According to the Department of Labor, during the early years of the most recent recession, the number of unemployed persons per job opening was 1.8 in December 2007; by June 2009, there were 6.2 unemployed persons per job opening, but that ratio has trended downward since and was 2.9 in October 2013.
Even more striking than the raw figures are the translations published by the Bureau of Labor Statistics, which show that almost 90 million Americans are not working or seeking employment as a result of dropping out of the labour force. These folks include the elderly, the young, and those who have just given up due to a lack of solid training or knowledge.
Recruiting in a difficult labour market is never simple, but clever entrepreneurs know how to think imaginatively in order to handle difficult situations.
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Reduce Hiring Costs
Young, fast-growing businesses cannot afford to suffer the $15,000 or more penalty each time they engage an executive recruiter to locate new employees. Any method you can cut that cost equals more money in your pocket.
Engage workers in the search for qualified new personnel and reward them with a bonus.
By dialling industry network contacts and asking for leads, you may completely avoid recruiters.
Negotiate a discount if you must utilise a recruiter.
Find a Recruiting Specialization
We discovered some genuinely unique recruitment tactics among individuals who understand how to create specialised recruiting niches in the same manner that firms build niche markets for their own goods and services.
Recruit and recruit retired seniors — many retirees are willing to slow down but not fully quit working. Because of the current crisis, many soon-to-retire employees are not looking at the solid portfolios they formerly had, and these individuals have significant expertise to contribute. Sending letters to human resource departments in search of folks who are about to retire is an excellent approach to reach out to those who wish to work part-time and generate an income in retirement. It’s a win-win situation for everyone.
Hire your own consumers – many businesses have goods and services that their customers are extremely enthusiastic about, even if there are things they would want to change or better. From the perspective of management, it is simpler to advertise your firm as a fantastic place to work if the workers are already familiar with and utilise the goods and services.
Leverage employee networks to your advantage — you don’t have to wait till someone is departing to use them as a recruitment resource. Inform workers that they may suggest prospective employees for new opportunities, even ones that have not yet been publicly listed. Giving a bonus is fantastic, but the emphasis should be on finding the appropriate match for the organisation and the position to accomplish the job well.
When one of your workers leaves, include them in the process of selecting a successor. After all, who better to know what the work requires than the one who is about to leave it? This is a terrific approach to establish a good connection with individuals who are going – you may just get them back – and with those who are coming in, since they hear the true storey and may have some new ideas to address the challenges left behind by the one who is leaving.
Freelancers can help you grow.
Throughout the recession, the freelance community has risen dramatically as many formerly full-time workers have elected not to re-enter the cubicle grind and instead strike out on their own. Finding skilled freelancers with good references and their own website is simpler and more dependable than ever thanks to the Internet, Twitter, LinkedIn, and other online sources.
Furthermore, you may engage a freelancer to undertake the task you need at the moment without incurring the overhead and cost of a full-time employee. If the employment turns out to be full-time, you’ve already put your employee through their paces as a freelancer and may offer them a more permanent work schedule.
Investigate Alternative Recruiting Methods
A new recruitment or job-matching board appears almost every week these days, so there are several possibilities for corporate leaders to save money by using leaner and more agile recruiting choices. Some of the following are highly recommended: