harder and more vital.
According to a LinkedIn report, there has been an increase of 63% demand of recruiters in the last 5 years. More so, 65% of recruitment teams are prioritising keeping up with changing hiring needs. Identifying and sourcing talent is just a basic function of recruitment. On the other hand, understanding how specific talents impacts business outcomes is a higher level function.
At the same time talent is changing. More and more individuals are becoming multi skilled with expertise across multiple domains. Additionally, there is more than one way for individuals to gain education, and the value of a traditional university degree is decreasing. So how do you assess quality of education? Does that mean more structured assessments and interviews?
Moreover, experiences are becoming shorter and several are taking up multiple opportunities at once. How do you assess the quality of an experience during screening? Traditional methods of looking at number of experience years may no longer work.
Hence, as we get into more technical jobs, are simple resumes going to suffice?
The criteria for which an applicant is assessed by will also have to change and it will change from profile to profile. This then means that screening and other tech tools need to be more adaptable to your needs.
So for the individuals, who still think about how recruiter jobs will be rendered obsolete by technology, think again. There is a much greater need for recruiters to assess and analyse and quantify rich candidate data that is received at the time of application.
GetWork is the Future
If you’re looking for recruitment solutions, GetWork has much to offer with our powerful campus recruitment tool. GetWork is particularly dedicated to cultivating talent from the start of their education at college or institutes. In addition, we provide them with bountiful career development resources and a platform that allows them to assess their career options carefully.
As a company, you will enjoy a strong talent pipeline for years to come. Instead of receiving thousands of unfiltered candidates, receive a hundred candidates that match your core competencies 100% and who are also aware of your company’s objectives. The latter is achieved by GetWork’s thorough company profiling and sponsored content/events. Your company profile is discoverable by all Students and Colleges.
GetWork provides a fresh new alternative to traditional application and hiring methods. At the point of sign up, students create robust profiles that is equivalent of their resumes. This makes it easy to screen thousands of applicants based on specific education, experiences and skills without additional tools for resume parsing.
What’s more is that we give you access to the consolidated data from over thousands of students. Leverage this data to strategize your entry level hires for years to come.
Over time, Companies and Colleges can mutually communicate to ensure students are industry ready to enter the Workforce. This can be done through providing the right industrial training, career workshops and specialized courses directly on the GetWork platform.
Interested to find out more? You’d be crazy not to. So go ahead and explore at getwork.org.
Contact us to transform your recruitment practices.