Taking advantage of the hiring slow down

When recruitment slows down, companies can save money and increase profitability. But what about the endless hours your team’s invested in becoming a preferred tech employer?

Staying relevant to candidates during phases of slow growth will give you a competitive edge when the demand for tech talent returns in the coming months. Here are 6 reasons why you should keep speaking to candidates in your market, regardless of your current breather!

1. Market knowledge

Interviews with senior candidates in the market always provide business leaders with insights about their industry and competitors. Not only does speaking with candidates give you the opportunity to build rapport with a future candidate, but it also gives you an understanding of which of your competitors are hiring, what their growth plans are, and how their business is doing in general. Understanding what the market is doing is vital for staying ahead in times of turbulence. Speaking with candidates in multiple interview processes will also give you insights into what other companies in your industry are looking for, and the types of benefits and compensation they offer.

 2. Employer Branding takes years

The last thing you want is to lose all the momentum your company has built over the last few years to become a preferred employer. Regardless of your investments thus far, you risk wasting every euro by abandoning this work altogether. We’re not saying you must spend continuously to see ROI on employer branding. We’re saying that ROI comes from consistency and follow-through on the initiatives you’ve already started, which means ongoing investment in time and attention.

3. Build relationships for the future

It’s no secret that due to layoffs, some of the best engineers are currently on the market. So why is it so important to keep the conversation going? It may be awkward to tell candidates that you’re not actively hiring, but emphasise that you hope that it’s a temporary situation. Stress that you look forward to having quality candidates like them join your team when things are back to normal.

You could even explore options like email marketing strategies to share relevant content with previous applicants and encourage candidates to connect with you on LinkedIn or follow your company. This gives future candidates a glimpse into how your company engages with employees, customers, and the community.

4. Word of mouth amongst talent

As recruiters, we know better than anyone how engineers exchange information. This knowledge-sharing extends to their ideas, opinions and perceptions about employers and ex-employers. Making a good impression on a candidate will have a long-lasting impact on them, ensuring that they vouch for you when surrounded by others in the industry. By continuing to speak with candidates, regardless of whether you are planning to make a permanent hire or not, you’re creating not only brand awareness but also brand custodians.

5. Optimise your hiring process 

You don’t need us to tell you this, but once the world returns to normal, there will be a scrap for technical talent. Why not take this time to get feedback from existing employees and reflect on which areas of your hiring process you can improve? Especially in a competitive hiring landscape, it will be crucial to have an efficient process and be clear on how you test technical skills.

Deep dive into your recruitment metrics and figure out where you’re lacking and the areas that you need to work on.

6. Employee retention

There’s no question about it, a slow recruitment market is way better than layoffs. But that doesn’t mean that it’s not troubling to your employees when they don’t observe business growth.

Maintaining strong employee engagement and satisfaction can reduce employee turnover by 28%. That’s especially important during a hiring freeze when companies would have difficulty replacing valuable employees. Ensure that you frequently communicate the status of the hiring freeze, and how long it’s expected to last.

Despite the decline in tech hiring globally, why not see a hiring slow down as a silver lining to this proverbial gloomy cloud? Make the most of engaging with your candidate community and get a head start on the competition before tech hiring returns to its former glory days.

Ready to start speaking to your market? 

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