Adjusting to Recruiting During an Economic Shift

As a young millennial, Covid-19 is the first global affair I have experienced as an adult. When I graduated college in 2013, the US economy slowly recovered from The Great Recession, and that growth continued through earlier this year, forming one of best economies in US history.

Living through 9/11, The Great Recession, the Dot-com Bubble, and other events as a child, I saw first-hand the impact of such economic catastrophes without needing to worry about paying my bills or making other tough financial decisions. One thing I learned is that there will hurting and hardship, but the world will overcome these hurdles!

Hearing stories of foreclosures and financial struggles during the recession encouraged me to take my personal financial responsibility seriously and to be prepared for inevitable changes in the market. I also saw the importance of flexibility. I appreciate long-term goals and visions, but unforeseen factors can quickly derail plans. Being adaptable allows you to analyze the difficulties thrown your way and adjust your plan quickly to minimize disruptions.

When stay-at-home orders were put into effect, TEWS adjusted by working from home and we began recruiting on positions outside of our wheelhouse. We recognized that some of our typical positions weren’t going to be in high demand over the next few months, so we temporarily adjusted our business model.

Besides still being a recruiter, my life doesn’t look much like it did before the pandemic. I rarely spent time at home. I had about a 45-minute commute and would go to run clubs or trivia nights regularly after work. On the weekends, I would travel around Florida or be on a flight to see my family out-of-state. Now, I can go days without leaving my apartment. My kitchen converts to my office every morning, my gym after work, and I discreetly tuck away my work equipment in the evening to maintain some transition from work to relaxation.

My job has become more personal, too. I have been able to use my recruiting skills and resources to help my friends who have become unemployed over the past few months prepare for their job search. I have been able to provide feedback on their resume, tips on fine-tuning their job search and polishing their interview preparation skills to assist them in securing their next opportunity!

Six months ago, I could not fathom what a recession was like or how it could happen. My colleagues have shared stories about their experiences through past events, specifically The Great Recession and how over a few months the economy collapsed. It blew my mind that a booming economy could just stop… but here we are!

Something else I learned from my team is that every economy has its hiring struggles. Recruiting in a thriving economy is exciting! A perfect candidate for a specific job doesn’t often exist, but creativity and negotiation can yield a close match. Unemployment data and job market trends were essential in setting expectations with clients on what types of candidates were available and what it would take to convince an employed candidate to leave a company. Skilled candidates actively searching for a new position were likely to receive multiple offers within a week of starting their job search, requiring the interview process to speed up significantly!

After the financial crisis in the early 2000s, high unemployment made getting an interview a competitive process. We saw candidates being more flexible on their requirements such as pay, hours and being more open to temporary positions. Candidates formerly employed permanently were considering part-time or short-term positions. In contrast, companies needed to be more flexible in recent years to attract top talent. Perfect equilibrium between the number of candidates and open positions is near impossible to achieve. As we go through market adjustments, candidates or companies will alternate the need to be flexible. As we continue to recover from Covid-19, it is likely we will see candidates adapting their expectations and accepting positions they wouldn’t have considered earlier this year.

The naivety in me hopes Central Florida will pick up right where we left off with an immediate uptick as we head back to the workplace with Phase 2 of the re-opening of the economy. The reality is that it will take time to rebound, but just as the world has made it through other crises, I know we will make it through again. I don’t know what life looks like for us in the near future as we recover from Covid-19, but I know that the only option we have is to keep moving forward and to support each other. There are going to be more bumps along the way, but we can focus on controlling what we can, adapting to what we can’t control, and letting ourselves grow from the adversity.