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Top 5 Myths About Recruiting in a Slowing Economy

As the economy continues to generate concern among businesses and employees alike, we thought it might be helpful to share several recruiting myths commonly associated with a slowing economy. These are particularly applicable when staffing market research jobs or digital marketing jobs.

You may have recently heard these from your CFO, GM, or manager. Our objective is to arm you with accurate information to help you locate and hire the best candidates for your company.

1. Candidates are only interested in making more money in a downturn.

Despite the need to make more money given a spouse or family member may have lost their job, this is very untrue. Candidates tend to "chase the buck" more in prosperous times given more jobs are available should a transition not work out as expected. In slower times, candidates seek stability and less risk.

To help attract quality candidates, you should emphasize the financial viability of your firm. In these uncertain times, candidates need to hear the company has the resources to survive (if not thrive) without layoffs, furloughs, or decreases in pay, bonus, or benefits. To the extent public and/or private investors are committed to the company, this should be conveyed to candidates.

2. Finding qualified candidates is easier in a slowing economy.

While job boards get flooded in tough economic times, those posting their resume tend to be the marginal players first let go by employers as they try to manage their budgets. Paradoxically, turbulent economic times make it harder to attract "All Stars" as they are reluctant to make a move -- fearing "last one in, first one out."

You can overcome some of these issues with a 6 month or 1 year employment contract, guaranteed minimum year-end bonus, or a guaranteed minimum sales commission -- which will be particularly attractive to sales professionals in this economic environment.

3. Salaries decrease during economic slows downs.

It's true salaries decrease for those who are currently out of work. However, "All Stars" may require greater incentives (not strictly monetary) and modestly higher salaries to encourage a career change during economic slowdowns.

Potential incentives include remote working (enabling the employee to spend less money on transportation), flexible work hours (providing the ability to spend more time with the family while potentially reducing child-care expenses), and additional vacation time.

4. Candidates are more likely to relocate during a slow down just to get a job.

If your job requires a candidate to relocate, you may want to reconsider that requirement. Selling a home in today's market is exceedingly difficult. And buying a new home may not be possible given lenders have tightened standards -- one of which usually involves the tenure with the current employer.

You may want to consider remote work strategies that include web-based video conferences, web-presentation software, and online collaboration tools. Additionally, scheduled visits to the office (particularly as airline ticket prices are declining) may ease any initial relocation requirements for new employees.

5. Candidates are not looking to advance their careers during a downturn.

A sign of a strong candidate is one who is looking to acquire greater responsibilities or new skills during a downturn. Careers can be "made" in difficult times, and true winners (particularly sales professionals) attempt to seize the opportunity.

To help identify these candidates, you can ask questions that reveal career vs. financial aspirations. Specifically, you can explore the desire for increased responsibility that is accompanied by only limited increases in compensation.

Reeve & Associates
Stamford, Connecticut 06905
Phone: 203-968-2773