April 23, 2024

The job market landscape is changing rapidly, and there is increasing polarization between highly-skilled and lower-skilled workers. A recent series of significant layoffs has opened up incredible opportunities for companies struggling to grow because of a lack of tech talent. Enterprises and corporations of the past worked to digitize, but they now have access to the best talent to accelerate their growth.

The unexpected second wave of layoffs has put the labor market under severe strain. More than 18,000 jobs were eliminated by Indian companies in 2022. More are expected as global unicorns, and brands restructure their businesses to improve profitability during a funding freeze.

Talents are often underutilized, while most people need to be better skilled. Currently, unemployment and underemployment are both high in the world. It is essential to fill the skills gaps that are causing economic tension. Employers can benefit from integrating technology into their recruitment processes by gaining talent.

Automation and new technologies have the potential to revolutionize traditional recruitment. Many of the tasks that recruiters perform today can be automated and replaced by technology. It transforms the entire recruitment process and brings about a massive change in the industry. The global HR Technology market is poised to grow exponentially, reaching $35.68 billion in 2028 from $24.02 million in 2021.

Bridging workers and jobs gaps

The gap between jobs and workers causes market slowdowns. The gap between skills and needs was less evident until the advent of digital technology. It affects employer marketability, making it urgent to address this mismatch. Technology-enabled platforms can improve the way workers and jobs are connected on a platform. This increases efficiency in the job market and creates transparency when matching skills with recruiters’ [and there] requirements.

Technology integration contributes significantly to improving the country’s economic situation. Tech-based recruiting platforms use powerful capabilities and advanced screening algorithms to speed up the process. This reduces the time for candidates and recruiters to search for jobs and leads to perfect matches that reduce unemployment. Data analysis of job openings and skills can also be used to address geographic barriers, allowing for perfect matches.

New-age platforms for recruiting put the right people in the correct positions by leveraging tech in HR processes. This improves the productivity of recruiters and reduces attrition, particularly after employees have joined. This can help democratize workers working in informal settings by bringing them into a more formal environment, increasing employee productivity.

Technology is growing job opportunities.

Many jobs once performed by humans can be done by technology. Technology has assumed many responsibilities, including screening candidate profiles, scheduling interviews, and sending out notifications. Technology enables us to create new income streams that we would not have thought of. Many jobs created after the pandemic have yet to be needed or existed.

A study found that over 25% of workers will have to change jobs due to the widespread adoption of remote work, automation, and eCommerce. The future of recruitment will require that we adapt.

Technology has positively affected the job market by being introduced to recruitment processes. Technology has opened up new positions and self-employed jobs to both recruiters and workers, despite the slow pace of the job market. Google has launched an “Internet Saathi” program in India to teach rural women how to use the internet. These women can provide essential tech-based services in their villages, such as local distributorship for telecom products like SIM cards or mobile data packs. They could also be empowered agents for financial services, government schemes, etc.

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