The headlines are mind-boggling…
Add that to the 7.1 million who were already out of work and that puts the unemployment rate at nearly 20%, nearing the peak level of 25% seen during the Great Depression.
While some companies like Amazon.com, Walmart, and Zoom have expanded their workforce in response to the coronavirus, the pandemic has forced half of all small businesses to close their doors temporarily or for good.
When the economy finally rebounds, and businesses begin to recover and rebuild their workforces, the job market will look a lot different. What was once a candidate-centric market will now become an employer-driven one.
The pandemic has had an unprecedented impact on businesses and talent acquisition is no exception. Despite the abundance of jobseekers, recruiters are faced with a challenge—how to modify their processes to source, screen, hire, and onboard in a socially distanced world.
Here are a few ways the recruiting process is likely to change:
A Wider Talent Pool
The coronavirus outbreak sparked a trial run for remote work in a big way. And it seems most organizations succeeded in accommodating their employees’ need to work from home. So much so that it may become the new normal. According to a Gartner survey of 317 CFOs and Finance leaders, 74% plan to move a portion of their previously on-site workforce to permanently remote positions once a return to normal working is permitted.
This greater acceptance of remote work means organizations can cast a wider net when searching for candidates. No longer restricted by geography, recruiters can expand their reach and improve chances of finding the perfect fit.
A Switch to Remote Recruiting
Social distancing will make face-to-face interviews, career fairs, and mass recruiting events a thing of the past. Thanks to advancements in technology, the interview process can smoothly transform into a remote one.
Video interviewing is not new: according to research conducted by the National Association of Colleges and Employers (NACE), 16% of employers were relying on video interviews for the initial screening of candidates prior to the pandemic. Solutions like Applicant Tracking Software (ATS) with video interviewing capabilities will likely rise in popularity as the need for remote recruiting increases.
Adoption of Virtual Onboarding
Once a candidate accepts the position, hiring managers will be challenged with having to onboard the new employee remotely. Cloud-based HCM platforms with onboarding modules simplify the administrative part of this process. The new hire can access, complete, and electronically acknowledge all necessary documentation remotely.
Aside from the paperwork, onboarding is critical for engagement and sets the new employee up for success. Managers will have to get creative when it comes to welcoming new hires in the absence of office tours, meet-and-greets, and welcome lunches. LinkedIn mastered this by transforming their employee orientation process into a week-long program that includes online training videos, virtual meetings with management and peers, and even an online scavenger hunt and happy hour. Read more about it.
The ability for organizations to adapt to the new normal is critical to success. Fortunately, this is attainable with the help of technology and a little ingenuity.