A lot can change in just a couple of months. As a result of the COVID-19 outbreak, the labor market has seen massive disruption. As the candidate landscape changes, is your company doing enough to keep up?
Just think of what half a year did to the recruiting process. As late as February 2020, it looked like the U.S. had settled into a long-term job market where candidates had most of the leverage. Unemployment rates sat below 4%, and quality candidates were scarce for every open position. Then, the virus hit. Unemployment rates spiked, and a wave of suddenly out-of-work people were ready to apply for each new job posting.
Are you ready to deal with the increased traffic?
We touch on this topic in our eBook, examining the future of recruiting in the post-2020 world. The key is to maximize efficiency while still providing an excellent candidate experience. Here’s how your company can keep up with the changing candidate landscape:
Understand a Fast-Changing Market
In the immediate aftermath of the COVID outbreak, more than 20 million Americans lost their jobs. Many of those have returned to work since that initial spike in layoffs, with the unemployment rate slipping from near 15% to a level below 10%. Still, the number of people searching for work has increased dramatically since February, before the pandemic became acute in the U.S.
For your recruiting efforts, these dynamics will likely lead to an increase in volume. This includes a rise in absolute magnitude, meaning the total number of applications you receive. It also will likely cause you to receive inquiries from a higher number of top-tier candidates.
On the one hand, this creates a challenge. How do you deal with the spike in interest? On the other hand, it provides an opportunity. You now have a chance to consider many great candidates that you wouldn’t have an opportunity to meet otherwise. Balancing these opposing forces is the key to mastering the new environment.
As laid out in our eBook, technology is the key. You need to sort through your potential candidates efficiently, sifting through the added volume to find those top candidates. At the same time, you want to provide an excellent candidate experience, so those potential superstars don’t get frustrated and move on to other opportunities.
A tech upgrade could help you balance those elements.
Switching to a video format for your interviews is a key step to adjust to the new environment. The process doesn’t just allow you to maintain social-distancing rules during a pandemic. It also lets you screen candidates more quickly, making it a long-term addition to the recruiting toolbox.
Use the initial interview process to narrow the field. These early get-to-know-you interactions can even be automated to some extent. From there, you can pick out your top candidates. For these elite prospects, you can schedule a more extensive video discussion.
A high volume of candidates makes communication difficult. Your inbox gets stuffed with an unmanageable number of emails. At the same time, candidates get frustrated with the lack of updates.
Chatbots provide a solution. These communication facilitators automatically maintain contact with each candidate. Thanks to machine-learning technology, they also bring an added level of accuracy and personal connection to the process.
To keep your organization stocked with talent, you need to stay nimble. You need to be able to react to the changing recruiting landscape. A top staffing agency, like Recruiting In Motion, can make that easy.