Recruitment Strategy Amongst Economic Insecurity

Recruiters know what it’s like to operate in a candidate’s market, where there is a surplus of open positions with not enough applicants to fill them. This situation breeds its own challenges, but what happens when the opposite is true? Due in large part to the consequences of the COVID-19 pandemic, economic uncertainty has slowed recruitment efforts at organizations across industries. Although recent trends suggest the labor market is resilient, recruiters must face these challenges and adjust their strategies. Learn how with insights from AMNY Recruitment Marketing.

Tips for Adjusting Your Recruitment Strategy

Inflation and dwindling workforces – these are just two of the challenges brought on by the COVID-19 pandemic. This is the backdrop against which recruiters must orient their strategy. Other factors also play a role, and some might apply to specific industries.

Ultimately, to resonate with the best candidates for the job, recruiters must understand how the current economic situation impacts their organization’s ability to hire. Consider these tactics to hone your strategy:

Assess Your Hiring Channels

How do potential employees find out about open positions? The first step is to review your hiring channels to spot areas for improvement. It also enables you to compare your processes to competitors, who might be drawing the attention of top talent more effectively.

During your audit, identify the hiring channels that convert the most qualified candidates. You not only understand which channels to devote more effort to but also can devise more individualized strategies for each open position. For instance, if your job descriptions receive more engagement on industry-specific job boards than on social media sites like LinkedIn, you might research more job boards that align with your industry or the skills required of the applicant. This narrows your candidate pool to those most qualified for the role.

Analyze Roles Differently

When hiring new team members, recruiters might not think beyond an applicant’s qualifications for that role. But what about the overall impact on the business? Companies want to think about the essential roles that will help achieve strategic goals.

Alongside executives and financial teams, recruiters can determine their budget for hiring. They can hone job descriptions to find not only a candidate qualified for the job but also one who can help the company grow. What’s more, with the insights gleaned from auditing hiring channels, recruiters can decide which channels might reach the ideal candidates based on these requirements.

Consider a Talent Pipeline

Economic uncertainty creates many challenges for businesses, including destabilization. This means losing one employee can have significant implications for operations and growth. In these instances, organizations need to accelerate hiring. Maintaining a talent pipeline can help.

A talent pipeline provides a pool of candidates who have been vetted and determined qualified to fill a position. Often, a talent pipeline involves promoting existing employees. However, some recruiters might spend time networking with candidates outside the company to assess their qualifications for the role. A prequalified external applicant can be included in the talent pipeline.

To start your talent pipeline, begin by tracking interactions with candidates who’ve already applied for roles, whether internal or external. You can start with the initial application and continue with all the following conversations as the applicant develops a relationship with the recruitment team. Understand that a talent pipeline involves a considerable investment, so analyze the solution to ensure its benefits outweigh its costs for your business.

Focus on Improving Your Current Team

You might need additional expertise but can’t afford to hire a new worker. You can maximize the talent of your existing team by offering continuing education. Be sure you have the resources to provide training and ensure it’s a more cost-effective solution than hiring new personnel.

In perfecting your recruitment strategy, don’t forget employee retention. Look to the qualities that make people want to stay at your company. You don’t want to lose the qualified workers you’ve already secured. So, monitoring company culture and employee morale is vital to your recruitment strategy. It can also help recruiters better define the company culture. They can reference culture more accurately in descriptions of open positions, further helping find the right candidate.

Find the Best Candidates with AMNY Recruitment Marketing

With the right recruitment strategy, your organization can achieve success amid short-term economic challenges and in pursuit of long-term strategic objectives. You also don’t have to do it alone. The team at AMNY Recruitment Marketing leverages multiple capabilities to help your company reach active and passive job seekers, as well as help with other recruitment efforts. Contact us today to discover how we can help.