WESTON, Mass., Jan. 26, 2021 /PRNewswire/ -- The long-term impact of the coronavirus pandemic on hiring and career development is just coming to the surface and will affect the way employers hire and train candidates for the near future according to the results from the annual Future of Work global survey conducted by Monster, a leader in connecting people and jobs.
Yet despite the volatility caused by the pandemic, recruiters and talent acquisition professionals are feeling optimistic about 2021. Eighty-two percent of global employers plan to hire in 2021. More specifically, 47% plan to replace or backfill open positions, and 35% even expect to expand their company's workforce by hiring for new jobs. Those numbers shift to 42% and 40%, respectively, in the U.S.
According to Scott Gutz, CEO, Monster, candidates, and recruiters alike can and should begin the new year with a brighter outlook and plans for the coming months. "The results revealed that recruiters and HR professionals are taking an optimistic approach to the new year," said Gutz.
But there are lessons to be learned from the dramatic shift in the "new normal" and the impact that it has had on the way candidates and employers find the right fit. As Gutz pointed out, "We're fully aware of the challenges the talent acquisition industry faces, including the broadening skills gap, the pandemic's impact on our mental health, and the need for more diverse workplaces," said Gutz. "Yet, despite these hurdles, Monster recognizes that the state of recruiting is strong, and we are prepared to help job seekers and employers face future challenges together."
What follows are key takeaways from Monster's 2021 Future of Work Survey, which will shape global trends, hiring challenges, and opportunities among employers and candidates throughout the year.
The hiring outlook is up, but varies by industry and is affected by continued demand for reskilling.
Although 93% of employers are confident in finding the right candidates, 40% of respondents expect to continue facing the skills gap, with one third of employers agreeing the skills gap has increased compared to one year ago.
Tech-industry recruitment leads with 49% of respondents planning to hire net new jobs, whereas health care and finance/banking are expected to replace jobs lost due to the pandemic (59% and 53%, respectively). Nearly one third (32%) of recruiters for leisure/hospitality are expecting continued hiring freezes.
Virtual recruiting is on the rise, but it is putting fit at risk.
Although the U.S. is leading the charge at adapting to virtual practices, with 70% of U.S. recruiters using virtual technology for at least half of their candidate interviewing and new-hire onboarding, more than a quarter (26%) of global respondents still struggle to master virtual recruiting.
Candidates are struggling to assess company culture and job fit through virtual hiring: Three in four candidates (75%) agree that "virtual hiring makes it difficult to really assess how a company's values and culture align with my own."
Leisure/hospitality, transportation/logistics, and retail lag behind other sectors in adapting to virtual hiring: an average of 18% of recruiters in those industries do not do any virtual hiring.
Employers need to adjust to meet the demands of today's candidates.
HR professionals adapted to the new way of working and hiring during the COVID-19 pandemic, with many of them making changes to flexible work schedules (42%), remote work flexibility (41%), and updated health policies and protocols (40%). However, the industry will need to adapt to the demands of today's candidates.
Workers are struggling with job-related anxiety (32%), headaches from too much screen time (16%), and depression (14%). Women around the world are feeling this more strongly than men, with 36% of women experiencing job-related anxiety and 13% experiencing loneliness.
Despite a stronger emphasis on diversity, equity, and inclusion in the workplace, globally 56% of survey respondents have not, nor are they planning to update their DEI strategies. This is in stark contrast to candidates' desire for employers to offer diversity training (35%), build a diverse workforce (34%), create elements of an inclusive work environment and workspace (29%), and encourage employee resource groups (20%).
More details on the global findings from Monster's Future of Work survey can be found here. A roundup of U.S.-specific data is available here. Monster is hosting a global Future of Work webinar on January 28, 2021.
Employer Methodology Monster partnered with an independent research firm (Dynata) to field a 10-minute survey (35 questions) among 3,100 recruiters/those involved in talent acquisition, HR, and/or the recruitment industry globally (US, CA-Canada, UK, FR-France, DE-Germany, NL-the Netherlands, IT-Italy and SE-Sweden) age 25+ years. A sample of n=400 was taken for each country except for n=300 for NL and SE. This survey was conducted October 22 to November 13, 2020, and has a margin of error of +/- 5% at a 95% confidence level.
Employees/Candidate Methodology Monster partnered with Randstad's bi-annual Workmonitor survey and an independent research firm (Dynata) to field a 10-minute survey among those age 18-67 years who are employed for at least 24 hours per week (self-employed people were excluded) globally (US, CA-Canada, UK, FR-France, DE-Germany, NL-the Netherlands, IT-Italy and SE-Sweden). A sample of n=800 was taken for each country except for n=1200 for US and FR. This survey was conducted September 26 to October 23, 2020, and has a margin of error of +/- 5% at a 95% confidence level. NOTE: The Randstad Workmonitor report was published December 8, 2020. All references to the survey results are indicated as Monster/Randstad Workmonitor, where applicable.
Across all research, global averages give equal weight to each country.
About Monster Monster is a global leader in connecting the right people to the right jobs. Every day, Monster aims to make every workplace happier and more productive by transforming the way employers find talent and candidates find careers. For 25 years, Monster has worked to transform the recruiting industry. Today, the company leverages innovative digital, social, and mobile solutions to enable employers and candidates to see each other more clearly. Monster is a digital venture owned by Randstad North America, a subsidiary of Randstad N.V., a $26 billion international provider of flexible work and human resources services.