Recruitment Insights

Strategies for success in fluctuating markets

April 12, 2024
Strategies for success in fluctuating markets

As recent labour-related trends, such as the Great Resignation, continue to settle, you might be noticing a decline in demand for recruitment. With the job market tightening, employers are afforded the luxury of being extra picky, taking their time to select the right candidate through lengthy hiring processes — or even leaving them on the hook indefinitely. 

The problem with a lengthy recruitment process is that candidates are becoming increasingly disgruntled. As a recruiter, what role can you play when the job market is tightening? 

Market Dynamics Influence Hiring Practices

In prosperous economic times, businesses move quickly to fill roles to get in before competitors. Conversely, in uncertain times, decision-makers can hesitate. Economic factors, including high inflation, can contribute to delays in hiring decisions — if businesses are cutting costs, a reduction in hiring staff contributes to delays, as well as reservations about whether the candidate can contribute to the bottom line at the level required during economic uncertainty. During layoffs and cost-cutting phases, the job market becomes tougher to navigate. Businesses prioritise cost-saving and are selective in hiring, seeking candidates who can significantly boost revenue and profits. 

Whether employers are taking longer to hire due to economic uncertainties or simply because there are more candidates than there are vacancies, the experience for candidates is drawn-out and frustrating.    

How Recruiters Can Reduce Friction Between Employers and Candidates

While macro-level market dynamics are beyond your control, there are avenues to enhance client and candidate experiences during a recruitment slowdown. 

Candidate Care is Essential

During a recruitment slowdown, recruiters can help reduce candidate frustration and maintain their engagement by offering support and regular communication to help manage expectations. Providing candidates with updates on their application status, even if there are delays, can help smooth out the process. 

This is the perfect opportunity to focus on offering the human touch to help candidates feel supported and confident. By showing empathy and understanding towards their concerns, you can provide a positive experience, despite the frustrations of a prolonged hiring timeline. This approach can help strengthen the relationship between recruiters and candidates, while enhancing the likelihood of successful placements in the long run.

Communicate With Employers

With demand for recruitment dropping off, it's essential to highlight the value that recruiters bring to the table. Emphasise that by partnering with a recruiter, employers can offload the time-consuming task of finding the right candidate and instead focus on what they do best – driving revenue and growing their business. 

Your expertise in sourcing, screening, and assessing candidates can streamline the hiring process and ensure that they get the perfect person for the role. By framing it as a collaborative partnership where you handle the recruitment side, you're offering your clients a solution that frees up their time and resources while still meeting their staffing needs effectively. This approach positions you as a valuable partner in achieving their commercial goals.

When speaking with your clients, it's important to highlight the detrimental effects of prolonged hiring processes during slow times. Delays in decision-making and lengthy recruitment cycles can deter top-tier candidates and lead to missed opportunities. Helping clients understand the importance of moving swiftly in their hiring efforts can prevent the loss of qualified candidates and ensure a more successful outcome in securing the ideal person for the role.

Areas to Focus on During a Recruitment Slowdown

Overhaul Your Tech Stack 

Overhauling your tech stack is a strategic move during a slowdown, presenting an opportunity to conduct a thorough examination of your technology and processes. By scrutinising each component, you can identify areas of inefficiency and pinpoint opportunities for optimisation. Streamlining your tech stack enhances productivity and ensures your resources are allocated effectively, allowing you to automate tasks, free up time and improve overall efficiency. This proactive approach to a technological overhaul sets the stage for sustained success and growth — even in uncertain times.

Upskill Your Team 

This could be the right time to empower your team with opportunities for growth and development. By assessing skills and identifying areas for improvement, you can help your team build personalised plans for upskilling. 

This downtime could be an ideal window for recruiters to invest in professional development and think about the broader business goals for the future. For example, if you’re thinking about a strategic growth plan, you might like to consider diversifying into other industries, or specialise in a particular niche. 

Ride the Recruitment Wave

The demand for recruitment ebbs and flows with the economy and other external factors. 

By leveraging periods of low demand to refine your processes, upskill your team, and optimise your technology, you equip your business with everything it needs to go the distance and hit the ground running when things pick up again. 

As you ride the recruitment wave, remember that each wave presents its own set of opportunities and challenges. Preparing for what lies ahead while helping your clients and candidates manage expectations through periods of prolonged hiring will ensure that you stay on top and consistently deliver an exceptional recruitment experience. 

Which APositive product is right for you?
Discover how APositive can help your business grow

The APositive team is made up of recruitment industry experts with decades of experience helping businesses like yours. Get in touch with us today and see how we can make a positive difference.