There are various different reports about the impact COVID-19 has had on companies recruiting globally. These range from a decline in recruiting between 20% and 60% compared to normal activity at this time of year.
Companies are starting to come out of their war bunkers with their plans of how to get their businesses back on track and that includes being prepared for a forecasted upturn in demand. Even the pessimists among us believe there will be an upturn within the next 3 to 6 months.
So, how are you going to ensure that you have the team in place to ensure your competitors don't steal market share from you?
If you are thinking that you will need new recruits on board by the summer then, considering the average recruitment process (including a 3 month notice period) takes between 4 and 6 months, surely you need to kick off your hiring activities ASAP?
I have had a few conversations this week with leaders who want new starters in place by July / August but, the reality is that they are not leaving enough time to ensure a robust recruitment process is delivered resulting in an outstanding hire. Any more delaying and you will be forced to recruit what is available at short notice which is unlikely to be the solution you really want. This means the under performers who have already been in the job market for some time and not the passive talent who are still over achieving and happy with their current employers.
Furthermore, your competitors have re-started their hiring activities ahead of you which means they will have first choice on the outstanding talent that you want to join your organisation! I can't tell you how important it is to invest in your business now and stop procrastinating to see what the market does.
Right now, in the UK we are seeing about a third of the usual hiring and job posting activity we would see on a normal week, prior to the impact of Covid-19. In fact, at the moment England is closer to -60% than the -42% figure shown in the chart above. The same can be said for US, which is closer to -80%, and across the world any country with a strong recruitment market, such as France, Netherlands and Germany, we can see significant declines in the amount of hiring activity.