How 2020 Unemployment Conditions Are Different from 2008 and Why That Matters When You Have to RecruitJune 23, 2020 at 09:20 AM — Post
One of the biggest challenges those in the recruitment space have been facing over the past few months has been, where do we go from here? We look back to a similar time during 2008/2009 for some guidance. However, we need to distinguish that the information we learned 10 years ago may not necessarily help us now.
How this is different
The 2008 financial crisis began primarily in the housing sector, whereas today, in 2020, we are experiencing a health pandemic, and each has a different impact. Naturally we want to learn from information and knowledge we gained previously to navigate how to cope with recruitment needs of today. But this would prove to be an ineffective strategy as the unemployment position then is not the same as it is today.
The world has been shifting into what we all call our “new normal” and that is going to mean something different for everyone. During the financial crisis, we witnessed a gradual bounce back but when dealing with a health pandemic we see a change in candidate groups and behaviours that are not comparable to those of 2008.
2008 & 2020 at a glance
Nearly every industry was impacted by what took place in 2008, and jobs were lost in nearly every segment and sector.
Fast forward to today.
What took place over a three-year period occurred within a few short months in 2020. Note how industries were disproportionately impacted. As opposed to 2008, the hardest hit industries have been leisure and hospitality.
The Great Recession consisted of nearly every industry being hit whereas what we are experiencing today is disproportionate as far as impact. Some industries will thrive and some may not make it through.
What does all this mean?
Change is here to stay and we have to embrace our new normal. So the question is, how do we do that?
Keep in mind that data changes daily. What we relied on a month ago, does not necessarily mean anything today. This is a time to make strategic decisions, and to stress the importance of having a seat at the table for responsive recruitment.
For additional insight into how to adjust your recruitment strategy to succeed in the current environment, check out the recording of Appcast’s recent webinar, Responsive Recruitment for 2020.
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