From huge tech companies like Uber and Airbnb to small businesses, the impact was felt and uncertainty set in.
FREMONT, CA: According to the International Labour Organization (ILO), 114 million jobs were lost during the pandemic, totalling USD 3.7 trillion in lost labour income. And one of the hardest hit areas was recruiting. Recruiters at some of the largest tech companies were laid off. Recruiters were no longer needed with all hiring on hold, but while laying off the entire recruiting team, two major events took place: it puts companies way behind their hiring goals, and it destroys the hiring machine that was supposed to help to meet those goals. However, the recession was less severe than what was predicted.
Recruiting is currently one of the hottest jobs on the market. 76 per cent of companies believe hiring demand is likely to exceed pre-pandemic levels in the following years. Growth and hiring targets as of now are being aggressively pursued as companies make up for lost time while also rebuilding their recruiting machine that was decimated by layoffs. As companies restart their hiring machines, the adage that old habits die hard rings true. When there is so much movement in the job market, it's easy to fall back on old habits, like using resumes and educational credentials as the primary methods for finding qualified candidates. Many excellent candidates are overlooked because of their gender, educational background, or previous employment. While resumes are a good starting point, they only provide a limited view of a person's capabilities and should not be used to make or break a candidate. Similarly, when companies rely solely on a predetermined list of universities to recruit from, they miss out on a vastly different pool of diverse candidates.
Now is the time to experiment with new hiring methods such as skills assessments that assess a person's ability to do the job. Another option is to use AI-driven assessments that provide job-relevant and role-specific tasks to determine whether a candidate has the necessary skills. If the pandemic has taught anything, it was that work that could be done remotely should be done so. This entails broadening the candidate pool to find the best talent, regardless of location.
1. Revisit open job descriptions: With so many job opportunities available, candidates can be picky and find the exact job they want. To attract a more diverse pool of potential candidates, use intentional language and a positive tone.
2. Look beyond traditional recruiting sites and filters: Sites like LinkedIn and Indeed are excellent places to start, but strict filters and keywords can prevent companies from finding top talent. Relax or change the search filters to broaden the search. And, as previously stated, location is no longer an issue. Extend the search area to find great potential hires all over the country.
3. Remember the candidate's experience: it is not necessary that everyone interviewed has to be hired but how they felt about the process may have a significant impact on the ability to find other people to interview. Remember that bad news spreads just as quickly as good news, and either can change the perception of the company's brand. Candidates should feel that every step of the process is clear and communicated effectively from start to finish. Even if the job wasn't a good fit, make sure the candidate has a positive impression of the company.
The truth is that the job market is extremely competitive — possibly more so than ever. For businesses looking to hire, the cost of using traditional methods is prohibitively expensive. Hiring transactions are moving quickly, and positions are filling up. Companies can find, assess, and hire the right person for the job the first time if they have the right mindset and tools in place.