Did you know that in the U.S., 4.4 million people quit their job in September? The job market’s gotten a little crowded, huh? With job openings stacked with candidates all applying for the position you want, it can make finding the right job seem next to impossible. This is why it’s important to understand current trends in the job market so that you can rise above the competition.
Whether due to COVID-19 or recent advancements in technology, the job market has been going through a major transformation. First, COVID-19 has changed not only the job market, but the way businesses operate in general. And second, advancements in technology mean that many companies are beginning to use AI technology in their hiring processes. So, how do you keep up with an evolving market? We’re sharing our job market predictions for 2022.
Virtual Interviews are Here to Stay:
Even before COVID-19, virtual interviews were beginning to emerge in the job recruitment process. Now as companies have adapted to the pandemic, they’ve become essential. But as we look forward to life post Coronavirus, many are wondering if virtual interviews will remain as a prime recruitment process.
Hiring managers have reported that virtual interviews provide flexibility, save money, and increase chances of hiring top talent. And as reported by Forbes, “54% of [hiring managers] said virtual interviews resulted in a speedier recruitment process. And 41% said it helped them identify the best candidates.” These numbers are a good prediction of what the future will look like. Not only have virtual interviews become crucial during the pandemic, but hiring managers have begun to embrace the benefits as well.
AI Job Recruiting will Increase:
Hello AI, my name is… One of the biggest developments in job recruitment has become the use of AI or artificial intelligence. How is AI used in job recruitment? The process involves the use of AI to shortlist candidate selection while automating manual tasks during the hiring procedures such as Resume/CV reviews. While virtual interviews allow HR leaders to access a wider pool of job candidates, AI recruiting allows hiring managers to shorten the time spent narrowing those candidates down to an ideal match. Artificial Intelligence can also predict your behavior on the job by analyzing your social media and other public information. (Looks like it’s time to tidy up your social media profiles.)
But, while AI recruitment has been beneficial for HR leaders, it has come at a cost to many job candidates. Some AI software programs claim to reduce unconscious bias by bypassing information such as a candidate’s age, gender, and race. However, AI “is trained to find patterns in previous behavior.” This means that any unconscious human bias can be learned by AI.
Redefining The Office:
Say goodbye to the water cooler because things are changing at the office. One upside to this pandemic is that companies have been challenged to consider what environments work best for their employees. This means that many companies are also now reconsidering what it means to even have an office. But that doesn’t mean the future is 100% home office. Going forward, it seems that heading to the office won’t be just a black and white concept.
In 2021, companies around the world began to pick up the pieces after being hit with COVID-19. And so began the development of the hybrid workforce, in which employees split their time between home and the office. Now, instead of being a location where one clock’s in and out, offices will have a new purpose. Evolving into a workplace ecosystem, they will become corporate hubs designated to stimulate innovation and connection. And it seems that the home and office won’t be the only locations meant for work. According to Fast Company, there’s likely to be a shift to include additional spaces, such as coffee shops and co-working spaces.
Progress with Diversity, Equity & Inclusion:
While COVID-19 and new technologies have reshaped the workplace, shifts in the cultural and sociopolitical landscape have redefined it. Enter Diversity, Equity, and Inclusion or DEI. I once worked for a company (who shall remain nameless) that prided itself on being an international organization. And while the staff may have been diverse, the company culture lacked any sense of inclusion or equity, with opportunities for advancement only available to a select few. But, times are changing.
Companies are now being held accountable for creating and maintaining diversity, equity, and inclusion within the workplace. So in 2022, job candidates can expect to encounter new processes in talent recruitment. Not only does this benefit potential job candidates - but it’s also just good business. Companies with solid DEI see better results in innovation, financial goals, and employee retention.
So there you have it - our top Job Market predictions for 2022. To close with a popular expression, “Knowledge is power.” And now that you’re armed with current job market trends, it’s time to prepare for the interview phase. Book a free consultation for a mock interview today!