How have you adapted your recruitment strategy to thrive during the downturn?
Oh… You haven’t changed anything?
Well, here are two reasons you should – right now:
But first, what happens to the labor market in a recession?
In short, your fight to attract top talent just got a little bit tougher. A recession labor market is competitive.
- More people looking for and holding onto work
- Fewer available jobs
- Decreased wages
Workers may even accept lower pay or worse working conditions in order to secure a job. Or they’ll take on part-time or temporary work or transition into a new industry or career – just to remain employed.
The name of the game for employees is to find and stay in a job.
For employers? To attract them.
1. Attract highly skilled employees on the market
When the economy is healthy, top talent is snatched up immediately. In as little as 10 days!
During a recession on the other hand, employers can’t afford to pay those same talented employees. So there are more highly skilled workers available on the job market.
This is where you capitalize.
If you’re seeing negative business impacts from the economy, understand the market will eventually bounce back. So any investments you make in talent now may recoup themselves in the future – even if it seems daunting and risky.
We’re not seeing the talent surplus everyone talks about. Sure, there are more people on the market. But the open job demand is still outpacing supply and top talent are either …
- Being selective about their next job
- Hunkering down in their current position
- Or quickly moving from on-the-market to off
These highly skilled employees on the market have the skills, qualifications and experience to get any job opportunity they want. So speed is critical.
2. You have to emerge from the fierce competition
Your competition for top talent is tough during a recession.
Position your company as an employer of choice for the type of employees you want to attract. Not any old workers, but those who care about advancing your mission and vision for the future. Them!
A well-designed recruitment strategy improves your brand. Invest your time and resources into strategies that solidify your reputation:
- Sponsoring events in your community
- Posting on social media and growing your network
- Rewarding your employees for referring candidates and new hires
Standing out is paramount. (Oooh! Good song lyrics.) But remember – It takes 5 separate brand impressions for someone to remember you.
So start now.
As employers race to attract talent, an intentional recruitment strategy will put you ahead of the curve. With the right preparation, you’re golden.
Need help refining your talent acquisition strategy – especially heading into a recession?
Field of Talent helps organizations (like USA Gymnastics) speed up their recruitment process and get the talent they need to grow.
Schedule your free consult here.
