Navigating the Job Market in a Recession
The job market is tough, and it's only getting tougher. A recent report from the U.S. Bureau of Labor Statistics showed that unemployment is on the rise again after a brief respite in January (it now sits at 9.7%). But as bad as that news is for people who want work and can't find it, there are also many opportunities for companies to find great talent if they know where to look. Here's how:
Know the economic situation
When you're looking for a job in a recession, it's important to know the economic situation of your industry and city. You should also be aware of national and state-level trends, as well as any regional problems that could affect your job search. For example:
If you are applying for positions in the tech industry, it may be helpful to know whether there have been layoffs at companies like Google or Apple recently. The more up-to-date information you have about these companies' hiring practices (or lack thereof), the better equipped you'll be when applying for positions with them – and even if they aren't currently hiring new workers right now, knowing how often they hire might help determine if their hiring cycles align with yours (i.e., if they tend to hire every two years but this is only year one after their last round).
Gain access to new pools of candidates with our software, StaffingNation
If you're looking for a way to access new pools of candidates, StaffingNation is the perfect solution. It shares the same purpose as TCWGlobal: to make the use of and access to contingent workers simple. As such, StaffingNation will act as your all-in one HR engine handling the end-to-end process for your entire global contingent workforce, including self-sourced workers, agency sourced/staffed workers, SOW/vendor owned workers and independent contractors.
StaffingNation offers an intuitive interface that allows users to manage their entire hiring process in one place with ease--no matter where they are located or what language they speak!
Hire for specific competencies and skills that are hard to find in your industry
If you're like most job-seekers, the recession has probably made it difficult for you to find work. But if you're an employer looking for workers and candidates, it's important to keep in mind that there are many people who are out of work and eager for new opportunities.
If your business is still doing well despite the economy (and if so: congratulations!), then this may be a great time to take advantage of this situation by hiring people with specific competencies and skills that are hard to find in your industry. For example, if there aren't any web developers available locally--or even remotely – you might consider hiring someone from another part of the country or even another country entirely!
In a recession, it's important to diversify your hiring strategy and hedge against the limitations of a traditional approach
Recession is a time of uncertainty, and as such it's important to diversify your hiring strategy and hedge against the limitations of a traditional approach. Here are some tips for doing so:
- Diversify your talent pool. In this recession, it's important to expand beyond traditional sources like job boards and newspaper ads in order to reach candidates who might not have even been looking before. One way we've seen companies do this is by leveraging their existing network (for example, LinkedIn) or partnering with local organizations (such as universities).
- Reframe your hiring strategy so that it includes more than just resumes; instead consider including video applications, which allow candidates who aren't comfortable speaking publicly on camera to still have an opportunity to show us what they're all about! Video interviewing software allows recruiters access thousands of applicants per day while reducing cost per hire by 20%.
The recession is a great opportunity to rethink your hiring strategy. It's important to diversify your talent pool and consider alternative sources of candidates, so that when times get tough, you're equipped with the right tools for finding the right people. In addition, understanding the current economic situation can help you make better decisions about who best fits into your organization's culture or mission statement. TCWGlobal offers staffing solutions, so if you’re ready to take your business to the next level, give us a call at 858-810-3000 or send us an email at firstname.lastname@example.org