As Hiring Regains Traction from the Coronavirus Shutdown, Here are the Emerging Trends

 

By Tom Gilman, CEO & Managing Partner

 

The historically low unemployment rates that kicked off 2020 have swung dramatically upward since the coronavirus hit the United States, creating powerful ripples through the job market.

Here are the some of talent trends we’re seeing as stay-at-home orders are lifted and organizations begin to return to a more usual operating environment.

  • The hiring process is moving significantly faster and steps that might have taken a week or more pre-pandemic are now happening within days or even hours. One reason is that candidates have more flexible schedules if they’re working remotely or are furloughed or unemployed. In addition, candidates who might have once shied away from virtual interviews are now more comfortable with the technology and are increasingly willing to interview in this format.
  • Potential candidates – even those in seemingly stable roles and industries – are more willing to hear about new job opportunities than they were at the start of the year. As organizations begin to operate more normally, there is a great deal of uncertainty and individuals may view organizations that are hiring as more stable.
  • Several local CEOs we’ve talked with have witnessed some of their leaders rise to the challenge of the past several months. As their organizations begin to shift back to normal, CEOs will need to consider how to continue to develop these leaders as they increase their responsibilities.
  • Nonprofit organization that are in a position to hire may find they have a stronger candidate pool available.The global pandemic has shifted priorities in many ways, and we’re hearing from more job seekers who are interested in moving into work that is more meaningful – even if it means reduced compensation.
  • Despite the extraordinarily high unemployment rate, top talent continues to have options and ensuring your employer brand is strong remains critical. In fact, the way your organization has treated employees during these past few months may say more to prospective job candidates than employee benefits or other perks.
  • Many organizations have found that remote work has been very successful – and may become more prevalent moving forward, even as the crisis eases. This means organizations may be more open to tapping into virtual talent from a broader geographic region, increasing their capabilities while possibly decreasing costs.
  • As more organizations extend remote work options they’ll need to give serious consideration to how to adapt and translate their culture into this new environment. Some of the fun tactics used the past few months to engage workers may be wearing thin and instead need to be replaced with more meaningful long-term solutions.
  • Though some essential businesses continued to hire during the early weeks of the crisis, the enormous uncertainty caused many to put hiring on hold. As of late May, we’re seeing hiring start to pick back up with sales and finance/accounting positions seemingly in high demand.

Despite the uncertainty organizations will likely experience for some time, most recognize the importance of continuing to build a strong team that will help them push forward successfully.

This article appeared on the Cincinnati Business Courier website on 6/1/2020.