The political and economic situation in the world has raised fears of a recession. Many organizations are already gearing up to face such a scenario. All industry sectors would be affected if a recession happens. It is important to understand what a recession would do to IT staffing. With already difficulties in finding good talent, it would be interesting to understand how IT staffing would perform in a recession.
What could happen?
The employment situation today in the Industry is what is described as ‘full employment’. The labor market right now is tight with recruiters finding it difficult to get new hires. Studies show that out of 100 Americans who want to work, 96 already have a job. In such a situation, what would happen if there is a recession?
In case of a recession, many small businesses could shut down or downsize operations. The result would be many people out of job. There would be more people looking out for jobs in the event of a recession. Recruiters would find their job relatively easier with more candidates to choose from.
But at the same time, they need to look for the right candidates. In this situation, it is vital that the candidates selected be flexible, so they adjust to all situations. They must be dynamic and be ready to learn. It is important to stick to the process, so candidates are properly screened. There must be no shortcuts as it can lead to problems during recruitment.
Keep values in mind
While carrying out the recruitment, it is important to keep the company’s values in mind. At every stage of the hiring process, care must be taken to find candidates who are aligned with the company’s core values. The market is moving from being driven by candidates to one being by driven by employers.
It is important to hire employees for the future and not make the mistake of focusing only on the short-term. This is where values play a key part. Would the candidate fit into the company well? Are the candidate’s values in line with that of the company? These are answers that need to be ascertained before going ahead.
When you hire for values, you will ensure team diversity with no hiring biases. It ensures mutual growth for employer and employee. Both the candidate and the interviewer would be empowered allowing smart hiring decisions to be made.
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