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Recruiting during a Recession: How can Employers Cope?

February 28, 2023

Recruiting can be a challenging endeavor in any economic climate but doing so in a recession presents additional challenges even if the unemployment rate is down. How can employers cope? We have some advice here.

When the economy is in flux, employees may be hesitant to leave their current roles, even for better opportunities “The known is always safer than the unknown,” so the saying goes. As a result, it can be difficult to find qualified candidates amid a recession. However, by taking a strategic approach with your client base, and highlighting the benefits of a new position, you can still be successful.

Dealing with the fear of change

As mentioned above, one of the biggest challenges of recruiting in a down economic market is the fear of change. Competitive compensation packages are not enough anymore, you need to provide potential candidates the vision and stability of the organizations you are working with.

This could mean:

  • Highlighting the opportunities for career growth and development,
  • Showcasing your client’s mission and values, and
  • Helping your clients understand what candidates value most.

Focus on benefits beyond compensation

Given the potential decrease in available talent, it is important to tap into your network and create a positive story to tell candidates.

In a down market, candidates are seeking benefits beyond compensation. These include:

  • A great work culture,
  • Flexible remote capabilities,
  • A good team, and
  • To feel valued by their employer. Understanding the needs of your candidates is critical to placing them with the right employer. Which means, again, educating your clients that they may have to be flexible with their hiring criteria.

When the economic market drops, candidates need a little assurance that change isn’t necessarily bad, and clients should understand what motivates the candidates.

Networking is even more important during a recession to build a solid pipeline and increase your candidate pool. Getting in front of potential candidates at industry events, networking groups, social outings, etc. is the best way to grow your network.

Recruiting can be challenging in a down market, but with diligence, the proper amount of education and assurances, and networking efforts, you can be as successful as ever.

We can help you find the right fit for your company during this challenging time. Reach out to us.

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