The World will never be the same after the COVID-19 pandemic reaches its logical conclusion. Now, there is a little doubt in everyone’s mind that we are heading towards a contradiction of economic growth (GDP). Needless to say, lockdown led to a decrease in economic production and demand for goods. 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 and even a few African nations. Whereas, Europe and 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 has been already available for the last few years. However, adoption rate was slow. All of a sudden, employers realised all the interview rounds even personality assessment/HR round can be taken through a video. It is a win-win situation for both employers and candidates. Employers gain by reducing the interviewer’s switch-over time and travelling expense reimbursement (for outstation candidates). Candidates set to save time, money, leaves and energy.
#2 Remote Team Management Skills
Various industries and sectors will allow their substantial employees Work-From-Home (WFH) or rather Work-From-Anywhere (WFA) mode. Now, managers are supposed to plan effectively and control their allocated tasks. For better guidance, managers must understand the technical nitty-gritty of it. Also, a new set of performance metrics will be developed and continuously monitored. Hence, at the time of selection for manager roles, candidates with prior remote team management skills will score high during the selection process.
#3 Online Written Assessments
Whether it is technical skill or personality assessment, companies will start relying more on online platforms. 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 carried out and conducted through by online based personality assessment rounds like the MBTI Test.
#4 Usage of AI and Big Data
Big Data and AI can analyse candidates’ 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. Also, passive candidates with impressive and better insights will be head-hunted more often than regular job-hoppers. The possibilities arising out of the processing of bulk data sets are immense. Large corporations receive thousands of applications for just one position per day. Finding out of right match of candidates from this large resume banks will be easy and handy.
#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 based on AI support but it 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 and efforts.
#6 Freelance Model
Since work-from-anywhere will be new normal – companies will be happy to engage more and more freelancers. It will 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 and 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 to national GDP, might see some positive changes. Perhaps, the future will change for good.
We know the above-discussed changes are not entirely new. The discussions were happening for the last few years. However, adoption was much slower than desired due to various reasons like technology readiness, resistance to change, and outdated management.
Now, it’s time to look into a new era with a new set of possibilities. Fasten your seat belts and witness future unfolding!