Hiring May Have Slowed, But Recruiting Is More Important Than Ever

Hiring May Have Slowed, But Recruiting Is More Important Than Ever

Recruiters – are you ready for more change? 

It’s becoming a bit cliché now, but as we face into yet another period of drastic transformation, with the economy stumbling and hiring slowdowns looming larger than ever, it seems like change is the only thing the recruiting sector can truly rely on. But is this necessarily a bad thing?  

LinkedIn recently launched their Global Talent Trends report and it comes as little surprise that one of the major takeaways involves the mounting slump in hiring. It’s been a bit of a yo-yo the last few years, oscillating between intense need and major cutbacks, so it’s fair to imagine that TA are feeling a little nervous right now. 

However, there is a very clear distinction that needs to be made here: while hiring, in terms of numbers, may be slowing down, recruiting, as a function, is more important than ever. Let’s dig into it!

The Reality of the Situation: hiring is slowing down

You only have to take a quick glance at LinkedIn’s findings in the table below to see that hiring has massively slowed since 2022. 

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Organizations, buffeted by economic headwinds, are understandably choosing caution when it comes to who and how they hire. But the situation isn’t as cut and dry as it seems, and nor should it sound a death knell for recruiters. Quite the opposite really…

Talent is still the most important differentiator for success right now.

As the LinkedIn report notes – “a top business challenge moving forward revolves around people: finding the people who have the skills businesses need, keeping them, and upskilling them.”

While the volume of hiring may be decreasing, companies still have a huge challenge when it comes to attracting and retaining the strategic talent they need to ensure they not only weather this current storm of instability, but thrive and grow once it has passed.

So, what does this mean for recruiters?


1. Agility will be more important than ever

If change is to be the reliable theme for the foreseeable, then organizations need to tap into one of a recruiter’s biggest strengths – agility. The last three years have seen a cocktail of chaos for recruiters, scaling up and scaling down their processes to reflect ever-altering business needs. But this ability to adapt is what will be so vital during a hiring slowdown. If talent is still at a premium and recessions are only temporary, then it’ll pay in the long run to use this time to make your recruiting function the best it can be. Don’t sacrifice the experience and knowledge within your ranks. Instead, pivot their priorities into other strategic areas, like talent mapping, streamlining processes, bolstering candidate experience, and understanding talent trends. Why? Because it’ll allow your organization to be in prime position to snag talent and hit the ground running when the dust begins to settle.

Dig further into the importance of recruiter agility in this SocialTalent article.


2. Internal talent should not be overlooked

External hiring may be slowing down, but according to LinkedIn’s report, internal hiring is on the up. 16 of 19 global industries analyzed have seen a positive uptick in internal mobility as a means of finding talent. It’s a trend we at SocialTalent have also been seeing in workplaces – from an employee standpoint of wanting more opportunity, to the employer needing critical skills and being unable to source them. I was recently chatting with Virginia Tirado, the Director of Talent Acquisition at Zalando, about this under the idea of talent sustainability and talent waste. Reframing TA to look at internal talent as a viable source – and moving away from the numbers game of requisitions filled – allows organizations to make better use of their people. It’s the sustainable approach, but it will require a mindset shift. Recruiters are keenly linked to talent though, and as internal mobility swells in importance from a hiring perspective, it’s time to start stitching these two functions firmly together.


3. Now is the time to upskill and consolidate

It may seem counter intuitive, but there’s never a better moment to invest in learning and development for your recruiting team than during a hiring slowdown. Capacity is so often listed as the major reason why L&D fails – people just don’t have the bandwidth. But we also know that one of the biggest indicators of business success comes from workplace cultures that embrace and embed a culture of upskilling (the LinkedIn report even states that companies have nearly 7% higher retention rates with employees who have learned skills on the job). And it ties in with the above arguments about agility and internal mobility too – championing learning for your recruiters also opens up a world of opportunity for them. New skills and improved processes only adds to the likelihood of finding and hiring the best talent. But it also equips TA folk with the means to do more for your organization. 


There seems to be this knee-jerk reaction to cripple recruiting reserves when trends show hiring is slowing down. And while on paper there is some macabre logic to this, it can often only serve to hinder the organization in the long run. The need for talent is going nowhere and it will be the companies who have the most robust, agile, and well-rounded recruiting teams that will not only survive this moment of uncertainty, but position themselves to take advantage when things inevitably change once again. 


How are hiring slowdowns impacting recruiting and TA teams within your company? And how are you using this moment of change to your advantage? Let me know in the comments below.

Can only agree with this, Adding that following the SocialTalent trainings has helped me in the past raising my game :-)

Durga Sivakumar Pentapalli

Lead HR - Microsoft Practice at Wipro | Empowering Talent to Achieve Their Best

1y

Well while you mentioned a valid point, in what a recruiter has to upskill or upgrade oneself.. ?

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Jacob Sten Madsen

🌐Recruitment/talent/people/workforce acquisition evolutionary/strategist/manager 🔹Workforce/talent acquisition strategy to execution development/improvement, innovation, enthusiast 🌟

1y

Well this reality is not going away any day soon !

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