As a result of the global recession, millions of people have lost their jobs. This poses a challenge for job seekers and employers alike.
With this in mind, we asked 11 hiring managers, “What are your tips for hiring with a 15% unemployment rate?”
Check out their insights below.
Don’t Focus on Resumes
During these unprecedented times, there are so many talented individuals who are looking for employment. With that being said, do not make all of your decisions based on a resume. There are a plethora of people who may not have extensive work experience but are still very knowledgeable and valuable to your company. Everyone has a story and now more than ever it is crucial to listen and invest in potential candidates for not only their skills but also their character.
Adapt to a Two-Sided Marketplace
There is an unprecedented amount of talent in the unemployment pool currently. As someone who was part of the COVID-19 layoffs, transparency during the interview process has been key. People such as myself are job shopping, potentially for the first time in their careers. In my case, I was let go from a company and position that I loved. I know exactly what I am looking for as it pertains to potential opportunities. Employers who are even more open to remote employees, take good notes during the interview (for current and future job openings and networking) and share their timeline for when they will be back up-and-running will be at an advantage. Now more than ever, the marketplace is two-sided and, if handled strategically, will be win-win.
Be Transparent About Timeliness
Be overly transparent about timelines and processes. Nothing leaves a worse taste than hitting the refresh button 100 times a day.
Connor Masich, Marketing Manager
Build Your Talent Pool
These unprecedented times have flipped the employment market on its head. It is now suddenly a “buyers” market. There are a plethora of talented and unemployed people out there, and this is a terrific opportunity to build your talent pipeline whether you are actively hiring or not. The challenge, like always, is how to manage the talent funnel to find the person that is a fit for the position but also adds to your culture. When an organization understands why it exists, what its core values are and how to articulate its employee value proposition, then the conversations become much easier.
Do not go looking for someone just a little bit better. Accept that a ton of very high caliber talent is in the market and the best will be snapped up fast. Now is a time where most teams can hire above their normal reach and really uplevel the core part of their businesses: its people!
Noah Wisnia, Head of Talent
Don’t Overlook the Talent of Laid-Off Candidates
Don’t assume that people who were laid off are low performers. Many organizations are facing pressure to cut employees (or entire functions) that don’t directly impact revenue, resulting in strong talent being let go. Unemployed candidates are also more likely to convert through stages of the interview process than sourced or passive candidates, resulting in lower cost-per-hire for the company. Plus, you’re doing your part to help lower the national unemployment rate.
Alex Lahmeyer, Diversity and Inclusion Lead
Remember It’s a Team Effort
Hiring has to be a collective effort! Job seekers need to network just as much, if not more, than applying for jobs. We also need to refer past colleagues, family and friends when we see an open position. Many are considering career changes. Companies that are hiring need to have an open mind when considering candidates that aren’t a perfect fit, but have perfect potential! We ALL need to do this together.
Anthony Basuil, Technical Recruiter
Is the person passionate about your company and the job or are they just looking for a job? Find the people that sought you out for a reason other than “I’m just looking for a job.”
Alex Reiff, Senior Director
Treat Everyone With Respect
If you are not going to move forward with their application, let them know. Remember that candidates will remember how they were treated during this process. While the number of applicants is high now, eventually things will level off and people talk. As for sifting through the applications, invest in a good software platform and strong recruiters.
Melanie Brancaleone, Senior Tradeshow and Events Marketing
Don’t lowball candidates just because the market is sideways. The opportunity cost of the goodwill you’ll destroy by doing that is too high, and they’ll walk out the door as soon as things recover.
The job market is full of talented people who are excited to work for your business. What that means in terms of hiring is being transparent with prospective employees. When you speak to them, let them know about the longevity of their position, any foreseeable pay cuts and where their benefits stand. Candidates appreciate and value honesty, especially during these ever-changing times. You will stand out to prospective employees and create an ongoing line of open communication.