Rehiring has begun, but companies lack clarity about future strategies as they crawl back to recovery. The solution lies in the evolution of recruitment agencies into growth enablers for their clients.
The last six months have been a truly torrid time for decision-makers in business. A virus has locked down entire economies, bringing manufacturing, supply chains, and markets to a grinding halt. Most current and future expansion plans have been canceled indefinitely. Consolidation has taken place on a massive scale.
Nothing expresses the crisis more viscerally than its human toll. According to the Centre for Monitoring Indian Economy (CMIE), the Indian economy has shed 18.9 million jobs since the virus emerged in April. In July alone, 5 million jobs were lost.
Nevertheless, certain sectors of the economy have shown signs of recovery even as the pandemic rages unabated throughout India. While complete financial recovery is still far away, jobs have started returning to the market. But what’s still missing for most companies is a restructuring plan to gear up for life in the post-COVID-19 era.
Amid the current uncertainty, most executive decision-makers are clueless about their approach to hiring. This fundamentally changes the role that recruitment companies ought to play. From fulfilling demands that align with the client’s vision to guiding the client forward, recruitment industry veterans need to evolve and become a bigger part of the restructuring processes their clients are undergoing.
In the past months, I’ve witnessed companies trying to deal with the crisis across multiple verticals. Clients now demand a much bigger role from us than just that of outsourcing partners. Hence, there are certain aspects where recruitment firms need to evolve in order to develop and enable a pandemic-era strategy for their clients.
Not just hiring
The traditional recruitment agency role will not cut it anymore. Rather than working as an extension of the client organizations’ HR departments, recruitment firms need to become growth facilitators. That means not just executing a client’s recruitment plan but helping draft strategies that are resource-optimized for the client.
Rather than an extension of the client organizations’ HR departments, recruiters need to become growth enablers.Gurinderpal Singh, Founder and CEO, Talent 21
Most CHROs (Chief Human Resource Officers) know that their companies’ requirements have undergone drastic changes. But they have been unable to redefine processes. Companies may be inclined to have a blended workforce with the right mix of permanent and contractual employees. Some are also looking for liquid workforce talent – employees who can don multiple hats. Recruitment firms can use multiple insights at their disposal to help clients bring greater clarity to their plans.
Next generation recruitment
The next generation of recruitment cannot afford to be driven solely by business acumen and intuition. Big Data, coupled with Artificial Intelligence, can significantly improve the recruitment process. Identifying perfect candidates from a wider pool and narrower parameters through algorithms and analytics have never been simpler.
Watch: How Artificial Intelligence Can Change The Future Of Recruitment
The uncertainty wrought by the pandemic has made companies very cautious about cost. Lack of consistent cash flow has become one of their major issues. Hiring is seen as a cost to the company – a mindset that needs to change. Gone are the days when companies would present their needs and recruitment firms would fulfill them in the most rapid, efficient and cost-effective way. They now require recruiters to help clients understand what they need.
The recruitment approach needs to be candidate-centric, in a way that predicts the skills and character that a particular company needs in its employees. Both short-term and long-term impacts of each hiring need to be carefully analyzed.
Venturing into the new era
The task of reshaping the recruitment process should not be viewed as a challenge, but a chance to evolve expertise and redefine the services on offer. Pitches around wide corporate networks, efficiency and past head-hunting credentials won’t be enough to satisfy clients. It’s time to bring forth value in HR services that go beyond finding just the right candidate at the best possible price.
Reshaping the recruitment process is not a challenge but a chance to evolve expertise and redefine the services on offer.Gurinderpal Singh, Founder and CEO, Talent 21
While the pandemic might have disrupted our targets and plans, it has also brought forth the opportunity to restructure business in order to make it crisis-proof. Organizations have come to terms with the majority of operations running remotely. Many have displayed the agility to move into new businesses and create new product lines and services. Nevertheless, hiring for any future plans needs to revolve around the uncertainty.