It’s no secret - we aren’t sure what’s around the corner for the global economy. Some of the statistics make for fairly uncomfortable reading. After an economic boom and a hiring market lamenting a talent crisis, we’re now having to consider the possibility of layoffs and companies trying to hold on to the staff they have rather than hiring.
This rapidly changing hiring landscape means recruiting teams are having to constantly shift their strategies and adapt their practice. But it’s not all bad news.
There is confidence within many sectors that they’ll be able to weather the storm - and they understand that their workforce is going to be a deciding factor in how they fare.
Here’s what talent leaders across the industry need to prioritise over the next period of uncertainty.
Every hire is vital
In a bustling market, staff turnover levels aren’t the end of the world. Whilst they’re not indicative of a good hiring process and obviously show there’s an issue somewhere, businesses can absorb the costs and go again.
However, in a difficult market, it doesn’t quite work like that. You don’t get as many chances to get hires right, or indeed wrong. When a talented applicant appears, you need to be doing everything to get them on board before you lose them to somebody else.
Also, the costs of bad hires and staff who disappear at the end of their probation is a lot heavier a weight to carry. If a recruitment department is routinely making mistakes, there are going to be questions asked.
Preparing recruitment teams for slow periods
As a business owner, it’s your responsibility to prep your workers for hard times and let them know what you’re expecting may happen in the coming weeks, months and maybe even years.
If your recruitment team are feeling energised and disenfranchised, then you’re going to struggle to get them to deliver the level of work you’re used to. Not only is the well-being and emotional state of your staff then an issue, but so is their capacity within working hours and their efficiency when they are called upon to deliver.
Upskilling and cross-skilling staff is a great way to help progress your team’s abilities and put their new talents and knowledge into action when the opportunity arises.
For example, many recruiters are learning that data analysis is a vital element of modern talent acquisition. Hannah Gardiner says, “Understanding data trends supports so many aspects, whether that’s your outreach, sourcing strategies, candidate experience, or uncovering key market insights.”
Understanding what candidates want in the current environment
Plans change. Priorities change. And when things start to look murky, your staff will be thinking differently about their working lives.
Instead of talking about employee retention and engagement to stop your star talent from leaving, we find ourselves talking about holding on to staff rather than reducing your workforce.
For many staff, their priority will simply be to stay employed, stay happy and not have sleepless nights over what their next meeting with HR may or may not mean.
Emphasise your commitment to your staff, re-invigorate your benefits package to suit their current needs and keep your team working at their best, through thick and thin.
Finally - appreciate that everyone is in the same boat
If it’s going slow, you’re not alone. In fact, there are likely to be thousands of businesses out there that are in EXACTLY the same boat.
Understanding that a period of growth may be slowing or coming to an end is not always easy to take - but it’s essential that you take it on board and plan for the future as best as possible.
There’s no reason in hiring new staff at an exaggerated pace just to lay them off next year. Nor is there any reason to stop hiring entirely.
We’re here for you
Cititec provides versatile, bespoke talent acquisition teams that can be scaled up or down as your hires increase or decrease. This is a perfect solution to a fluctuating market and can offer security for companies that are still hiring but aren’t sure what the future holds.
Our exemplary customer service and concrete results have seen us partner with organisations all over the globe, who have stuck with us for the long haul.
Think you could be next? Talk to an expert now to learn more about how we can help you navigate the hiring market in 2023.