The pandemic COVID-19 which has affected the lives of people in every possible manner and likewise has not spared the business and economics. Straight from hiring new employees, retaining employees, their increments, everything has taken a toll and has been affected. Prior to this pandemic, the world was shrinking and the economy was expanding but the COVID -19 is spreading like a wildfire which has forced social distancing a new trend and has affected various industries so badly that now the world is expanding and the economies re shrinking.
Some industries like the pharma, food processing, entertainment, e-learning platform are witnessing demand in the manpower and new job openings while others like the hospitality, travel, and tourism are witnessing a sharp drop in the job opportunities and struggling for the survival of their existing employees. In this situation, the companies are taking several measures so that it must not stifle their organization’s growth.
In this blog, Mr. Atul Mahajan, Director of TFTS (Trendsetters Facilities and Technical Services) India’s leading manpower outsourcing company talks about the key hiring and HR trends post COVID-19.
Introduction of AI and robotics in recruitment will be the trend. Recruitment is also following the norms of social distancing and thus businesses are shifting their complete recruitment strategy to virtual platforms and are now resorting to smart automated systems that provide virtual screening environment and interviewing experience, in place of conducting in-person interviews. From in-person meetings off the table, job interviews now needs to be conducted remotely over Zoom Skype, Google Meet, WhatsApp, or videoconferencing. Several big companies have already been doing it for some time but now the smaller organization has adopted video calls as a common mode of communication for recruitment. Thanks to this age of automation and technology where AI and robotics are playing a crucial role in the recruitment space which is used by hundreds of major companies to search job sites, scan resumes, schedule interviews, and get in touch with applicants.
Competency Measuring and Rescaling of Employees
Organizations are exploring the possibility of transferring/re-skilling some of their workers from one division to another so that they can get the best out of employees. This will also decrease the need for new hires in the company and the additional financial burden on the shoulders of the corporates.
This will assist the employer, understand the gap in the skill of the employee vs their current job role, and assist in aligning their competencies by several learning platforms.
Redesigning Compensation and Delaying the Annual Increment
Some organizations are redesigning the compensation package of their new hires which means organizations have decreased the fixed compensation and has increased the variable which will be paid once the targets will be achieved by the employees, joining bonus have been dropped from the compensation structure of the employees. These measures decreases the fixed cost burden of the organizations.
For the current employees, corporates have stopped the increment, bonuses, and promotions of their employees due to the economic downturn. Because of the expected economic downturn, the majority of companies are holding or delaying both the increments and promotions.