New advancements, such as work from home, co-working spaces, and video conferencing, are empowering working environments. Companies and businesses are well on their way to creating smaller talent pools of full-time workers, which can be supervised and managed by seniors and partners operating from various parts of the world. Many companies are also hiring specialist skilled workers for undertaking a portion of specialised jobs that will require a shorter or longer duration of time.
That being said, the professional services industry has encountered a huge shift in the most recent years. IT jobs, especially the cutting-edge & innovative arm of the industry, have encountered even more strategic shifts, leading them to deliver an ever augmenting digital transformation.
Digitisation and automation has been gaining attention over the past three years, which has created a pool of jobs in the BPM sector. Currently the market is valued at $180-220 billion as per the NASSCOM-McKinsey Report, leaving a lot of room for further development in the sector, as well as a higher number of skilled occupations.
Hiring in the times of the pandemic
One thing this pandemic has accomplished for the business world is to provoke pioneers to understand that effective remote working is possible while diminishing the fixed-cost overhead expenses for their businesses. Many leading organisations have announced that a significant portion of their workforce will be working with clients via video conferencing and other virtual forms of communication only.
Hiring turns out to be significantly more adaptable when working with contractors. You can welcome new staff rapidly and regularly, with less administrative disturbance than if you were recruiting a full-time employee. Simultaneously, this new working lifestyle secures your core staff's positions. By welcoming more contractors, more of whom prefer a peripatetic and shorter duration-based working style during the peaks in business and contract activity, you keep up with your annual FTE worker headcount. What's more, in organising your recruiting in this manner, your workers can likewise have a sense of safety in their positions as well as enjoy their working life.
Strikingly, the HRTech industry has been defining new ways to improve the onboarding processes as well. Having a smooth hiring, welcome and induction process is equally important for employers and employees, including contract workers.
Subsequently, the way these specialists are hired has also changed drastically. Resumes and CVs are no longer sufficient in providing information about the candidate. Hence, continuous, captured, confirmed career credentials, provided through career passports, have emerged as an innovative solution for the new rhythms of business and work. A secure profile, including all the details of education and training background checks, date of all previous checks, alongside work history, contracts and country right-to-work details, is helping HR professionals do their job more easily in such a rapidly changing business environment. Knowing the importance of these resources at the time of hiring has made the background checking software and services even more powerful.
Expanding specialist skills & outsourcing contracts
With zoom, google hangout, Microsoft Teams and other reliable video-conferencing solutions being adopted by businesses across all sectors across the globe, there has been, is, and will be a rise in recruiting specialist skills-based representatives located in any place in the world. These much needed specialists would not be qualified for fringe benefits or other advantages that regular workers would receive, which would diminish some costs for businesses, which is an advantage for any organisation battling to deliver top-line growth, and grow profit margins. It will likewise offer businesses opportunities to be agile, and deliver operational excellence by using more flexible skilled workers across the global gig economy.
Outsourcing contracts are created for the Professional Services (PS), Management Consulting (MC), Information Technology Outsourcing (ITO) and Business Process Outsourcing (BPO) sector. They cover an expansive scope of rapidly required outsourced Commercial, Customer-facing, Accounting and IT talent. Attracting IT talent that knows ASP/framework facilitation, applications advancement, information base services, upkeep/support, internet business and so much more, is a competitive exercise when such talent is more difficult to find and hire
BPO is developing at a high pace, with a y-o-y growth of over 10%. The sector incorporates services like data entry and handling, finance/accounting, client servicing, staffing and training, and the likes.
Imperative as it may seem, cybersecurity is evolving rapidly, and so is the hiring in this industry that has risen by three times in 2021. In fact, by 2026, the global cybersecurity market is expected to reach $270Bn, and the growth in services will require an equally fast-paced demand in skilled workers.
Today, US organisations address practically half of PS / MC/ ITO / BPO requests from around the world. The United States’ interest is also filling quickly in all the sectors, especially in healthcare, finance, insurance, manufacturing, energy, transportation, and retail.
In the UK, the Tony Blair Institute forecasts that a third of UK workers on the Financial Services workers and Professional Services contract workers will be required from overseas locations in the future.
The demand for expertise, as well as the need to carefully analyse every contractor profile, has led to the rise of HRTech organisations with innovative solutions. Known for an all-inclusive, digital, cost-effective screening solution that offers quality background checks and HRTech solutions for a superior candidate as well as the very best client and candidate experience, Veremark offers a multitude of services. These include fast and accurate background checks, smooth onboarding, and delivering the Career Passports that hold the detailed information on education, work experience, job skills, and co-curricular accomplishments in a professional layout. Career Passport from Veremark gives a competitive advantage to both businesses and candidates in the increasingly fast-moving employment market.
PS / MC / ITO / BPO businesses, and their remote working with clients, will see considerable further growth. Furthermore, the covid pandemic has accelerated and facilitated the interest for explicit skills and capacities across the contract placement and outsourcing sector. Thus recruiting has observed a critical change in the vital abilities to fit in with and deliver against the new strategic employment policies.
Virtual group meetings will keep on being an extremely pivotal part in keeping the staff connected, just as meeting with colleagues and demonstrating any preparation whenever required. Remote work is presently going to be a super durable piece of a PS / MC / BPO / ITO system to keep itself running regardless of how outside commercial, economic, and other world dynamics might affect the business. Hiring businesses across sectors require organisations to accelerate the speed to hiring the very best skilled contract so that they may have an immediate impact!