Funny what difference a few weeks make huh?
Looking back to February, you can hardly believe that key sectors/roles with skills shortages included IT, Hospitality and Travel.
As the coronavirus crisis continues, hiring data is emerging that paints a mixed picture for all these areas. Tech recruiting which, in the preceding months and years, has been stuck on an upward growth trajectory as everyone digitised their businesses appears to have changed almost over night.
Tech hiring activity amongst 100 of the U.K.’s top tech companies has fallen 31% in the last month.
Furthermore, over 25,000 job vacancies across the tech sector as a whole have been lost between March and April.
In addition, more than 50% of those companies have dialled back on hiring. The result is that there are now thought to be 38 job seekers on average per available job — the most competitive for each vacancy U.K. tech has been since the 2008 financial crisis.
Going back to the quote at the beginning, we’re seeing a real difference in how employers are using these unique times to keep top Tech talent engaged.
Whether these professionals are paused in your recruitment process – or just starting to interact with your employer brand – some organisations are building engagement strategies to retain visibility and engagement.
Whereas the more short-sighted have just locked down TA & employer branding.
At TMP we’re supporting some employers to review their candidate experience and sharpen up their audience personas & outreach strategies. We’ve also supported one professional services firm to run virtual networking & engagement events that keep pipelined candidates engaged whilst they’re not recruiting.
In the world of consumer marketing, there’s an abundance of evidence that supports ongoing investment in branding during a recession - as it leads to disproportionate growth in brand awareness and sales once the market returns.
Perhaps this is the time to join those proverbial fishermen in repairing your nets?
I’ll leave the final word to the legendary driver Ayrton Senna who said ‘…You can’t overtake 15 cars in sunny weather…. but you can when it’s raining.'”
When A Recession Comes, Don't Stop Advertising Numerous case studies point out the best strategy marketers can have during a recession is to... [+] maintain their advertising budget and/or change their ad message to adapt to the current economy, it will provide long-term market growth for their brands. Often times when a recession happens, businesses, fearful of declining revenue, begin to cut back in various areas, including their ad spending. In the aftermath of the last recession in 2008, ad spending in the U.S. dropped by 13%. Broken out by medium, newspaper ad spending dropped the most at 27%, radio spending dropped by 22%, followed by magazines with a decline of 18%, out-of-home by 11%, television by 5% and online by 2%.