As the global economy undergoes tremendous changes, skills upgrading and skills retraining have renewed a sense of urgency. To be successful through these changes requires major changes in how recruitment and employee development are carried out.
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The pandemic has shaken the foundation of how organizations operate. In addition to helping employees adapt to the new working environment, recruiters are now facing a series of new challenges. The dilemma of skills and experience has swept organizations around the world.
How will the company benefit from it, or how often should employers weigh the candidates’ abilities rather than certificates? Should recruiters give up experience and qualifications, or are we looking for a hybrid approach? Let us take a closer look at some recent industry trends and discoveries to interpret this recruitment dilemma.
From considering applicants for Ivy League schools to determining the key skills and expertise needed to excel in a specific job role, recruiters have made great strides.
According to LinkedIn data, more than 3/4 of the jobs in the Asia-Pacific region are posted on the platform, instead of qualifications and industry experience focusing more on skills. Another study showed that since 2019, the number of managers hired without a traditional four-year degree has increased by 20%. Some recent survey results by LinkedIn also show that employees without a traditional four-year degree stay on the job 34% longer than those with a four-year degree.
Although some experts consider this to be a meaningful improvement, it is important to understand the reasons behind more focused and organized skills-based recruitment.
Thought leaders at Microsoft and LinkedIn also believe that the ability of individuals to demonstrate skills will become important in the post-pandemic world. Ahmed Mazhari, president of Microsoft Asia, recently mentioned that skills will soon become the new currency of the post-pandemic world.
An example of this is the application of niche technologies in the new era, such as AI/ML, RPA, AR/VR, quantum computing, and blockchain. The use of such technologies has already witnessed huge demand and is even expected to grow exponentially in the next few years.
This apparent trend in Asian recruitment preferences stems from factors such as the relative ease of adopting skills and experience and qualifications and the availability of talent pools from Covid’s hot vertical industries-retail, hospitality, aviation, trending workforce of young people. For employers who pay more attention to skills rather than experience, another important advantage is retention.
Skills-based recruitment also encourages organizations to become more diverse, identify key indicators of inclusiveness, and address major recruitment biases around gender, industry type, and experience.
personnel, more emphasis is placed on skills rather than industry experience.
Affordable to wait weeks and months to find a suitable candidate in this particular vertical industry.
A Fortune 500 technology company launched a workforce planning program to identify skills gaps and map talent needs. According to McKinsey, this led to the organization’s decision to retrain more than 6,000 employees for new roles and upgrade the skills of more than 20,000 employees for existing roles, filling 80% of its skills gap.
Employees at all levels spent millions of hours on the learning and development platform. In 2020 alone, the LinkedIn learning platform will reach 43 million hours. In addition, educational institutions have begun to focus on skills-based learning and development plans to create a better future for students. Continued upgrading of skills will give students, entry-level employees and experienced workforce a competitive advantage in a booming industry. Governments in Asia and other parts of the world are also making their own contributions to the next generation of skills-based futures.
Traditional recruitment methods still exist, especially for more senior and leadership positions. Elisa Sheftic, President and General Manager of Right Executive Search (RES), agrees with the fact that mid- to senior positions still need to prioritize candidates with similar industry background and experience in order to minimize the onboarding curve.
For populous economies such as Asia, the availability of humongous talent pools for certain role types, experience, and qualification filters would still be leveraged in Application Tracking Systems and other shortlisting/screening mechanisms.
For certain vertical industries, employers also rely on qualifications and experience to maintain a homogeneous workforce.
New skills-based recruitment will continue to exist and will coexist with traditional external talent recruitment methods. The introduction of internal talents, job rotation and transfer will pay more and more attention to skill matching, skill upgrading and re-skills.
On the other hand, as employees move into more senior and leadership positions, they can also improve their qualifications and gain longer experience in their favorite verticals.
All four major stakeholders in Asia—employers, employees, students, and educational institutions—have adopted skills-based elite management and ecosystems to find better and better results in the transformation of new recruitment after the pandemic. right opportunity.