Recession-Proofing Your Talent Acquisition Strategy - O'Neill Insurance Skip to main content
HRRecruitment

Recession-Proofing Your Talent Acquisition Strategy

By December 12, 2019 No Comments
recession-proofing your talent acquisition strategy

From a talent attraction and retention standpoint, is it time to recession-proof your business?

Creating an ideal candidate profile can help.

As you know, recessions are not new.

In recent history, there was a dot.com-fueled recession in the early 2000’s.

And another precipitated by the housing market less than a decade ago.

Each time, though, different sectors of the economy are hit harder than others.

Yet, despite their variations, recessions share at least one quality:

Employees tend to feel the greatest impact.

Historical trends indicate that, while we’re not a recession now – it’s bound to happen.

In fact, according to the Wall Street Journal, 50% of CFOs in the US said they are preparing for a recession. 

Some anticipate an even shorter time frame.

Should You Be Worried?

I’m not sure “worried” is the word to use here.

Perhaps you could be “prepared” though.

Prepare your company for the inevitable economic downturn.

The current economy favors job seekers, but when the market dips, there will be many more applicants to sift through.

This means you need a clear vision for what kind of candidates your organization is seeking.

To start, create an ideal candidate profile.

This can help you, your talent acquisition team, or your recruiters find the most suitable candidates for your company.

Creating a Candidate Profile

A candidate profile is simply a collection of information that can tell you a lot about an individual.

For example, if you want to get to know an acquaintance better, you might peruse their Facebook profile because it contains a lot of information about that person.

Imagine if you had a profile for your ideal new hire candidate – something you could reference to determine if an individual is a good fit for your organization.

While a resume is helpful in this scenario, a candidate profile offers allows you to hone your interviews and discover top talent that’s not based solely on paper.

Think of the profile more as blinders to help ignore flashy resumes and keep you focused on the qualities that really matter.

Sound too good to be true?

It’s actually something that workplaces across the country are already using.

What is an ideal Candidate Profile?

An ideal candidate profile is exactly what it sounds like.

It goes further than a job posting or resume requirement – and focuses instead on the person’s ability to do the job, not simply to get hired for it.

You brainstorm all the qualities and characteristics that would make an individual fit perfectly into a role, then condense those qualities into a few bullet points.

For instance, your profile might include:

  • Cares about our purpose and vision
  • Thinks team first
  • Will do what’s in the best interest of the customer, always
  • Seeks to make a difference in his/her community

Once you have a profile, you can use it when interviewing candidates.

In the profile example above, you might direct interview questions around those qualifications by talking about your company’s charitable contributions and asking the candidate to share thoughts on the subject.

The idea is to ask questions that allow the candidate to show you their true character.

It goes above and beyond the written words on a resume – with the education, experience, and credentials.

The candidate profile is there to make sure you know exactly what characteristics you should be looking out for.

In Closing

While the talent gap is tight, it may be the perfect time to build out these candidate profiles.

Aside from the education, experience, and credentials – what soft skills, qualities and characteristics are you seeking from your ideal candidate?

Once the profiles are built, use them to support you during the interview process.

…and never settle for a candidate that doesn’t align.

Ready to make your first Candidate Profile? Check out this article by Harver, that outlines the specific items to include in your Ideal Candidate Profile.