During a loose labor market, companies find themselves in an enviable position. Often, they can choose from a seemingly endless supply of qualified candidates. However, don’t let this opportunity go to waste. Use these six tips to maximize your recruiting efforts during an economic downturn.
Take Advantage of Reduced Competition
With higher unemployment rates, more candidates are looking for work. So, if your organization CAN hire, you’ll have access to more talented workers. Therefore, this is a fantastic time to add top people to your team.
Don’t Ignore the Candidate Experience
When you have a seemingly endless line of applicants, it’s tempting to be less respectful. After all, if someone backs out due to negative experience, you’ll simply move on to the next person. But remember, someday, you’ll face a candidate shortage. Meanwhile, those people you so easily dismissed will have shared their horror stories with their friends. And, this could significantly damage your long-term recruiting efforts.
Build Your Talent Pool
What if you end up with two or three amazing options? But, unfortunately, you only can hire one person. Instead of resigning yourself to the loss of highly-qualified employees, use this opportunity to create a pool of potential candidates. Add all your top choices to your database and keep in touch with those individuals. When you do have more positions available, reach out. Some of these people may still be interested in joining your team.
Design More Effective Hiring Techniques
If your business is bringing in fewer people, you probably have more time to dedicate to the hiring process. As a result, you’ll have a chance to try new evaluation techniques. For example, if you’ve relied on the same-old list of interview questions for the past ten years, experiment with experiential interviewing or cognitive tests. Then, track a few basic metrics, like first-year attrition and quality of hire, to discover which methods are producing the best results.
Invest in Your Recruiting Programs
Although hiring may be at a standstill right now, eventually, the economy will recover. By planning for the upcoming surge, your organization can jump ahead of the competition. While things are slow, ask your HR department to investigate ways to streamline your recruiting efforts. This may include reworking your hiring criteria, investing in recruiting software, and/or establishing a relationship with a staffing firm.
Continue to Build Your Brand
Lay off, and salary cuts can damage a company’s image. And even if your organization has been fortunate enough to avoid these situations, you may become more casual about your market presence when finding quality applicants is so easy. Once again, look beyond today and toward the future, and keep your branding strong.
Is Your Company Looking for More Tips on Recruiting in an Economic Downturn?
FirstStaff publishes a weekly blog post with articles ranging from writing better job descriptions to reviewing your hiring process. And, if you’re looking to partner with a top staffing firm in central Arkansas, we can help with that too. Contact us today, and let’s chat!