How Covid-19 has impacted the sustainability outlook for young businesses Not long after the United Nations decreed Covid-19 a global pandemic, over three billion people were restricted to the confines of their homes (Statista). Business activity alarmingly slowed down, and public life all but [...]
By Wing Lee
New ways of talent hiring will emerge out of necessity
Almost all sectors will be impacted as Covid-19 ushers in ‘the new normal.’ In particular, unemployment has been and will continue to rise as workers around the world–from lawyers and software engineers to designers and bartenders–lose their jobs or are forced to accept lower pay.
While the current focus is rightly on mitigating the health risks and helping everyone adapt to the structural shifts in our socioeconomic environment, we foresee the next big question for workers, companies, and the economy to be: How do we get people back to work in roles that best suit their skillset and needs?
The post-Covid-19 hiring challenge
Businesses are facing unprecedented cost and cash flow pressures, but the need for talent remains unchanged. Finding the right talent continues to be a core driver for growth and quick talent-matching, at scale, is critical as businesses try to adapt to the present circumstances.
Traditional solutions are either not scalable or inefficient (according to Jobvite, it took on average 41 days for a company with under 500 employees to hire one person in 2018). Multi-purpose job platforms, such as Indeed, offer a broad look at everything with focus on a particular area, even though broad talent and skill filters and trial-and-error search terms often slow down the search process. Traditional solutions such as networking, internal hires, and working with recruiters are effective under a regular business environment, but they may not provide the scale or speed that is needed to meet the challenges ahead.
The new hiring solution
Looking ahead, the solution may be vertical HR marketplaces, which are job platforms that are uniquely designed with a specific focus. The focus can be in relations to industry (e.g., Incredible Health for the healthcare sector), job type (e.g., software engineers on Hired.com) or candidate type (e.g., local freelance talent from Workeroom or global freelancer pool from Toptal).
Having a defined focus enables a better user experience that connects the right people to the right jobs with the speed, scale, and efficiency that the market needs. For example, U.S.-based Incredible Health can automatically gather licensing data on nurses to recommend roles and locations available for practising nurses across the country. Also, Hong Kong-based Workeroom provides a one-stop solution for freelancers across over 50 job categories with local language proficiency and expertise.
With the rise of remote working, office productivity tools, and cloud technology, companies have much greater flexibility to leverage a global workforce. It allows founders to prioritize finding the right talent over geographical limitations. Startups possess a greater flexibility in making use of different hiring solutions and could be a leading force of the hiring transformation ahead.
Once the immediate health crisis subsides, helping millions of people get back to work will become a top priority for both job seekers and businesses. Now more than ever, talent will likely be the critical success factor to help businesses make a turnaround. There’s no time like the present for founders and HR executives to hire with impact.
About the Author
Wing is an investor and entrepreneur at WNJ Ventures with a focus on new consumer sectors across education, digital gaming and tech sectors. He is a former investment banker with more than ten years of experience in corporate finance, direct investment and debt capital markets across London, Singapore and Hong Kong.