The economic uncertainty and higher unemployment rate of recent years has left many UK organisations reluctant to commit any further budget towards recruitment marketing, or even cutting resources invested in talent acquisition. After all, why commit resources towards internal recruitment when there are plenty of jobseekers available?
However, the recruitment market is cyclical. Inflation is dropping and the market outlook is looking better: the UK is expected to be the fourth best performing G7 economy relative to pre-pandemic levels. With 80% of UK employers already struggling to find the talent they need, hiring top talent is only going to get tougher over the next year.
That means it’s crucial for talent acquisition teams to proactively adapt their strategies. In this blog, we explore the untapped potential of recruitment marketing and why investing in it during slower hiring periods can be a game-changer for internal recruitment teams.
Why investing in a slow hiring market can pay off
In times of a slow hiring market, it’s tempting for internal recruitment teams to take a step back and conserve resources. However, this downtime presents a unique opportunity to strengthen your organisation’s talent pipeline. Rather than adopting a wait-and-see approach, forward-thinking talent acquisition professionals should consider leveraging recruitment marketing strategies to position their brand as an employer of choice.
It’s a common theme for businesses in a period of economic uncertainty. Famous research published by the Harvard Business Review in 1927 on the recession in the 1920s found that of 250 companies that were studied, those that invested in their marketing performed better during and after the recession:
Likewise in the year after the 2008 financial crisis, Harvard Business Review posted a much-copied, much-admired article called ‘How to Market in a Downturn.’ In it, the authors say:
‘Companies that put customer needs under the microscope, take a scalpel rather than a cleaver to the marketing budget, and nimbly adjust strategies, tactics, and product offerings in response to shifting demand are more likely than others to flourish both during and after a recession.’
It’s clear that when times are tough, businesses that invest are those that will succeed in the future, while organisations that cut budgets are likely to be left behind in the future.
The best ways to improve your recruitment marketing
Build Brand Awareness:
Establishing a strong employer brand is the cornerstone of successful recruitment. By investing in recruitment marketing during slower periods, you can create and share compelling content that showcases your organisation’s values, culture, and opportunities. This not only helps in building brand awareness but also sets the stage for attracting top talent when the hiring market picks up.
Engage Passive Candidates:
Slow hiring periods are an opportune time to connect with passive candidates who may not be actively seeking new opportunities. Through targeted recruitment marketing campaigns, you can engage with this untapped talent pool, fostering relationships that can later translate into successful hires when demand increases.
Optimise Recruitment Processes:
Use this downtime to evaluate and optimise your recruitment processes. Using data analytics and insights from recruitment marketing efforts can help to identify areas of improvement in your talent acquisition strategy. Implementing changes now will ensure a more streamlined and efficient hiring process when the market becomes more competitive.
Develop Talent Communities:
Building talent communities allows you to maintain a network of engaged candidates even during slow hiring periods. By consistently providing valuable content, industry insights, and updates on your organisation, you keep potential candidates connected and interested. When the hiring market picks up, these communities can serve as a valuable resource for quick and effective talent acquisition.
Stay Ahead of the Competition:
Investing in recruitment marketing during slow periods positions your organisation as proactive and forward-thinking. While competitors may be waiting for the hiring market to rebound, your team will be well ahead, already nurturing relationships and building a robust talent pipeline.
Conclusion
In the world of talent acquisition, strategic thinking is key. Instead of waiting for the hiring market to bounce back, take charge now by investing in recruitment marketing. Building brand awareness, engaging passive candidates, optimising recruitment processes, developing talent communities, and staying ahead of the competition are all vital steps to ensure that your internal recruitment team emerges stronger and more resilient in the face of future hiring challenges. Seize the opportunity to transform your hiring strategy and unlock the full potential of your organisation’s talent acquisition efforts. Employers that fail to invest now could be left behind.
Further resources
If your organisation is looking to position itself for future growth, here are some further resources that might be useful:
