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The Latest Job Market Challenges

Like any industry in the world, the Recruitment industry is constantly evolving. The gap between supply and demand of talents in the job market has been widening, and the Covid-19 pandemic has only accelerated the evolution.
Whether it be on social media platforms like TikTok and Twitter, or professional networking sites such as LinkedIn, it is getting more common to come across posts highlighting challenges on job-hunting and talent sourcing. The question is – Why?

Emerging New Roles

There is an easy explanation as to why the gap is widening. For a start, we exist in a time where information is widely available, automation is the norm and competition is ever fierce.
According to the World Economic Forum, by 2025, data entry clerks and executive secretaries would account for just 9% of the workforce, down from 15.4 percent in 2015.
Meanwhile, automation-related professions such as Process Automation Specialists, Information Security Analysts and Internet of Things Specialists will grow from 7.8% to 13.5% by 2025.
Tech-savvy The Gen-Y and Gen-Z generations have outstanding skill sets. Not to mention, they focus on a growth mindset and are constantly upskilling to capitalise on ever-evolving trends and technological advancements.
In recent years alone, tons of unconventional roles emerged and challenged society’s perception of the word “Career”. 10 years ago, we wouldn’t have heard of roles such as TikTok Creator, Influencer Manager, Social Media Specialist and so on.
The reality is that these roles are in high demand. They don’t require professional academic qualifications or extensive experience, but rather creativity, digital skills and adaptability – the new protection against automation and AI-related retrenchments.

The Talent Warzone

Companies that choose to stay stagnant would not be able to capitalise on the trends – and millions of loyal customers’ following. Only by adapting to the latest trends and technology will businesses be able to stay relevant.
However, companies around the world are struggling to fill in these unusual roles. The majority of the workforce does not have the skills and traits relevant to today’s needs. The solution? A scarce workforce containing younger Gen-Ys and Gen-Zs.
Here’s the catch – these talents demand more. Gone are the days where people take up difficult and low-paying jobs to survive. Now, they work for fulfilment and attractive benefits – which most companies are reluctant or unable to provide.
That is why engaging qualified candidates with in-demand skills is challenging – because they are often considering several job offers at the same time. Your business must consider and strategize how to persuade these candidates to work for you rather than for your competition.
Due to the wide gap in demand and supply for these career opportunities, the job market will continue to be a “Talent Warzone” in the foreseeable future. Even though companies are in great demand for talents, high-quality and relevant talents are actually in short supply.

Those Days are Over

Over-reliance on academic qualifications, experience and a piece of resume does not really work anymore. Digital skills, adaptability, and creativity, on the other hand, are some of the characteristics that will not be readily replaced by automation and digitalisation.
Are resumes and work experience irrelevant then? Not really. If employers are urgent about hiring someone, experience is normally the deciding factor because they would be risk-averse.
But be careful. Short-term solutions and assurance are nice but they may be harmful in the long run. Companies focusing too much on experience may not be able to innovate and grow. That is why the upcoming generations would eventually be the key to survival.
The truth is, with time, work experience can be taught and honed to anyone. It’s more crucial that you hire and grow the right talents who have the right toolkit – relevant skills, eagerness to learn, creativity, adaptability, and other skills that could increase the relevancy of your brand in this digital age.

How to Hire Successfully

According to Harvard Business Reviewan effective recruitment strategy begins with the recognition that past solutions will not address your present hiring difficulties. That said, hiring and recruitment need to be more holistic in nature.
Rather than judging talents purely based on their past experiences, their resume, IQ tests and their salary expectations, you need to evaluate the entire package – Their personality, vibe, relevant skills, portfolio and experience, and their vision.
Successful companies are starting to mandate candidates’ submission of their video resumes, social media profiles, and portfolios to prove their capabilities. However, hiring is a two-way street. Is your organisation equipped to recruit these in-demand employees?
Employer branding will and should be the next game plan. Look into solving commuting issues and adjusting employee benefits according to the current trends. Without solid employer branding and talent management strategies, companies will find it extremely difficult to attract and retain the talents they desperately need.
Recognize the types of abilities and competencies that your company need. After identifying these talents, customise your offerings and hiring strategy. You may face a challenging hurdle in the process – the management team, and maybe even yourself unwilling to accept the trends and adapt accordingly.
Like it or not, the concept of an intergenerational workforce is more relevant than ever before. Rather of retrenching personnel with outmoded skillsets, you’ll need to retrain, reskill, and re-educate them so that generations can work together effectively.
While the experienced may have wisdom, the newer generations would have fresher perspectives and creative offerings that are effective for this age. To obtain the best of both worlds, you will then need to re-evaluate your hiring strategies.

Final thoughts

An organization’s success is totally dependent on its people. In order to be future-proof, your organisation needs to hire the right talents using the right channel(s). At Job Majestic, we believe that every job seeker should be evaluated based on their overall skill set, portfolio and qualifications.

Jess Low