News headlines flashing the latest unemployment figures are seemingly inescapable these days. More than 40 million people have become unemployed in the last couple of months in the US alone, which already represents a national unemployment level significantly higher than it was during the Great Recession.
There is hope, however, with a surge of hires and rehires on the horizon. The best-case scenario will be a V-shaped recovery that means the economy will rebound in a matter of months. The catch remains, even with millions of job searchers, how can an employer find the right candidates without spending countless days searching through endless heaps of unqualified applications? In 2018 the average time to hire an employee was 38 days. Speed is paramount during this recovery, as customers are expecting businesses to meet their needs quickly and people are ready to get back to work.
It’s clear that we are not in a normal situation where employers are simply trying to hire a few additional people. Employers who are reopening are faced with the unenviable task of finding a new path forward amid ongoing uncertainty. Beyond that, they’re also tasked with quickly and safely rebuilding an entire workforce in just a matter of weeks – a workforce that may have originally taken years to build. As things start to make a return to normal, how do businesses find their way back?
Existing Recruiting Methods Are Not Up to This Task
Rebuilding a labor force is actually much more complex than simply hiring extra people. Not only do hires and re-hires need to be made faster and with fewer resources than ever before, but the systems used in the past are not built for this. Utilizing previous methods like agencies, job boards, and networking simply won’t have enough speed or size to get the job done in the timeframe needed.
The labor market is designed to handle an average turnover of around 3 – 4%; it’s not built for a situation where we have double-digit unemployment that we’re undoing. This development places a huge strain on businesses, one that is too much for their current hiring practices. Companies will need to begin the rebuilding process immediately and will need help to optimize the hiring process. Employers can no longer rely on the likes of LinkedIn and old networking methods. These methods simply can’t get the efficiency needed in the new post-COVID recruiting reality, as they cannot deliver quality candidates at the speed needed to ramp up.
Recruiting in the New Reality: Speed is Critical to Success
In the coming weeks and months, there will likely be a surplus of qualified talent in the market due to the level of unemployment. This means the next year will present a unique opportunity to hire qualified candidates. In fact, as the economy comes back to life, your organization will likely need to scale back up quicker than ever before. Unfortunately, it won’t be as simple as calling back those who were furloughed or laid off; many former employees will have already found new jobs, or may simply be unavailable or unwilling to come back. Some will be unable to return due to new childcare or eldercare needs. As such, most organizations will be faced with the daunting task of needing to fill positions quickly and efficiently, without sacrificing the quality of hires.
The traditional style of recruiting is not suited to the post-COVID 19 hiring environment. Visage goes both broad and deep, so employers can fill roles globally and meet their hiring needs in a cost-effective way. Visage uses advanced technology and a network of industry experts to deliver the best talent quickly — offering a combination of over 4,000 expert-sourcers and advanced AI that is able to find the best candidates for job openings in a matter of hours. Visage also offers flexibility, allowing employers to scale up or down along with their changing staffing needs.
With the inevitable upcoming wave of hiring and rehiring, it is important as an employer to get started on your re-hiring plan so you can be prepared to move quickly and efficiently. Visage was built for just such a task.
CEO of Visage & Hopward, Joss is a 15-year veteran in the recruitment industry and a passionate thought leader in optimizing talent acquisition for companies big and small. Hailing from France, but at home on his ranch in Austin, TX, he enjoys free time with his wife and son and plays polo.