Several weeks ago, I was publishing articles on how to hire in a candidate scarce market. The economy was red hot, and there were not enough candidates to fill all the open positions. Hiring new employees was a challenge. Most candidates received multiple offers, and when they tried to resign, they received a counter offer. Wow --how things have changed.
I am an optimist, so I think that once we have conquered, or at least managed COVID-19, the economy will be back stronger than before.
How are companies handling hiring during these uncertain times? Connexis Search Group recruits in the life-science, diagnostics, and medical device industries. Our clients are early stage and medium-sized companies. Below are our observations of how hiring managers are responding to COVID-19.
Most of our medium-sized companies that employ over 300 hundred employees are pausing their hiring, waiting for things to get back to normal. Some hiring managers continue to interview candidates via telephone and video conferences to advance the process. Especially for the searches that were active before COVID-19 and the interview process had already begun. The hiring managers have invested time in the interview process and do not want to lose valuable time by having to start the process over. Others have decided to cease all recruiting activities.
Our early-stage companies (less than 50 employees) that are funded by venture capital or private equity continue to hire. Most of these companies already have short interview processes, using video conferences in place of in-person interviews. Since most of these companies do not have a broad base of customers, compared to medium and large companies, they are not as concerned about the loss of sales revenue due to coronavirus. They are focused on growing their business and need new employees to help achieve their goals.
Advantages of advancing the interview process:
Many hiring managers and candidates have more time to interview since they are not traveling. Once everyone is back to work, finding time to interview will once again be a challenge.
Dis-advantages of not interviewing:
When the economy restarts, you will compete with other companies pursuing the same candidates.
When we return to normal operations, most hiring managers will be so busy managing their teams and clients, that finding time to interview will be challenging.
Here are some ideas on how to advance the interview process:
Conduct multiple telephone interviews
How candidates think in uncertain times:
Candidates with no good reason (something emotional) to leave their current company will be more hesitant to make a change. Candidates tend to change jobs with less reluctance in a robust economy.
I think we will see less "tire kickers" interviewing. Candidates that commit to interviews are motivated to make a change, and it will be easier to get through the interview process.