There are many factors and events that influence the job market, creating complexity and fueling uncertainty about the prospects for the recruitment industry and recruiters.
Recent years have included such macroeconomic factors as the Covid-19 pandemic, the cost of living crisis, heightened geopolitical tensions, and the increasingly disruptive climate emergency, as well as the associated economic problems that have ensued in their wake.
The tensions between nations are in stark contrast to the increasing domination of global enterprises as they operate across borders. For example, China, seemingly the world’s manufacturing powerhouse, is doing business with the global community, while rattling sabres with some of its key trading partners.
Meanwhile, global enterprises continue to break down barriers (and avoid tax!) as they disrupt established business models and shape the future.
Three factors that have specific relevance to the world of work and that are likely to have a significant impact on the jobs market in the short term include:
As these factors play out, there is little doubt that for candidates, competition for jobs is going to be stiffer. The focus is going to be on outperforming on paper in terms of qualifications and certifications and more practically through experience and the possession of a verifiable track record of achievement.
One natural side effect is the cutting out of deadwood. Workers will retire or be released, with underperformers more likely to be let go as businesses seek to streamline headcount and optimise their workforces for efficiency and productivity.
For recruiters, this places an emphasis on agency operational processes and the quality of hiring. This means that recruitment businesses need to bring their ‘A’ game when it comes to search and selection.
The automation features of ETZ RecTech tools promote efficiency and have paved the way for the emergence of sophisticated AI NLP search and selection tools that are emerging to power the front side of agency operations.
ETZ’s leading timesheet and invoicing solution, streamlines the back office processing of your recruitment agency. Our complementary solutions, ETZ Comply for onboarding and document management, and Caspian for business intelligence give agencies further capability to streamline and uncover opportunities. To find out more call us on +61 (0) 405 458 821 or book a demo.
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