Talent acquisition has had to adapt and change throughout varying economic states, according to an article on ERE.net. With each economic fluctuation, from booming to recession or depression, the article suggests that companies have innovated and shifted their talent acquisition strategies to fit the times. The piece identifies three periods that have had significant impacts on talent acquisition: the shift from stability to uncertainty in the late 1990s, the Great Recession of 2007-2009, and the COVID-19 pandemic of 2020.
During the late 1990s, companies began seeking “just-in-time” recruiting in order to quickly fill positions, following lean supply chain management principles.
The Great Recession led to mass layoffs and surplus of job candidates, but also more strategic recruiting relying on data and predictive analytics. This period also saw the development of workforce planning, talent pipelining, and employer branding.
The COVID-19 pandemic again led to mass layoffs, but forced a switch to remote recruiting and onboardings, along with the rise of AI tools and platforms supporting recruiting automation.
Regardless of the economy, the article argues that companies will always need to adjust their talent acquisition strategies to optimize recruiting, accessibility, diversity, and skills relevancy.
