The world has drastically changed in the blink of an eye, and the majority of people want everything to go back to normal as soon as possible. Unfortunately, the COVID-19 pandemic is real and its devastation is being felt all across the globe. Nearly every country has been affected significantly with very few being spared.
According to the Bureau of Labor Statistics, the U.S. has gone from a record low unemployment rate of 3.5% in February to over 30 million Americans collecting unemployment benefits in the last 6 weeks. No one envisioned this happening, especially over a two month period. As a result of states closing their markets, our stock market has struggled and quickly declined by 35%. Fortunately, it has been able to recover approximately half of the amount lost.
In March, we also witnessed the sharpest decline ever in consumer spending by 7½% according to Forbes. At the same time, Gartner reported 5.9 million open jobs. It is a different world and all of us will have to learn how to operate and function in new ways. We must all learn new ways to conduct business while following all the new health safety practices. It is not the end, but rather a new beginning.
5 Steps To Re-Evaluate Your Recruitment Strategy
As the markets reopen, businesses will start to recover and add to their workforce. This is the right time for organizations to re-evaluate their recruitment strategy to achieve optimal success when it is time to reopen.
There are 5 basic steps to follow:
- Step 1 - Thoroughly evaluate your talent acquisition process.
- Step 2 - Collaborate with your business stakeholders and identify a strategy to meet your total talent needs.
- Step 3 - Conduct cross functional analysis of your required skills.
- Step 4 - Re-evaluate your employer brand and employee value proposition.
- Step 5 - Properly align all related talent acquisition expenses in order to calculate an accurate ROI.
According to Deloitte’s 2019 Human Capital Trends, HR continues to rate recruitment as being extremely important and reports that 25% of the U.S. labor force changes jobs annually. Now that we live in the COVID-19 pandemic, that percentage is only going to increase. Unfortunately, many organizations lack the required technology to operate effectively, so organizations must adapt by being flexible, nimble, and scalable.
They also have to take a 360 degree view of their talent acquisition program. It starts by ensuring that you have the right organizational structure, evaluating your requisition process, creating an effective sourcing and recruitment strategy, measuring performance and reporting metrics, and by utilizing the best technology.
For additional information about this 5 step process, click here for our e-book link, 5 Steps to Reimagining Your Recruiting Process in Times of Change
The market will return to a new normal and both consumer spending and the way in which we work will look different. As a result of high unemployment, talent specialists will spend more of their time sourcing and acquiring top talent than ever before. Organizations must be prepared to take advantage of our new beginning. It all starts with an effective and efficient total talent solution. Talent is the key to your ongoing success.