Keep up with
everything learning
-- Read time:
Hi Recruiters,
There's a lot of talk about heavy weather rolling in. Recession woes seem never-ending, and rising unemployment isn't helping to clear the air. If you've been living under a rock, here's a recap, from Reuters:
The U.S. unemployment rate jumped to near a three-year high of 4.3% in July amid a significant slowdown in hiring […]. The increase in the unemployment rate from 4.1% in June marked the fourth straight monthly increase.
Of course, this statistic is for the entire U.S. In an article, our friend Mallory Vachon, PHD, Chief Economist at LaborIQ, shared her interpretation of the forecast, which tells the real story. To paraphrase:
The top five industries combined to add 142,000 jobs in July. That means the other industries combined to lose 28K jobs.
Despite the rise in unemployment, I'm hearing from more than a few TA teams that they are seeing a distinct slowdown in inbound applicants. Post and pray isn't working so hot right now.
Perhaps it's a summer lull. Or, maybe there's something more to this weather.
Here's a wind blowing from a different direction. 46% of employees currently want to quit their jobs (as a reference, in 2021—during “The Great Resignation”—that number was 40%). So, what's going on? There are two main reasons: (1) 68% of people say they struggle with the pace and volume of work, and (2) 46% feel burned out. Contributing factors include a lack of learning opportunities and the potential impact of AI.
This is where converging winds and warm air combine to create a storm. People are desperate to make a change but worry that it's too risky to bust a move under the looming threat of economic instability. In other words, many workers right now are reluctant to risk their current employment for the unknown. And, you know… I don't blame them.
All in all, this is fairly serious and affects us all. What shelter is there? Is it time to hide until this all blows over?
For those who still have job reqs to fill, there may be something you can offer job seekers or passive talent that could feel to them like a light in the storm.
What can hiring teams do to navigate these dark waters? Forget flexible work or gym memberships; if yours or your client's company is healthy, say hello to your new recruiting value prop. Talent is going to flock to stability. And, the news of a balance sheet in the black may give many a good reason to consider finally making that move that's been on the back of their mind for months, if not years. Seriously.
For everyone else, I recommend getting on your toes. If your inbound applicants are shrinking, step up your proactive, outbound recruiting efforts. Then, when calmer weather prevails, you'll be “sitting pretty” with a stronger, more diverse talent pipeline.
If you're not sure where to start with outbound (directly reaching out to and engaging with potential candidates), I enjoyed a recent post from Technical Recruiter Simran Maheshwari, reminding us of the benefits:
Importantly, Simran notes that outbound recruitment complements your inbound efforts to create a well-rounded TA strategy.
Above all, this is about self-preservation. Many companies are short-sighted, and, when they are not hiring, look to skinny down recruitment teams. They don't understand that fallow times are the best times to invest.
For TA leaders who are enjoying some semblance of job security, you can enhance your value to the organization by staying a step ahead, by being proactively smart. You don't need a weatherman to know which way the wind is blowing.
When the world feels like it's going to stop spinning, getting strategic to find a path that looks forward is how you get out of a storm.
The good news? This may all blow over before we know it: Apparently, 52% of U.S. companies plan to add new positions in the second half of 2024.
Key is to be prepared.
Aaron Ibañez here. If you're looking to elevate your outbound recruiting efforts, we've got just the thing for you! We just released an exciting new speakEZ, featuring Sourcing Consultant and industry expert Ronnie Bratcher.
In it, Ronnie demonstrates how our platform's talent market insights, advanced AI sourcing, and hireEZ Chrome extension make outbound recruiting easy!
Ronnie Bratcher's speakEZ
Learn how to harness the full power of Insights, optimize your sourcing with Boolean and AI, and even enhance your external searches—all in one platform.
Watch Ronnie's speakEZ here: https://bit.ly/3SUefHV 🙂
— Recruiters
By filling out this form you agree to hireEZ's Privacy Policy and consent to receive communications from hireEZ.
