The World will never be the same after the COVID-19 pandemic reaches its logical conclusion. Now, there is little doubt in everyone’s mind that we are heading towards a contradiction of economic growth (GDP). Nationwide Lockdown has forced a sharp decrease in economic production & sudden dip in goods demand. Many economists are anticipating, economy to either grow at 0-2% in the fiscal year 2020-21 or worst, register negative GDP growth.
Just like any other recession in the past, surely it will not last forever. Historical data suggests that the world economy can recover in 6-18 months. However, the new world order will be established. Few countries will be comparatively racing ahead in new ranking orders. Positive outlook countries include China, India & even a few African nations. Whereas, Europe & the USA will be at a disadvantage.
Now, if we look at from Talent Acquisition perspective then the important question arises – what kind of changes are going to take place? Surely, the hiring pattern will change, but to what extent?
Here are a few anticipated changes which you can easily witness in the next 3-12 months
#1 Video Interviews
The technology for video-based interviews is available for last few years. However, adoption of it was slow & steady. All of the sudden employers have realized that all the interview rounds even personality assessment/HR round can be done through a video. Obviously this is a win-win situation for both employers & candidates. Employers gain by reducing the interviewer’s switch-over time & traveling expense reimbursement (for outstation candidates). Candidates set to save time, money, leaves & energy.
#2 Remote Team Management Skills
Many industries’ work-force will be expected to have substantial employees working remotely through Work-From-Home (WFH) or rather Work-From-Anywhere (WFA) mode. Now, managers are supposed to effectively plan & control their allocated tasks. For effective guidance, managers must understand the technical nitty-gritty of it. Also, a new set of performance metrics will be developed & continuously monitored. Hence, at the time of selection for manager roles, candidates with prior remote team management skills will score highly during the selection process.
#3 Online written assessments
Whether its technical skills or personality assessments, companies will start relying more on online platforms to do the same. For example, if you need Java developers then it will be easier to ask the candidate to appear for the online java coding tests. Similarly, HR rounds will be supported by online base personality assessment rounds e.g. MBTI Test.
#4 Usage of AI & Big Data
Big Data & AI can analyze candidates’ all available online foot-prints (millions in one go) and can throw useful insights. These data points can help in taking effective decisions in the selection process. Even, passive candidates with impressive insights will be head-hunted more often than regular job-hoppers. The possibilities arising out of the processing of heavy data sets are immense. Large corporations receive thousands to job applicants per day. Finding out of right match of candidates from this large resume banks will be easy.
#5 NLP based candidates screening
Natural Language Processing is the technology that converts human language into machine language. Amazon’s Alexa is one good example of it – which can not only understand verbal instructions even on the basis of AI support can answer them too! This technology will find excellent adoption in the recruiter’s screening calls. A trained NLP based voice chat-bot can converse with candidates and save immense time & efforts.
#6 Freelancers model
Since work-from-anywhere will be new normal – companies will be happy to engage more & more freelancers. They not only reduce costs but give a high degree of flexibility too. It will make many experts add value in multiple businesses instead of just restricting themselves to one full-time employer.
#7 Returning Women Workforce
We all live in families. Understand it well that women tend to find it challenging to continue working after marriage & maternity leaves. With the combination of working-from-anywhere plus freelancing model, a large chunk of the workforce will suddenly be employable in the industry. India already placed at very low when it comes to women workforce effectively contributing in national GDP, might see some positive changes. Perhaps, the future will change for good.
We can see the above changes are not entirely new to the world. The discussions were happening for last few years. However, adoption was much slower than desired due to various reasons like technology readiness, resistance to change, outdated management, etc.
Now, it’s time to look into a new era with a new set of possibilities. Fasten your seat belts and witness future unfolding!
Blog written by : Umashanker Akharia
Co- Founder & CEO – StartupJob.in
& Eagles Hunt Recruitment Consultancy