Covid19/Recession-Proof Your Recruiting

The first week of June 2020 will have confirmed what all of us in our industry already knew: our economy is struggling. The Bureau of Labor Statistics employment report revealed that American businesses lost over 40 Million jobs from Feb to Now.   Covid 19 did not help anyone in the business world and with governors playing politics with their states being slow to reopen – it may continue to get worse.  The unemployment rate has reached the top of what we have seen in a lifetime and is continuing to climb.   

 

Recession. A word that makes some of us seasoned recruiter’s shudder. If you are one of the lucky recruiters to survive the last economic slowdown in 2009, you know it wasn’t all that fun. 

 

If this is your first time, hold on. You may be in for a bumpy ride. 

 

The 2008-2009 recession left our industry in tatters. Over 50 percent of recruiting companies closed their doors and we lost more than 60 percent of our colleagues. They gave up, unable to stick with it during the tough times. But that left the field wide open for those of us who love recruiting and chose to stay in the game. 

 

When the media screams recession, we as recruiters had better be ready to pay attention and get ready to act. Not to post our resumes on Indeed.com or to close shop, but to recession proof your livelihood: both individually and corporately. Do not give in to a sense of impending doom. I have worked through more than one recession, and the action steps that follow can thwart any economic challenges. 

 

Know the Facts 

 

Do not believe the sky is falling. It is not. There are no denying certain markets are slowing down. 

 

Today, even with 40 million plus unemployed, there is still 5 million jobs that there is no talent for.  The mission critical positions are still going on fulfilled.  It is time to seize that opportunity. 

 

Focus on the Right Market 

All markets are not created equal! Your market has everything to do with your success. 

 

It is naïve to think you can work harder and achieve success if your market is in a slump.  IF you work Restaurant General Managers today, it will be a tough next few month.   Conversely, if you are in a hot market, the demand for your services and candidates will still be there, and maybe even be stronger in a weak economy. 

 

A quick way to assess your market is to jump on the job aggregators www.indeed.com. Put in your industry and position title and target location.  Look for the number of positions available as well as how many days they have been posted.   A good idea is to do the same with LinkedIn Jobs.   You must go where the fish are today.  Find the openings and aggressively pursue the openings that are there with top talent.  

 

Get Re-occurring Revenue Models Going on Now

If you just do permanent placement recruiting, economic slow-downs and recessions become devastating.   At SearchPath Global, we have come up with over 7 re-occurring revenue models so our Franchisees and Partners can build a financial wall around their business and family in these crazy times.  These include everything from Interim, Contract and Near to software reoccurring revenue models for analytics.  Look for ways to financial bomb proof your business with these types of business solutions.    

 

 

Value Your Time Now More Than Ever – Spend 25% More of it Marketing 

It is imperative to aggressively market more in a tough economy. It’s not enough to simply find job orders; the critical thing is to weed out the average to bad ones. It’s a career killer, especially in a tough economy, to allow yourself to work on bad job orders. 

I understand that when your market slows down, the job orders are few and far between. When a job order does come in – it’s tempting to drop everything and work on it. But that is a dangerous strategy. 

 

In this economy, we need to scrutinize every job order. Vet them carefully. Make sure that if the right candidate is found and taken through the hiring process, you will get a placement. 

Without quality control, it’s a vicious cycle. Recruiters work hard on a job order. No placements are made, and no commission checks come in. To avoid this, continually top-grade job orders. By insuring plenty of ―A‖ search assignments, we also guarantee our survival and prosperity. 

With every job order, ascertain whether you are guaranteed a placement upon finding the right candidate. If you are confident it is so, great. If you find out that the answer is more like—if no other recruiter finds a qualified candidate first—or we will hire your candidate if we do not decide to eliminate the position—be very careful. You may want to keep marketing. You need to market 25% more in this economy just to have 

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