Short answer is: If you have the resources and the need, definitely. The pandemic has set a lot of us back, however, when the market picks up we need to be ready to capitalize on the opportunities and a talented team is a definite necessity for this. That being said, there are some things you are going to need to be aware of in changes in hiring that you will need to be aware of.
The Talent Pool & Competition
Those who have stable jobs are now less likely to search for new opportunities. They feel that every company is at risk now, and if their current company can maintain their salary, they will stay. That being said, there is still a good pool of candidates who even before COVID were unsatisfied at their current workplace. These people are still looking for new opportunities. Furthermore, there have also been a lot of employees, whom some are very good, that have been let go of their jobs and are on the market for new opportunities.
On top of this, there is less competition for strong candidates on the market. Due to their financial situation, most companies do not have the resources to hire at the moment. This makes it a great opportunity for companies who may be smaller in size/reputation that typically may lose out candidates to larger multinational corporations, to get a chance to hire a strong candidate for their organization.
The Interview Process
The main difference in the interview process will likely be that most if not all of your interviews will be done over an online meeting system. By now, most of us have probably realized that it doesn't need to be face to face in order to have a proper interaction. Same goes for interviews as well. Human feel is always important, but not essential. There will be some getting used to, but companies have successfully hired in this way for a long time.
The Offer Process
Once you find a strong candidate for your position, next is the offer and then the onboarding process. Regarding the offer, companies have tendencies to propose lower than usual salaries as they see themselves to be on the strong side of the market, as candidates are desperate for jobs. I am not saying this is a bad strategy for certain companies, however, as much as possible refrain from doing so. The candidates will know that they are being underpaid but will accept because he/she may not have other options at the moment, but will not be satisfied while working, and has a risk of immediately finding a new job once the market stabilizes and other companies start to hire.
Another issue that I have seen more often now than before COVID-19 is a drop off of candidates before joining. These are mainly due to counteroffers from their existing companies. While certain companies may be okay or rather happy that some employees leave for natural cost cuts, a tough situation for any company requires the support of their key employees. And to keep these key employees, they try desperately to persuade them to stay both emotionally and monetary. In order to avoid losing a candidate before joining, as an employer you should make sure you are consistently in touch with the candidate. From the time you provide and offer to the day, the candidate starts in your office, keep following up every week with them, providing information and keeping them motivated to join.
Are you Struggling on your Search?
Hiring is not always easy. And there are unique obstacles that COVID has set for employers hiring at this time. If you need support in finding the best talents, please reach out to sales@myworld.com.mm and we can let you know how we can support you.