
The world has changed. It is easy to look at how COVID has affected us on a personal level - mask requirements, social distancing, travel, the unprecedented school year, etc. - but what about your business?
Over the next two weeks, we’ll explore the different ways COVID is impacting companies' abilities to staff to appropriate levels and discuss why an outsourced recruiting solution is a great option in our current climate.
Let’s start by reviewing a few ways that COVID-19 has impacted corporate America:
Budget decreases
Most businesses struggled through March, April, May, June, and July and looked to decrease costs wherever possible. On the chopping block - travel, new hires, jobs, pay, and EXTERNAL RECRUITERS! Reducing spending on external or internal recruiters is one of the easiest and quickest ways to reduce cost. This is effective in the short term, but how do you find talent once you look to hire again, especially when the budget is still restricted?
Uncertainty / Difficult to Forecast Production
This seems to be one of the biggest issues companies are facing. As an example, one food production company shared with us that one part of their business is growing due to demand with grocers, but other areas are at a stand-still due to lack of need with schools and restaurants being closed, partially open, or operating at reduced capacity. Many Talent Acquisition leaders are now unable to predict / project hiring past 2-3 months.
Layoffs / Furloughs & Impact of CARES Act
Unemployment numbers have recently surged to over 13%, a number we have not seen since the Great Depression. The government stepped in with the CARES Act, which included an enhanced unemployment package, to assist people through these challenging times. These steps helped everyone through a rough couple of months. The good news is that quite a few companies are looking to hire again.
Working From Home / Training New Employees
An astounding number of people made the move from their office to working from home. How has this affected recruiting? Managers must adapt to new interview processes and also train new employees. This has led to slower hiring processes and indecisiveness when it comes to deciding to offer a candidate a job. Slower cycle times lead to losing the best talent.
Stay tuned next week for a look at how an outsourced recruiting solution can help you navigate these issues and ensure you are bringing the best talent into your organization. In the meantime, you can visit our webpage to learn more about Orion’s RPO Solutions.
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