3 Tips to Shift Your Talent Acquisition Strategy With the Changing Market

3 Tips to Shift Your Talent Acquisition Strategy With the Changing MarketIn 2018, Korn and Ferry estimated there will be a global human talent shortage of mora than 85 million people by 2030. Just a few months ago, this seemed to be a highly-believable estimate. However, now there are predictions of a 2020 recession, meaning talent acquisition pros could see an unexpected flood of candidates.Yet despite the projected 2020 outlook, Jeff Daniels, a reporter at CNBC, says the national economy is forecasted to rebound in 2021. The ebb and flow and uncertainty of the economy is constant. And as a talent acquisition pro, you must prepare strategies for these fast-moving, drastic market shifts.Heres how you can adjust your talent acquisition strategies to keep up with the changing marketCut costs with new toolsNo matter what the outlook of the economy, youre always under pressure to reduce talent acquisition costs. However, those reductions need to be made without sacrificing the quality of talent you hire.Naturally, you want to implement every proven tool and take every reasonable measure to attract and hire top talent. But theres a vast difference in where you spend your budget during a talent shortage compared to a talent surplus. Unfortunately, when the market takes a drastic shift, youre more limited than ever because budgets tighten with the market.Reassess where your talent acquisition process needs the most help during a talent surplus. Tools focused on attracting or sourcing talent may take the back burner as more candidates enter your pipeline. Now, the most effective tools for your gruppe could be automation and assessment software.In the instance of a talent surplus, you might be tempted to use AI to analyze candidate information. However, to operate effectively and accurately, AI needs a LOT of data, and especially data specific to the job opening. Without this predictive data, AI actually increases your likelihood of unconscious bias.Cutting talentacqu isition costs while adding new tools isnt just possible, its ideal.Click To TweetStreamline processesIn a tight labor market, the number of candidates you source and assess for each role is limited. A decline in the market causes those numbers to increase, oftentimes, rapidly. If youre not prepared for this shift, the sudden influx of qualified applicants makes it more challenging to quickly and effectively source the best-fitting talent.Its critical you focus on streamlining every step in the process to decrease time-to-hire and, as a result, cost-per-hire. Use tools, like interview scheduling software or recruiting chatbots, to cut time out of your talent acquisition process without negatively impacting the candidate experience.Scheduling software allows you to make one less time-consuming touchpoint while improving the candidate experience. Candidates actually feel more in control of the scheduling process. And you decrease the amount of time between application and having an int erview on the books.Streamlining your hiringprocess doesnt need to come at the cost of your candidateexperience.Click To TweetReview more applicantsNo matter what, your goal is to efficiently and effectively review talent in the early stages of the hiring process. During a talent shortage, however, it doesnt take as long to review candidates as it does during a talent surplus simply due to a lower number of candidates.Unfortunately, when the market suddenly shifts, you cant spend more time reviewing applicants without impacting some other area of your talent acquisition process. Its even more important to find talented and dedicated employees to help pull the company through any upcoming hardships.Additionally, candidates facing or in the midst of a recession are anxious. Theyll be even less willing to wait around for opportunities as you review an onslaught of applicants.Adding one-way video interviews to the early stages of your interview process helps personalize the process whil e quickly reviewing candidates for cultural fit and soft skills.Assess with your team what candidate information is critical at this early stage of the interview process. Then, determine the minimal number of questions candidates should answer to ensure youre effectively assessing who should move into the next round.