It’s clear this pandemic is unlike any other socio-economic disruption that most of us have experienced in our lifetime. Unlike the .com booms and busts or the “Great Recession”, this crisis is dramatically affecting different sectors of employers and workers in different ways.
The pandemic is impacting both how and where people work as well as how companies hire. In many cases accelerating trends that were already emerging (like WFH, video interviewing), creating demand in unexpected areas and virtually erasing it in others.
As the COVID-19 spreads, the society, economy and business are being impacted. Workers are facing an exceptionally difficult labour market. Pandemic affects sales volume, cash flow, ability to serve clients and manage business. Risks also include ensuring the safety of employees returning to work from vacations and business trips, as well as lack of tools for organizing remote work.
The closure of non-essential services to slow the spread of COVID-19 has devastated the economy and forced businesses to shutter temporarily. Unemployment rate soared, but Job losses are not the only way the COVID-19 crisis has impacted employment – the number of people who were employed work fewer hours.
Hard-hit sectors are retail, hotels, restaurants and bars, entertainment, travel.
Relatively more people remained employed in industries where work can be done from home.
Since workplaces have shifted during the COVID-19 pandemic, employers need to consider how they will attract and retain top talent in this new work environment. Employers should consider allowing more flexibility in work schedules.
Virtual interactions become the only available method for recruitment of employees, onboarding and training of new hires. Many companies opting for video interviews with candidates.
Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA) are actively implemented in the recruitment industry. These advanced technologies took place in Candidates Sourcing, Screening, Assessment, Engagement and Interview Scheduling.
The coronavirus pandemic is accelerating changes to organizational recruitment/selection practices. Time will tell if these changes become the standard or if the future continues to evolve and continue to change.
Things might look different, but with a little preparation and creativity all processes can go smoothly!