How will hiring look like in 2020?
(This article has been co-written by Abhinav Ghosh and Shalini Das).
As we embark on this new decade, Team InternClick tries to make some predictions regarding the hiring trends that are likely to be followed in 2020. This year is going to be particularly interesting, with several factors coming into play simultaneously.
Firstly, E-commerce companies and startups are likely to step up their hiring by almost 50 to 100 percent — primarily from India’s leading engineering colleges, with some even resolving to intake the highest number of students in 2020. Companies like Udaan, Dhoom, Amazon, Toppr, TestBook, and NoBroker will be recruiting aggressively from across India! The profiles are diverse and include finance, transformation, data science, software development, and marketing.
Artificial Intelligence and automation are shifting the workplace culture to a great extent. Bots are however yet to master EQ and this is where human discretion, comprehension, and empathy is indispensable. With the extent of dynamic market competition, there is likely to be a shift of power from companies to candidates. Recruitment marketing will play a key role, where the needs of the employers and employees resonate with each other.
Coming to trends- most companies, along with recruitment automation tools will be using Applicant Tracking System (ATS) and Recruitment Marketing Software (RMS) to attract, engage and convert candidates into employees. Data acquired through these will be used to decide compensation and predict future trends.
From conventional platforms like LinkedIn and Facebook to unconventional platforms like WhatsApp and Instagram, social media hiring will be on the rise, along with referral programs. 82% of employers have rated employee referrals above all for generating the best ROI.
A shift is also expected from resume-based hiring to a more holistic personality and skillset driven hiring. AI will help tremendously in gauging elements like technical skills, vocabulary, facial expressions, and question response speed. Skill-based assessments are also likely. Candidates will multiple skill-sets will naturally have an upper hand. Since most industries are becoming analytics-driven, technical expertise is a must.
Over 80% of employers have also counted culture fit to be one of the most important factors for hiring. Candidates demonstrating the willingness and ability to grow and adapt to new challenges in the workplace will be prioritized over others. This will rightfully make up for the skills gap.
Remote Work is going to be embraced more, considering a 78% increase in LinkedIn job posts advertising flexible work arrangements! Workplace culture is going to be more accommodating.
However, with the threat of a recession looming, even Bulge Bracket banks like Morgan Stanley are cutting 2% of its workforce. There is uncertainty in the global economy. The era of growth is slowly fading in the private technology companies as well. Some of India’s most promising startups, including Oyo, Ola, and classifieds major Quikr, have started to cut jobs since the last month. Quikr has laid off almost a third of its 3000 employees. This is in anticipation of a tougher financing environment. Oyo is expected to shed almost 250–500 employees out of the 9000 it was reported to have last year. According to some reports, however, the number could be as high as 2000. Times Of India has reported that app-cab giant Ola is also expected to lay off 15 to 20 percent of its 5800 to 6000 workforce. According to Entrackr, Paytm has fired about 500 employees.
The layoffs have come at a time when the funding environment has turned cautious. American office space-sharing startup, WeWork’s IPO was as controversial as its creative financial metric: community-adjusted EBITDA. Its value plunged more than 80 percent. The dramatic fall was from $47 billion to below $5 billion, post which WeWork’s co-founder and Chief Executive, Adam Neumann had to step down. Since the debacle, late-stage companies have been facing deeper scrutiny, with an emphasis on cutting excess cash burn and expenses.
2020 will definitely be more exciting, but the need to upskill constantly remains a first principle of getting hired!
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