Recruiting in a down market can be difficult. In addition to the usual challenges of hiring – like finding and identifying the right candidates – you also face other issues.
- Open positions may take longer to fill due to an influx of applications.
- A higher volume of applications can lead to resume fatigue.
- There’s little room for error – finding the right candidate is critical.
- Passive candidates are even less likely to respond because they’re concerned about job stability.
Implementing proactive talent pipeline strategies can help you overcome these challenges by ensuring you always have access to talent. Here’s how you can start nurturing a talent pipeline, starting with recruitment partnerships.
Leveraging Recruitment Platforms and Partnerships
One of the best ways to start building and nurturing a talent pipeline is to take advantage of recruitment tools and partnerships. Platforms like Scalefront expand your reach and give you access to a much larger talent pool. Building relationships with recruitment partners will allow you to tap into their expertise, networks, and recruitment resources. Recruitment platforms also provide data-driven insights to help you make smarter recruitment decisions.
Building Brand Awareness and Employer Reputation
A brand with a good reputation will naturally attract better candidates than those with neutral or negative reputations. Companies with bad reputations spend at least 10% more when hiring a new candidate.An exceptional candidate knows their worth and wants to put their talent to use with a company that values their hard work.
Make your business a place where people want to work, even in a down market. Building brand awareness is a great place to start. Build a social media presence and create targeted content that will attract the attention of top talent.
To stand out from your competitors, focus on showcasing your brand’s:
- Culture
- Benefits
- Values
Understanding what your ideal candidate is looking for in an employer can help you appeal to job seekers who would be a great fit for your team.
Engaging Passive Candidates
Passive candidates are a major part of the world’s talent pool, and they may be hesitant to switch careers during a down market. You can engage with these professionals through direct communication or even networking events.
If you can provide job security and the right salary package, you may turn some of these passive candidates into the leading choice for new positions. ScaleFront’s relationship management features allow you to engage with passive candidates in the talent pool.
Implementing Upskilling and Reskilling Programs
Talent wants to be part of a business that improves their career and helps them grow professionally. In 2021, 52% of Americans were involved in an upskilling program. Your organization should:
- Offer training or reskilling programs
- Provide professional development opportunities
Your upskilling and reskilling programs can help you attract and retain talent. If you collaborate with your recruitment partners, they can help you identify which candidates are the best fit for these programs.
Maintaining Continuous Communication
Communication is part of nurturing talent, and it’s one of the areas that recruitment often neglects. You should:
- Stay in touch with applicants who weren’t hired but showed strong potential
- Maintain relationships because future opportunities may benefit from them
- Inform candidates of potential openings or developments in the company
If you maintain continuous communication and use the tools offered through ScaleFront to communicate updates to current and past applicants, your talent pipeline will improve.
Measuring and Analyzing Recruitment Success
Proactive strategies and recruitment partnerships must be measured and analyzed to learn their effectiveness. Your approach may show that you’re excelling in this process, but you may also find areas where significant improvement can be made.
You should review:
- Time to fill positions
- Cost per hire
- Applications per role
- Source of the hire
- Qualified candidate rates
Data-driven decisions will allow you to make strategic changes to recruitment and improve the metrics above. Refining your approach to attracting new talent is an ongoing process that must be reviewed frequently.
Your current recruitment strategies may work well today and not in the future.
For example, the current average time-to-fill rate across industries is 36 days, but it can range from 20 – 45+ days. If you notice that you’re below your industry average or that there’s a noticeable decline in this metric, it may be time to change your recruitment strategies.
Reporting capabilities inside of ScaleFront can help you gain insight into your recruiting efforts and make the data-driven decisions your company needs to fill positions more efficiently.
The Bottom Line
A down market is one of the most important times to leverage your recruitment resources. You can attract talent that may have been let go by competitors and will benefit from filling positions faster.
Market upswings always follow down markets, and the recruiting processes that you have can put you ahead when the economic climate improves. Partnerships with recruiting platforms like ScaleFront can unlock a wider candidate pool that fits with your company culture and brand. Add in your branding, upskilling programs, and data-driven decision-making and it will be easier to withstand recruiting issues in a down market.
Get started with ScaleFront today.
