The pandemic has transformed the world of business. Along with ways of working, hiring too must change, with employers and employees stepping up to the plate.
Pre-COVID-19 seems almost to be a distant chapter in history now. That was a time when the unemployment rate across the globe was at an all-time low. Recruiters had become very creative in their approach to sourcing talented candidates, leveraging technological tools in their pursuit of being counted among the top employers and staying one up on their competitors in picking up the most talented candidates.
Now, though, life itself has transformed to near-unrecognizable levels. And it is still changing! The future remains uncertain, but unemployment is touching new highs, and there is a strong likelihood of a global recession. The pandemic may take away 300 million jobs across the world, according to the International Labor Organization (ILO), and the lockdown is weighing down on 81% of workers across the world i.e. 2.7 billion people. According to the World Economic Outlook, advanced economies may go down by 9%, with the overall global economy possibly falling 3%.
All of this is far worse than the crisis of 2008-2009, so if companies do not adapt to the new reality, they will surely be left behind!
How has hiring been affected?
COVID-19 has led to recruiters pulling back their plans of getting more people on board. Candidates too have had to push back their interviews at times, courtesy technology hurdles. In fact, 60-65% of interviews could be affected, either being delayed or dropped completely.