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How Economic Uncertainty Impacts Recruiting

Apr 13 , 2020

Tablet with people icons on display.

During this time of uncertainty, companies will naturally have more difficulty making hiring decisions or even deciding whether it's the right time to fill positions. With conditions changing on a weekly or daily basis, it stands to reason that it will be difficult to position your hiring in a way that's beneficial, given that it takes weeks or sometimes months to fill an opening. And by then, your company's situation could be far different than it is now.

When you do make a decision that you need to fill a position, it's essential to have a plan for how the job will be structured. Working at home has become almost a given in the short term. Still, the growth of the gig economy means that hiring could be structured as temporary or contracted so that it could be easily adjusted according to need. 

Costs for hiring temporary or contracted workers are also lower, which can help companies take a risk to get the talent they need. 

Optimizing the Recruiting Process

Whether you hire permanent full-time workers or temporary contracted ones, optimizing your process will help you get what you need without taking more time or spending more money than necessary. Today's applicant tracking systems do so much more than just screen resumes. In many cases, they handle many routine recruiting tasks from scheduling interviews to automated follow-up.

Typing on a laptop.

Video interviewing is a given in the current situation, but you can do it in a number of ways. If it's easier, asking candidates to submit answers to interview questions asynchronously can give your team more flexibility and speed up the process in some cases. 

Even as this current situation passes, video interviewing can be preferable to incurring expenses like plane flights and hotel accommodations to interview candidates that may work remotely or relocate for the job. Anything that can keep costs down can make hiring more realistic in uncertain economic times. 

Job Skills in Demand  

When recruiting in uncertain times, it may be beneficial to look for certain soft skills that could add value as you weather unique challenges and difficulties. Adaptability is probably the most significant soft skill for adversity, but others could be problem-solving, flexibility, or the ability to pick up new skills quickly. 

Asking candidates for examples that demonstrate these skills can help to differentiate between similar candidates and help you find the talent you need to get your company through the changing economic times and on to a better footing.  

While a faster hiring process is usually better, it's important not to rush into a bad hiring decision while trying to be frugal about staffing. It's always more expensive to have to rehire for the same position, so take enough time to get it right the first time (at least as much as possible). 

GDH offers recruiting help for those that need to hire but don't have everything they need to get the job done. Contact us to see how we can help you with just part of the process or provide a complete end-to-end hiring solution.