What does the ‘Future of Work’ mean for an Enterprise, post the COVID-19 pandemic?
The Coronavirus pandemic (COVID-19) has brought businesses and operations to a grinding halt, all across the globe. Enterprises have rolled back on hiring, and SMEs/SMBs have shut shop till further notice.
Since it was first declared a global calamity by the World Health Organisation (WHO) in late February, a market survey report has shown that over 65% of companies have shutdown, pending an economic revival. Also, more than 60% of all the organisations in the world have either frozen their hiring channels or have deferred joining dates for the future. Even though only about 4 – 7% of companies have laid off a portion of its workforce, the United States has announced that over 22 million individuals have filed for unemployment benefits in the last 90 days.
The World has changed forever. The last time the economy took such a brutal beating was in 2008. However, analysts predict that the economic backlash caused by COVID-19 will be far greater. For the first time in history, the value of a single barrel of crude oil dipped below the USD 1 Dollar mark.
Yet, as the saying goes, ‘This too shall pass’. Just like how the crude oil market self-corrected its value overnight, so will the global economy. Once the potency of the virus declines and vaccines begin to hit the market, organisations and enterprises will need to swing back into action.
But we must remember that with such a trenching impact on the economy, jobs and working conditions will never be the same again. Skills will evolve, redundant roles will get axed and the automation of repetitive tasks will forge the way forward.
This doesn’t translate into a loss of jobs, but more of an evolution. So, how will organisations cope with the gradual shift in working conditions and requirements, so as to efficiently hire for the Future of Work?
Planning and Forecasting
Enterprises will need to start arriving at the idea of Talent Decisioning with a more holistic approach.
HR leaders will need to be more aware of the market and understand how businesses, projects and goals have changed. By understanding how a client’s business requirements have changed, the talent pipeline will also have to be modified in order to source the right individual for a job.
Evaluation of skills required, skills present within the organisation, project requirements, client goals etc will all become much more important whilst seeking out new talent.
An important, yet often ignored facet of HR Technology, is the requirement for robust career sites. A dedicated career site helps an organisation by tackling two defenders at the same time!
The platform serves as an internal repository of information pertaining to the workforce’s skills, experience and overall performance metrics. A robust career site ensures employees regularly update the platform with the necessary skills. And with an added layer of intelligence, the platform can deduce skill-gaps and make relevant up-skilling/re-skilling to ensure employees start imbibing skills for the incoming requirements.
The second facet of the Career Site, is that it helps in Workforce Optimization. Hiring Managers can access relevant profiles with just a few clicks, thereby fulfilling open positions internally. It reduces the overall cost to hire (C2H), and helps in employee career progression.
It is important to know that adequate career progression reduces overall employee attrition.
Enhance Recruitment with Technology
Technology in the field of recruitment has existed for years, but it has to go beyond the rudimentary ATS (Application Tracking System).
Sifting through hundreds of resumes, shortlisting and marking it to the Talent Acquisition team has always been a tedious task, resulting in hours of manpower being wasted.
HR Technology was born when HR applications began adding a layer of intelligence with the help of AI and Machine Learning (ML). Now, with AI, the tool or application can scan through dozens of resumes in a second, and stack rank them according to relevance. This reduces the time invested, thereby reducing the overall hiring cycle duration.
The Talent Acquisition pipeline is becoming increasingly intelligent, with the help of technology. Organisations that adapt quickly and utilise technology will solve future talent related shortages, which in turn will positively impact their business.