Near-unanimous agreement the United States is entering an economic downturn. Not quite the scale of the Great Recession, but time will tell.<\/p>\r\n\r\n\r\n\r\n
The best time to adapt your recruiting strategy and hiring process for the changing market is yesterday. The second best time? Today.<\/p>\r\n\r\n\r\n\r\n
So, what are the best workplaces in America doing to prepare?<\/p>\r\n\r\n\r\n\r\n
![\"How](\"https:\/\/fieldoftalent.com\/staging\/wp-content\/uploads\/2022\/06\/How-the-best-workplaces-adapt-recruit-and-hire-during-recession-and-economic-downturn-1024x576.png\")
<\/figure>\r\n\r\n\r\n\r\nWhat a possible economic recession means for your recruiting strategy<\/strong><\/h2>\r\n\r\n\r\n\r\nLet\u2019s take a look back at the Great Recession of 2008 for some clues. Advance Partners collected<\/a> the following data on the economy at the time:<\/p>\r\n\r\n\r\n\r\n\r\n- 5% drop in national GDP<\/li>\r\n
- 9 million jobs evaporated<\/li>\r\n
- Countless hiring freezes<\/li>\r\n
- 15<\/a> million unemployed, discouraged job seekers\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
To be clear, most economists and experts don\u2019t think today\u2019s economic downturn will be as catastrophic. It may merely be a correction to \u201cnormalcy\u201d after two years of torrid growth.<\/p>\r\n\r\n\r\n\r\n
While Field of Talent is no economist, we do have experience navigating challenging economic situations and changing job markets. And we\u2019ve learned how the top workplaces have adapted and emerged winners.\u00a0<\/p>\r\n\r\n\r\n\r\n
We\u2019re here to prepare your recruiting strategy and hiring process for what\u2019s to come. Pay specific attention to the following trends during an economic slowdown.<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\n\r\nGet content like this in my inbox<\/strong><\/a><\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\u00a0<\/div>\r\n\r\n\r\n\r\nJobs take more time to fill<\/strong><\/h3>\r\n\r\n\r\n\r\nIf you are growing and have open positions on your team, expect they\u2019ll take a bit more time to fill. During an economic downturn, there are more active job seekers vying for fewer job openings. Therefore, recruitment teams have to sift through more applications. While the average position takes 36-42 days to fill, the length of recruitment processes only increases during a recession.<\/p>\r\n\r\n\r\n\r\n
With fewer open positions available in the market, prepare your hiring managers and recruitment teams to be aggressive to get the talent you want and need to continue growing your organization.<\/p>\r\n\r\n\r\n\r\n
Also, coach your hiring managers to compare each candidate\u2019s previous experience and accomplishments to the position\u2019s key performance indicators (KPIs). Previous performance is the best indicator of future success.\u00a0<\/p>\r\n\r\n\r\n\r\n
Advise hiring managers not to wait on a candidate who matches your requirements. You risk alienating or losing the best available talent to a competitor. Likewise, don\u2019t hold out for the \u201cperfect candidate.\u201d They don\u2019t exist\u00a0\u2013\u00a0even if you experience a brief talent surplus for your open roles.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\nPassive candidates are less likely to respond<\/strong><\/h3>\r\n\r\n\r\n\r\nAdditionally, passive candidates aren\u2019t as likely to leave their current positions with a guaranteed salary or wage. With looming uncertainty, American workers feel safer in their job than testing the open market.<\/p>\r\n\r\n\r\n\r\n
Recruitment teams typically reliant on passive search must adapt to find more active job seekers.<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\nTop ways to position your company competitively during an economic downturn<\/strong><\/h2>\r\n\r\n\r\n\r\nSo, what can you do to emerge from the potential recession as a talent acquisition winner?<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\n![\"Recession-proof](\"https:\/\/fieldoftalent.com\/staging\/wp-content\/uploads\/2022\/06\/Recession-proof-recruitment-tactics-1024x576.png\")
