Acquiring Top Talent in the Wake of Industry Layoffs

We’re all aware of what this year meant for tech companies and employees — a surge in job layoffs, reaching 136,000 just in the first three months of 2023.

As major layoffs don’t seem to slow down, the current economic environment also means more opportunities for talent acquisition specialists to attract candidates. The dynamic nature of business sometimes comes with unforeseen challenges, crises, and economic downturns.

However, now can also be the time to attract talent in a market where hiring is extremely competitive. Adaptability is crucial for any talent acquisition strategy, so let’s take a look at some ways to build a sustainable workforce and navigate uncertain times with resilience!

The Changing Talent Landscape: Industry Layoffs and Hiring Opportunities

LinkedIn, Disney, Meta, and Deloitte are just a few of the major companies that announced mass layoffs in the past year. To streamline operations and maintain stability during economic downturns, businesses may turn to cutting jobs.

Although layoffs can be a trying time for affected employees, other businesses now have the chance to expand their talent pool, as people are looking for new career paths.

As opportunities come around, you must act strategically to attract new talented employees. Hiring managers can turn to technology and data-driven insights to find skilled professionals and analyze the company’s present and future needs.

More so, you need to create a compelling employer brand and employee experience right from the onboarding process to attract and retain talent.

Let’s take a look at some strategies for your talent acquisition team!

  • Identifying Valuable Skill Sets: Sourcing Top Talent in the Market

To start building a larger workforce, you must first determine the skills needed in your company to drive long-term growth and try to match those to qualified candidates out there. Determine the precise roles and skills required to strengthen the workforce by carefully assessing both current and future needs.

HR professionals can identify crucial skills and traits that support the company’s objectives and values by working with current employees and the management teams. Then, you can improve your recruiting strategy by using analytics that can determine and predict trends within your organization. You can even speed up the process with AI-driven tools, such as a resume aggregator or a talent ranking program that can shortlist the best candidates.

Lastly, you can turn to websites like LinkedIn and Glassdoor to find useful details about candidates’ employment histories, as well as recommendations from former coworkers or managers.

  • Attracting and Engaging Candidates: Building a Compelling Employer Brand

The days when just candidates had to convince employers are long gone. Now, businesses must also leave a lasting impression on potential hires. Candidates often research a company’s reputation, and 84% of them decide where to apply based on online reviews and 75% are more likely to apply to your job opening if you manage your company’s brand.

As such, you need to promote your distinctive company culture and core values. Focus on building your brand on social media accounts and the company website, as well as receiving positive reviews. You can also lure in prospective employees by highlighting growth opportunities, flexible schedules, and competitive compensation. 

  • Retaining Acquired Talent: Effective Retention Strategies for Long-term Success

Getting top talent is just the start. Keeping that talent around for the long run is equally important. A high turnover rate may harm the organization’s resources and productivity, and turnover costs can be astronomical. Therefore, you need to focus on effective retention strategies in the long run.

Career growth support, a positive work environment, and a work-life balance are just a few factors that influence employee retention. Try to foster a positive and encouraging workspace and promote teamwork and communication among your employees. Another strategy implies providing access to training sessions, workshops, and mentorship programs, showing that you care about their growth.

Lastly, try to match your team with individual opportunities that suit their skills and qualifications, by offering ongoing development opportunities. 

Navigating Uncertain Times: Adapting the Hiring Process to the Industry Climate

You need to ensure your talent acquisition efforts remain adaptable and flexible during uncertain times, even after recruiting the best talent. Technological advancements, market trends, and economic circumstances can all influence an industry’s dynamics.

Therefore, it is crucial for businesses to regularly assess their hiring strategy to align with the demanding macroeconomic environment. Here are some useful tips to assist your businesses in successfully maneuvering through challenging times and making wise hiring decisions:

  • Stay Informed About Current Trends: Keep a close watch on industry news, market trends, and economic indicators. Continuously evaluate how these factors are impacting your company’s talent acquisition process. Staying updated will enable you to anticipate potential talent shortages and take proactive measures to address them.
  • Be Adaptable: In uncertain times, the specific requirements of roles may quickly change. Be ready to modify job descriptions to meet the evolving needs of the company. Instead of solely focusing on strict qualifications, emphasize the indispensable skills and traits that candidates need to excel in the role.
  • Prioritize Employee Recommendations: Employee referrals can serve as an excellent means of sourcing talent, especially during major layoffs. Encourage your existing employees to suggest potential candidates as they are more likely to comprehend your company’s needs and culture.
  • Provide Growth Opportunities to Employees: Invest in enhancing the skills and abilities of your existing workforce so they can tackle new challenges. Giving employees room to grow will help you build a more adaptable and devoted workforce, which will help you achieve long-term success.

Try Gabi for a Successful Talent Acquisition Strategy!

In light of industry layoffs, you can find great opportunities for your talent acquisition strategy if you properly use your resources and time to attract talent. Now is the time to come out of uncertain times stronger than before by embracing change, following news trends, and fostering a culture of growth and flexibility.

To handle your hiring efforts better, don’t hesitate to use AI-driven technology for streamlining and optimizing your recruitment process. Try out Gabi — an effective tool tailored to your hiring needs that comprises features such as a mobile recruiter, talent assessment tool, and communication hub.

Start recruiting candidates smarter, faster, and more effectively!