The COVID-19 pandemic has fundamentally altered industries, organisations, and ways of working within 2020, culminating in most business leaders needing to rethink their respective company strategy. Many have understandably proceeded cautiously for risk mitigation purposes or simply in order to survive. For those companies in a more fortunate position, the pandemic has inadvertently created some positive repercussions.
One of which is talent acquisition. Whilst many businesses have imposed hiring freezes or indeed reduced headcount, the opportunity to develop a business through hiring talented individuals that would not otherwise be available has never been greater than now.
More qualified candidates in the market
As of August 2020, unemployment within the Euro area stood at 8.1% (a 3 year high), leaving a plethora of qualified individuals in search of new opportunities. Further, professionals currently in employment have demonstrated that they are willing to switch to more “stable” industries, thus offering more diverse candidates with transferable skills, mitigating previously predicted skill gaps that were forecast for the beginning of 2020.
Ease of interviewing
In addition to this, it has never been easier and more efficient to interview candidates.
The fact that many potential candidates are at home means that individuals are more readily accessible by phone and available for interview at short notice. With the range of video recruiting solutions, including conferencing software such as Zoom and Microsoft Teams and video recording software for early-stage shortlisting, employers can determine candidate fit more effectively, whilst avoiding travel arrangements and corresponding costs.
Digital tools can also be used to successfully ‘onboard’ a new employee. Whilst traditional onboarding processes can take several weeks, digital onboarding requires less time on both sides, reducing bureaucracy and getting your new employee integrated into the team more efficiently.
Whilst the default strategy can be to focus efforts on crisis management, by investing proactively in talent acquisition, building a talent pool and utilising new digital processes, companies can capitalise on this unprecedented period.
If you’re looking to develop your business and need assistance with acquiring talent, even on a confidential basis, feel free to contact us.