How the recruitment market is changing and why this recession is like no other | Talent Matters
The next 6-18 months will be a very interesting time and, as each recession is unique, it’s hard to find indicators from previous recessions of what will happen. This is a ‘job-full’ recession, in contrast to the 2009 recession in which unemployment was incredibly high. What’s important to remember is that recessions are a natural part of any economic cycle, occurring every 6-10 years and lasting for 6-12 months. It’s also important to note that there is always an opportunity in a recession or in any shifting economic time. Some of the biggest and most influential businesses began and boomed in a recession - just look at Airbnb, Disney, Hewlett Packard, IBM, Microsoft, and WhatsApp, all of which were created during different economic downturns. Recessions provide great opportunities for companies to plan for the future, think about how to grow and diversify, and cement the direction in which they need to move to make that happen. We saw this a lot during COVID. It was the companies that were agile and stopped to think about what the world needs right now, that pivoted in response to current market conditions and behaviours, that saw the greatest success. When asked what’s changing in the marketplace, the simple answer is that everything’s changing, all the time. The world of work has never seen so much change in such a condensed period of time. From the complete flip businesses had to perform during COVID, when suddenly the world had to work from home and market trends rapidly changed, to the current climate of hybrid work, we have become used to constantly changing trends. We’re witnessing a massive shift in economies and have seen a war that is causing not just a humanitarian disaster but a global energy and food price crisis. We’re also experiencing high inflation rates alongside low unemployment rates, which has caused a recession like no other experienced before. We have almost full employment and are seeing phenomenal numbers of open jobs on LinkedIn. The rate of change is so fast, even the economists are finding the next few months, let alone the next few years, difficult to predict. --- EP210 | Insights into key candidate motivations | Dave talks to…Cara O’Leary 🎧 https://open.spotify.com/episode/7F46KwBCOQ4sPP1RNzK8qH?si=HtzarHEKR3OViBbmeHafXQ 📖 https://wave-rs.co.uk/blog/dave-talks-to-cara-oleary-talent-matters-podcast/
