Career Insurance, What Is It?

by Alex Freund

Career Insurance

There are many types of insurance that we are paying on a regular basis and we don’t typically reflect too much on that since it has become routine.  Some types of insurance are deducted automatically from the paycheck.  These are mandatory expenses while others are elective.  Insurance is a payment we pay to get protection against a possible eventuality.  It is a guarantee of compensation for specified loss, damage, illness, or death.  Commonly we insure our assets such as house, car and even unemployment or long term disability. But what can an individual do to protect their job, their income without which their mere existence is jeopardized? 

Protect Your Job Through Your Skills

The job market changed and today it is almost impossible to protect any job. World events destabilize the job market and employers need to react quickly. Often they need to shed a large contingency of employees just to be able to stay in business. Simply, employees have no protection against such events regardless of the position within the organization. So what are they to do to insure themselves against such possibilities? The answer is in continuously striving for opportunities to learn new skills and improve on the existing ones. Think about what would be your answer if during a job interview you were to be asked to name two or three new things that you have learned during the last year. Employers no longer value long tenure with one company. They want to see skills and ambitious personality learning new skills because they know that the future in business is going to demand something that can not even be predicted today. This is the type of insurance that companies need for their future and continuous existence and thriving at the same time.

Companies Are Adapting Fast – But Are You?

There are a myriad of companies developing tools, software and systems for sourcing talent. Employers are investing in such products because they want to stay competitive. The supply of applicants or even passive candidates (a passive candidate is employed, but not currently looking for a new opportunity) is vast and they need tools to effectively sift through the many thousands of them. Of course this cannot be done manually. Automation is the answer.

The Hiring Process Shifts Gear

In the past the practice had been that a person looking for a job is sending out many resumes to potential employers. In those days there was a department called Personnel which actually used people to read through resumes and file them according to their existing departments/functions. Once a replacement was needed they searched through their inventory. Those days are gone forever! Today’s pace is much faster and the inventory is larger. The modus operandi changed too. While in the past a candidate’s professional past was summarized on say two pages today’s resume is on Google. While the past practice was two dimensional via the resume, today that is multi-dimensional and searchable on the internet. Employers are interested way beyond what the resume says. They are searching on applicants routinely to find relevant information via social media. This is a third dimension which did not exist in the past and today it is a competitive edge for some.

The Interviewing Process Changed

Once the vast number of potential candidates has been narrowed down to a reasonable number they enter another phase in this competition. Companies are no longer ready to pay for flying in viable candidates. Companies need to be careful with their expenses and the Human Resources department which replaced Personnel is investing in new and existing technology. For example, more and more companies are using not only video or Skype interviewing but some sophisticated software. Candidates are asked to interview on camera without an interviewer present. They are interviewing with a pc. After they are sent a link to such a software they are instructed how to proceed. They are given between six to ten questions to which they have only a short time to answer. Say maximum two minutes. This process results in short video which is sent out to the interviewing team. Each team member can make his or her comments to the rest of the team and able to score each candidate. The process seems very fragmented but certainly efficient. Once the candidate passed this phase he or she is invited for an in person interview.  And now the big question is how many people are fully prepared not only to make a great impression via this rudimentary videoing system but at the same time able to deliver great interview answers within merely seconds.

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