In this blog series we are going to interview all our Partners and learn how the pandemic is affecting different countries around the globe.
CVO joined InHunt World in October 2017 and has been a Partner of InHunt World for three years now. CVO is one of the leading recruitment and headhunting firms in the Baltics. CVO’s main field of activity is the recruitment of specialists and mid-management as well as executive search covering top roles on the market.
Last week, we had a chance to talk with Triin Raamat (CEO of CVO) and we asked her a few questions:
First of all, how are you? We hope that you and your family have stayed healthy during this pandemic.
Thank you for asking. We are getting better and trying to keep a positive mind :)!
How’s Estonia at the moment or how has it been the last 6 – 7 months?
March, April, and May were very difficult, even for people who had experienced previous crises. In the spring, the Estonian state offered wage subsidies to employers, and this helped them to adapt and cope with the situation. This support certainly helped to prevent redundancies on a larger scale.
June, July, and August, when the coronavirus had temporarily receded, we saw a recovery in the market and an increase in domestic consumption. It could even be said that people tried to forget the difficult spring months and restore their normal rhythm of life.
Since September, the number of new cases has increased again, but no significant restrictions have been imposed in Estonia. Of course, there are areas, such as tourism, leisure, and transport, that are directly affected by the COVID-19, but it can be seen that all other areas are trying to adapt and continue their operation as much as possible – this approach will support our economy.
And what about business and the general atmosphere? How the companies are holding up, have there been a lot of layoffs?
In February, before the declaration of a state of emergency, the registered unemployment rate in Estonia was 5.2%, and by the end of September, it was already 7.6%. Autumn will lead to further redundancies, which is why the unemployment rate in the upcoming months only shows a growing trend and a probability that it will be 8-10% by the end of the year. Although recruitment and the number of job vacancies have been promising in the second half of the summer, it will not address the rising unemployment rate. Structural unemployment remains a concern. For example, the education and work experience of those who have lost their jobs do not exactly match the job offers on the market. Despite the crisis, the IT sector is still doing well, and the greatest need for recruitment is currently in this sector.
How do you see the end of 2020? And what about 2021?
Spring was anything but ordinary, and in the light of this experience, it is more difficult than ever to predict the future. However, we see more optimism and positivity than in the spring, and it should not be underestimated. Most probably, the end of 2020 will still be challenging, but we expect recovery starting from 2021, and some companies already make preparations for new growth starting from 2022. These preparations include the development of different products and services, but also the recruitment of new team members.
What do you think about the future? What is going to be the biggest difference in Estonia in you compare to the situation before the pandemic and the possible situation after?
The biggest change is related to work for the organization – employers are more willing than before to offer distance work, and this provides an opportunity to recruit from more remote areas, why not from other countries. Otherwise, we do not see any cardinal changes. Estonia, as a strong IT country, continues to develop technologies and e-solutions that can be useable in any situation, including a pandemic situation.
What kind of roles do you think companies are going to need the most after the pandemic? Do you think there’s some big difference before and after COVID regarding recruitment and headhunting?
In June-July, after the state of emergency and some recurrence of the coronavirus, employers began to express a greater desire to replace existing employees. It is a case for the ones who have not adapted well enough to the changed situation and expectations, as well as for those who have been recruited in a similar labor shortage and the low choice situation in the past. Thus, employers believe that the current time could be good for exploring alternative options and, let it be said that replacements have increased among both professionals and senior managers.
As already mentioned above, the IT sector is still doing well, and the greatest need for recruitment is currently in this sector. This trend is continuing in the case of Estonia.
What tips would you have for foreign job seekers who would like to come and work in Estonia?
In August, we conducted a short survey of 25 companies to examine their readiness to recruit foreigners. It turned out that only 12% of the companies participating in the survey do not plan to recruit foreigners this autumn. The rest are open to international recruitments – 48% of the survey participants would be ready to consider hiring expats in Estonia, and 28% of companies would be willing to relocate foreigners to Estonia as soon as possible. Others would offer remote work to foreigners until traveling and relocating is easier and safer again. Therefore, we still suggest that foreign job seekers consider Estonia a country where to live and work and ask to approach us and companies operating in Estonia.
InHunt World is a Global Headhunting Network that connects the best local headhunting companies around the world. Our Partners are always carefully selected and tested before joining InHunt World so that our Customers can trust that they will receive the best headhunting service every single time, no matter where in the world the need is located.
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