Monster's annual Future of Work survey has been released, and shows a rising sense of optimism towards hiring in 2021. The survey collected data from employers as well as employees/ candidates across 8 countries. The study claims to be global, while focusing purely on North America and western European nations (US, Canada, UK, France, Germany, the Netherlands, Italy, and Sweden). The surveys were conducted across the fall of 2021. The largest pool of respondents by generation were Gen X, and the majority of respondents had some level of decision-making status.
According to the data, 82% of employers plan to hire in 2021. 47% plan to backfill/ replace staff, while 35% will be hiring for new positions. Those numbers shift to 42% and 40%, respectively, in the U.S. Healthcare will be doing the most backfilling, while tech will be adding the most net-new jobs.
According to Scott Gutz, CEO, Monster, candidates, and recruiters alike can and should begin the new year with a brighter outlook and plans for the coming months. "The results revealed that recruiters and HR professionals are taking an optimistic approach to the new year," said Gutz.
But there are lessons to be learned from the dramatic shift in the "new normal" and the impact that it has had on the way candidates and employers find the right fit. As Gutz pointed out, "We're fully aware of the challenges the talent acquisition industry faces, including the broadening skills gap, the pandemic's impact on our mental health, and the need for more diverse workplaces," said Gutz.
There are sectors which are not as optimistic. SMBs, Retail, and Leisure/ Hospitality largely anticipate ongoing hiring freezes and sluggish hiring. The Uk and Canada are the least optimistic of the nations surveyed, at 34% and 20% respectively.
On an interesting and unsurprising side-note, the survey found that while decision makers who purchase recruiting tools expressed a 47% confidence level, only 39% of the tools users were equally confident.
The largest challenges anticipated by recruiters were:
When it comes to process, recruiters are challenged with:
20% of recruiters feel that writing an honest job description and defining job roles is challenging - a surprisingly low percentage.
Virtual recruiting and onboarding are very common. 70% of respondents say their recruiting and onboarding are at least half virtual. Close to half of US and Canadian employers are predominantly virtual, with the UK leading European nations in that area.
Candidates/ employees are increasingly impacted. 46% of respondents reported job-related anxiety and/ or depression. They also reported feelings of loneliness, imposter syndrome, suicidal thoughts, physical illness, and increased alcohol use. Women have been particularly impacted.
The Skills Gap is growing. Employers are increasingly struggling with the issue. Upskilling, while definitely a buzzword du jour, is increasingly seen as a path towards addressing this issue.
Monster, as a job board, is interested in what tools recruiters are looking for:
D&I is a work in progress. While tech investments in D&I focused tools lagged in 2020, companies are making efforts to improve their internal focuses.
For more details from the study, please visit here for a download.
Sign up to get our monthly newsletter and updates about RNN.