3 Tips for Successful Recruiting During a Recession

Since the dawn of COVID, we have been experiencing economic uncertainty. The dreaded word “recession” is one that looms in the air. In times of economic strife, mass regulations, and quiet quitting, how is your staffing firm prepared to stay afloat?

#1 Incorporate Variety into your Client Mix

One of the best ways to prepare your staffing firm for a recession is to diversify your client base. Keeping all of your eggs in one basket is a good way to tank the success of your firm in a recession. For example, if you recruit mainly for the aviation industry, it would be a good idea to expand to the automotive and/or aerospace industry. Travel and specifically flying, is going to decrease in a recession. Making these adjustments can bring you comfort knowing that even if jobs in aviation aren't as hot, you have other avenues to explore. 

#2 Become more Selective with the Roles you Recruit on

Now is the time to really hone in on the jobs that your recruiters are filling. Manage your time and be decisive as to where your recruiting efforts are going. It’s best to focus on filling the roles that will produce the highest ROI for your staffing firm. You might find that contract jobs are more likely to bring in more revenue than a direct hire during a recession. 

The roles are not the only thing that should be paid attention to. With the new “Quiet Quitting” phenomenon, it’s crucial to have awareness of the kind of work that your prospect is putting in. Are they willing to go above and beyond, especially in a recession? It’s not going to be worth hiring a new employee who isn’t ready for all of the demands and unforeseen responsibilities in a time of economic uncertainty. 

#3 Reevaluate the Value of Recruiting Passive Candidates

When jobs and money are flowing, we can assume that your recruiters take their time assessing active candidates. Passive candidates are less apt to leave their job. However, during a recession, passive candidates are more likely to listen to a new job offer. These candidates are the MVPs that made it through the job cuts and layoffs. They are hard-working and a valuable asset, who may be open to hearing about the higher pay or better benefits that your staffing firm is willing to offer. 

Keep a good awareness of the current economic trends and market signals. Currently, there is a recent trend of massive layoffs in big tech companies. If you have IT recruiters at your firm, this is something that they should know about. 

A recession doesn’t have to mean the decline of the profitability and success of your staffing firm. A solid plan of action to prepare and navigate a recession will keep your business running. To stay current on staffing industry news and recruiting trends, sign up for our weekly newsletter below!