As an employment screening service provider, our position in the industry places us at the intersection of companies trying to identify and vet talent, and candidates looking for their next position. It also makes us uniquely positioned to spot trends when it comes to the future of hiring.
The pandemic has grown the available talent pool through shifts in business dynamics and rising unemployment rates, and companies need to broaden the scope of who, where, and how they obtain talent. As we expect 2021 will return many industries to growth mode and accelerate their hiring needs, now is the time companies should grow their talent pool and make talent a competitive advantage and strategic asset for their business.
Build a Talent Pipeline
Many people and companies are struggling as major industries experience revenue declines, and unemployment has remained high over the course of the pandemic.
A Fortune survey titled, “Tight Time for Companies,” cites that 59 percent of companies have deferred or frozen employment and 25% have laid off employees. This has led to an estimated 16 million unemployed workers; a massive pool of available talent. It is a signal for companies to be strategic about the future.
The pandemic will come to an end eventually, and it is important to plan for a future scenario where quality candidates are in high demand. Now is the time to increase candidate touchpoints and develop a talent pipeline.
Remove Geographic Dependencies to Hire (or Retain) Top Talent
The second trend affecting almost every office worker is the rise of remote work. Some organizations worry about employee productivity in a work-from-home setting, but remote positions are actually a huge advantage for companies.
The move to a remote workforce means talent can be found anywhere regardless of geographic location. It opens up access to talent all over the country, and companies should take full advantage. Flexibility is consistently shown to be a top candidate priority, and companies should tout more flexible work options to attract top talent.
The Future of Hiring: Growth in Skills-based Hiring
Finally, it is time to broaden our view of what we look for in prospective candidates. Too many companies are focused on finding candidates that fit a narrow skill set for a very specific role. Perhaps the greatest trend we will see is a move to a skills-based approach to hiring.
By shifting to a skills-based hiring strategy, companies can greatly increase the number of target candidates and have a competitive advantage in sourcing talent from different industries. The key is identifying transferable skills that fit your company’s needs.
It is about finding the people with the greatest value-add to the entire team, rather than a niche role.
COVID-19 is likely here to stay until a safe vaccine is approved and produced. This pandemic has brought with it an immense societal change, potentially forever altering how we go about business. But for HR and talent acquisition, much of this change is needed.
Traditional HR practices have long needed a fresh take. By strategically shifting towards some of these strategies, companies can gain a competitive edge in the market, and position their organizations for future hiring success.
