A looming recession is forcing companies to switch into cost savings mode and consider layoffs. Talent acquisition is generally the first place an organization will assess when cutting expenses but with experts predicting a short and shallow recession, you might want to reconsider parting ways with these valuable resources.
Instead of laying off recruiters during an economic downturn, consider this: The Labor Force Participation Rate is at a historic low, and talent supply challenges won’t be improving anytime soon. Recruiters should remain focused on creating talent pools of qualified candidates to help combat ongoing attrition and retirement. Best-in-class recruiters can be difficult to find, and once let go, won't stay unemployed for long. Utilize your recruitment professionals differently until regular hiring practices resume.
Ways to Realign Recruitment Resources During Slow Hiring Times
- Talent transformation initiatives: Assign recruiters to a talent acquisition transformation project. These valuable resources can identify software and digital tools to help speed up daily processes leading to improved time-to-hire and increased productivity.
