2022 witnessed a massive number of layoffs. According to Layoffs.FYI, 1,20,699 workers were terminated worldwide in 2022 as companies seek to cut costs.

And, the trend will continue in 2023. The first quarter of 2023 has witnessed 567 layoff announcements across big tech, startups, and unicorn tech companies.

Over 150,000 IT employees worldwide were impacted by the recent layoff spree.

As an owner of a recruiting business, this scenario might worry you. But, as said, there can be an opportunity in disguise. You can turn this situation in your favor. Want to know how? Read on!

How can recruiting businesses benefit from layoffs?

The current restructuring in the business world is a boon for recruiters seeking suitable personnel. Many firms do not accept laid-off employees. The common belief is that they might not perform well or have low potential.

When reviewing such candidates, recruiters must change their outlook. A candidate not being a good fit in a company does not necessarily mean that he will also be a poor fit in other companies. Recruiters must assess these individuals in the same manner as they would any other candidate.

Where Should a Recruiter Look To Find Top Talent? 

For recruiters, the primary source of candidates for recruiting is job boards, social media, referrals, and others. But in the time of layoffs, layoff lists are a gold mine for active talent. 

But, the question here is, from where to get the layoff lists?

Well,  When large companies lay off people, it’s news. Track that and most of them will have an outplacement service.  For smaller companies, keep your ears on the ground. If you see a lot of people in one company indicating “open to work” on LinkedIn, quite likely that there has been a layoff or one coming soon.

To help you more, we’ve compiled a master list of sources for finding fresh talent during the layoffs to help you:

Layoff.Fyi Tracker 

This fantastic website monitors layoffs in all sectors and updates regularly. The most significant benefit is that you can avoid contacting candidates that are no longer available. You’ll see which organizations are letting employees go, their location, and the number of workers fired. In some cases, you can get a link to a listing of direct employees with their position, experience, and contact information. It’s a recruiter’s paradise!

Gorillas Layoff List 

The amount of talented individuals Gorillas have laid off is heartbreaking. In addition to regularly updating their list of available candidates, so you don’t mistakenly contact someone who has already accepted a new job, it features new job opportunities, years of experience, and LinkedIn profile links. Choosing candidates who already know what they want will simplify your job, so there is no need to persuade them.

Kontist Layoff List 

Kontist, a German firm that provides freelance financial services, recently had to let some of its best workers go. Their layoff list includes over 40 job candidates, their personal emails and LinkedIn profiles, their preferred working style, their locations, and their experiences, even if it’s not as long as some of the other lists we found. You can find some real gems here, even if it’s not as long as some of the other lists we found.

Klarna Layoff List 

Around 10% of Klarna’s current workforce was recently laid off, leaving many job seekers searching for new jobs. Klarna’s roster doesn’t include as much information as the other organizations, but you will still find the basic info you need to categorize applicants. You can find out everything you need to know about Klarna’s job, preferred working style, and LinkedIn profile, in addition to everything else.

Pollen Layoff List 

Pollen is a UK-based firm that provides exclusive getaways and journey experiences, including occasions, gigs, festivals, and more. You can see that the massive layoffs didn’t spare any sector, forcing business owners from all backgrounds to release a handful of their skilled employees. This post provides the fundamentals you need as a recruiter—contact info, LinkedIn links, job at Pollen, and notes about everything and anything a candidate may be interested in.

Olive AI Layoff List

In July, this United States-based health tech firm dismissed over 450 workers. They did not publish a standard layoff list; instead, they created a Slack channel where former workers and recruiters could connect and discuss prospective jobs. Although these individuals are not a part of the UK workforce, remote working has made them a decent resource for recruiters seeking top talent. Recruiters may directly talk to them and see if they’re a good fit without waiting.

It’s crucial to understand that not all candidates on a list are quality. In some cases, an employee may be an underperformer slated for termination, regardless of job cuts. How do you locate the diamond in the rough?

Also Read: 10 tips to recession-proof your recruitment business

How to Hire the Top Talent in the Layoff Lists 

When asked why they were terminated, a candidate’s most frequent response is Covid-19. You must look deeper to see if this is true. Many will not admit to performance issues. Here are some suggestions that may assist you.

Ask the Right Questions

While hiring a laid-off employee, you may need to take a different approach to the interview. It would help if you were tactful when asking potential candidates questions to them.  

You can ask a few questions to determine whether a candidate is worthy of full-cycle recruitment. 

• How many people were laid off at the same time?
• What was the company’s reasoning for cutting back on workers? 
• How many people survived the layoffs, and how were they chosen?
• How many rounds of layoffs did you survive before being dismissed?

The answers to such queries will help you decide whether to continue with the full hiring round or move on to the next applicant.

Also Read: 11 Evergreen Winning Recruitment Tips From Experts

Look at the Resume Carefully 

How frequently has the candidate been promoted? The more frequently, the better. If a candidate doesn’t have work experience, look at her accomplishments outside of work. Recruiters must recognize that these candidates present unique difficulties. Many of them are unsure about accepting new jobs. Some candidates were set to retire from their previous firms, while others were worried about their financial situation. The same old strategies won’t work. In brief, when sourcing candidates impacted by layoffs, you must examine the entirety of their experience. 

Be Honest Throughout the Recruiting Process 

Quality talent is attracted and retained by honesty and transparency. Give candidates an opportunity and avenue to ask questions about the position. Since laid-off employees are often willing to forego a bit of financial gain for other benefits, ensure that you emphasize the company’s health care programs. Let them know what to expect both financially and physically.