Hiring Booming As Companies Across Globe Face Talent Shortage

Ever since the start of the Covid-19 pandemic, the HR industry has been witnessing a paradigm shift unlike any before. From tectonic technological transformations to radical work arrangement shifts to an ever-changing labour market, the HR industry has undergone a sea change. Emerging from the throes of last quarter’s hiring freezes, furloughs and firing, the industry is set to witness hiring optimism not seen since the start of the pandemic.

According to the ManpowerGroup Employment Outlook Survey, the hiring outlook for the third-quarter of 2022 is projected to hit an 8-year high amidst 16-year high talent shortages. As organisations hurry to chronicle post-pandemic recovery, industries apart from IT are exhibiting strong hiring intent. Following the IT and technology sectors, banking, finance, insurance and real estate are hoping to clock in a great hiring bounce back. The hiring prospects in India shine the brightest at 51 per cent, preceded only by Mexico and Brazil.

The great hiring recovery

As the ‘great resignation’ paves the way for great hiring, countries and industries across the globe commence their post-pandemic recovery. Despite the hiring hiccups witnessed in the previous quarter, such as hiring freezes, furloughs and layoffs, the HR industry is preparing for hiring surges. According to the ManpowerGroup survey, 63 per cent of 3,080 employers intend to hire more in the coming quarter, 24 per cent are expected to keep workforce levels steady and only 12 per cent will witness a decrease in hiring intent. Consequently, the difference between organisations looking to hire and those expecting a downfall in hiring stands at 51 per cent.

Impact on the Indian job market

As India braces to overcome the pandemic woes, the country’s thriving IT industry will provide a springboard for economic recovery. Accompanying the IT sector, technology, telecommunications, media, restaurants and hotels, education and healthcare are also set to intensify their hiring. Along with strengthened hiring, employers in these industries are also expected to register payroll gains. With the allocation of Rs 283.5 crores for the Startup India Seed Fund Scheme (SIFS), the Indian startup ecosystem will also roll out a slew of employment opportunities for the youth.

Trends driving the transformation

Although the trends driving this transformation in the HR industry are not new, they have developed a newfound urgency. The case for AI job displacement remains strong but is likely to be offset by the 97 million new roles slated to emerge, according to the World Economic Forum. With massive tech advancements, new job roles and skills are constantly being created, leading to an increased need for hiring and upskilling. Due to pandemic-accelerated digitalisation, 1 in 5 organisations are struggling to find skilled tech talent, leading to a global talent shortage.

The global talent shortage deterrent

The highest global talent shortage seen in 16 years is suppressing the never-before-seen hiring optimism. The massive tech advancement is creating new roles and skills each day but also shrinking the eligible talent pool. According to the survey, every three in four employers report difficulty finding the talent they require in 2022. This difficulty in filling open roles is further exacerbated by shifting demographics such as shrinking birth rates and early retirements. As talent gets scarcer, countries such as Taiwan, Portugal, Singapore, China, Hong Kong and India are experiencing the greatest impacts.

Roles and skills in most demand

The most sought-after professions coveted by employers globally are IT and data, sales and marketing, operations and logistics, manufacturing and production and customer-facing and front office. Organisations that hold the most in-demand talent will also hold the future. While digital roles and skills become more relevant each day for organisations globally, human skills are once again transcending them. The most wanted soft skills are reliability and self-discipline, resilience and adaptability, reasoning and problem-solving, creativity and originality and creative thinking and analysis.

As the world recovers from the pandemic, industries and organisations are collectively scaling up, unleashing disruptive ideas and striking fruitful collaborations across the globe. This is the time for the HR industry to reshape a better and brighter future of work characterised by skilled and diverse employees and wellbeing-oriented employers.

— Authored by Yogita Tulsiani, MD & Co-founder, iXceed Solutions (Global Tech-Recruiter Provider)

Read all the Latest News , Breaking News , watch Top Videos and Live TV here.