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The Rise Of Talent Pandemic In The Market

April 22, 2022

Most industries have recently witnessed a quick and abrupt decline, which has resulted in significant changes in talent acquisition. HR and TA teams have responded and evolved to operate in this present phase, with many firms considerably decreasing employment during the epidemic – with health concerns pushing for more changes.

Now is the moment to determine how your company will adapt as business executives begin to look ahead and ponder what's next. The economy will recover, and businesses will resume more normal levels of production and hiring. However, it will take years – if ever – for things to return to their pre-pandemic state. Changes in how we recruit from a pressing necessity during the pandemic can result in long-term changes. A talent war is set to increase in the coming years as the companies start witnessing growth.

Here is how covid-19 impacted active talent:

  • There was around 4% of pre-pandemic unemployment in many industries across the US
  • 28.6% decrease in YOY inactive job seekers
  • 26% of the decrease in job postings

There is a hiring shift, or we can say a talent pandemic in the market to find the best talent. Let us check some of the talent retention shifts:

  • Waves of Talent Hunt during Economic Recovery

The impact of the pandemic on the economy has been enormous. After months and years of unemployment rates in many parts of the world being at or near record lows, millions of people have lost their jobs in the first quarter of 2020. Where organizations used to compete for top talent in scarce, competitive talent markets, they may still discover that talent is hard to come by – and that people are becoming warriors about changing jobs. Companies that used to compete for hourly talent with bonuses, perks, and greater hourly compensation may now discover that talent is more freely available than before.

However, at present, when the pandemic is receding in many countries, there is an explosion of talent in the market.

One of the major reasons is people are now more skilled than before. During the pandemic, many took online courses that raised their skills. Moreover, with so many people seeking work, hiring will pick up as the economy improves, with applicants ready to fill critical front-line positions. Effective recruiting teams will have to sift through the crowds to identify the best candidates for their companies.

  • New Comfort of Remote Working Broadens Talent

As mentioned above, many remote working employees have raised their skill bar by learning new courses. A remote workforce has been primarily a privilege for many firms up to this point. Hiring managers are becoming more comfortable with virtual working software. The best TA firms will take advantage of this trend to boost the usage of virtual hiring technologies such as video interviews and virtual onboarding. Companies and managers will get more comfortable with the notion of this becoming a permanent choice over time.

The number of prospective candidates for any given position grows if recruiting managers are more inclined to enable remote working. If working remotely is an option, geography becomes less of a criterion.

  • Creating Safe Environment

Some of the most pressing pre-pandemic issues, such as job syndication and how to guarantee the right people see that job posts, will now be eclipsed by issues such as how we communicate and assure prospective employees that our organization is a safe place to work. To guarantee that your employees feel safe in the workplace, you'll need to design the correct employer brand messaging and connect your practices with CDC standards. In this hiring race, employers need to create a safe environment.

With many prospective employees concerned about their own or a family member's health, and a vaccination that is unlikely to be available for at least another year, employers will need to be creative in their message to convince prospects that they are providing a safe working environment.

  • Continuity of Work from Home

Post-pandemic, there is a huge shift in the working environment. Many companies are adopting the work-from-home culture. Global Workplace Analytics predicts that by the end of 2021, 25-30% of the workforce will be working from home several days per week. Talent will become more competitive among firms that cannot offer virtual work alternatively as more chances to work from home become available.

When it comes to hiring talent, most talent executives and managers are increasingly evaluating candidates based on a new set of criteria, ranging from virtual engagement to technological capabilities to productivity in a virtual context, as firms transition to offer work-from-home possibilities. To hire a talent, employers aren't looking for the location but skills and the ability to adopt a new working environment.

  • Huge Talent Pool will make hiring Difficult

It may be tempting to believe that filling positions with qualified people will be easy because there are so many candidates available in the market. Particularly in comparison to former years, when unemployment was low, job searchers had more options. However, bringing top talent on board when your firm is ready to ramp up in recovery will not be easy. According to HR leaders, the global pandemic is prompting a major reset. We're all rethinking our attitudes to life, work, and business. Post pandemic, the manner we recruit will also change, and forward-thinking firms will use this chance to rethink their processes.

  • Technology to change to engage candidates

Recruiters and hiring managers are becoming more confident in using technology in the employment process. They'll have to retain an open mind about adopting technology, automation, and virtual solutions that may or may not exist yet in the future.

As new technology is developed and new approaches are used, TA teams will determine the optimal candidate experience. Now that TA and hiring managers have more tools at their disposal, communication with candidates should be easier to conduct. However, finding the proper mix and level of touch will be crucial. In terms of in-person engagement, most firms' recruiting processes are contact-free at the time of a pandemic.

  • Employers and Talent Acquisition will need to go hand-in-hand

For recruiting purposes and employers' branding, trust has always been crucial. Candidates and job seekers need to feel confident in an organization's leadership during a pandemic. The epidemic has created a need for leaders and managers to provide more support to their employees. Many experts feel that the present movement in management styles toward empathy and understanding will long-term impact leadership techniques.

Employer brands will need to adapt to this transition as well. Job seekers' health, safety, and security will be top issues more than ever. Employer value propositions will be crucial to finding the best talent and easing passive applicants' fears of shifting jobs in an uncertain environment.

  • Enhancing the Recruitment Strategy

Instead of waiting until the demand for talent outpaces the supply as businesses return to work, take advantage of this period to improve your recruitment approach. If your company's digital recruiting marketing approach isn't up to par, you need to change quickly.

It is vital to have a first impression, and for most businesses, that first impression is established digitally, particularly with potential prospects. In today's world, and possibly even more so in the post-pandemic period, having processes and technology that can rapidly adapt to changing market needs is critical, allowing your company to appeal to potential applicants in a variety of ways, which includes:

  • Making the process easy for prospective candidates to find the job and apply for the same
  • The potential candidate should be able to know about the organization and have the skills to adopt changes
  • An efficient process by the internal hiring team while reviewing the candidate

Use this opportunity to actively create your applicant pipeline and develop relationships with those prospects that would be a wonderful addition to your team and help your company grow in this environment. The finest companies are always looking for competent recruits, rating their current workers, and replacing underperforming employees with more qualified personnel.

Even if your organization isn't hiring any new candidates, identify the talent you require and cultivate relationships with them to get those people when the time comes. While other companies wait until they have an open position to begin sourcing, you will be ready with A+ talent to help you manage and evolve your company to meet market shifts.

All In All,

After reading the above perspective on talent acquisition, it is sure that there is a talent pandemic in the market post the virus war on a global level. The hiring race is set to grow in the coming years, and employers need to be prepared for the same.

 If you are also going through troubles in acquiring talent and hiring, contact us and get ready to hire the best in the industry.

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