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How the Pandemic Disrupted Recruiting & How a Pending Recession May Do it Again

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How the Pandemic Disrupted Recruiting & How a Pending Recession May Do it Again


COVID-19 has disrupted the way companies recruit top talent.

The next recession may do it again.

Recruiters must adapt and now contend with a more mobile workforce, a lack of qualified candidates, and an increased focus on remote work.

In this article, we’ll explore how these factors have changed the recruiting landscape and what internal and independent recruiters can do to adapt.

Let’s dive in.

The Rise of a Mobile, Remote Workforce

The workforce is more mobile than ever before, thanks to the rise of remote work and telecommuting. This has made it more difficult for recruiters to find qualified candidates, as potential employees can now choose to work from anywhere.

In addition, the pandemic has led to an increased focus on remote work, as companies are now wary of bringing large groups of people together in one place. This has made it even more difficult for recruiters to assess candidates’ skills and abilities.

A Dearth of Qualified Candidates

The pandemic has led to a shortage of qualified candidates, as many people have left the workforce or are unwilling to switch jobs during a recession. This has made it more difficult for recruiters to find qualified candidates, as potential employees are now choosing to work from anywhere.

In fact, many would-be employees are choosing to take pay cuts so they can have the flexibility of working and living from just about anywhere. This has made it more difficult for companies to find qualified, quality candidates for their open roles.

Companies Adapt, Refocus on Remote

Companies wary of bringing large groups of people together in one place quickly adapted to remote work, which further changed how companies looked at things like remote security, workforce retention, workforce management and team dynamics.

However, the adaptation to a remote environment has actually made it more difficult for many internal and external recruiters to make a complete in-person assessment of candidates’ skills and abilities.

Global Competition for Top Talent

Now that companies are realizing the benefits of remote work, the competition for top remote talent has become more global.

This means that a U.S. based workforce is now competing directly with highly-skilled candidates from around the globe. In many cases, such candidates are willing to put in long hours and work in non-native, inconvenient time zones.

Candidate Demand Spike in Healthcare & Technology

The pandemic has increased the demand for workers in certain sectors, such as healthcare and technology.

The increase in demand in very specific niches has created a false sense of new normal among both workers and employers, which is likely to be normalized should we go into a deep recession in the medium and long term.

At the moment, these sectors remain strong

Platforms Have Become a Necessity

Social media, and particularly Linkedin, have become important tools for recruiting top talent.

Tools like Linkedin Recruiter have been helpful, but many recruiters have been digging deeper into Facebook and Instagram than ever before as a remote way of doing deep due diligence on the talent they are looking to source. These means help to vet candidates who may be lacking professionalism in their personal life.

In addition, certain job search boards and other online tools have become helpful for both candidates and employers who have become accustomed to operating and applying remotely for new and changing positions.

Competition Has Heightened

Recruiters at even small remote companies must now compete with larger organizations that offer generous perks and benefits packages.

In order to compete, many smaller organizations have felt the pinch and, of necessity, have increased their offers and employment packages, especially when they are in desperate need to fill critical roles.

Recruiters Get More Creative

The pandemic has forced companies and recruiters to be more creative in their recruiting strategies.

In order to attract top talent in a competitive market, recruiters have become more creative in their strategies. This has included things like offering more competitive compensation packages and increasing the use of social media platforms to assess candidates’ qualifications.

Many companies are also looking for new ways to assess candidates’ skills and abilities, as it is now more difficult to do so in a traditional interview setting. This has led to an increase in the use of online tools and platforms that allow for a more holistic view of potential employees.

Job Hopping & The Great Resignation

The recession has led to an increase in job hopping, which benefits recruiters who focus on retention strategies.

The great resignation is the mass exodus of employees that leave their jobs all at once.

The great resignation usually happens when a company is going through hard times and employees are looking for ways to improve their situation.

The pandemic has already led to an increase in job hopping, and the next recession may lead to an even greater resignation as employees leave their jobs in search of better opportunities.

Quality, Qualified Contractors Over W-2 Employees

The rise of contract work has made it easier for recruiters to find qualified candidates

Fortunately, there are a number of things internal and independent recruiters can do to adapt to these changes. Here are a few tips:

1. Use social media, including Linkedin and Indeed, to reach a wider audience.

Recruiters can use social media platforms, such as Linkedin and Indeed, to reach a wider audience of potential candidates.

2. Focus on skills assessment rather than physical assessment.

Recruiters can improve their skills assessment by using online tools and platforms that allow for a more holistic view of potential employees. In addition, they can focus on assessing candidates’ skills rather than their physical abilities. This will help them to find the best talent in a competitive market.

3. Promote telecommuting and other flexible work arrangements, offering benefits above and beyond pay and healthcare.

How can companies improve remote work?

There are a number of things companies can do to improve their remote work programs, including:

  • Promote telecommuting and other flexible work arrangements. Offering telecommuting and other flexible work arrangements can help to attract top talent and improve employee satisfaction.
  • Assess skills remotely. It is now more difficult to assess candidates’ skills and abilities in a traditional interview setting. Companies can improve their assessment by using online tools and platforms that allow for a more holistic view of potential employees.
  • Train managers on how to effectively manage remote workers. Managers who are not familiar with managing remote workers may find it difficult to do so effectively. Training managers on how to manage remote workers can help to improve the effectiveness of the remote work program.

4. Collaborate with other recruiters 

Collaborate with other recruiters and industry experts to source candidates and find new placement opportunities. One way that recruiters can collaborate together is by sharing resources and pooling their networks to find qualified candidates.

They can also collaborate by sharing information about the latest recruiting trends and strategies. This will help them to stay up-to-date on the latest trends and improve their recruitment strategies.

Lastly, recruiters can collaborate by working together to create training modules for managers on how to effectively manage remote workers. This will help to improve the effectiveness of the remote work program for companies.

Conclusion

The COVID-19 pandemic has forced companies to reconsider the way they recruit top talent. The rise of a mobile, remote workforce, the dearth of qualified candidates, and the increased focus on remote work have made it more difficult for recruiters to assess candidates’ skills and abilities. In order to adapt, both internal and independent recruiters must focus on building relationships with potential candidates and assessing their skills and abilities through online platforms. As the competition for top talent has become more global, it is expected that recruiters must be more creative in their staffing strategies to source the right talent for critical roles.

Nate Nead

Nate Nead

Nate Nead is the CEO & Managing Member of Nead, LLC, a consulting company that provides strategic advisory services across multiple disciplines including finance, marketing and software development. For over a decade Nate had provided strategic guidance on M&A, capital procurement, technology and marketing solutions for some of the most well-known online brands. He and his team advise Fortune 500 and SMB clients alike. The team is based in Seattle, Washington; El Paso, Texas and West Palm Beach, Florida.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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