The coronavirus pandemic disrupted the world of work and changed how companies operate today. It caused a huge drop in revenue so many employers had to reduce wages and lay off some workers. However, business is back to normal but the pandemic has already changed how we do things in the workplace.
The U.S. labor market is also facing worker shortages as there are more job openings than available workers. According to the Bureau of Labor Statistics, more than 47 million workers voluntarily quit their jobs in 2021. The Great Resignation happened because employees were dissatisfied with their previous jobs.
Due to a widespread labor shortage, hiring managers and recruiters have been forced to reevaluate their recruiting processes. Employers are also starting to offer increased compensation, work-life balance, and strong company culture. Below are 5 ways that the pandemic changed how we recruit talent.
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1. Growing Talent Internally
Companies are starting to emphasize internal hiring. This means that they would recruit employees rather than hire new people. Internal recruitment is cost-effective, boosts retention and shortens the learning curve. It allows loyal and hard-working employees to develop their skills and progress in their careers.
According to LinkedIn data, internal appointments, particularly to senior positions, rose by 20% since the onset of COVID-19. It shows that employees are getting more promotions, mentorships, job swaps, cross-team projects etc. They are also being considered for new positions in their workplace.
Many companies are increasing their learning and development (L&D) budgets as they focus on building skills through internal mobility programs. Such training for employees will help companies to keep up with changes in the industry, improve talents and knowledge base, and adopt the latest methods and technologies.
2. Building Digital Recruitment Pipelines
The hiring industry has become competitive so recruiters have to proactively bring in potential hires. They often utilize a system where they nurture interested candidates and build a relationship with them. Companies that have a “pool” of job seekers are able to reduce costs, save time and hire the best candidates.
Digital recruitment involves using technology to recruit people for available positions. Since the pandemic, companies are hiring candidates through online application processes. They also use a variety of tools and technologies to evaluate selected applicants before inviting them to an in-person interview (if necessary).
Some common digital recruitment tools include social media, chatbots, A.I. recruiting software, and an Applicant Tracking System (ATS). However, companies are looking to build more sophisticated digital recruitment pipelines to attract candidates online and automate processes like candidate screening, sending rejection letters and onboarding processes.
3. Sourcing Talent Anywhere In The World
The pandemic forced companies to transition their business model to remote or hybrid environments. Location is no longer a limiting factor since they can manage remote teams and operate their business from anywhere. Companies can also recruit exceptional talent from anywhere in the world.
More recruiters are adopting modern recruiting practices and expanding the scope of their search beyond a geographical location. Online recruitment exposes them to a much larger pool of potential applicants. They can easily automate the application process by utilizing job boards and other recruitment platforms.
Hiring managers and recruiters can now handle applicants without having to make phone calls or invite them to a physical office. This makes it possible for companies to hire qualified candidates who prefer to work from home. An online recruitment strategy also allows for diversity and inclusion in the workplace.
4. Offering More Than Just a Salary
The “Great Resignation” has highlighted the fact that employees are redefining what matters to them and how their job fits in with that. A good salary is no longer the deciding factor when it comes to accepting a job. Most workers’ needs and expectations for jobs have evolved as a result of the pandemic.
Due to the recent lockdowns and layoffs, professionals are now seeking job security and workplace flexibility. There’s a greater focus on work-life balance, company reputation, and how company and employee values align. Hiring managers are also realizing that many recruiting practices are not effective anymore.
The future of work is changing and companies have to prioritize the diverse needs of employees. Many people now prefer remote or hybrid work options rather than an onsite job. They are also seeking additional benefits such as daycare support, training and career development, better retirement savings and medical insurance and mental health support.
5. Managing Skills Shortages
The pandemic placed some industries, such as the healthcare sector, under tremendous strain. It amplified the stresses these workers were already under and forced many to leave the profession. The staffing shortage is quite high as there were more than 1.5 million healthcare job losses in March and April 2020.
However, worker turnover in healthcare was already high (nearly 20%) before COVID. In many hospitals, this affected staff mental health and reduced patient care. Worker shortages in healthcare have been a concern for a long time. WHO also estimates that there would be a projected shortfall of physicians by 2030.
Healthcare recruitment challenges include shortage of nurses, burnout and compassion fatigue, and the growing demand for telehealth services. Healthcare recruiters are also under pressure to retain current employees and attract new ones as the industry faces a critical skills shortage in the next few years.