<\/figure>\r\n\r\n\r\n\r\n\u00a0<\/div>\r\n\r\n\r\n\r\nPrepare your recruitment strategy<\/strong><\/h3>\r\n\r\n\r\n\r\nPrepare. Prepare. Prepare. Thinking about tightening your recruiting budget? Look at your line items and more specifically, your must-haves and nice-to-haves to find potential cuts. Costs like recruiting marketing, job board memberships and technology are often the first to go.\u00a0<\/p>\r\n\r\n\r\n\r\n
Recruiting during an economic recession, you must be nimble and lean. Set expectations with your hiring managers and talent acquisition teams. Your hiring process may look a bit different than the past two years.<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\nHire candidates more quickly<\/strong><\/h3>\r\n\r\n\r\n\r\nAs mentioned, your hiring process should improve in speed if you want top draft picks. During an economic downturn, the fastest companies often scoop the labor market\u2019s best talent. Cutting even a few days from your process makes a huge difference in attracting and hiring the best available candidates.<\/p>\r\n\r\n\r\n\r\n
Looking to reduce inefficiencies or unnecessary steps in your hiring process? Look no further<\/a>.<\/p>\r\n\r\n\r\n\r\n\u00a0<\/div>\r\n\r\n\r\n\r\nPrioritize candidate experience & quality<\/strong><\/h3>\r\n\r\n\r\n\r\nHow do you make sure you get the best talent possible during a recession? After all, the best talent disappears quickly. Speed and candidate experience are two important factors. Communicate clearly, concisely and consistently<\/a> to guarantee they understand your position, culture and hiring process.\u00a0<\/p>\r\n\r\n\r\n\r\nAlthough job candidates have had leverage in the labor market the last two years, talent acquisition will differ during an economic slowdown. Your recruitment team is in the driver\u2019s seat and can prioritize high quality candidates. However \u2013 this is critical \u2013 don\u2019t get complacent. The market can shift quickly and you can get caught flat-footed, not prepared for the upswing when candidates have the upper hand. And for certain positions and industries like cyber-security professionals or software developers, talent will forever be scarce. There just aren\u2019t enough entrants to these industries to keep up with demand and that likely will not change.\u00a0<\/p>\r\n\r\n\r\n\r\n
Bottom line: A good candidate experience is important no matter how tight or lose the labor market is. If your company doesn’t have a way to engage active applicants, build future pipelines of potential candidates and curate those candidates so you can access them at the right time, you’ll miss out.<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\n
- \r\n
- 5% drop in national GDP<\/li>\r\n
- 9 million jobs evaporated<\/li>\r\n
- Countless hiring freezes<\/li>\r\n
- 15<\/a> million unemployed, discouraged job seekers\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
To be clear, most economists and experts don\u2019t think today\u2019s economic downturn will be as catastrophic. It may merely be a correction to \u201cnormalcy\u201d after two years of torrid growth.<\/p>\r\n\r\n\r\n\r\n
While Field of Talent is no economist, we do have experience navigating challenging economic situations and changing job markets. And we\u2019ve learned how the top workplaces have adapted and emerged winners.\u00a0<\/p>\r\n\r\n\r\n\r\n
We\u2019re here to prepare your recruiting strategy and hiring process for what\u2019s to come. Pay specific attention to the following trends during an economic slowdown.<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\n\r\nGet content like this in my inbox<\/strong><\/a><\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\u00a0<\/div>\r\n\r\n\r\n\r\nJobs take more time to fill<\/strong><\/h3>\r\n\r\n\r\n\r\n
If you are growing and have open positions on your team, expect they\u2019ll take a bit more time to fill. During an economic downturn, there are more active job seekers vying for fewer job openings. Therefore, recruitment teams have to sift through more applications. While the average position takes 36-42 days to fill, the length of recruitment processes only increases during a recession.<\/p>\r\n\r\n\r\n\r\n
