Estimated reading time: 4 minutes
As the pandemic resets work patterns, financial risk management recruiters are increasingly re-examining internal hiring strategies.
The pandemic will affect the scope of work in risk management in several key ways.
Professionals looking for placement in the post-pandemic world must assess each trend’s effect on their employability to strategize for future success.
Many companies are substituting full-time employees with part-time laborers as a cost-cutting measure. Young professionals need to comprehend how such enormous shifts are changing how businesses operate.
Those who can quickly respond to these changes will stand out from the rest and increase their chances for employment or promotion.
A Gartner survey revealed that, in some industries, over 30% of employees would probably work from home after the pandemic.
This is 10% more from the number of people that engaged in remote working before the pandemic.
As companies accept and adopt remote working, professionals must investigate new technological skills that businesses require to navigate the new world.
What to do: Be flexible and familiarize yourself with video interviews and remote working best practices.
Expanded data collection
Managers are increasingly using data-driven innovations to manage and monitor employees. Even before the pandemic, companies were progressively using non-traditional performance monitoring tools.
These are also innovations for profitability and productivity, and data have proven to be a dependable tool for business survival during the pandemic.
The post-pandemic world will rely even more on this data for cost reductions and risk aversion.
What to do: FRM professionals must assess and optimize their proficiency with understanding data and its subsequent manipulation.
The pandemic’s economic impact has made many people lose their positions and ignited non-standard work models.
Many companies simply reacted to the pandemic’s financial effects by increasing temporary worker budgets.
Companies may keep on using temporary workers to maintain greater adaptability in workforce management after the pandemic.
Some will even consider permanently using new job models they have adopted during the pandemic.
For example, have you heard of 70% compensation for 70% work? Yes, it’s becoming a thing.
What to do: Get ready for the gig economy post-pandemic.
The pandemic has expanded the pattern of bosses assuming a bigger role in their workers’ physical and mental wellbeing.
Today, many employees are guaranteed sick leave, monetary help, flexible work schedules, and child care arrangements.
A few companies strengthened their communities, for example, by changing business models to engage in the manufacture and distribution of essential goods and services.
Others started community relief funds and support programs.
What to do: Prepare for a future where your personal well-being takes precedence. Ask for more benefits.
Separation of critical skills
Before COVID-19, critical job positions were seen as highly demanding roles with the sole objective of helping an organization reach its goals.
Presently, bosses understand that there is another category of critical jobs – ones that are vital to accomplishing basic work processes.
What to do: For increased employability, focus on acquiring or improving skills that drive a company’s competitive advantage.
Some companies have been helpful during the pandemic and treated employees as people more than just workers.
Unfortunately, others have pushed workers to work in conditions that are a great danger with little help – regarding them as laborers first and individuals second.
What to do: Be mindful of which opportunities you accept and be aware of the consequences for worker experience, which can be enduring.
Competition is still fierce
It’s become certain that the pandemic hasn’t really changed the fundamentals of talent management. Top talents are in high demand, and well-paying jobs are still out there.
Top professionals who are in the market will probably have many offers to sort through after the pandemic. This will force bosses to rapidly recognize the best applicants and get them offers with optimized benefits.
Even so, the sheer number of individuals searching for work presently has led to exceptional reactions to job postings.
Before the pandemic, it was not strange to see 100 applications for every posting; presently, numerous businesses are seeing 300+ applications for a similar posting.
Diversity and inclusion
The pandemic has exposed extensive economic disparities, and brands have had to make their stand known on equality. Many S&P 500 organizations now have D&I recruitment officers onboard.
For job seekers, that’s a cue to go for the best open position without worrying about discrimination.
Hiring for resilience
Before the pandemic, organizations focused on recruitment patterns that guaranteed workflow. This approach may have led to certain efficiencies, but it also birthed fragilities.
Today, these same businesses need flexible systems in order to respond to unforeseen disruptions.
They are focused on building resilience through new roles and structures that elevate increase agility and flexibility.
Businesses are keen on providing employees with diverse, adaptive, and agile roles to acquire cross-functional skills and experience.
What to do: Learn a new skill or take on a new role to show diversity in your portfolio.
If you asked a year ago what persons considered most when selecting job offers, they would probably list things such as work-life balance, compensation, and benefits. That has since changed.
Today many job seekers want to associate with a brand that reacts promptly and efficiently to any crisis.
Post pandemic, one could see increased nationalization of organizations.
Companies will likely focus more on improving their geographic diversification and investing in secondary markets to create better resilience against future disruption.
The increased complexity of size and company management will lead to talent challenges even as old business models get replaced.
What to do: Invest in a new certification program to support your career growth in the new world.
The global health crisis has transformed business and life in extensive ways. Stay on top of these trends to build your own agility and resilience in the future job market.
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