Current Recruitment Trends
In 2020, the activity on the CutShort platform increased from 2019 until the pandemic hit in March. During the lockdown period, activity went down, but began to rise again in May. By October, activity was higher than before the pandemic. 25% of companies, mostly in the travel and hospitality industries, had to lay off employees, while 45% of other companies paused hiring.
For 2021, it is expected that hiring will increase again as companies and employees adjust to the pandemic and vaccines become available. The worst of the pandemic’s effects were felt by non-essential and support functions, but there was still a demand for skilled professionals. People who could work in 2020, the activity on the CutShort platform was building from 2019. When the pandemic hit, activity declined, reaching a low point in the lockdown period from March to April. However, beginning in May, activity began to recover, and by October, it was much higher than the January level. As the pandemic took hold, 25% of companies, mainly in badly-affected sectors like travel and hospitality, laid off employees. Another 45% of companies in less-affected sectors still put hiring on pause.
Career Lessons From the Pandemic
In 2021, people should focus on becoming the best they can be in their chosen field and making sure to stay up-to-date on skills. It is also beneficial to have experience in multiple sectors, so that if one sector is struggling, you can switch to one that is doing better. This will help you to find more opportunities and stay employed.
Third, look for a job in an area where you can make the company more money. Fourth, seek out a profession that is judged by the results it produces, not just the hours you put in. This way, you will be seen as an asset rather than a cost.
Fifth, possessing a number of years of experience can be beneficial, however, only when it is supplemented with the right skills and ability to contribute to the business. Sixth, it is essential to be prepared for crises and disasters. Develop resilience in the face of difficult situations and look for ways to take advantage of them. Have a plan in place to ensure you can survive the bad times and even make the most of them.
Current Recruitment Trends
In 2020, the activity on the CutShort platform was building from 2019. When the pandemic hit, activity declined, reaching a low point in the lockdown period from March to April. However, beginning in May, activity began to recover, and by October, it was much higher than the January level.
As the pandemic took hold, 25% of companies, mainly in badly-affected sectors like travel and hospitality, laid off employees. Another 45% of companies in less-affected sectors still put hiring on pause.
Looking ahead to 2021, as companies and employees have adapted to the pandemic and as vaccines seem to be on their way, there should be a significant rebound in hiring. The worst of the impact of the pandemic fell on non-essential and support functions. Even during the pandemic, there has been a substantial demand for skilled professionals. Professionals who are domain-agnostic and not tied to a particular sector had the flexibility to move out of the hardest-hit sectors and find opportunities in ones that were impacted less (or even growing).
Career Lessons From the Pandemic
Nikunj offered advice developed from the experience of the pandemic. Even in the worst times, you can take steps to protect your career.
First, be the best you can be in your chosen work area. You should choose your area of concentration strategically, which includes choosing one that gives you inspiration and satisfaction. If you’ve done that, you should then make an effort to upskill and make yourself the best in that area so that you have a reputation for great work.
Second, domain knowledge is good, but working in multiple domains is better. Having cross-functional and cross-domain experience gives you the opportunity to shift out of declining sectors and into growing ones.
Third, seek to work in a profit center rather than a cost center. Try to work in an area aligned with revenue where your continued employment means the company makes more money.
Fourth, choose a profession measured by its business impact and not by the number of hours worked. In the former, a good worker is a source of business success, whereas in the latter, a good worker is still a business expense.
Fifth, number of years of experience is an asset, but only when you plan for it. The years of experience have to be matched with skills and contribution to the business.
Sixth, plan for crises and disasters. Be resilient when bad things happen, and look for the opportunities that arise in those situations. Prepare yourself so you can survive bad times and even take advantage of them.
Before Starting Your Job Search
The most important step to take when planning your career is to do something that you are passionate about. This will ensure that your career is self-sustaining, rather than trapping you in a job that doesn’t bring you joy. The Japanese concept of ikigai can be used to help you identify a job that suits your personality, interests, and values, and pays you for it. If you can find a role that you are good at, passionate about, serves a higher purpose, and is compensated, you will experience long-term career success and satisfaction.
