How technology revolutionises recruitment in a sluggish job market
27 Dec 2022
How technology revolutionises recruitment in a sluggish job market
The landscape of the job market is in a state of flux, and there is a growing polarisation between highly skilled and low-skilled talent. However, a recent wave of significant layoffs has produced fantastic chances for businesses who were unable to expand because of a shortage of computer talent. Traditional firms and organisations found it difficult to digitise their operations, but now that they have access to the top personnel, they have sped up their growth.
The unanticipated second wave of layoffs has put tremendous pressure on the labour markets. In fact, numerous Indian businesses cut over 18,000 workers in 2022, and more job cuts are likely as global brands and unicorns restructure their businesses for increased profitability in the face of a funding shortage.
The majority of people's skills are underskilled, which leads to both underutilization and underuse of talents. Currently, unemployment and underemployment rates are high over the globe, and it is necessary to close the skill gaps that are causing economic strain. Technology's incorporation into hiring procedures paves the way for talent gains that benefit organisations.
Automation and new technologies have the potential to revolutionise the hiring process. The possibility exists for many tasks performed by recruiters today to be automated and replaced by technology. As a result, it reshapes the entire process, bringing a revolution to the recruitment scenario on a large scale. With exponential growth potential, the global HR technology market is expected to reach a valuation of $35.68 billion by 2028, up from $24.02 billion in 2021.
Bridging the employment and worker gap
The labour market is slowing down as a result of the employment deficit. Up until the pandemic-induced acceleration of digital adoption, the mismatch between skills and requirements was less obvious. There is now a sense of urgency to close this gap or mismatch because it has an impact on the employer's marketability. Platforms that are supported by technology may make it easier to connect job seekers and employers. This makes it easier to match candidates' skills to employers' requirements while also improving the efficiency of the employment market.
The use of technology to close the gap between supply and demand has a big impact on the overall economic health of the nation. To speed up the hiring process, tech-based recruiting platforms make use of strong skills and complex screening algorithms.
In order to lower unemployment, it decreases the amount of time recruiters and candidates spend looking for jobs. It also produces perfect matches. In addition, the issues of removing regional barriers to enable perfect matching can be addressed through data analysis on candidates' skills and job opportunities.
New-age recruitment platforms place the appropriate individuals in the right jobs by utilising technology in HR operations. This boosts the efficiency of recruiters and lowers staff attrition, especially early on. By integrating them into a formal context, this can also democratise the group of workers who are working in an informal setting, which in turn boosts worker productivity.
Technology is expanding job roles.
Many tasks that humans used to perform are now handled by technology. Technology has taken over many tasks, including checking candidate profiles, arranging interviews, and delivering notifications. It is developing brand-new revenue streams that the majority of us never would have thought about. Jobs that did not previously exist or were not necessary have been created as a result of the epidemic.
In reality, studies have shown that the widespread use of remote work, e-commerce, and automation will force more than 25% of workers to change careers. The recruitment process must change.
The use of technology into hiring procedures has improved the labour market. In spite of the weak job market, technology has given rise to new positions and self-employed professions that are advantageous to both independent workers and recruiters. For instance, Google is launching "Internet Saathi" in India as a programme to teach rural women how to utilise the internet. These women will work as local agents in their home villages, distributing telecom items like SIM cards and mobile data packs as well as offering basic tech-based services. For financial services, government programs, etc., they can also serve as empowerment agents.
Final Reflections
To speed up the slow job market, recruiters have already begun utilising technology-enabled solutions. In order to focus on job creation and address fresh obstacles brought on by layoffs, HR Technology is enhancing skill matching and bridging the skill gap. The innovative use of technology is improving how people collaborate with machines to boost productivity in hiring new talent.