Hiring in the Post-Covid-19 Era

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. 

[email protected]

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Top 5 Electric Car Companies of 2022

Top 5 Electric Car Companies of 2022

Business and political conversations in recent years have shown that you simply cannot talk about progress without mentioning sustainability. Startups and big corporations are having to upgrade their business models to factor in climate change and the environment. Shoppers have taken notice, too.

Asian Startups Set to Join the IPO Race in 2022

Asian Startups Set to Join the IPO Race in 2022

Despite the pandemic, 2021 had been a bumper year for initial public offerings (IPOs). According to the 2021 EY (Ernst & Young) Global IPO Trends Report, the global IPO market had a total of 2,388 IPO deals, raising US$453.3 billion in proceeds. Global IPO activity was up 64 percent in deal numbers and 67 percent in proceeds when compared to 2020.

How-To Tech Safe Internet Navigation Tips for Seniors

How-To Tech: Safe Internet Navigation Tips for Seniors

As you get older, it gets harder and harder to keep up with the advances in technology. Also, cybercriminals are exploiting the pandemic-induced shift to the digital realm to their benefit. The elderly lose US$30 billion a year to online scams, and as of 2020, there has been a 69% increase in online scam reports.

Why Are Jack Dorsey and Elon Musk against Web 3.0

Why Are Jack Dorsey and Elon Musk against Web 3.0?

“Sounds like BS” was Tesla CEO Elon Musk’s very eloquent review of Web 3.0. After all, few people know more about BS than Musk.
Web 3.0 has been touted as the internet of the future and a new generation of webs. It aspires to decentralize the internet using blockchain-based tokens. It will allow people to “own” their internet activities, thus doing away with the power of big techs, such as Amazon, Alphabet and the like.

Virtual Concerts—The Post-COVID Future of the Music Industry

Virtual Concerts—The Post-COVID Future of the Music Industry

Much like most other industries, the music industry also saw a hefty blow from the pandemic. Be it BTS, the Weeknd, Harry Styles or Bon Jovi, a lot of major artists have had to cancel their concerts throughout 2020. To make up for these canceled live interactions with fans, artists shifted to the Internet.

Ethics of Surveying Your Remote Employees

Ethics of Surveying Your Remote Employees

For employees and employers alike, the work-from-home scenario has not been easy. Sure, we have all found ways of staying productive and getting our jobs done. Yet, for employers supervising remote employees for the very first time, remote surveillance has become the only option.