Negative economic news impacts how job seekers make career decisions. And this decade certainly started off with plenty of negative economic news.
For companies looking to hire, this dynamic presents challenges. There’s an upside, however. Navigating those challenges requires the same fundamental skills and tools as hiring during an economic boom would require.
Here’s a look at how economic downturns translate to candidate behaviors and hiring decisions — and why companies with data-driven hiring processes in place now are in a position to succeed.
How People Respond to Negative Economic News
The U.S. is officially in a recession.
And according to Gallup, 71 percent of Americans believe the economy is in a recession or a depression. Contrast that to when Gallup asked Americans the same question in late March. Then, only 57 percent said the economy was in a recession or depression.
It’s human nature to respond defensively to the threat of precarity. When any of us feel that our investments are in trouble or hear that the economy is shedding jobs, we look for ways to safeguard ourselves and our loved ones against that danger.
A study from the University of Amsterdam details what drives that dynamic. Over
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