Hiring has taken a backseat over the last several months as companies continue to focus on crisis management and in many cases readapting their business model. A Fortune & Deloitte survey states that 59% of CEOs implemented a hiring freeze during the pandemic.
But when the pandemic is over and markets recover, the hunt for top talent will be fierce. And companies that are continuing to recruit and to build a strong talent pipeline during this time will have the advantage.
Here is why we think you should not stop recruiting and searching for top candidates:
1. The Tech Talent pool is expanding making the search for those unicorns more attainable: As corporations downsize, a large group of people, from seasoned tech professionals to new graduates, will be looking for new employment opportunities. Similarly, people that continue to work are reevaluating their geographic preferences and work habits in light of the greater acceptance of remote work. This is the time to start conversations with candidates who may have been hard to find or uninterested before. Start pitching your company and develop a relationship for when you’re ready to move forward with an offer.
2. Time to get ahead of your competition: If you continue to recruit talent now, you stand at an advantage over firms that are not. It may take companies weeks before they can resume normal operations post-pandemic. Your strategic investment in securing talent beforehand may help get you back-to-business-as-usual faster. Don’t risk being understaffed and losing high-performing workers at a time when they’ll be needed most.
3. Staff your business for a smooth recovery: When it comes to hiring, think long-term. Take this time to re-assess your current workforce, your clients’ needs, and plan for what your business will require in the months ahead to ensure a smoother recovery. Identify gaps and consider what additional skill sets would benefit your organization. Start developing a pipeline of talent that will fill those gaps. Talk to recruiting experts to gain insights into new salary expectations and what candidates are looking for.
For companies that want to emerge out of this crisis stronger, now is the time to rebuild your hiring strategies, identify talent shortages and start conversations with recruiting experts that can help you secure top talent strategically and easily.