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Recent global economic developments are seriously disrupting organizational goals and ambitions across the board — especially as resources shrink. Many employers are using this period of adversity as an opportunity to reflect on how they can transform their workforces to be more agile, do more with less and ensure they are fit for the future.
Without the right people in place to power their business, organizations can lose their competitive advantage and fall behind quickly. However, when budgets tighten, talent acquisition (TA) staff and recruiters are among the first roles to be made redundant — and this most recent cycle is no exception. According to research from the Randstad Enterprise Global Business Insights team, 28% of the all laid-off employees in 2022-2023 are from HR and Talent Sourcing departments.
In the short-term, downsizing the recruiting team may make sense. But without the right talent acquisition expertise available when they need it, employers will suffer in the long run. When it comes time to ramp back up to support shifting business priorities, they will be slow to rehire, on-board and re-train new talent, as their competitors hit the ground running. This concern is real — and it is far reaching. In fact, according to our 2023 Talent Trends Report, 1 in 4 respondents believe that making staffing cuts will put them behind their competitors in terms of profitability.
As the economy continues to throw curveballs, the ability to adjust and adapt at any given moment is crucial. Without an agile recruiting infrastructure, many businesses find themselves stuck in a never-ending loop of hiring and laying off in-house recruiters to keep up with hiring demands. As a result, many are waking up to the reality that agility is not a nice-to-have, it’s essential. In fact, 77% of respondents from the Talent Trends research say they plan to focus on workforce agility in the coming year — up 11 points from 66% last year.
