During economic downturns, HR technology isn’t nearly as susceptible to the highs and lows of the broader market. One exception to that is recruiting technologies and services, which tend to get impacted by a reduction in hiring demand.
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Don’t call it a comeback.
The immortal words of LL Cool J are resonating through nervous recruiting departments across the country as they conservatively make rehiring plans — particularly since unemployment has clawed its way back to below 10%, the first time since the pandemic started.
Conventional wisdom says that recruiting software might be one of the worst types of technology to be selling to businesses during an economic downturn. After all, you might assume that all recruiting tech leaders are probably looking at more ways to optimize and reduce their tech stack than looking for new tools and technologies.
As weeks have stretched into months and the global pandemic has taken its economic toll on businesses and people, recruiting continues to feel its way through what’s next.
For individuals like Vanessa Raath, who wrote here late last month on how she’s staying relevant, transforming into the role of a helper for the good of her team and the industry is an amazing example.
HBR: Don’t Hire the Perfect Candidate
Companies often throw good money after bad when looking for the perfect candidate for an open position. Due to the lingering effects of the recession and the perception of a glut of talent, hiring managers are still picky about their hires and many jobs remain unfilled. Who can blame them? The cost of hiring the wrong person is extremely high, especially when you factor in many of the hidden costs.
Requiring disclaimers on employees’ social-media posts codifies a lack of trust and doesn’t resolve issues of accountability, argues HR blogger Lance Haun. Companies must either get comfortable with employees having an Internet presence tied to the company, train them to be better at what they do online, or allow zero work-related posting.