Managing Recruiting During an Economic Downturn

Companies are learning the best ways to adapt their workflow to deal with the changes as the COVID-19 epidemic continues to affect the way we live and function. As the economy approaches a slowdown, it’s more important than ever to adapt recruitment strategies to the current talent acquisition environment. Although this can seem to be a difficult task, it can be a good opportunity to examine some of the aspects of your current recruiting process that are working well and restructure the ones that aren’t.

During a downturn, there are a few important things you can do to adapt your recruitment plan.

Concentrate on a different set of metrics

If you’re like most talented management teams, you’re probably evaluating factors like the time it takes to fill a position and the cost-per-hire. However, in the current setting, such metrics might not be useful. Instead of depending on methods of measuring success that you might have used in the past, shift the attention to measures that reflect current success. This includes recruiting velocity and net hiring ratings, all of which will provide a much more accurate picture of your hiring performance and quality.

Taking a close look at the metrics you’re currently evaluating and deciding which ones really add value to your company is a good place to start. Then have a meeting with the executive team to go over the list. Use their suggestions to build a new list of KPIs and prioritize new areas of focus.

Upgrade the technology stack

This could be the perfect time to update your tools, whether you have a full HR tech stack in place or just a few main solutions like an applicant monitoring system or a candidate engagement platform. Changing the ATS is similar to changing the engine of a car, except it’s a lot simpler while the vehicle is parked. The same is true with all of your technological solutions, and now is an excellent time to evaluate which would better benefit you in the future.

Work with your vendors to see which solutions could be right for you once you’ve determined which platforms you want to update. Since many HR tech platforms are introducing new features to keep up with the evolving landscape, you might be able to add on features that will help you hire more effectively in several ways.

Examine what’s working and what could be made better

One of the advantages of difficult times is that they will help us gain perspective on the bigger picture and recognize areas for change. We didn’t choose to be in this position, but we can choose how we respond. One suggestion he makes is to spend the next few weeks and months diving deep into the current recruitment process and looking for ways to improve performance.

Take advantage of this opportunity to do things you would not have done otherwise. Take advantage of this chance and go for broke. Emphasizes the importance of considering both productivity improvements and cost reductions while still resolving some of your organization’s most pressing issues. Working with your talent management team to review your current process and prioritize areas that can be strengthened is a good place to start. You can set attainable targets for improving your process and even remove elements that you believe are holding you back once you have a good understanding of what is working effectively. The trick is to approach it with fresh eyes and to not be afraid to overhaul everything that needs to be changed significantly.

Provide one-of-a-kind coaching to employees in transition

Managing transition, regardless of whether or not an applicant is especially skilled or sought-after in their profession, can be difficult. This is particularly true during a downturn when even the most successful candidates can find their support dwindling.

Recruiters are well-positioned and well-equipped to vote for candidates during these turbulent times. They are advocates who take the time to learn about your talents, sell them to businesses, and secure interviews so that you can demonstrate your strengths and achievements.

Conclusion

COVID-19 would undoubtedly mark a significant change in the talent industry. It’s important to stay agile and adaptable to the shifting world of recruitment if you want to position your company for long-term success. Fortunately, one of the most effective ways to do so often assists displaced employees in regaining their footing.