{"id":83878,"date":"2024-09-30T12:29:30","date_gmt":"2024-09-30T16:29:30","guid":{"rendered":"https:\/\/isarta.com\/news\/?p=83878"},"modified":"2024-10-03T15:23:59","modified_gmt":"2024-10-03T19:23:59","slug":"hr-trends-what-is-the-impact-of-the-economic-slowdown-on-the-recruitment-world","status":"publish","type":"post","link":"https:\/\/isarta.com\/news\/hr-trends-what-is-the-impact-of-the-economic-slowdown-on-the-recruitment-world\/","title":{"rendered":"What is the Impact of the Economic Slowdown on the Recruitment World?"},"content":{"rendered":"\n

How is the economic slowdown affecting the recruitment sector? Are there really fewer positions to fill? Have employers and candidates adjusted their attitudes and expectations during negotiations for a new employment contract? We took the pulse of recruiters to understand the current state of the market.<\/strong><\/p>\n\n\n\n

This article is part of the special report > The New Trends in Recruitment<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Whether there\u2019s a slowdown or not, it must be recognized that a majority of recruiters still say they are \u201cvery busy\u201d. Leila Senoussi, CRHA, explains the situation as follows:<\/p>\n\n\n\n

\n

\u201cThere are many candidates, but not the candidates we are looking for\u2026\u201d notes the HR consultant. \u201cSome employers are looking for very specific skills in niche areas. Also, in the IT field, many candidates still have in mind the salaries that were granted during the pandemic. There is a mismatch between what candidates are looking for and what companies are willing to offer.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Headhunter Xavier Thorens offers a slightly different perspective, perceiving a \u201cslight slowdown\u201d in the market.<\/p>\n\n\n\n

\n

\u201cIt makes it easier to recruit candidates because they are being approached a bit less than during the peak of the crisis. Salary increases have also been capped, which has given companies time to rebalance their pay scales. Salary negotiations are easier today,\u201d he observes.<\/p>\n<\/blockquote>\n\n\n\n

Watch out for those rolling up the red carpet<\/strong><\/p>\n\n\n\n

However, he acknowledges that there is a balance to be found between what candidates and employers want.<\/p>\n\n\n\n

\n

\u201cWhen we were at the height of the labor shortage, employers gave everything to employees. We saw some quite extraordinary things, like the concept of unlimited vacation. Then, as the market began to calm down, we saw a strong pullback, where employers started cutting these conditions. There was pressure for people to return to the office\u2026\u201d<\/p>\n<\/blockquote>\n\n\n\n

For Xavier Thorens, there\u2019s no doubt: employers who roll up the \u201cred carpet\u201d will regret it when the recovery comes.<\/p>\n\n\n\n

\n

\u201cIf you are an employer who has abandoned these policies, you will lose credibility when the crisis returns. It will affect your employer brand. Today, while the market is not under pressure, it\u2019s the time to rethink policies on remote work, diversity, and inclusion, etc. You need to prepare for the recovery now.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Employer advantage, for a while<\/strong><\/p>\n\n\n\n

More conservative in his predictions, Julien-Pier Boisvert, director of talent acquisition at a software firm, anticipates the beginning of a new employer-friendly era.<\/p>\n\n\n\n

\n

\u201cWe are coming out of about ten years where the market has heavily favored candidates. I think we are moving toward a market that is somewhat more favorable to employers. Currently, I think it\u2019s extremely difficult in technology for entry-level individuals. There are very few jobs available. When hiring today, we want an immediate return on investment,\u201d he observes.<\/p>\n<\/blockquote>\n\n\n\n

However, the recruitment director agrees with Xavier Thorens on the importance of preparing for the recovery.<\/p>\n\n\n\n

\n

\u201cIn a period of acute labor shortage, each recruiter must hire 60 people a year, or one hire per week. We don\u2019t have time to optimize our processes. However, when recruitment slows down, we need to switch to project mode. We use slow periods to deploy projects that will improve the candidate experience in anticipation of the next wave. It\u2019s a cyclical industry. We need to prepare for what\u2019s next.\u201d<\/p>\n<\/blockquote>\n\n\n\n

New Recruitment Realities in 2024<\/strong><\/p>\n\n\n\n