Before commencing your job search, it is essential to build a strong social media presence. Nikunj suggests that it is more than just having an up-to-date profile; it is necessary to be actively involved in the social media groups related to your desired field of work. Demonstrate your knowledge and skills by contributing to the community and helping others, as this will earn you respect and goodwill from those who could help you secure the job you desire.
If you aspire to enter a rapidly growing industry in which there is an abundance of positions available but lack the experience necessary, you may need to take a step back and accept a role below your current level. Nikunj even suggests undertaking unpaid work if it is the only option to gain the initial experience. This should be considered as an investment in your career growth and done with the purpose of gaining the required experience that can be used to secure a paid role.
In Your Job Search
When searching for your ideal role at a desired company, it is essential to go the extra mile. Carry out extensive research into the company, its staff and its goods, and reach out to the people who are responsible for the hiring decisions. When applying for other organizations, make sure to not simply send in a CV and cross your fingers. Carefully read the job description and look for clues as to what the employer is searching for.
Be aware that each stage of the recruitment process has its own purpose and requires varying approaches. During the initial screening, recruiters will be looking for keywords and specific data points (check the job description for clues). During the initial interview, the interviewer will be focusing on your work samples and the skills you possess. If you make it through to the later stages, don’t assume these are a formality. Senior leadership will assess the entire picture of you as a person and an employee and you must present yourself as professional, knowledgeable and passionate.
Why AI in Recruitment?
In a competitive job market where, on average, there are an abundance of applicants for one position, with only a few job openings, a business can easily be inundated with hundreds or even thousands of applications. Even if 20% are successful in passing the initial screening stage, the recruiting team will still be overwhelmed by the sheer volume of applicants. Artificial Intelligence can be of tremendous help to recruiting teams in this situation. By using data from successful employees as reference, AI can identify patterns of what makes a suitable candidate for a particular vacancy. Additionally, this can be done across multiple functions, something that may be difficult for a human recruiter.
AI is used mainly in:
- Matching
- Screening
- Hiring process automation (automated messaging, automated evaluation)
When it comes to matching and screening, AI will assess job titles, the candidate’s length of stay in each role, the companies they have worked for, key skills and educational qualifications. In some cases, deeper analysis may be conducted, such as the kind of work done, the skills used most recently and the time spent at each employer.
To ensure you can maximise your chances of success with AI recruiting systems, you should structure your CV in a way that makes it easy to read. Clearly state your key skills and use industry-standard terminology (utilising synonyms if a skill is known by multiple names). Additionally, you should tailor your CV for each job type, making sure not to use the same one for positions in different domains or functions. It is also unnecessary to include charts, graphics or animations, as these won’t impact the AI in the way you expect.
If you are successful in entering an AI automated hiring process, there are a few things to remember. You may receive automated messages or reminders which should not be ignored, but instead responded to. If there is no response after a week, follow up using a different method. You could look for an email address or use a platform such as LinkedIn to contact the recruiting team.
Future Trends
It has been identified several future trends in employment by several search companies:
In the current job market, there is an increased level of automation. To avoid being in a role that can be automated, focus on developing skills that can only be provided by humans. Job security is no longer guaranteed, so take risks when you can and acquire experience in multiple functions and industries. Globalization of talent has meant that India is currently seen as an outsourcing destination, but this could change in the future. To avoid becoming reliant on the cheapest labor, ensure you have a job that is not solely determined by cost.
Job hunting in the AI-driven world is becoming increasingly competitive, as employers are utilising more sophisticated tools to assess and pair candidates with roles. To be successful, it is necessary to understand how AI works and the best strategies to utilize. Initially, be aware that AI looks for certain keywords, skills and data points in resumes, and make sure yours is structured in a way that includes this information. Additionally, research the company and build relationships with those who can impact the hiring decisions. Additionally, tailor your CV for each job applied for, rather than using the same one. Lastly, be prepared to follow up with the AI-driven process.
The job markets that are being shaped by AI include the technology, finance, healthcare, and education sectors. These markets are increasingly competitive and require applicants to be knowledgeable about AI and employ effective strategies to stand out.