With fewer open positions available in the market, prepare your hiring managers and recruitment teams to be aggressive to get the talent you want and need to continue growing your organization.<\/p>\r\n\r\n\r\n\r\n
Also, coach your hiring managers to compare each candidate\u2019s previous experience and accomplishments to the position\u2019s key performance indicators (KPIs). Previous performance is the best indicator of future success.\u00a0<\/p>\r\n\r\n\r\n\r\n
Advise hiring managers not to wait on a candidate who matches your requirements. You risk alienating or losing the best available talent to a competitor. Likewise, don\u2019t hold out for the \u201cperfect candidate.\u201d They don\u2019t exist\u00a0\u2013\u00a0even if you experience a brief talent surplus for your open roles.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\nPassive candidates are less likely to respond<\/strong><\/h3>\r\n\r\n\r\n\r\n
Additionally, passive candidates aren\u2019t as likely to leave their current positions with a guaranteed salary or wage. With looming uncertainty, American workers feel safer in their job than testing the open market.<\/p>\r\n\r\n\r\n\r\n
Recruitment teams typically reliant on passive search must adapt to find more active job seekers.<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\nTop ways to position your company competitively during an economic downturn<\/strong><\/h2>\r\n\r\n\r\n\r\n
So, what can you do to emerge from the potential recession as a talent acquisition winner?<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\n<\/figure>\r\n\r\n\r\n\r\n\u00a0<\/div>\r\n\r\n\r\n\r\nPrepare your recruitment strategy<\/strong><\/h3>\r\n\r\n\r\n\r\n
Prepare. Prepare. Prepare. Thinking about tightening your recruiting budget? Look at your line items and more specifically, your must-haves and nice-to-haves to find potential cuts. Costs like recruiting marketing, job board memberships and technology are often the first to go.\u00a0<\/p>\r\n\r\n\r\n\r\n
Recruiting during an economic recession, you must be nimble and lean. Set expectations with your hiring managers and talent acquisition teams. Your hiring process may look a bit different than the past two years.<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\nHire candidates more quickly<\/strong><\/h3>\r\n\r\n\r\n\r\n
As mentioned, your hiring process should improve in speed if you want top draft picks. During an economic downturn, the fastest companies often scoop the labor market\u2019s best talent. Cutting even a few days from your process makes a huge difference in attracting and hiring the best available candidates.<\/p>\r\n\r\n\r\n\r\n
Looking to reduce inefficiencies or unnecessary steps in your hiring process? Look no further<\/a>.<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\nPrioritize candidate experience & quality<\/strong><\/h3>\r\n\r\n\r\n\r\n
How do you make sure you get the best talent possible during a recession? After all, the best talent disappears quickly. Speed and candidate experience are two important factors. Communicate clearly, concisely and consistently<\/a> to guarantee they understand your position, culture and hiring process.\u00a0<\/p>\r\n\r\n\r\n\r\n
Although job candidates have had leverage in the labor market the last two years, talent acquisition will differ during an economic slowdown. Your recruitment team is in the driver\u2019s seat and can prioritize high quality candidates. However \u2013 this is critical \u2013 don\u2019t get complacent. The market can shift quickly and you can get caught flat-footed, not prepared for the upswing when candidates have the upper hand. And for certain positions and industries like cyber-security professionals or software developers, talent will forever be scarce. There just aren\u2019t enough entrants to these industries to keep up with demand and that likely will not change.\u00a0<\/p>\r\n\r\n\r\n\r\n
Bottom line: A good candidate experience is important no matter how tight or lose the labor market is. If your company doesn’t have a way to engage active applicants, build future pipelines of potential candidates and curate those candidates so you can access them at the right time, you’ll miss out.<\/p>\r\n\r\n\r\n\r\n
\u00a0<\/div>\r\n\r\n\r\n\r\n