Founder and CEO of Duffy Group Inc., a global recruitment firm whose innovative recruitment research model targets passive candidates.
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Friday has become a pivotal day in our nation. That's when the Bureau of Labor Statistics releases its Employment Situation Summary, otherwise known as the employment or jobs report.
Since March, when the novel coronavirus began wreaking havoc on the U.S. economy, we waited with trepidation for the numbers to be released and the accompanying analysis from economic advisers.
Recent numbers presented a good news-bad news scenario: The U.S. economy added 1.8 million jobs in July, a third-straight month of improvement since the spring lockdown decimated the labor market. The unemployment rate fell to 10.2% after a high of over 14% in April (though some economists say the actual percentage was closer to 16%).
While these are encouraging signs, economists are careful to claim victory. July's numbers represent a sharp slowdown from the previous month and could signal that the recovery will take longer than initially expected. The real answer remains unknown. After all, who could have predicted what has happened so far?
Regardless of the outlook, something is clear: The current and post-pandemic economy will require hiring leaders to think and act differently. Whether you are an internal hiring manager or an external recruiter, consider these five recommendations as you navigate the new normal.
1. Create a vision for recruitment.
Whether you are an internal hiring manager or an external recruiter assisting clients in filling positions, the plans you prepared at the start of this year undoubtedly have changed dramatically. Even in high-growth industries where jobs are in demand, reviewing the need for quality workers and creating a clear vision of hiring plans moving forward — even in the short term — would be wise.
Think about positions that will propel your company to the next level. Consider the winning skills needed to drive current and future growth and how you can find exceptional candidates to fill these roles. And prioritize your hiring plans accordingly, filling essential jobs first and making sure that these roles are as important now as before Covid-19.
2. Build a diverse workforce.
The Black Lives Matter movement has underscored the need for diversity in the workplace. It's not about hiring for color, but instead building a workforce that creates a sense of inclusion and belonging. Research shows that firms with a diverse employee base perform better financially and are more innovative than those where diversity has not been a focus.
It is best to start with a plan that includes potentially new approaches to hiring. For starters, companies should be sensitive to how they are promoting open positions to ensure that job descriptions are relevant and enticing to candidates from all backgrounds. Hiring managers also must pay closer attention than usual to candidates who may have the potential but whose resumes may not tell their entire story. (This is where skilled vetting kicks in.) And recruitment professionals must think beyond hiring people only from a company's base market but to tap into candidates in a variety of markets, especially as the remote workplace continues to take hold.
3. Find candidates with qualifications to not only do the job today but also learn the skills for tomorrow.
As a hiring manager, you likely are familiar with learning agility. This has never been more important as job requirements continue to evolve in a changing workplace. Companies that hire only for the skills needed for today are missing the boat. Instead, hiring leaders must unearth talent with the ability and mindset to master new skills and adapt to new situations.
4. Don't overlook internal candidates.
Although the recent economic downturn has created a bigger talent pool than has been available to recruiters in the past few years, finding suitable candidates with the skills to do the job and whose personalities are a match with their companies remains a challenge. Until recently, hiring leaders focused heavily on bringing new employees in from the outside, with just 28% of them reporting that internal candidates are an important source of talent to fill open positions.
That was short-sighted then, and today, LinkedIn reports that internal hiring is making a comeback, with 73% of talent acquisition professionals saying that internal recruiting is important to their company. Internal candidates' value cannot be overstated: they know the company culture and the expectations of the job. Assuming the fit is a good one, promoting from within can ensure the worker's longevity with the company and speak volumes about hiring practices to the rest of the workforce, too.
5. Consider not only who you hire but how you hire.
The final recommendation may sound familiar, but in the Covid-19 economy it bears repeating. Hiring managers' top priority is matching the right workers in the right positions with the right companies. But efficiency is also the name of the game, especially as pandemic ravages recruitment budgets. It is worth exploring different recruitment methods, including a little-known but high-impact approach called recruitment research that harnesses market intelligence to deliver quality candidates.
One thing is certain in these unprecedented times, and it's that hiring leaders will need to approach current talent acquisition differently than before.
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