Trend 1: Hiring approaches should pivot—but not slowdown—during an economic slowdown.

With talks of a possible recession coming, contrary to what some think, an economic slowdown is one of the most ideal times for leaders to recruit the talent they need.

“Even if you have a hiring slowdown in some areas, you still need to secure the high-value workers essential to your survival and growth, and their roles are harder than ever to fill,” says Amy Bush, president at Sevenstep. She says it’s true: Companies may instinctively hit the brakes on TA investments during downtimes but actually advises them to go full throttle.

And instead of going about it impulsively, the next steps should be taken with great diligence and intent. “You don’t react. You build strength and agility into your talent function so that it can recruit smarter for the high-value talent it needs,” Bush says. “You work more efficiently in a resource-constrained environment, and you develop the ability to ramp up or change direction quickly in the face of new demands.”

The ability to pivot when it comes to hiring is often made easier through an RPO partnership with easily scalable strategies. “The essence of any well-executed RPO solution should enable the client to flex their demand plan and benefit from any resulting cost savings,” says Rajan Mirpuri, solutions director, EMEA, for Hudson RPO. This added flexibility gives TA leaders the opportunity to focus primarily on business operations during difficult times, allowing their partners to attract talent, enhance stakeholder engagement, and reduce recruitment process time altogether.

Jason Krumweide, executive vice president at Broadleaf adds that an RPO partnership can help organizations formulate effective processes to help meet business goals during downtimes, which will support future resilience. “Having an integrated RPO partner empowers talent acquisition leaders to scale their function to better support the fluctuating hiring demands of the business while the partner acts as a trusted extension of their team,” he says.

When facing tough economic times, employees want to be certain that a potential employer is supporting them all the way around. “During periods of uncertainty, candidates want security, and they want to work for companies that treat their people well,” says Craig Sweeney, executive vice president of global strategic talent solutions for WilsonHCG. “Many candidates will be looking at how companies reacted to the pandemic to pre-empt what might happen if a downturn occurs.”

Greg Summers, Cielo’s chief customer officer, agrees that employees are looking for companies who can get through adversity unscathed while looking fixedly toward the future.

With this in mind, what are some approaches that can help address current market challenges and place companies on the winning end of talent acquisition? Summers and Sweeney suggest:

1. Strengthening total rewards packages and offerings, including unlimited PTO, enhanced pension and benefits, etc.
2. Highlighting flexibility (including hybrid and/or remote work) as part of the employee value proposition (EVP).
3. Managing costs and improving business efficiency by redefining roles to combine work or expand duties of existing team members.
4. Expanding search parameters to widen the talent pool.
5. Upskilling current talent to address talent pool gaps and fill high-demand roles.

Trend 2: Employer branding and EVPs remain critical.

Companies have been pondering how to accurately convey who they are and what they represent to a sea of candidates. And they should start with the places candidates will look at first—an employer’s EVP and branding. A Glassdoor survey found that 75% of job seekers are more likely to apply to a job if the employer actively manages its employer brand, and organizations that actively invest in their employer brand can reduce turnover by as much as 28%.

A successful brand and EVP will showcase a company’s core values and organizational pillars, making it the perfect vehicle to connect with candidates. Summers adds, “Many organizations are using their employer brand to speak to their focus on diversity, equity and inclusion; flexibility, well-being, and ESG – areas candidates routinely rank important. A strong employer brand makes an organization stand out from the competition, attracts top candidates, and better leverages resources leading to a better business overall.”

Sevenstep’s Bush thinks a company’s brand should display why they are the right match for the job seekers who move with prudency. “When it comes to employer brand, organizations are looking to ensure that it best aligns with the values of the talent they seek and that it is genuine,” she says. “The talent audience today is highly skeptical and cynical about corporate messaging. If you tell them that you are committed to diversity and sustainability, for example, you better be able to demonstrate it.”

Read the full report here