How hot is the job market? We’re hearing a lot about the new war for talent. To get a sense of the employment outlook, I spoke with Kevin Parker, the CEO and chairman of HireVue. The company offers video interviewing and recruiting automation technology. Parker’s company has conducted millions of interviews and has the data to show what’s really happening.
Historically, hiring decisions have been left to a hiring manager’s “gut feeling.” To avoid biases and “just winging it” interviews, HireVue created structured interview questions and rating guidelines to smooth out the process and make it easy for both candidates and companies who are hiring.
HireVue is a leading company in the “hiretech” space. Its proprietary software enables companies to record videos of job seekers by answering a standard set of interview questions. HireVue offers a unique way to easily interview anytime or anywhere. It could be in your car, at home or on the beach. All you need is a computer, laptop or smartphone. The technology levels the playing field by highlighting the person, in addition to their résumé.
Parker is enthusiastic about the job market. He’s seen a great rebound in interviews and hiring. Sectors that looked like they’d be sidelined for years, such as travel and cruise lines, have seen a booming resurgence. His company has been busy. Around 1.3 million college graduates conducted interviews with 500 employers on its platform. About 55,000 people on a weekend will have video interviews. Moreover, 5.6 million job seekers conducted the one-sided video interview session.
Parker shared with me some of the findings of his recent survey of the job market.
Here are some of the highlights:
- Over 2.3 million candidates have completed an on-demand interview this year, an increase of nearly 50% from the same period last year.
- Compared to Q1 2020, HireVue customers have more than doubled the average number of interviews per day in Q1 2021.
- The industries that have seen the most increase in virtual interviews over the last few weeks are consulting services (up 200%), retail (150%), construction/mining (nearly five times), government (nearly three times) and pharmaceuticals (200%).
- Job seekers are attracted to higher wage jobs: its top 5 customers offer a minimum wage of $14 per hour or higher.
- Industries where starting salaries are traditionally low or employment has been at high risk of redundancy in 2020—transportation, food and beverage and hospitality and recreation—are significantly down.
- Around 50% of interviews in the U.S. are taking place outside of typical work hours.
Other Key findings include:
- Diversity, equity and inclusion isn’t just a nice-to-have. One-hundred percent of respondents say DEI is “extremely relevant” or “very relevant” to them.
- Virtual interviews are here to stay. Fifty-four percent said virtual interviews resulted in a speedier recruitment process, and 41% say it helped them identify the best candidates.
- Hiring leaders want less busy work and more candidate connection. Fifty-one percent of respondents say they want to spend less time on scheduling and more time engaging with candidates.
I was curious about how people could pivot or reinvent their careers in this new post-pandemic environment. Parker shared that his firm, as well as his client companies, have become much more open-minded and flexible. In the battle for tech talent, he didn’t have to solely rely upon applicants within a commuting distance. As remote work became standard, Parker hired software developers and engineers across the country.
He doesn’t rely on pedigrees either. Parker has offered jobs to people with nontraditional backgrounds. He brought aboard software professionals who learned through coding bootcamps. Parker has also hired people based on their abilities and not experience. You don’t have to have a college degree to be part of HireVue.
Parker shared an encouraging story. The founder of the company, Mark Newman, was 20 years old and attending Westminster College in Salt Lake City, Utah. He couldn’t seem to find the right job. So, he made one for himself. The young man founded HireVue. This anecdote is particularly relevant today. It feels that we’re entering a new roaring 1920’s type of world. There is pent-up demand for everything: shopping, traveling, attending concerts and sporting events and creating new businesses. You can pivot to new jobs and careers or reinvent yourself. You no longer have to rely upon finding a job within a reasonable commuting distance. If you have the abilities and passion, you can go for that dream job and not worry about the lack of a four-year degree.
Source: Forbes
