SAN FRANCISCO, August 4, 2022 /PRNewswire/ — With Experts Predicting Recession, How Will It Affect Recruitment? Statistically speaking“The United States has 10.4 million job openings, surpassing pre-pandemic levels. In November 2019, there were 6.8 million job openings. “So while it’s hard to imagine a recession impacting recruitment, layoffs are happening in industries and businesses across the country.
The UNITED STATES is currently experiencing its third longest economic expansion and historically the duration between recessions dictates the severity for the public. By Statisticsthe likelihood of a recession peaks in August 2022 with a probability of 9.49%, then decreasing to 3.71% in April 2023. The direct impact on recruitment occurs because, as recessions continue, the salary demands of candidates increase, resulting in a hiring freeze.
What should recruiters do to prepare for a possible recession?
Imagine that hiring is interrupted; what other services can you provide? Recruiters, often chameleons, wear many hats, think strategically and act as brand ambassadors. These transferable skills lend themselves well to other roles such as HR, career or hiring strategy, sales and marketing. Prepare now by developing the expertise that sets you apart and makes you more valuable to your organization.
Grow your customer base
Working with companies from a variety of industries minimizes the likelihood that all of your customers will be affected. “What’s important here is to remember that you can still specialize and fill the same roles, just make sure they’re in all industries. Read daily industry news to make sure you knowing the trends, and you pivot sooner and stay ahead of the game,” says Brianna RooneyCEO of several recruitment brands.
Optimize the recruitment process
How to do more with less? Are there any tools that can be phased out to keep people working? Are there processes that can be better structured to maximize performance? Finding ways to save money for the business minimizes the impact on staff. There will always be a need for recruitment, because that’s the most important thing a business needs to do – focus on optimizing the way it’s done.
Prepare for a change of candidates
Candidates will be less loyal and demand more money as we enter a recession. Work now on building your relationships and networking with passive candidates to maintain a strong network of qualified candidates.
Want to add skills to your arsenal to prepare for a recession? Thriversity can help you: https://www.thriversity.io/.