Here’s a list of meaningful insights on hiring trends that are likely to dominate the job market in 2020
1. The use of Artificial Intelligence (AI) will result in increased automation
2020 will be a pivotal year for artificial intelligence-related employee dynamics. The digital ecosystem in India has undergone a massive shift over the years. While this has created plenty of jobs and led to a widening gap between skills and requirements. The use of AI will result in recruitment moving further towards automation, where no contact is made with the candidate and first few rounds of sourcing and screening will be taken over by automated platforms. It reduces the paperwork required for each job role and also ensures timely tracking and communication resulting in lesser Turn-Around-Time (TAT) per candidate while delivering meaningful insights into the recruitment process.
A workplace of the future will be made of a dynamic, fast, safer with digital environment and will be able to fulfill multiple requirements efficiently. With the advent of AI technology, 2020 will be the year when the traditional hiring process will be replaced by smart recruiting that incorporates AI. With email automation and applicant tracking system, recruiting the right candidate will become more efficient.
2. Data-driven decision making will result in more personalized hiring
As systems and workflows become increasingly data-driven, businesses will leverage the potential of data analytics to gain insights into targeted hiring as well as employee retention. The process will become more customized and personalized for every candidate. Tools integrated with Applications like Tracking System (ATS) and Recruitment Marketing Software (RMS) can be used to attract, engage, nurture and convert candidates into employees. Every candidate will then be treated as a unique resource for the organization and the customized communication approach can enable a candidate-friendly recruitment process. Also, the candidates too can use all publicly available information to better understand the organization they are interested in and explore the job roles, description and growth opportunities before making their decisions. Social media will play a great role in how recruiters and candidates communicate with each other going forward.
3. Hiring candidates with multiple skill-sets
According to the World Economic Forum, in the next 5 years, about 35% of the skills considered essential today will change. Only a person who can adapt well to the changes can survive in the long run and this is what the recruitment framework in 2020 would look like.
Since emerging technologies can lead to the loss of jobs, it will be important for companies to recruit candidates that demonstrate the skills of adaptability and flexibility, which will help them, maintain equilibrium in a dynamic environment. Therefore, skills, such as creativity, critical thinking, and problem-solving while screening candidates – skills that AI cannot deliver as yet will be considered of upmost importance. So, while you are looking for a job, you should also enroll for courses or training to learn new and develop new skills.
4. Focus on company culture
Attracting talent will be a Challenge for companies in 2020, inciting new strategies for talent acquisition. Companies know a strong culture is the key to retention, so making sure the candidates being interviewed not only have the right skills but also will be able to fit in the organization perfectly and feel at home will also be a focus for hiring managers.
The new wave will shift towards providing an elevated level of employee experience in organizations.Especially studies suggest that Millennial’s prioritize on culture over pay. Therefore, Employers will seek to provide an improved candidate experience in line with Candidate’s Expectation. Even though money remains the single greatest motivator for today’s employees, they will still prioritize culture above compensation according to a survey.
5. Mobile recruiting
Any forward-thinking HR manager would know that the next wave of suitable candidates will find jobs through a mobile device. The interest today in social media recruitment is growing day by day. Attracting candidates from non-traditional sources like Facebook, Twitter, Instagram, and other social media apps is going to be the future trend. The future is mobile. The mobile usage job search will increase dramatically in the coming years. Companies need to optimize the mobile job search and applying experience to tap into the diverse talent pool.
6. Workplace Diversity and Inclusion
Companies will prioritize diversity and inclusion Workplace diversity has many advantages. Human resources departments will be tasked with recruiting teams that include a wide range of diverse talent and backgrounds, ultimately bringing together bright minds with different generational and fresh perspectives that will help in a better team work. According to a study, companies with gender and racial diversity were more likely to have higher financial returns.
According to Glassdoor’s Diversity & Inclusion Study 2019, 50% of employees across all countries surveyed believe their company should do more to increase diversity and inclusion, with millennials more likely to express the need for change. The same study proclaimed that 71% of companies chose to remedy the problem by hiring a more diverse workforce ranging across various genders, races, sexual orientations, and ages. In the past decade, diversity in the workplace has taken a front seat in terms of priorities and equalizing and this trend is only going to continue in coming years.
7. Establish the 21st century recruiter
With the introduction of AI in the talent industry, Hiring Managers are going to face a lot of challenges. A study revealed, majority of high-growth organizations consider HR managers as heavily involved in prompting major change as compared to modest-growth companies. Companies of today need Hiring Managers who are deeply involved with the business side of the recruiting process as well as proficient in the soft skills. Such managers need to be thought leaders as well as subject matter experts of their field. They should be able to merge the human side of the process to the technical one. The responsibilities of the Hiring Managers are changing. They should feel comfortable and confident using new and emerging recruitment strategies. Thus, it is not only the candidates themselves but also the Hiring manager that needs to update their skills from time to time. With the help of the ever-modifying technology and AI, the 21st-century recruiter should be able to bring in new set of skills and expertise in finding the top talents. They should also be able to deliver solutions and outcomes designed to be faster and more impactful.
According to a report published in the Harvard Business Review, employees ranked long commutes as more stressful than their jobs adversely impacting productivity of employees. Work-from-Home will enable employees to have a relaxed work environment resulting in better quality of life and help them to focus better. It also helps in Talent Retention and Lower Attrition rate. Also, Work – From – Home attracts better talent as it makes it possible for employer to source talent from any location. Employers also save a lot of cost they would incur in relocating staff and additional benefits that they provide high skilled staff to relocate them from their hometown. No wonder, a lot of job seekers now look for work-from-home opportunities with flexible working hours to have work-life balance and manage stress better.
9. More contractual jobs
Since recession has hit the Market, there is no denying the fact that workplace expenses will only increase in the future since it includes more than just expenses related to employees. To keep the growing expenses under check, companies might be driven to hire more contractual workforce than full-time employees so as to reduce cost. Organizations too now look at contractual workforce to get specialized projects done rather than hire employees on short term basis. Hiring employees on freelance basis provides a better option to recruitment since a lot of costs (advertising, man-hours wasted on screening and short-listing job seekers as well as interview process and training) are eliminated.
10. Other benefits will be given more importance than pay
We have read about how important it is to have work-life balance. It results in Job satisfaction and happy employees and they tend to perform better than ones who aren’t. Having a fat paycheck is also important but at the same time, there is a growing trend where for some employees money might not be the biggest motivating factor. Employees are also focused on other benefits like health insurance, work-from-home opportunities, personal loans, etc. Therefore, Companies are structuring their packages to include more benefits or perks to attract the ‘right’ employee for the position.
Recruiters are more willing go the unconventional way and incorporate the changes in order to attract and retain the best person for the role.
11. Social media presence will be a part of the hiring process
Gone are the days when a good resume and a solid interview were enough to secure a new position. Today, your digital footprint on social media platforms is what will set you off in the right direction. Therefore, it is important to keep private accounts private and to ensure that all public accounts reflect the applicant in a positive and professional light as recruiters spend time in researching the social media profile of applicants.
Companies are no longer requiring candidates to complete a Bachelor’s or Master’s degree to compete for a role at their company. Some of the top tech companies, like Apple and Google, were founded by people who were not even graduates. Companies are focusing more on experiences as well as hard and soft skills to qualify candidates. Additionally, removing education requirements also allows candidates with more diverse, talented and non-traditional backgrounds to apply. https://ivalueplus.com/humanresource/