How 2020 Unemployment Conditions are Different from 2008 and Why That Matters When You Have to Recruit

How 2020 Unemployment Conditions are Different from 2008 and Why That Matters When You Have to Recruit

One of the biggest challenges those in the recruitment space have been facing over the past few months has been, where do we go from here? We look back to a similar time during 2008/2009 for some guidance. However, we need to distinguish that the information we learned 10 years ago may not necessarily help us now.

How this is different

The 2008 financial crisis began primarily in the housing sector, whereas today, in 2020, we are experiencing a health pandemic, and each has a different impact. Naturally we want to learn from information and knowledge we gained previously to navigate how to cope with recruitment needs of today. But this would prove to be an ineffective strategy as the unemployment position then is not the same as it is today.

The world has been shifting into what we all call our “new normal” and that is going to mean something different for everyone. During the financial crisis, we witnessed a gradual bounce back but when dealing with a health pandemic we see a change in candidate groups and behaviours that are not comparable to those of 2008.

2008 & 2020 at a glance

Nearly every industry was impacted by

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