What to Expect when you Recruit in a Recovering Market

Blog - Andrew Daley on recruitment and career development

Covid 19 is throwing the global economy into a deep recession. That much is obvious. What is less clear is when the recovery starts and how long it will take.

From an individual business perspective the beginning of your revenue recovery will depend on what industry you are a part of, or supply to, but reading between the lines many economic forecasters are expecting the worst for the remainder of 2020 with an equally sharp recovery starting in 2021.

So if your business starts to see green shoots towards the end of this year or early next, what can you expect when you look to strengthen your team? Will recruitment be easy or hard given the wider economic circumstances?

The answer is a bit of both.

Hiring people in what was, pre-Covid, a specialist, candidate short market may become easier because most industries will see some redundancies.

Furlough schemes in Europe are expected to taper off during Q3 leaving employers to pick up at least a portion of their furloughed employees wages or start making redundancies. It feels inevitable that a number of skilled, experienced workers will be forced into the job market.

Naturally, they become active job seekers, sending their CV directly to advertised positions and registering with sector specific recruitment agents. In short, the availability of previously hard to find skill sets and specific sector experience improves considerably.

In addition, the candidate’s negotiation position on salary is a lot weaker. Whilst gainfully employed pre-crisis they would only move for a decent increment in remuneration. Now, they are more than likely to be happy with parity with their last salary, making them cheaper on your payroll.

In summary, finding candidates is easier and they cost less to hire.

However, and this is the uncomfortable bit, companies often use a period of cost cutting to jettison their weakest performers. Sure, it’s the position that gets made redundant not the individual but, off the record, many senior decision makers ensure their best people get retained whilst below average head for the exit.

This begs the question: Are the newly available and relatively inexpensive candidates really the people you want to hire?

Naturally, there will be some high performers who are merely a victim of circumstance and they are the hidden gems if you are hiring, but buyer beware of every CV that ends up in your inbox. And prepare yourself, if past recessions are anything to go by, there will be an awful lot of applicants with very little relevant experience swamping your inbox or overwhelming your recruitment team.

So let’s say you pick up a couple of excellent new employees from the huge flux in the employment market but you still have positions to fill. You decide to contact directly, or via a recruiter, potential candidates working in your competitors.

This is where you can expect it to be even tougher than pre-Covid hiring. Why?

From personal experience of approaching hundreds of candidates, I know you will get a much higher incidence of one of these two reactions.

“My current company has been loyal to me through a very difficult period, I feel I owe them that loyalty back”

or…

“The economy still looks uncertain at the moment and I don’t want to take the risk of moving jobs”

No matter how attractive your company, job or salary is, these are very difficult objections to overcome.

So how do you react? The best way to deal with this is three-fold.

Firstly, ensure whoever is doing your recruiting (internally or third party) is a fantastic ambassador for your company and can brilliantly convey your job proposition to a prospective candidate thus maximising the chances of them getting interested and wanting to take it further.

Secondly, make sure the list of candidate targets is long enough to give you a strong chance of finding those who are willing to take the risk of a job move. Yes, it’s a numbers game and a real test of thoroughness.

Finally, start pipelining candidates before you are ready to hire. In other words, reach out to candidates who look like they could be a fit for your organisation and start a dialogue. Be transparent about when you are hoping to hire and view this as investing in a relationship via regular, meaningful contact.

In an economy as volatile as this, individuals’ circumstances and attitude towards a job move can change very quickly in your favour. If you have established contact and credibility with them you are already ahead of your competitors in your pursuit of the best possible talent.

Simon Edbury

simon@edburydaley.com

CVs, LinkedIn and Video: How to succeed in your job search

If you are in the job market right now your personal brand needs to be as strong as possible in three key areas. 

Your CV needs to be punchy and impactful, your LinkedIn profile must attract the attention of specialist recruiters and talent teams and you need to be brilliant at video interviews.

If you don’t know where to start or just want to make sure you have everything fine-tuned we can help you with our three “How to….” guides.

CV Writing

What makes a great CV better than a good CV? How long should it be? Should you include all your academic qualifications and early career jobs? Should you use a personal statement and, if so, what should you write?

Video Interviewing

More than ever before video interviewing is going to be a staple first stage in many companies’ hiring process. But many people have little or no experience of being interviewed by video. How did you avoid unintentionally looking disinterested? What do you wear? How do you create better virtual eye contact with the interviewer?

LinkedIn Profile

You already know that LinkedIn is the go-to resource for most recruiters but how do you make sure you aren’t overlooked for a great job? How do you make your profile as searchable as possible? What proactive steps can you take to get more views of your profile and build your online persona?

If you would like one or all of the documents just email us at info@edburydaley.com stating which you would like and we’ll email the pdf documents across to you.

Are you being open minded about who to interview?

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Are you dismissing potential candidates too quickly? In this video Simon Edbury looks at the three benefits to meeting borderline candidates and examines how you can minimise the impact of meeting extra candidates on your busy work schedule.

Why does exclusivity benefit you?

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The more recruiters you employ the more quality candidates you’ll receive for your vacancy – right? In this video Simon Edbury explains why this approach to recruitment is a myth, can communicate a whiff of desperation about your recruitment and will in fact push your assignment down a recruiter’s priority list.

The value of interview timings

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In this video Simon Edbury looks at the importance of interviews timings. He answers several key questions including why it does matter when you see candidates and how you can take better control of the process. He also explores a key area of concern: Could you be losing your best candidate whilst interviewing others?

48 hours at the World Procurement Congress: what did it mean to me?

Blog Pic Procurement Leaders

My objective was twofold. Firstly, it was an investment in my education on our customers’ priorities. I was looking for a window into their world. What are the hot topics for CPOs and what are the solution providers doing to address those objectives? What does innovation look like in day-to-day terms, minus the acronyms and buzzwords?

Secondly, it was about extending our already mature network of procurement leaders. This is the foundation of our business and requires constant energy to keep our competitive advantage.

For those who haven’t attended the World Procurement Congress before the event is slick with a very high level of attention to detail. The delegate list is very strong in terms of seniority with around three quarters being ‘head of’.

Everything is geared around breaking the ice in the networking areas from a meet and greet app function to careful positioning of exhibitors stands to optimise opportunities to start a conversation.

From my observation it works. Between presentations there was a constant buzz of chatter with very few delegates hiding away on their phones. The meet and greet app is a great idea that just needs to gain traction through familiarity. Most people were happy just to go old school and offer a handshake and smile to start a conversation.

From the many headline presentations, panel discussions and roundtables I attended a clear theme emerged; how can procurement create value for their companies beyond savings and how can technology support that objective?

Examples of this included improving supplier relationships to encourage innovation, use of technology to increase supply chain visibility to address reputation of suppliers or using working capital solutions to improve the supplier’s financial health.

Times are changing quickly and even the trailblazers in change are still on unfinished journeys. They have great successes in innovation to report but know there is so much more to do.

I suspect that for many delegates in attendance their transformation has only just begun. The World Procurement Congress was a fantastic melting pot for the exchange of ideas, experiences and visions of what procurement could look like in the future.