Leaving the pandemic and the changes it brings out of the account is ignoring the elephant in the room. The world is changing, and the business is changing with it – there’s no doubt about that. A bunch of industries rapidly went online, remote work is becoming the new normal, and economists are predicting a recession we have never encountered before. So, how does it affect the labour market?
Let’s be honest; this is not the first recession we’ve experienced. So many might say that we should dust off 2008’s hiring playbook and follow its rules. However, this may be a big mistake as the world, including business, has since changed beyond recognition. In the classic labour cycle, we can see how the number of openings decreases, and the number of applicants increases, or vice versa. But this time, it’s different. Some industries and firms are devastated while others thrive, are unaffected, or have been able to rebound exceptionally quickly. The job market is experiencing a high rate of jobs disappearing and reappearing at the same time, mixed with an unusual economic downturn.
It leads to a critical reduction in available candidates. Considering that according to the UN, the aged population is currently at its highest level in human history, the shortage of skilled staff will only rise in the future years. The only possible solution here is to change the recruiting approach.
Just as the whole world is going remote so does recruitment. Companies have long manoeuvred between video interviewing and remote assessments in the past, but the lockdown realities of COVID-19 have nudged them to create an end-to-end virtual recruiting process for the first time. And they’re embracing the cost and time savings that this evolution brings. So, in the same way that a hybrid workforce of onsite and remote employees will become the standard, a hybrid hiring process that combines virtual and in-person elements is also becoming the norm.
Remote work and lack of available workforce in the field is also pushing the companies to broaden their horizons towards outstaffing. Offshore destinations and talent management companies vastly expand available talent pools, granting greater access to candidates from different countries and deflating empty excuses that the talent isn’t there to be found. Wisely chosen outstaffing partners will not only deliver a diverse pipeline of candidates but advocate for them and hold hiring managers accountable for moving those candidates through the funnel.
Choosing talent management and acquisition services to partner with has lots of benefits. Not only can you outsource operational processes, but also enhance the team with skilled professionals from all over the world. For remote work to be successful, companies need to provide the right equipment and continuous support, which are the main things contributed by outstaffing companies. Also, the numerous lockdowns have created a hybrid onsite and remote model, which is perfectly reproduced by offshore companies — they usually have fully equipped offices and administrative staff to create and support a comfortable working environment at home.
We are yet to experience all the changes that COVID-19 is going to bring to the table, although it’s still important to not only keep abreast with all the recent tendencies but also to become a trendsetter and experiment for businesses and industries to benefit.
