5 radical shifts in today’s job market

The world is standing at an inflexion point, largely characterised by newer paradigms being explored in every domain, and the world of HR is no different. The current job market is experiencing a tremendous shift in many ways.  

Recruiters are increasingly relying on technology to make informed hiring decisions. Delivering a positive end-to-end candidate experience is gaining relevance, with organisations looking to match the expectations of employees entering the workforce, Even more so in the pandemic era. So, here is a roundup of the various facets that we believe are here to stay, for good! 

Role of HR analytics 

A typical analytics report will consist of data-driven reports in the form of statistics, graphs and numbers, which are being replicated across HR models everywhere. HR analytics help manage the mounds of HR data available to an organisation to churn out important metrics.

HR analytics also give a deep insight into quality-of-hire data, which can help recruiters better understand how many people they sourced and interviewed turned into top performers or otherwise. It can also double down on unfruitful sourcing avenues that lead to low-quality workers, giving HR a clear signal to look at other optimal avenues. 

According to a Fortune Business Insights Report, the global HR technology market is predicted to grow to $35.68 billion by 2028. This explains the tremendous value analytics will add to HR as a function. With proper evidence-based data at their disposal, HR analytics can prove to be a goldmine for organisations. 

Nurturing Diversity and Inclusion 

Diversity, Equity and Inclusion (DEI) is gaining traction in the list of essential changes in the HR ecosystem. The COVID-19 pandemic acted as the much-needed catalyst to propel DEI into the limelight, as it ignited the need for fundamental human values in the workplace. DEI is a strategic move that can help organisations fulfil their goals of becoming global brands by penetrating a wider talent pool. More and more companies are on board with hiring a diverse workforce that operates on inclusive values.  

Rise of social media recruitment 

Social media as a tool for recruitment has been gaining traction, with companies keeping a careful eye out for niche and senior-level roles. Though not a significant source for talent acquisition, social media is proving to be a valuable tool to deliver consistent and authentic messaging about a company and how it treats its employees. By reviewing sites and periodically updating social media platforms, companies can use social media as an extension of their brand. 

The explosion of the gig economy 

The gig economy includes consultants, freelancers, professionals or temporary contract workers seeking short-term working arrangements. People are on the lookout for flexible work engagements, which are preferably available just a few clicks away! The gig ecosystem is exploding day by day, a phenomenon which was accelerated owing to the pandemic that left lots of people jobless or looking for ways to earn money through side hustles. A 2019 study published by Mastercard estimated that the global gig economy generates $204 billion in gross volume, which is predicted to grow by 17% by 2023. The emergence of the gig economy is one of the major seismic shifts seen in the job market, which is only going to rise further. 

The Great Resignation  

The pandemic resulted in a storm of resignations worldwide which came to be called 'The Great Resignation'. However, at Indeed, we termed this phenomenon as "The Great Realisation". As people switched to remote working within the confines of their homes along with exploring other ways of making ends meet, they started to reconsider their options. Some of the reasons that forced people to quit their jobs were job insecurity, no job recognition, lack of reorganisation, poor response to Covid-19 by their current employers, toxic work culture and much more. They wanted to seek better opportunities to fulfil their demands for a flexible working environment and jobs aligned with their values. This led to a hiring overdrive in every sector. The "Great Realisation" is an ongoing economic trend that HRs may want to tackle with utmost precision to turn those attrition rates around for better organisational health. 

The global job market is experiencing gigantic changes. HR leaders may want to keep these changes in focus and consider reorganizing their policies accordingly in order to stay on the radar of top talent.