Let’s face it, things seem upside down right now. COVID-19 put a lot of people out of work, and times are difficult for many. It may seem like a bad time to hire – but maybe not.
This isn’t the first time our economy has faced turmoil. From the housing market and oil prices to the credit crunch and ongoing wars – things have always bounced back. This showcases the resilience of our economy no matter what’s going on.
Finding Staff and Economic Trends
Obviously in the recruiting space, following economic trends is a must. And a slow economy may seem like a bad hiring time. Yet, there are plenty of reasons why this is incorrect.
The Talent Is There
Lots of talented people were let go, put on reduced hours, or moved to new roles due to challenges in the economy. Many were forced to work remotely, but technology has not held up in enabling teams to be productive.
Remote Work Doesn’t Always Work
And while remote work allows for a bigger talent pool, not everyone has succeeded with remote work. For example, if your office is in a state where more permissible activity is taking place, you may attract employees where life is not so open. In fact, there are many people moving to locations that do allow a more open lifestyle.
Uncertainty Is Motivation
While this may sound confusing, it’s not. Uncertainty is motivation to find a new role where there is more certainty. In short, if you have specific needs, and you can show a better alternative, you have a strong basis for recruiting top talent. Even in the middle of a challenging economy.
Here is something to keep in mind, though. Even during a recession, the great candidates are not waiting to get hired. There may be a few more of them, but customers make a big mistake during downtimes with the idea that great people are just out there waiting for their calls. It’s just not true.
The unemployment rate for college grads is always significantly less than the overall rate. Worse still, the unemployment rate in sectors like healthcare or technology are still quite low.
What it does mean is there are a few more available now but even some who are working are nervous and more aware that their jobs can go away – or change based on the economy.
Companies run leaner, meaning people are doing more tasks they don’t ordinarily do, so jobs have changed. Even if it is better, the idea that it is changing translates to someone more open to listening to opportunities that are more stable or challenging etc.
Understanding and knowing how to capitalize on that openness to chat, is the key to successful hiring in a down economy.
Adapt and Overcome
Since the hiring landscape is different from before, it is imperative to adapt your recruiting practices.
Let people know you’re looking for staff. There are many out of work, but if they don’t know you’re looking, then won’t come.
Touch up your recruitment procedures. Whether you’re hiring remotely or in person, have your plan in place to reflect the differences.
Have Realistic Expectations. The economy being slow may mean you can choose from the best talent. But make sure you are realistic in your needs and expectations.
Check your existing pool. You may be surprised at the talent you have in-house. This may mean redefining your candidate screening process. But looking within is never a bad idea – no matter what the economic situation.
Should You Hire During a Slow Economy?
This is a definite yes. Not only do you have better access to a wider range of candidates, there are many with talent and skills that excel beyond what you could find in the past.
You may think your job is too hard to fill. But right now you have options far beyond the past. Why not take advantage of it?
About Synergy
Synergy Solutions is an executive and contract search firm focused on roles within the technology sector. If you have questions regarding this article or would like to discuss strategy on open roles at your company, please contact us and someone will get back to you within the next 24 hours.