Top 5 Hiring Trends in Post-COVID-19 Economy
Which jobs are in crisis? Which sectors are hiring? How should talent leaders react to the changing economy? How to decode the impact of the ongoing public health crisis on employment strategies?
The situation is tricky for HR leaders. They face the dilemma of ensuring business continuity and retaining talent.
Here is an overview of 5 major hiring trends that will help HR professionals see clearly through the fog and take decisions.
5 HIRING TRENDS TO WATCH OUT FOR
1. BUOYANT SECTORS
The coronavirus crisis is attacking businesses differently. While some industries continue to lay people off or put them on furloughs, there is a small set of industries where “We are hiring” sign continues to be in place.
Manufacturing, consumer goods, electronics, energy, and mining slumped to over 30%, and real estate & construction saw 40% decline, and the hardest hit of all was the recreation and travel with a drop of 50% and above. ~ LinkedIn Hiring Report of April 2020
A few sectors that emerged pandemic-resistant are those with products and services that are either — a bedrock of societal needs such as food and public health or are positioned around internet connectivity.
The hardware and networking industry, semiconductor manufacturers, internet service providers, computers and network, pharma, food, emerged as must-haves for consumers.
Naturally later are also the sectors where new hiring continues. Amazon recently announced its plans to increase the US workforce by 25%.
That said, there are riders.
HR leaders must remember that the trends around new hiring are as much a function of geography, region, and local conditions as much as it is about the sector. So, despite the few clusters of sectors reporting a rise in demand for talent, hiring (quality of talent, pay, duration, etc.) is influenced by the regional demand in the times of pandemic, not usual business times.
2. Social Distance Hiring
Coronavirus has changed the recruitment process overnight. Irrespective of the industry, the recruitment has moved almost entirely to online mediums as companies adapt to social distancing. The change in the recruitment process is very much likely to stay even after the coronavirus situation passes.
- With in-person meetings off the table, job interviews are now conducted remotely on Zoom and Skype.
- Another aspect of this recruitment process is the availability of key decision-makers given their cleared travel schedules.
3. VIRTUAL ONBOARDING
Onboarding of new hires has also gone virtual.
This LinkedIn post accurately summaries how HR professionals are conducting candidate onboarding and training amid social distancing.
“I was offered a position on April 20th. I was sent my computer and monitors. I have never met my co-workers or boss in person. June 1st will be my first day in the office. We will work for one week in the office, two weeks at home. I’ve done all my training online and over skype.”
Because onboarding isn’t just about the first few days, but it lays the ground for a person’s entire career trajectory in the organization, it’s important for it to be conducted successfully. There is a risk that reduced employee engagement will decrease performance.
HR leaders are leveraging new technologies, animated videos, interactive webinars, and podcasts are better the onboarding process.
4. Recruiting for Resilience
Businesses are reallocating and shaping their recruitment strategies based on two aspects — Revenue-generation, and Future Positioning.
In that respect, HR professionals are re-evaluating ‘what they consider to be an ideal candidate’, and are being agile in lending their talent led to the organization. Recruiting for resilience and business continuity is helping organizations drive market-share with the best talents, and save money at the same time by cutting unnecessary costs.
5. A MOVE TO THE CLOUD
Finally, it will all be about digital for businesses — from operations and supply chain management to distribution as well as marketing. Coronavirus has accelerated the shift to digital for organizations. As AI, IoT, Big Data, and other new technologies shape business operations and customer behavior, the coming decade in hiring will see a move toward the cloud.
Cloud will be the bedrock of organizational management in the future — covering every facet from sales and marketing to operations.
Stay ahead and face the challenges of impending recession by adapting your organization par these trends!
Originally published at https://www.force11.org on June 8, 2020.