The tech industry has been largely affected by the coronavirus pandemic, having one of the largest declines in job postings according to Pollak in 2020. Like many industries job opportunities slowed, a recent Fortune survey revealed that 59% of CEOs authorized hiring freezes throughout the first two quarters of 2020 during the pandemic. Though, in 2021 the tech industry has begun its comeback, adapting, and evolving by the minute to combat the obstacles caused by the coronavirus pandemic.
Trend #1 Surge in Hiring
A positive to come out the other side of a hiring freeze Is a hiring surge and companies have been planning in Q1 of 2021to take advantage of the increased availability of candidates coming onto the market.
A Microsoft report predicts that jobs in the tech industry will increase from 41 million in 2020 to 190 million in 2025, largely due to increased digital transformation because of the coronavirus pandemic.
With the increased volume of roles to hire for, technology companies will need to spend more time sourcing, screening, and interviewing potential talent which is why having a strategic partner or plan in place is crucial.
Sourcing and screening talent can be a strenuous task, if you need help accessing the best global talent check out our services page.
Trend #2 Virtual Recruiting
March 2021 signifies the one-year anniversary of COVID-19’s impact on the US and began the worldwide shift online. Traditionally the tech industry has solely hired in the surrounding area based on geographical location however since the pandemic has struck the scope and scale of technology in the recruitment process is opening up.
Having a Virtual recruiting strategy has been essential for the tech industry, looking to continue hiring and onboarding talent to grow their business.
Software to facilitate video interviews, virtual events, employee onboarding, AI-powered chat solutions, and recruitment automation will all contribute towards virtual recruiting staying around beyond this year, and look to see tech created to support this further.
Virtual recruitment has been helpful for tech companies by helping them save time, resources, extending their talent pool, and gaining access to a global selection of candidates. In addition, offering virtual options ensures there are always alternatives when face-to-face meetings are not possible.
Virtual recruiting also enables recruiters the ability to screen more candidates in a shorter timeframe, especially when they are empowered with other digital tools like assessments, templates, and automated applications.
We believe that virtual recruiting will be a main stage in the recruitment process now and in the future, and when offices reopen (wait …Offices? What are they?!), in-person interviews may fall to a later stage of the process entirely.
Trend #3 Remote Working is Here to Stay
Not only will virtual hiring become customary for tech companies we strongly believe that working remotely will also spike in2021 and become a new business model for the technology industry.
Faced against the trials and tribulations of the pandemic, tech talent has shown to be remarkably adaptive to remote work, and big brands like Facebook, Spotify, and Twitter think so too, announcing that their employees can work from home indefinitely. CEO of Facebook Mark Zuckerberg recently announced on The Verge:
“We’re going to be the most forward-leaning company on remote work at our scale … we need to do this in a way that’s thoughtful and responsible … over the next five to ten years … I think we could get to about half of the company working remotely permanently.”
Although working in an office environment comes with its own set of advantages like being able to communicate in-person, remote work became the norm in 2020 and in 2021 we anticipate employees will expect a certain degree of flexibility in the workplace and for the remainder of the year, remote capabilities could be the deciding factor for many in deciding whether to move jobs or not.
Remote work does have its benefits for employers, as well as employees, allowing organizations to widen their talent pool and not being limited to factors such as being in a commutable area. Benefits for both employees and employers include:
· Better work-life balance
· Less commute stress
· Cost efficiency (Less money spent on office buildings and travel)
· Increased productivity
· Low barrier to entry when starting a company with lower overheads.
Trend #4 Artificial Intelligence in Recruitment Processes
Artificial intelligence is being used in almost every industry in 2021 and the recruitment industry is no different. Recruiters can use AI to streamline or automate some part of their recruiting workflow, especially repetitive, high-volume tasks like screening, sourcing, and assessments.
The ability to optimize the screening process by scanning thousands of resumes to highlight key skills and qualities to better match a candidate to an employer gives hiring teams back time to focus on building relationships and determining culture fit.
In the future AI will not replace humans in the recruitment process, rather augment it.
“If recruiters and companies can learn to pair themselves with a specific AI, they can train it to understand a particular corporate mission and culture—so that recruiters feel like they leverage these chatbots and other similar technology as extensions of their teams, not as replacements for them.”
-Dan Finnigan, CEO of Jobvite
Trend #5 Flexibility
You guessed it….the recurring theme of this blog post has centered around flexibility. Companies that are proactive in offering employees flexible work arrangements can help broaden their access to talent, cut overhead costs, address their skills gap, and improve employee retention.
Many of today’s job seekers put a premium on alternative workplace benefits, such as telecommuting, part-time hours, compressed workweeks, flextime, sabbaticals, job sharing, shift trading, unlimited vacations, project-based contracts, and temporary positions.
So, transitioning away from traditional, in-office, 9-5 jobs to more flexible options can help you stay competitive and find quality candidates who may have been out of reach otherwise.
Stay safe and happy recruiting!