A year ago, in April of 2020, the unemployment rate peaked at an unprecedented level, (14.8%) a rate never before seen since data collection started in 1948.
COVID-19 has had a significant effect on unemployment in every state, industry, and major demographic group in the United States. Now over a year into the Coronavirus pandemic, we can undoubtedly say that it changed the recruitment industry.
There are 3 key changes:
- Changes in the hiring needs of companies
- Changes in the way we recruit
- Changes in the job market
Changes in the hiring needs of companies
COVID-19 changed the hiring needs of most companies. However, across industries this hiring impact proved to be very different. While the coronavirus has had a devastating effect on some industries, forcing businesses to downsize their workforce, other industries are seeing the complete opposite effect. Industries such as health care, food, and pharmacy, retail, and supply chain industries have faced surging needs for their services.
Changes in the way we recruit
During initial restrictions to stop the spread of the COVID-19, companies who wanted to continue hiring had no choice but to change their recruitment processes and adapt to new social distancing and virtual work norms. In order to protect the health of others, companies had to shift to virtual recruitment.
Shifting the whole recruitment process fully online was a huge challenge for most businesses.
For companies that relied on an old school manual, face-to-face recruitment process, switching to fully online recruitment was a daunting task. Companies who were utilizing technology like recruitment software prior to the COVID-19 were able to adapt and transition more swiftly and seamlessly. Face-to-face interviews were replaced with live video interviews, while the rest of technologically advanced hiring processes remained the same as it was before the COVID-19.
Reliable technology was a key to a successful transition to remote recruitment. Covid has in many ways forced companies to innovate and modernize their recruitment process. It’s very likely that companies who have switched to virtual hiring due to the COVID-19 will embrace these changes in the long term. Triggered by the reality of virtual work, leading companies such as Twitter, Facebook, and Microsoft announced that they will allow their employees to continue working remotely after the pandemic. With this global shift to remote work, virtual hiring is a must-have practice for the future. Virtual recruiting will become the new normal, even in the post-pandemic world. Employers will have to accommodate their employees’ work from home wishes in order to keep top talent.
Changes in the Job Market
Before the pandemic, a popular phrase in recruitment was ‘shortage of talent.’ Unemployment rates were lower than ever and the biggest recruiting hurdle was attracting great candidates.
Covid turned the job market upside down. As many companies were forced to furlough or layoff their employees, we witnessed an unprecedented spike in the unemployment rates worldwide. The U.S. unemployment rate reached an all-time high of 14.7% in April of 2020.
The job market is forever changed due to the sudden shift from office to remote work. Working from home will completely transform employment as it opens the door to a truly globalized job market. Consequently, businesses will have an unlimited talent pool to choose from, resulting in global competition for many roles within an organization.
Coronavirus pandemic has definitely changed the recruitment industry, the job market, and the way we recruit.
Are you ready for the future of work and the future of hiring? World Premier Agency is. We’ve adapted our technologies and practices despite the tumultuous market triggered by COVID-19; we’re still delivering the best services and top talent.
Contact us today for all of your recruitment needs.