In the rapidly changing times, COVID-19 has come forth as a jolt to the promising global economy. It has and will continue to impact industries worldwide and the revenue growth curve. It is not unhidden a fact that this uncertainty will last for a longer period. Focusing on one of the sectors that have taken a clean gigantic hit is the hiring sector.
As the economies of the world are deteriorating, it shall negatively impact this particular segment in most definite terms. Further, it is estimated that the United States alone will lose 3 million jobs among that total global estimate of 25 million jobs. The wave is getting mightier leading to more and more employees getting laid off and has drastically influenced the Indian hiring industry too. Mahesh Vyas, the CEO, and Director of CMIE report: “An unemployment rate of 23.4 percent during this week; an LPR [labor participation rate] of 36 percent and an employment rate of 27.7 percent.
Hiring Graphs May Recede!
Many companies are opting for layoffs due to coronavirus pandemic. Though simplified HR practices and usage of Saas software will be encouraged, it will undoubtedly limit the strength of employees. An HR of any company has always had an important role to play in its functioning. He or she helps the leaders to evaluate the condition of employees, how they are performing, and how the team pulls together to attain a single objective towards growth.
Focus On Employee Health
As this situational crisis is intensifying, it will affect the presence of the employees at their respective workplaces. Moreover, employers require to be more cautious about the health of people who work for the company’s growth with all zeal and effort.
In this wake, workplace hygiene should be maintained and proper health screening of employees should be conducted. It also includes maintaining a stock of protective healthcare equipment, such as facemask, sanitizer gel, and hand gloves. Periodically running drills which impart rules of remote working can be another measure that can be looked at. Where employees are working from home, weekly evaluation of their and the family’s health can be carried out by making available a certain set of standardized data gathering templates.
Increase Of Remote Working And Online HR Solutions
Companies will also put the contingencies’ plans on the radar for various HR practices. The employers are considerately assessing as to what percentage of employees can switch to remote working if needed. This will be a steady focus in the minds of the employers. It will also increase the demand for Saas HR online software and solutions. Moreover, it will ramp up the remote working, and companies will start to invest in it. This pandemic will reduce the hiring of many organizations alongside salary rationing.
One more aspect that will experience an ensured increase is the investment in online HR solutions. This practice will provide a customized interface to the end-user. These Cloud computing software will ease out the multiple problems a professional setup faces. Startups and hiring will be alienated words now. The reason concerning the dismissal of hiring at bootstrapped and funded startups forms the uncertainty of the future of the Indian economy. This dormant period will accelerate for around six months, and eventually adopt a positive curve. Remote working as mentioned earlier in the article will be a viable option and the demand for Saas HR software will also surge.
Selective Sectors Will Continue To Hire
However, it is seen that some sectors will continue to hire as before. The sectors that remain unimpacted by coronavirus are that of healthcare, telecom, and insurance. These thankfully are unscathed by the ongoing situation.
Recruitment Strategies Will Undergo An Increase In Virtual Platforms
As you know, travel restrictions shall continue to fathom and lesser domestic and international movement of employees is expected shortly. To contour this drastic situation, companies should resort to intelligent automated systems, which will include a virtual screening of the employees and on-screen interviews. This way, it will abolish the process of in-person interviews for a certain period due to the rising global health crisis.
Work management should be optimized through working from home, virtual meetings, and other adaptive work practices. Recruitment will be scanty in number with selective approach methodologies in the picture. It is quite imperative during these uncertain times, where the world is facing an emergency health crisis.