By Ramandeep Arora, Founder and CEO, edWisor : 2020 has changed the entire landscape of how companies operate. It ranges from hiring practices to skill development and job trends. New-age technologies have stepped in to revolutionize the world around us, making it more convenient, safe, and efficient. Here are some of the most popular trends that are reshaping and restructuring company operations:
Online recruitments and WFH
The movement to a wholly online-based paradigm was one of the major trends that 2020 created for the entire industry. Today, as more and more job seekers turn to the world wide web for job hunts, companies having a strong digital presence are likely to attract top talent. An HR professional who works for a company with an online presence can expect to find and interview a bigger pool of applicants. Also referred to as e-recruitment, this trend refers to using the web, software, and other technology to attract, assess, and hire suitable candidates. As technology advances, the recruiting process will become simple and more efficient. The online recruitment method includes social media recruiting and the use of relevant software to reach a larger number of potential employees.
Work from home is one such culture that developed into a new norm, largely due to the pandemic. In a study conducted by Buffer.com about the state of remote work, 99% of the interviewees reported that they would like, at least once in their career, to be able to work remotely. This enormous figure not only proves that remote work has grown immensely popular but also that it is not just a passing trend. Moreover, candidates are likely to recommend WFH to their friends and family, solidifying the statistic.
Be it WFH, using virtual conferencing or other web-based applications to streamline work, HR activities, sales or marketing, moving online was indeed, need of the hour to maintain productivity and keep the businesses running. Moving forward, we can see more technology deployments and online transitioning of other departments/domains.
Ed-tech platforms
In today’s world, online classes are not just for students but for working professionals looking to develop and increase their skills. Online learning programs were also a hit amongst working demographics. Although many companies struggle to remain afloat during the pandemic, we saw startups and established ed-tech players move to double-digit profits over these few months. As over 80% of work was done online through this past year, the ed-tech industry has been slated to become a billion-dollar business by 2021. The profits in the business are set to increase over 4 to 8 times in the coming years. Several startups and companies embraced learning online for the overall development and upskilling of their workforce to earn a place in the industry. Some ed-tech platforms provided Live classes to enable employees and prospective candidates to enhance their skill set more efficiently.
Figures show the increasing efficacy of Live Online classes in imparting knowledge, with interactions going from 20% to over 60%. Some platforms also offer smaller batch sizes to this model. This will lead to a greater completion rate going from 10-15%, increasing to over 50% on average. Plus, ISA (Income Sharing Agreement) models offered to students by ed-tech companies, will pave the way for a larger pool of people to get the necessary skills and not have to worry about bills piling up.
Upskilling programs
Through this past year, upskilling was the trending topic on almost every mind as a certified measure to survive and thrive in a rapidly changing landscape. From the dawn of time, every new invention would have eliminated a job but created more to replace it and people have always just needed the right skills to adapt. Technological advancements are being created at a breakneck pace. Nearly 80% of CEOs globally, said they were concerned about the skills gap in the workplace. This statist was up from just 56% in 2011.
Even though modern technology is completing repetitive tasks, it hasn’t eliminated the need for skilled workers. These new technologies are creating jobs that require people with the right skills, this is where upskilling comes in to play. Throughout 2020, companies have taken it to heart and have been increasingly finding out that getting their employees regularly upskilled in the latest technologies and practices creates a dedicated and updated workforce. Regular upskilling gives companies a productive edge over their competitors as well as create a pool of talented workers who can adapt to changing situations.
Times are changing, and maybe sooner than we expected. Fortunately, we humans are a resourceful species with the ability to plan for contingencies and handle a variety of scenarios to make the best of most circumstances. With 2021 on the horizon one thing is certain, the aforementioned trends are not fads. So, we have to adapt and use them to our advantage.
