Recruiting can be chaotic enough without adding a worldwide pandemic into the mix. Seemingly overnight, the economy has been flipped on its side, leaving some industries on the cusp of recession and others hiring in droves. These are strange times, indeed, but one thing is for certain: change is inevitable. What that change may look like will ultimately depend on which end of the spectrum you find yourself on. Let’s explore the various scenarios below, and what you can do to survive.
Amidst the growing global pandemic, companies worldwide have turned to various digital operating models to stay connected and productive. Recruitment teams have had to digitally adjust and adapt their processes accordingly. For a seamless candidate experience, the transition involves more than just switching to virtual interviews. Learn to modify your hiring strategies to better cater to the remote world.
In the midst of COVID, the U.S. unemployment rate jumped to 14.7% – the highest level since the Depression era in the 1920s and 1930s. Certain industries were more affected than others: air travel and cruise ship operations were halted, prompting layoffs and bankruptcies in the travel industry. On the other hand, retailers who could seamlessly adapt to the new restrictions, such as by offering reduced-occupancy in-store operations and curbside pickup, were less affected. Industries such as concert venues which rely solely on live, in-person events find themselves struggling to adapt to the “new normal.” The economic downturn has led to layoffs as many companies strive to remain operational among slimming profit margins. Companies have had to trim their workforce to stay profitable and adapt to changing times to avoid going under. Large tech companies, such as AirBnB, Uber, and even IBM, announced layoffs in their workforce, along with companies in other industries, like Boeing. Smaller, lesser known tech companies also underwent layoffs. Toast, a software company making restaurant management tools, cut 50% of its approximately 2,000-person workforce amidst closures of restaurants and widespread transitions to carry-out operations, which undercut restaurant operations.
The world is facing an unprecedented crisis. Most aspects of day-to-day life have been affected by the COVID-19 pandemic. More people are working from home and practicing physical distancing than ever before.
The global job market has been hit particularly hard by the pandemic. Industries like retail, energy, and hospitality are especially vulnerable while people work from home and continue practicing physical distancing. We’re facing a new normal, the scope and impact of which we’ll only fully understand in the months to come. Companies will be hesitant to fill positions and hire new people at this time. Indeed, many organizations have announced layoffs over the last two months. While we adjust to what the world looks like post-COVID, it’s important to remember that certain strategies can help companies weather this storm and face this new normal with confidence.
There’s a lot of data out there these days. Thanks to the Internet of Things, it seems like everything is collecting data – your smartphone, your laptop, maybe even everyday appliances in your home, such as your toaster. But what use is all of this data? In recent years, companies have turned to data analytics powered by Artificial Intelligence (AI) to take advantage of big data. These AI applications seek to make sense of it all through computationally intensive data analytics, driving novel insights which can be used to improve anything from our day-to-day lives to company executives’ decisions.
But what does this data all really mean, and how can we make sure the insights we are gleaning from it are truly real and accurate enough to drive decision-making?
At this chaotic new intersection of AI and Big Data, one fact is emerging, and it’s that data quality is important. In fact, AI is only as good as the data collected. Whether you have a small repository or troves of data, ensuring that this data is of the best quality should always be paramount.
The term AI has become somewhat of a buzzword in the business world. Just Google the terms “artificial intelligence” or “machine learning” and you’ll get hundreds of pages of results, many of which make lofty claims about how this technology is the magical solution to just about any problem an organization may have.
Unfortunately, this simply isn’t the case – at least not for the time being. That’s not to say AI is useless. To the contrary, AI does, indeed, work well in some instances and industries. Take, for example, use cases like AI in terms of security products. With cybercrime at an all-time high, and online criminals becoming more sophisticated by the day, there is a plethora of data that can be used to train intelligent automation to counteract hacking attempts and help organizations keep their sensitive information secure.
Likewise, consumer-facing businesses gather a ton of transactional information on a daily basis. This information can in turn be used to enhance the customer experience. For instance, prior behavior can be tracked and used to automatically match a particular customer with promos that are personalized to his or her preferences.
So, what about recruiting? It would seem logical and straightforward that a predictive tool could be used to better match candidates with open positions. Unfortunately, the science simply isn’t quite there yet.
Companies often think that having a Human Resources department is synonymous with having a Talent Acquisition team and fail to understand that they have two different functions. While recruiters do usually fall under the HR department, they should not be confused with HR generalists.
Traditional recruiting methods used to rely on reading resumes one-by-one and interviewing a lot of underqualified candidates. Nowadays, talent acquisition teams can leverage technology that is meant to make their jobs easier, faster, and more efficient. This recruitment technology has evolved into more than just job boards, but are these digital tools really more effective and efficient? And with hundreds of talent acquisition solutions, how do employers know which ones are worth investing in? Hint: It’s all about the data.
Hiring a new employee is always a gamble. After you’ve invested time and resources to source, screen, and train a new hire, you want to be sure there’s a high Return on Investment (ROI). By identifying these core competencies, you’ll be able to figure out who will be your best and brightest employee before you even hire them.
Talent acquisition teams can’t rely on traditional recruiting methods when talent is in short supply. It’s time to get creative! Recruiting strategies must evolve as technology becomes more prevalent in all aspects of our lives.