5 Predictions for the Talent Market after the Pandemic

About 90% of industries have suffered an abrupt and sharp downward growth in the last 8 or so months. This has had its ripple effects on the various departments that carry a company forward, including HR and Talent Acquisitions (TA). Organizations have cut down on recruitments and trimmed down on head count as a result of hit they have had to take financially. The reduction in headcount is also a result of health concerns as many companies have resumed working onsite, i.e., from their respective offices; and hence cannot risk not maintaining social distancing.

Today, as companies and business leaders have begun to look ahead and consider the end of the pandemic, TA teams has also got their jobs cut out for them. They have to consider all the different ways their organization can move forward, talent-wise, post the ongoing pandemic; and adapt to the scenario. The economy will and has to rebound but it will not return to the shape it was pre-pandemic for a long time, or may not. Companies will streamline their operations to the changing environment in attempts to return to more typical production and hiring levels. Here are 5 predictions that will give you an idea of what’s to come.

1.   Abundance for some types of talent, scarcity for others

The pandemic has had a humungous economic impact worldwide. Tens of millions of people have lost jobs and livelihoods worldwide. The same unemployed have also gone on to upgrade their skills and educating themselves in the meanwhile. During pandemic, wherever companies struggled to find new talent where talent is rare and competitive, will continue to experience the same as they will be more cautious about job changes. Meanwhile, wherever talent was in abundance and recruiters were competing among themselves for great talent, will continue to compete at the same level and talent will be more readily available than before.

2.   Talent pool will be broadened thanks to remote working.

Remote working or working-from-home (WFH) has a mixed bag of opinions in the corporate world. Depending on the department you are in, you will have your own opinions about it. Like it or not, WFH has its own perks and benefits as well as demerits. If done right, the practice has a potential to be adopted as standard for all companies. Even though it was once seen as a privilege by numerous organizations worldwide, hiring managers and team leaders have become comfortable with their staff working remotely or from the comfort of their homes. From a TA’s perspective, this can revolutionize the quality and the size of the talent pool available to them. If organizations can allow remote working, at least as a hybrid (couple of days per week onsite) geography can become less important as a criterion for qualification.

3.   Recruitment will be harder with the larger talent pool.

It is easy to think now that talent pool has widened, it will be easier to recruit and fill open positions with the right talent. Especially since job seekers were less choosy in the recent years. But various HR thought leaders predict that this will not be the case as job seekers are going to be a lot more cautious about taking new jobs. The global pandemic has caused a complete reset of our lives and this will (and should) also reflect in how we approach business and recruitment. Any forward thinking organization will take this opportunity to reassess their TA strategies and recruitment processes.

4.   Advancements in technology will be increasingly adapted more.

Hiring managers and recruiters are becoming more comfortable with the rapid advancements in TA technological innovations. These advancements have also been at a rapid pace in the past year, and it was only accelerated by the pandemic. HR leaders believe that there is going to be another boom in the advancement immediately after the pandemic due to the amount of money that is being pumped in this area and as they have seen the cost effectiveness and efficiency in these advanced methods. During the pandemic, recruitment and interviews, for most companies, has been contact-free for the most part. Going forward, creating an optimal candidate engagement experience will depend on finding the right mix between automation, virtual communication and in-person interaction.

5.   Employers and TA will need to gain trust to win top talent, more than ever before.

Trust has always been critical for employer brands to win top talent. The Pandemic again has just increased the importance for the same. Now, more than ever, candidates and job seekers needs to feel assured of the organization’s leadership. The situation has put increased importance on how management can support their people beyond what was traditionally accepted.  Health, safety and security will be priorities for job seekers. The employer brands that build trust on the basis of these critical factors will have edge over the rest.