Even as job cuts and rising unemployment rates were recorded in 2020, a report stated that 2021 looks promising on the hiring front. Nearly sixty percent of the firms that were surveyed are looking to hire talents for new positions.
Recruitment managers are hopeful about returning to pre-pandemic hiring levels in 2021, and this outlook gains more credibility as nearly 60 percent of companies surveyed stated they were looking to hire talent for new positions, according to a report by Mercer Mettl.
Mercer Mettl CEO Mr.Siddhartha Gupta said, “The hiring trends have witnessed a tremendous change in the past 14 months of the pandemic. This report will encourage the industry leaders to consider innovative approaches to hire in 2021 and beyond.”
The report, entitled ‘The State of Talent Acquisition Report 2021’, is based on a survey among C-suite executives and Human Resources leaders of 500 companies across sectors, including education services, financial and business services, health and hospitality, electrical, IT, and electronics.
The survey was conducted during mid-March and mid-May.The report’s findings suggested that virtual hiring is the future of recruitment because nearly half of the surveyed companies said they took the digital route during the pandemic.
Around 81 percent of the participating companies chose virtual platforms to hire talent during the pandemic, it noted.
This switch from offline to online has profited companies as virtual hiring is quick and cost-effective and also attracts the best talent globally, the report said.
The report further showed that companies create multiple new roles while reviving some dominant ones in this new environment.
About 53 percent of industry leaders are looking to employ candidates for product and technology-related roles, followed by operations (39.42 percent) and sales roles (39 percent), it stated.
The data also suggests that equal employment opportunities are moving to the vanguard in 2021. Companies are shifting towards a future-looking approach, which is essential for hiring a flexible workforce.
Practices like diversity, equity, and inclusion (DEI) are altering the hiring processes as well, it said.
Such outlook among companies is likely to nourish a feeling of belongingness and create a robust talent pipeline, which is critical for organizational growth, it added.
The report found that most companies across the spectrum have very long hiring cycles, which does not augur well in a highly competitive marketplace, that is, hiring the right talent in a relatively shorter timeframe.
About 20 percent of companies reported a short hiring cycle, less than a month, and 25 percent said they took beyond three months, the report said.
Over 35.92 percent of companies reported the lack of data-driven and tech-enabled hiring processes as a significant challenge to acquire talent, it added.