Across many industries, 2023 has not been a great economic year. But now that Q4 is here, it’s time to look ahead toward better times. Whether you expect to celebrate an upturn as you ring in the new year or sometime during late winter, you’ll need to be fully staffed to take advantage of increasing business opportunities. Now is the time to kick-start your recruiting strategy.
Companies and hiring managers who prepare now will be better positioned to compete for the best of the best candidates. So let’s look at ways to sharpen that competitive edge.
Assess Your Current Status
Use this time to review. Think about gaps in your teams that have been going unfilled as well as upcoming needs and key skills you want to specifically target. Get started crafting job descriptions that will effectively sell each position and your company.
Strategize with Your Recruiting Partners
Once you’ve clarified upcoming staffing needs, get with your recruiting partners to go over your wish list so you can get started filling your pipeline with candidates you most want to attract. The slow economy has left many of them waiting in the wings, too, staying put till more opportunities open up. So it’s more important than ever to really zero in on passive job seekers. Some may be ready to move early in 2024.
You want to be on their radar with a tempting new opportunity, both of you poised to make your move when budget approvals come through. Of course, timing doesn’t always align perfectly. If they’re ready to move but you’re still waiting for the financial FTE approval, Power-4 can help you get them in the door as a contract employee to start. In fact, staffing up with consultants can be an excellent transition strategy.
This is the reason it is so important to communicate with your recruiting partner about timing as well as skills and other talent-specific needs.
Preparation Sets You Up for Anything
We all know that economic ups and downs are cyclical. After the pandemic, there was a hiring surge to recoup staffing levels and talent that had been lost. Then interest rates soared and hiring flattened.
Sometimes these shifts are gradual and not momentous, but other times economic growth can really take off.
When times are slow or hiring is fast and furious, one constant remains: it is essential to continuously fill your pipeline with candidates who are looking for (or may be open to) new opportunities but who are not actively broadcasting that desire.
Preparing your strategy and working it right now will prepare you no matter what happens. Exploratory meetings with prospective candidates allow you to learn more about one another and both of you to identify and prioritize the most attractive choices.
Put Your Best Foot Forward
As the economy improves there will be increasing opportunities to connect with more candidates. However, it will also become an increasingly candidate-driven market once again. To stand out, you’ll have to buff up your corporate presence. Are you following recruiting best practices?
- Approach hiring like you’re in an extremely competitive market (because you may well be).
- Identify as many qualified potential-fit candidates as possible because many of them will be making themselves available.
- Mission matters. Talented candidates want to perform work that has real value, so if your company’s products or services stand out in that way, don’t miss chances to tell that story!
- Value-added benefits, company culture and overall working environment are all key differentiators for top candidates.
- Adopt the latest tools and technology so people can do their best work efficiently.
- Be flexible. Candidates are looking to balance their work and life as it fits themselves or their family, whether that relates to work week, work from home, or other details.
These factors are not just extras, they could make the difference when it comes to landing the candidate of your choice. Besides, regardless of the state of the economy and hiring marketplace, if you always put your best foot forward as a business and as an employer, you will earn a reputation as The Best Place to Work. Can’t beat that as a recruiting tool!