The Current Candidate Market

At this point in time, due to the Coronavirus pandemic, the hiring process for all companies has adjusted drastically. From video interviewing, remote work, and large reorganization efforts - the business world is in a state of uncertainty for sure.

The Unemployment Rate in America as of April 16, 2020

According to a recent Fortune blog, 22 million Americans have lost their jobs in the past month alone. In the week ending April 11, the number of unemployed persons during that week alone was 5.2 million. Infact, as we draw nearer to May, economists expect that number to grow by another 5 million! It’s truly horrible and is something no person, company, or family wants to endure. And, it’s entirely out of our hands in the grand scheme of things.

The Candidate Pool

Due to the millions of unemployed persons across the US, you can imagine the amount of applications sent, resumes updated, and all of the craziness that goes into the dreaded job search. Especially when so many companies across the country are on a hiring freeze. Sending application after application only to receive that message “We regret to inform you” or, “we think you’re great...BUT”. We’ve all been there and we’ve all felt that frustration. Here’s what Fast Company has to say about The New Candidate Pool:

“The first change is how companies find candidates. Due to social distancing, many are pulling back on national or global advertising, limiting their geographic search. “They look locally first, focusing on their city rather than flying someone in,” says Atta Tarki, author of Evidence Based Recruiting and CEO of the specialized executive search firm ECA. “If they can’t find someone, they’ll slowly widen the search.”

Social distancing may be a positive for internal candidates, many of whom are getting a closer look, says Tarki. “A number of clients said the responsible thing to do is put a freeze on external hiring and repurpose their internal people,” he says.

And gig workers may find opportunities, too, as companies are using them to bridge the gap, says Tarki. “Some companies are putting permanent roles on pause, filling interim roles instead,” he says.”

It’s truly an unprecedented time that we’re living through and there’s not much we can do about it - which, perhaps is the hardest part of this whole thing.

Post Coronavirus Hiring

One thing is for certain though - there is indeed a light at the end of this horrifying tunnel and when we reach that light finally, there is going to be a surplus of positions needed, even more applications sent out, and a completely flooded market. According to a recent SHRM blog, one of the key things you can do if you need to hire quickly and fill those important positions is to look inside, tap into your pool of recent retirees, and act fast!

“Once you jump-start the hiring process, move swiftly to extend offers after you’ve identified the right candidate. Otherwise, you risk losing them to your competitors. Additionally, respond promptly to inquiries from job candidates. Applicants can lose interest in a position and the company overall if they’re kept waiting.”

It’s true and it’s certainly sound advice. If you aren’t able to hire externally, consider something more internal and close to home. We have to get more and more creative with our resources as the days drag on...Hang in there. We are here for you should you need assistance hiring.