Organizations that are experiencing a surge in demand for services, have experienced slight or no disruptions in services or that are taking a proactive approach to preparing for recovery post COVID-19, can find talent right now who otherwise may have been off the market.
The COVID-19 outbreak has changed the world of work - and the world itself - overnight. The virus' decimating and long-lasting impacts have cut a swathe of fear and uncertainty for both small businesses and enterprise-level organizations across the globe, leaving employers to navigate financial and operational challenges while adjusting to the needs of their talent, customers and vendors.
As the global workforce attempts to overcome disruption at an unprecedented speed and scale, it's essential that employers understand the large scale shifts that are changing how work is and will be done around the world. Employers must then take these insights and apply them to their own immediate, short-term and long-term workforce strategies.
For many forward thinking employers, this means building resources now to fill current needs and seize new opportunities. Great talent is available, and actions taken now can have a direct and immediate impact on the success of a company post pandemic.
In the face of COVID-19, here is why you should look for top talent right now.
You can find talent!
Due to the sudden shifts in industry markets, highly skilled talent is available for your job or project.
To date, a total of 81 per cent of the global workforce of 3.3 billion people have had their company fully or partly closed. The pandemic is expected to wipe out 6.7 per cent of working hours across the world during the second quarter of 2020 - the equivalent of 195 million full-time workers losing their job.
And while these numbers are staggering in the amount of job layoffs, job furloughs and closures they are the result of, it does mean candidates may be completely unemployed, working reduced hours or operating on schedules that allow for other projects because their company was affected. A company looking for talent now can fill their needs while also providing economic relief to workers and their families.
For longer term projects, a company has the opportunity to secure a longer term commitment from great talent as the crisis continues. As the pandemic can last for several months or years, the economic security of a long-term contract or a full-time job with a company may be more appealing to candidates now who previously may have preferred the flexibility of multiple, short-term projects.
Because of the current pandemic, highly skilled workers are now on the market who otherwise may not have been available.
Project completion is critical to reaching immediate, short-term and long-term business needs
Unlike regular upheaval in the economy, the current crisis is a public health crisis and not financially driven. This means that being prepared for when the economy starts to rebound will be critical, which will require work to be completed now in order to propel your company forward when it's time to get back to business as usual.
The push to become virtual has never been more important. Whether it's designing and implementing e-commerce platforms, scaling to accommodate online demand or improving an organization's mobile User Design and User Experience functionality, all of these drivers bring projects to the forefront and capture revenue that would otherwise disappear.
Project completion is critical to meeting government regulations
Changing government regulations and timelines for business means a company must react today in order to prepare for what could be the results of longer term shut downs and the slow reappearance of customers through live channels.
Supply and Demand is predicting market rates
Market rates will shift during this period as rates are predicated by supply and demand- yet don’t expect this of every industry sector as some will continue to see job losses based on the nature of their business. Currently, the supply of talent is outpacing that of demand for roles to fill. This will cause some downward pressure on rates in a specific industry, as talent is competing for the job or jobs that are available.
However, this does not mean a company should gouge candidates!
How a company operates and treats its people during the COVID-19 pandemic will be remembered by parties involved, and taking advantage of market rates will lead to negative employer branding now and in the future.
When seeking employees or contingent workers, hiring teams and employers will also want to create a long-lasting relationship with the newly acquired resource in order to retain that worker when the market returns or multiple job offers are on the table.
Access to a larger talent pool
Recently released research from Gartner shows that 48 per cent of employees will likely work remotely at least part of the time post COVID-19 pandemic, compared to 30 per cent before the outbreak. In fact, further research finds 30 per cent of CFOs intend to increase remote work within their organization on the other side of COVID-19.
This means employers should look outside their city or territorial borders to source and engage candidates for a job or project. If there is one lesson the new era of work has taught the workforce is that the location of where the work is done is not as important as the job itself.
Work has moved outside of the four walls of the office and sometimes the best person for the job may sit the next city, state or province over.
If the job can be done remotely long-term, is there a reason to confine your search to your local environment if the best resources are living elsewhere? Whether this becomes the new norm or just a learning curve for your company, there may be no better time than now to consider this shift in your talent acquisition strategy if you're looking to find candidates.
Building out a high-performing team can be easier now more than ever
Sourcing candidates and engaging talent now for your job or project can also mean the job is done faster, better and with less rework - allowing hiring teams to focus on sourcing and engaging high quality talent. This saves time, money and headaches when you're looking to find candidates and get a job done.
Highly skilled candidates usually have similarly skilled workers in their personal or professional networks, and building out a high performing team may be easier now than in previous years if hiring teams are looking to engage multiple candidates and present multiple offers.
Collaboration can create built-in teamwork
Internal talent referrals can also mean that employers are not only gaining great skills but also have the opportunity to acquired built in teamwork and collaboration from newly acquired resources who have previously work together.
The role of a trusted staffing agency partner
If your organization needs hiring or workforce management assistance but is unsure where to start. There is help!
A trusted staffing partner should be committed to advising on the best solutions available to meet an organization’s business goals and to deliver innovative services that transform how they find and manage talent. An experienced staffing partner will work with a client organization to align their business objectives with their workforce strategies.
This is done by listening to an organization’s specific needs and tailoring a solution that delivers both short and long-term value across an entire organization. Organizations that partner with a staffing agency will shift the hiring and compliance burden to that agency. This puts the onus on the staffing agency partner to mitigate the risks associated with Independent Contractors and ensure compliance.
As the workforce and the world continues to try to overcome the challenges presented by the COVID-19 pandemic, the one thing we can count on during these uncertain times is that we are all in this together.
If your organization is considering updating your current talent acquisition strategy to quickly and efficiently bring new resources into your workforce, these insights may be of interest to you: Guide to designing a high impact talent acquisition strategy.