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Speedy Talent Strategies for a Slow Economy

By: Sara Balaban, Drift Employer Brand Content Creator

Whether your organization has felt the effects of the current economy or not, now is the time to question if your talent strategy is resonating with the talent market and is set up to deliver the best value to the business. In this blog, we’ll learn how to:

  • Stretch your talent pool beyond your immediate locations

  • Explore alternative hiring resources to keep up with today’s on-demand economy

  • Repurpose your internal talent pool to solve existing business needs

With all of the hype surrounding the job market lately, it’s fair to say that it’s an uncertain time to be a job seeker or even someone actively employed. The uptick in recent mass layoffs and job freezes has left many on edge about navigating a job search again or if their current job may be in jeopardy. Despite the economic slowdown, the market is flooded with tons of skilled and passionate candidates looking to find work, and they’re competing with many others while the news of more company layoffs seems to be on the rise. And to make the labor market more complicated, talent attraction in 2023 requires companies to keep thinking creatively about how they set themselves apart from the competition.

So, how can this fickle market influence your talent strategy? With the swift changes happening and talent demanding tons of different work preferences following a global pandemic, it’s more important than ever that companies going through layoffs (or not) see this as an opportunity to evaluate their talent strategy with a fresh perspective.

As you read on, you’ll have the opportunity to put yourself into the mindset of a modern-day candidate, and you might find the key to diversifying your workforce and driving an inventive talent strategy that will have talent knocking at your (ATS) door.

It's time to start thinking in the mindset of the people you need to attract.

Thinking Beyond Borders

In the three years following the start of the COVID-19 pandemic, we’ve seen significant shifts in how companies operate and how talent wants to work. Many moved to new locations or traded their 9-5’s to work in different time zones while trying the digital nomad life. Others took a break from full-time work to recharge by switching to part-time or project-based work. With more companies wanting to transition back to in-office or hybrid work settings, it’s essential to remember all the different ways that candidates can explore an opportunity with your organization.

While juggling the contrasting desires of today’s talent market sounds hefty, companies like Deel are thinking outside of area codes and changing the future of hiring, allowing businesses to focus on hiring the best regardless of where or how. And, with the increase of companies announcing layoffs and others tightening their belts over budget concerns, considering a resource like this may be a cost-effective way to meet your business needs and exercise an innovative way of hiring, whether for full-time or perhaps even contract employees. If you’re looking to stay relevant and competitive, and expand your talent pool, check out how global e-commerce logistics company, Floship has utilized this platform to hire both full-time and freelance employees.

Thinking On-Demand

While Deel may not be for every organization, we can’t deny that we live in an “on-demand” world where instant gratification is becoming even more relevant to our daily operations. After the pandemic, many of us crave a change of experience in our day-to-day routines, meaning that how we work might look different. In the modern world that we live in, where we can have food at our doorstep and a car service waiting for us at the tap of a finger, why not think about where an “on-demand” talent strategy could benefit your organization, attract a different talent pool, and may also be another cost-effective solution to hiring challenges?

Take Upwork, for example. A fast-growing platform connecting businesses to freelancers or other independent workers that are helping organizations embrace the gig economy that we can’t ignore. With business demands rapidly changing and the talent market still desiring a level of flexibility and autonomy, why not consider a solution that can be a win-win for all? Thumbtack, an online service company, found so much success with their pilot program using Upwork that other departments across their organization started utilizing the platform to hire contractors for administrative, writing, and data entry functions. And besides this being a resource to help businesses get access to skills that might not warrant hiring someone full-time, Upwork provides talent with an opportunity to build their experience and find reprieve from traditional job-search methods.

A bonus perk? For those affected by recent mass layoffs, Upwork may be just the platform to showcase and build your skills and explore project work while continuing the job search.

Inward Versus Outward Thinking

It’s common to hear many companies say that their “people are their greatest assets,” but when push comes to shove, how many companies can prove this statement true?

As layoffs and budget freezes continue, thinking differently about talent strategy and overall employee engagement and retention will make organizations stand out and hopefully increase their talent attraction. While Seagate Technology, a data storage technology company, recently announced that they, too, are cutting jobs, we can learn from the global talent redeployment strategy they implemented during the pandemic. When the market shifts and talent demands change, identify where you can upskill your internal talent instead of looking outside your organization.

This effort was no small feat, especially given the company's size at the time, but the results were outstanding, with 90% of employees registering to participate in the program within just 45 days of kicking off. Imagine how much money can be saved and how much employee belonging and retention could increase by showing your employees how much their careers and development are supported. Looking inward to upskill and tap into your employees’ hidden talents makes them feel appreciated and seen. Companies also benefit because the ramp-up time to learn the business, the products, and the culture is significantly reduced, and helping employees meet their personal goals is a parallel effort for companies to meet their business goals.

Regardless of where the labor market turns next, companies should consider shifting their mindset around how they hire. As the unpredictable world around us continues to change, we need to keep up, think futuristically, or simply fall behind. Whether your organization has been impacted by layoffs or is operating as usual, now is the time to think differently about your hiring methods and how they tie into the experience you provide to your employees, the culture, and overall talent attraction.

To learn more about the Drift approach to employer brand and culture strategy, visit our site or book a call to learn more about how we can guide you toward a powerful employer brand strategy that delivers results for your business.


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