The coronavirus crisis has certainly created talent acquisition challenges. But it’s also created great opportunities for employers and HR leaders who appreciate the shifting candidate landscape and are prepared to similarly shift their approach to talent acquisition. In fact, when it comes to supporting talent acquisition today, HR is like the coach to a team of world-class archers — helping the team keenly target their efforts to find and hire the best new talent swiftly and with precision.
So, what are the new challenges to successfully competing in this field of talent acquisition, and what are the related opportunities? Here are four:
- Video interviewing is no longer a money-saving, nice-to-have option. Just as employers are expanding virtual wellbeing programs and offering more tools for remote work and collaboration, two-thirds of employers expect to do more virtual or remote hiring in the coming year, according to a survey of recruiting experts this year by Lighthouse Research & Advisory.
At the same time, however, 65% of companies said that 2020 exposed critical gaps in their talent acquisition technology stack, and 21% of all firms said they haven’t yet filled those gaps.
The opportunity is for talent acquisition teams and HR leaders to get more keenly focused on the most current and advantageous sourcing and hiring tools. The winners will arm their quivers with arrows of all the right talent technology for fast, targeted virtual hiring.
- Hiring is reeling from the illogical combination of the great recession of 2020 and acute labor shortages. In normal times, an upswing in people leaving their jobs is a sign of a healthy economy with plenty of jobs. But the pandemic led to the worst U.S. recession in history, and millions of people are still unemployed. Meanwhile, employers are complaining about acute labor shortages. Others say it’s more a matter of millions of workers having higher expectations of their work than before the pandemic.
Regardless, as Daniel Zhao, a labor economist with the jobs site Glassdoor, told NPR, “We haven’t seen anything quite like the situation we have today.”
Talent acquisition teams and HR leaders have the opportunity to respond to this unusual situation by sharpening the arrows in their compensation and benefits packages. Companies that hope to keep hiring top performers and driving employee retention will offer wellbeing initiatives that have programs and tools to help build total employee wellbeing and are accessible to their entire workforce.
- Hiring has become a global undertaking. One recent article from SHRM makes the argument that the most notable change in recruiting over the past year is actually the expansion of the talent pool. Despite the perceived labor shortage by many employers and some industries, many organizations today are able to hire people from literally anywhere in the world. Employers need to be prepared to hire from anywhere. And it’s true for top leadership as well as for managers and employees. The opportunity here lies in upping your game for offering and managing remote work (or being willing to splurge on relocation) and in unleashing talent acquisition to find and reach the right targets anywhere in the world.
- The remote workplace is here to stay. What some are calling the “great migration to remote work” created by the pandemic has also had a profound impact on what people think about when and where they want to work. More employees now want to permanently have the flexibility they gained during the pandemic. Research from Motus, a workforce management software company, found that 40% of Generation Z and millennial professionals want the flexibility to choose where they work. Many, Motus found, are interested in relocating from high-cost metropolitan areas to more-affordable suburban areas. The opportunity here goes to talent acquisition teams and HR leaders in companies that can be flexible in how they build their return-to-work plans — especially employers who transition to a hybrid work model.
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