During the third quarter of 2020, companies attempted to right-size their businesses – and business practices – to meet the ever-changing needs of customers in the era of COVID-19. In our Q3 2020 Talent Acquisition Industry Insights Report, we go behind the statistics to give you a comprehensive look at today’s trends on the economy, the jobs market and the workplace. Here are just a few of the highlights.
Remote work is here to stay
The last three months were incredibly telling for businesses, as we learned which crisis-induced trends were temporary and which ones are on their way to becoming permanent. For example, almost 70% of enterprise CEOs plan to downsize their office space, signaling the continued reliance on remote work arrangements to protect employee health. From that, a new trend emerged: asynchronous work, with employees on different schedules balancing their work with home life. The report has more on where people are working, what they need to do so and what it takes to be successful.
A shift in in-demand skills
60% of recruiters say they will need to hire talent with skills that weren’t a priority before COVID-19. Adaptability tops the list, followed by communication, technology proficiency, resilience and change management. With these soft skills topping the list, recruiters will be tasked with digging deep in interviews to determine which candidates will be able to thrive in the midst of the current business uncertainty.
The link between recruiting and business success
How important is recruiting in this COVID-19 era? Businesses that excel in recruiting benefit from 3.5 times more revenue growth, 3.5 times more revenue, twice the profit margin and employees that are eight times more productive. In a business environment where every second and dollar counts, having a strong recruiting program can give companies a real competitive advantage.
Talent acquisition leaders are tasked with finding ways to improve their recruiting models and processes in order to increase their hiring agile and prepare for what’s ahead. RPO has emerged as one of the solutions they are turning to. The RPO industry is projected to grow by $5 billion, or 12.4%, between now and 2024.
Recruitment Process Outsourcing (RPO) solutions from Advanced RPO can help you evaluate and improve your hiring processes to get the talent you need to succeed. Contact us today to learn more about our high-touch solutions.