Navigating recruitment in a volatile job market in tech

The job market has evolved dramatically in the past 3 years. Changes happen rapidly, and so we must be quick to adapt, especially in a sensitive market such as tech.

Startups are incredibly sensitive to the larger economic situation, as most of them rely on funding rounds to continue their operations. During prosperous times, tech companies are generous with their recruitment needs and it might even result in salary inflation.

Let’s go back to 2021. The pandemic struck heavily for most startups, but it was also an opportunity for new businesses to flourish. Because of that, after months of uncertainty, the job market got back on its feet. Companies were receiving funding once again and invested in recruitment, creating an environment of positivism. It was fairly easy to find new candidates (a whole other thing was to identify the most suited for the role). The market was significantly more active.

Then, by the end of the year and throughout the start of 2022, there was an abrupt change. Companies were still looking to grow their teams, but there were no candidates in the market. Salaries were at a top high and candidates were mainly moved to consider other companies if that translated into a better work-life balance.

Source: own

Closer to the start of 2023, the instability of the job market made candidates more reactive. Almost half of them moved to other companies, even under the same position, salary being one of the main reasons for their decision, meaning that companies have to make an extra effort to meet the requirements in the job market.

What can we do to optimise our recruitment process?

1. Update your communication strategy

We tend to rely on emails to communicate with candidates. But when we need to prioritise effectiveness in the process, we need to consider other methods.

Have you tried messaging/WhatsApping them? It’s direct and a quick answer is all you need. Texts also have a higher opening rate (98% vs 20% email open rate). 

This is an example of the texts we usually send to our candidates –

“Hi Scott, tried calling you a minute ago regarding your application to the AE role at Outbound People. You couldn’t answer my call earlier, when will you be available for a 5-minute call to discuss the role?”

2. Target passive candidates

Passive candidates are those who are not actively looking for new opportunities but may be open to discussing them when approached. 

Headhunting takes time, yes, but you may be missing out on great candidates if you only focus on candidates who are actively applying for the role. 

3. Consider a consulting partner

In such a volatile market, we must remain flexible and adaptable. Building a talent network and maintaining relationships is crucial. But when recruitment is only one of the dozens of tasks on our to-do list, that is just not possible.

Partnering with recruitment consultants that know the market and have developed a network may be what you need to build a star-rocketing team. At Outbound People, we will be delighted to listen to you and advise you on recruiting sales talent.

Are you looking to hire sales talent? Get in touch.

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