With signs pointing toward a global recession, employers are preparing their workforces for what’s to come. This may mean cutting back on their investment in talent acquisition, delaying HR projects or even reducing their workforce.
While economic uncertainty can lead to difficult decisions for employers, it’s also important to recognise the opportunity it provides. This may be the perfect time to assess the resilience of your workforce and invest in workforce planning to make it fare better in the long run.
Is your talent acquisition program resilient enough to weather the storm? Here are four questions to ask to find out where you stand.
1. Is your employer brand and EVP still relevant?
If you haven’t updated your employer value proposition (EVP) in the last 18 months, it’s probably out of sync with the market and what candidates want. Now is the time to sense check if it’s fit for purpose in 2023 and beyond. Does your employer brand work for a remote and hybrid workforce? Is it an authentic reflection of what you have to offer your employees?
Even if you’re not planning to hire actively in the near future, employer branding is also important for retention. Auditing and updating your brand will help you retain your current talent and ensure you’re ready to attract top talent in the future.
2. Is your hiring process working for remote and hybrid employees?
At the start of the pandemic, if you shoehorned your old in-person hiring process into your new hybrid or remote work reality and never looked back, it’s time to assess whether that’s really working for you. Remote work often requires a different set of skills than office-based work. Is your current process helping you assess those skills to achieve the quality-of-hire you need?
Review the competencies and behaviours you need for each role to ensure they’re relevant for hybrid or remote employees. Now is the time to update job adverts and evaluate your assessment process to ensure they are in tune with the success factors that drive your business now—instead of those that drove success pre-pandemic.
3. Are you achieving your DE&I recruitment goals?
While you may not be actively hiring, now is a good time to engage with diverse communities to ensure candidates from underrepresented backgrounds make up a significant portion of your talent pipeline when you’re ready to ramp up hiring again.
Increase your visibility in diverse communities via campaigns or event sponsorships. Look into your diversity analytics to understand what’s working and what’s not when it comes to sourcing and hiring your target audiences.
4. Is it time to consider RPO?
Now is the time to re-evaluate how you’re going to market for talent, whether via an internal talent acquisitions team, staffing agencies, recruitment process outsourcing (RPO) or a hybrid model. Work with your procurement partner to scrutinise your spend and evaluate your options to streamline and minimise risk—including standardising with one global RPO partner.
Just because you’re not hiring at the same volume you were before, doesn’t mean outsourcing is out of the question. Recruiter On-Demand or project RPO engagements offer flexible solutions for targeted hiring needs. An RPO partner can also offer value-added talent advisory services like market insights, employer branding, assessment services and more. Plus, once engaged, your RPO partner will be on tap to hit the economic recovery running and scale up for your hiring surge.
An economic slowdown is not the time to put your talent acquisition strategy on the back burner. Use this time to take stock and get prepared so you’re ready to bounce back faster. You’ll be able to beat your competition and create a resilient workforce that’s ready for whatever the future has in store.
Want more insight into the future of work? Check out our ebook, Destination 2030: 10 Predictions for What’s NEXT in the World of Work.