It is no surprise to know that the employment landscape is continuously evolving post COVID 19 across the world. We all have faced challenges resulting from economic recession, be it a tighter labor market, retention of key talent or high turnover costs – Now’s the time to shift gears and upgrade your hiring strategy for 2023.
Bear in mind that these changes in labor market are here to stay, or evolve even further. Having said that, Is your organization 2023 ready?
In this article we dissect a no of hiring trends that are on a rise in Pakistan, and can help your business off to a great start in 2023.
85% of the Recruiters believe that remote work will become the new norm.
Many businesses have always had part time staff that have worked remotely. But in the recent times, this is becoming a common trend, from people working in the coffee shops to airports to the comfort of their own homes. Our study projects a consistent increase in remote work seekers in the IT industry, Advertising/Digital Marketers, IT recruiters and customer support/ experience jobs.
Post COVID, employees have figured out what works for them. Some job seekers put 2 days of remote work as their new requirement. This is a more notable change in collectivist society countries in Asia, like Pakistan, especially women who don’t prefer leaving behind families for a long commute.
The stats collected by HRBS in response to remote work are as follows:
We must embrace this change and accept that talent looks for meaningful work with lesser/flexible hours that allows work life integration. As the economic situation takes a downturn in Pakistan, even the top position holders are looking for ‘side hustles’. Banking on this new trend can be mutually benefiting. This exchange allows both parties to derive benefits in terms of better resources for employers and flexibility for freelancers
Computers will be hiring you!
Yes, you heard that right. We are almost getting there!
According to the Gartner 2019 Artificial Intelligence Survey, 17 % of companies used AI tools in 2019, and 30% claim that they will use them by 2022. And these consistent increases will follow in 2023.
ATS tracking systems are one of the AI tools used for efficient screening. AI can create a pool of 5 to 6 applicants out of thousands of applications. Most job seekers don’t know the science behind it, but most follow specific keyword use in order to get filtered out in good ranking resumes.
Use of tech will greatly impact the recruitment time cycle. Many companies, recruitment agencies look for video interviews where the candidate responds to a set of questions. This brings the preliminary 3 week screening down to 48 hours According to linkedin
survey ,video interviewing was the fourth-most effective tech tool in recruiting.
Use of Recruiting Automation/Data Driven recruiting
The traditional HR recruitment methods are no more cost efficient.
Recruiters will need to do deeper data analysis and have a data- backed strategy that can gauge their most profitable efforts in terms of high quality candidates recruited.
Google Analytics, Applicant tracking systems(ATS),email automation tools are a few to name that organizations must start to familiarize with. Or you may get support from a trusted recruitment agency that specializes in this area.
Data driven recruitment requires use of data which may come from social media, job boards and other recruiting tools. AI tools can especially be helpful with screening candidates, identifying best candidates, managing recruitment process from job descriptions to on boarding, improving employer branding by analyzing articles and data related to a company.
2023 will be a time to focus more on strategic metrics than tactical metrics, meaning having a talent strategy that can be attached to business outcomes. However, tactical metrics like cost per hire, time per hire can not be completely overlooked.
With recruitment solutions like HRBS you can benefit from a large talent pool to screen resumes from, manage your talent pipeline as per your business strategy, Post job advertisements on multiple platforms simultaneously with huge follower-ship, conduct job testing and much more.
Diversity, equity, and inclusion
A number of organizations understand the need for DEI practices and make conscious efforts to foster an inclusive environment yet most organizations have a long way to go.
It is also globally accepted that a culturally diverse team at work fuels innovations, brings creativity and is likely to higher profitability of a business.
There is no doubt that according to the World Bank, workplace gender equality alone can help the global economy with up to £120 trillion. Moreover, gender and ethnic workplace diversity can increase profitability by up to 33 percent.
As of now, only 20.7% women are active in workforce of Pakistan.
Many leave their jobs due to lack of accommodating policies.
What is DEI?
In 2023,as more eyes focus on diversity metrics like gender and ethnicity of candidates sourced. Organizations will have to employ evaluations tool that eliminate the bias involved in hiring
How can you incorporate DEI in your recruitment system?
Gender neutral job advertisements
Gender balanced interview panels
Equitable recruitment process
What promotes a DEI culture?
Executive involvement in DEI,Role modelling by male leaders,Leadership’s commitment to DEI
Proactive candidate engagement
2023 and ahead will be years of proactive rather than reactive recruitment. Creating and managing talent pipelines even before job vacancies materialize will be a salient feature. Recruiters and employers, both will engage in skill based candidate sourcing that they expect to be of need to the business in future. This would mean engaging with such key talent at many stages for eg., having them follow your business page, sharing meaningful content on your page that may interest them, also be good at telling the story of your company.
Gen Z entering the workforce
With millennials taking up a major part of the workforce, its now the generation Z entering the job market too. Having opened eyes in the digital era, this population is tech savvy and looks for opportunities for growth beyond borders.And as the the demand for skilled workers continues to outstrip their supply in 2023 the generation Z are in more power. They, being self aware of their ability and a range of possibilities around them will not be hesitant in refusing offers that do not sit well with their internal value system or do not provide purposeful work. This will force companies to work on employee experience, employer branding, truthfulness in organization’s commitments and transparency in rewards system. And most importantly, allowing flexibility in work arrangement.
Project Based jobs/ Gig work and gig economy
Gig work is now talk of the professional world.As gig work gains popularity, people prefer short term work arrangements with multiple clients that allows time flexibility and helps them make money faster.This has had knock on implications on how companies recruit and what work can be assigned to project based workers.
If you require part time professionals for your business, joining relevant freelancing groups and building relationships is a viable option This will not only build recognition for your brand but also help you stay updated with freelancing job trends. Also, one must make sure to make competitive job posts among similar job openings. Liaison with freelance agencies that carry out outsourcing work is a great option too.
At HRBS we help companies across the globe with business management services, Click here to learn more about our HR and talent acquisition solutions for 2023 and get in touch with our experts today.