Adapting to Current Job Market Changes

Thanks to COVID-19 the country has experienced changes in the job market. Nearly all industries have felt a significant impact. The devastation has affected everyone, including Career Group Companies, as the country’s unemployment rate nears an all-time high.

But while the current market looks uncertain, unexpected societal changes have come about: the reduction in travel led to much better air quality in major US cities, dozens of brands are giving back (support them if you can!), and celebrities everywhere are hosting virtual concerts that you can watch no matter what, without the high ticket price. 

Our Career Group Companies recruiters have some important insight for making it through this time, and ensuring your business will thrive when the market reopens. Despite the turmoil, we’re confident we can get through this stronger, together. 

1. Build talent pipelines now. 

Continue to interview and evaluate your candidate pool, which has grown due to the recent job market changes. Take time to focus on what your company’s most important needs are, prioritize them, and build out a talent pipeline based on this. When you’re ready to hire again, make temporary and temp to perm hires to ensure a good long-term, in-person fit.

2. Stay connected with your candidates.

Before the crisis, many companies were in final stages of the interview process – discussing salaries, checking references, and giving verbal offers. To ensure you’re not missing out on top candidates, allow them to onboard remotely. If you can’t do that, send concrete offers to candidates with a delayed start date. Alternatively, make an offer contingent on stay-at-home orders being lifted. Some companies may not be able to extend an offer because of the job market changes. If this sounds like your company, keep in regular contact with candidates during the hiring freeze, to stay top-of-mind. 

3. Emphasize hiring for hybrid positions. 

This time has shown us how important it is to have employees with the ability to take on multiple roles. When looking at your hiring strategy, focus on candidates with a well-rounded background, as opposed to specialized skills. Your recruiting partner can also help with long-term planning. This way, you can make the most efficient, intentional hiring decisions when structuring your future staff, and adapt to future job market changes. 

4. Focus on your company’s digital presence.

Especially within the fashion and creative sectors, businesses have been forced to move entirely online because an in-person presence isn’t an option right now. Be in the best position to take advantage of this shift by considering a website redesign and utilizing tools like social media and email marketing to connect with your customers. When things return to the status quo, this digital presence should be maintained to act as a secondary imprint of your company – maintain your company’s digital presence by bringing on a freelancer or part-time individual through our creative division, Syndicatebleu.

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5. Look towards the future + be ready to rebuild.

It’s hard to know what the future will hold, but be prepared for lasting impacts.  First, rework your interview process to be more personalized and virtual, as candidates will not want to interview in offices for some time. Also, lean on your recruiting partners during this time for whatever type of help you may need, outside of hiring. We remain your trusted recruiting partners and having experienced economic downturns in the past, we know how to plan ahead for a bright future.

As your premier boutique staffing partner, we are here for whatever you may need right now and always. Our Wellness Coordinator program can assist as you execute your business’ reopening plan. Additionally, our recruiters can advise on everything from virtual onboarding to company organization to maintaining market presence. If you’re looking to vet prospective employees, encourage them to compile their references online using WorkGrades.

We hope you are staying safe during this turbulent time. It’s important to know that while things look strange now, the market will pick up again. In the meantime, stay safe, wear a mask, and make sure you’re washing your hands!

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