A recession is not a laid-back time for talent acquisition sectors.
If your company has decided to lay off employees or freeze hiring for some time, how do you ensure that your company is still prepared when you get back with hiring candidates?
So, when you address gaps in your talent acquisition approach during slow hiring periods, you can leverage the opportunity of open roles. Because during a recession, the number of open roles start to increase again. That’s a breakthrough opportunity for your company and team for upskilling and career scaling.
However, to review your TA Approach during such an economic downturn, hire a staffing company USA and strengthen your company with quality hires and wins.
Talent Acquisition Revival Formulae during economic slumps
1. Listen closely to what your candidates want
Most recruiters stress listening closely to what their candidates want. And certainly, there’s no more crucial time to leverage those listening skills than during a recession. Also, know that candidates change their job for various reasons:
- They look for greater stability in their job or pay scale
- For better prospects and to change their goals
So, start actively listening to your candidates’ wants and why they are switching jobs. Know why a candidate is moving to a new role. Typically, quality candidates will work with a future-ready firm that best aligns with their personal reasons for a job change.
2. Focus on quality wins
During a recession, companies profess to hire quality candidates, and that increases the demand for the best talent. Owing to an economic downturn, companies tend to focus on high-quality candidates who can fill multiple needs. As a result, competition drives up the price of high-impact candidates.
However, despite any increase in competition, it’s important to focus on quality wins. Hire quality candidates instead of quantitative candidates. You may have to give higher compensation to such candidates but that would be less expensive than hiring multiple candidates for multiple roles during a recession.
3. Create A Recession-Proof Hiring Strategy
It’s extremely crucial to formulate clear and actionable recruitment strategies considering your talent acquisition needs. Start prioritizing the must-have roles and find ways how you can balance your shrinking budget with the staffing demands.
Start cutting corners wherever required. Make sure you don’t compromise your company goals. Use CRM and ATS (Application Tracking System) software to streamline the hiring process that helps you to do more without any additional costs
4. Provide unique coaching
The COVID outbreak brought a massive economic downturn that even the most sought-after candidates found their popularity declining.
So, after such a recession, not all candidates who were seeking a job or planning to change niches would be well-trained and skillful.
But, while hiring if you feel any candidate has the potential quality to uncover the change and is willing to learn, provide coaching to them. You can impart online or offline coaching whichever is right for your company and candidate. This will help them in upskilling.
The Final Words
Just remember… “this too shall pass”
Every recession ends. You just need some recruitment strategy to cope up or withstand such a massive downturn.
Hire Relig Solutions to sharpen your talent acquisition approach. Our expert recruiters can campaign for good candidates during a dreadful economic downturn.