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Nearly 40 Percent Expect to Hire Fewer People Post-Pandemic
A recent global survey of talent acquisition professionals by Korn Ferry (KFY) shows the majority are not ready to plan for long-term hiring needs.
While two-thirds (66 percent) of respondents said they were able to quickly shift their talent acquisition policies in light of the pandemic, 68 percent say they are now only planning for short-term hiring needs. Thirty-four percent say they are forecasting hiring needs at a maximum of six months out, and 34 percent say they are only hiring for immediate needs.
Nearly a third (30 percent) of respondents say they do not have a post-pandemic talent acquisition plan in place. The top reason cited was no clear picture of what the business will be like post-pandemic (41 percent), followed by leaders focusing only on short-term needs (35 percent).
Of the respondents who said they had to resort to layoffs in response to the pandemic crisis, 23 percent said their biggest concern in ramping back up is not being able to hire quickly enough to meet demand, and 22 percent said they worry most about finding the right people. Quality of hire and time to hire are the two most important hiring metrics, according to the survey.
“New technologies prove that quality and speed of hire are not mutually exclusive,” said Jeanne MacDonald, global operating executive, Korn Ferry RPO. “With chatbots and AI tools informed by decades of talent acquisition expertise, we can now source, assess, hire and onboard the right candidates in record time.”
The survey also shows a longer-term shift in hiring practices, with 38 percent of respondents saying they expect they will hire fewer people post pandemic.
“What this crisis has shown us is the only thing that will remain constant is change,” said MacDonald. “Talent acquisition professionals must remain agile to meet the evolving needs and priorities of the workplace.”
About the Survey
The Korn Ferry global survey of 620 talent acquisition professionals took place in late 2020.
About Korn Ferry
Korn Ferry is a global organizational consulting firm. We work with our clients to design optimal organization structures, roles, and responsibilities. We help them hire the right people and advise them on how to reward and motivate their workforce while developing professionals as they navigate and advance their careers.