Higher candidate volumes and less open positions require budget cuts, a shift in candidate management, and strategic growth plans.
Everyone remembers the housing crisis of 2008 that brought on a global recession, unemployment levels soared, and the labor market started to favor employers over job seekers. Even though an economic crisis puts employers in a relative position of power, it also creates unique challenges such as a reduction in budgets for advertising and TA staff, and an increase in candidate volumes to process.
The past decade firmly landed us in “full employment” territory. It took about 3 years from the market crash for employment to return to healthy averages, and with it came a drastic shift in open positions. Some jobs no longer existed, while new highly technical and harder-to-hire-for openings became more popular. Recruiters adapted, investing in automation and AI technology to offer a seamless experience in a candidate-centric market. These days, candidates are once again calling the shots, and HR teams around the world are scrambling to meet the demands amongst cut-throat competition.
In today’s market, it’s relatively easy for people to find jobs, pushing the industry towards innovation and differentiation. In this context it’s