Often a company might have to halt their hiring under situations revolving around financial stress. As per Fortune's survey, at least 59% of CEOs implemented hiring freezes during the pandemic.
It usually lasts at least around three months, if not more.
The company stops hiring new people at the office to fill any vacancies to reduce overall costs.
Hiring and recruitment take time, energy and money. If even after extensive efforts, it's not done correctly, it can cause a significant loss on the employer's part.
Typically a hiring freeze helps the company in a way to also safeguard their already existing employees.
It usually only takes place for non-essential positions, and the employer seldom continues to hire people for positions that are urgently required to be filled up.
If a hiring freeze lasts for more than the usual short term period, it might inevitably result in a loss on the recruiter's side.
A recruiter will not be offered any compensation for a task they are no longer required for, resulting in loss of business for the recruitment agencies associated with clients freezing their hiring process.
One might also get out of touch if there is not much to do, resulting in slower completion of tasks. It is important to remember that a hiring freeze is done to maintain the balance in the economic and financial plans of the organisation so that no losses are incurred on the company's part while keeping the budget allocated by the company in mind.
It's not the best news for the employees currently working at the company either as they will be burdened with all the tasks that the company didn't hire extra people for. It might affect the balance and harmony of the workspace and cause the employees to become more irritable and, therefore, not interested in the work at hand.
Now that you have a soft idea of what a hiring freeze is, let's discuss about your existing talent pipeline and what to do with it.
For a strong candidate pipeline, you need to keep in touch with the candidates you have deemed suitable, keep track of them through regular tasks and assignments and hold interviews at fixed intervals. You must also see whether the candidates you have chosen would fit the company standards.
Now, it's understandable for recruiters to think that there's no work at hand during a hiring freeze, but let's tell you— you're wrong! You still have loads of tasks to accomplish, one of which includes keeping your talent pipeline warm.
Why is this required?
Simply because you would want everything in place when things return back to normal. As per recruitment experts, this is the perfect time to build your pipeline and attract potential talent.
So, let's get right into it.
Keep Your Candidate Pipeline Invariably Warm During a Hiring Freeze. But How?
1. Keep in Touch
It would be beneficial to constantly stay in touch with your list of suitable candidates, even during a hiring freeze. Invest your time and energy in reaching out to them personally. Your candidates need to be updated constantly about any recent developments in the position they are applying for.
2. Be Interactive
You should send personalised messages to your candidates to show that you are interested in them and the skills they have to offer. You have to show the time and energy you have dedicated to getting the most suitable candidate through words.
Reassure the candidates and remain up to date about any amends they would like to make on their side as well. Schedule meetings with them and keep track of how their skills are developing. Set up informational interviews and give candidates the opportunity to ask questions that they have in mind.
Also, know how to quickly get back to your candidates and avoid leaving them in the dark.
3. Build Effective Relationships
If you want to succeed in any industry, you need to know the right people to be around. Therefore, you must network and build a brand for yourself in the market.
It is crucial to have people on your side who can provide you with any valuable information at all times regarding which companies might freeze their hiring process or which company might end their hiring freeze soon.
It will help you be one step ahead of others in the race and always be prepared in advance with a handful of suitable candidates for any job profile that might be vacant.
4. Be Quick
It is always advantageous to be swift and not indecisive when grabbing the right talent. You can't lose the best candidates to other recruitment agencies.
You have to be quick in all fields and not just when it comes to getting the right kind of talent for yourself. Also, you have to make your application process of reviewing and shortlisting candidates shorter and faster so that no time is wasted when in need of urgent hire.
In making your recruitment process shorter, it's necessary to remember that no critical step should be skipped.
5. Schedule Interviews
It would be helpful if you prepare your candidates with a few critical questions to be ready for the final interview round. To do this, you will have to schedule interviews and assign them tasks regularly to keep track of their progress.
Interviews will help you judge them based on their soft as well as technical skills.
The candidate you select must also fit the company's work environment that you are hoping to fill up a position for, and this is where soft skills are essential and will need to be evaluated strictly.
6. Allot Time Equally
You must spend an equal amount of time with all of your candidates and get to know them equally.
It would be best to decide how much time is the right time for you to know enough about your candidate and divide this decided period of time to ask them various questions.
Have your questions prepared.
7. Be Honest
It is essential that one is honest but not rude and politely conveys even the bad news.
When relaying the news of rejection to your candidates, you have to be empathetic and not overbearing. Let them know about all the reasons they weren't selected for as well. Here's a bunch of rejection emails you can send your candidates.
If you are truthful with your candidates, it helps build a better image for yourself and your agency.
8. Give Extensive Feedbacks
You mustn't strain your relationship with your candidates whether they are selected for the position or not. Therefore, you must give them honest but polite feedbacks after every task or interview.
Constructive feedback might result in them improving and working upon themselves and increase their chances of being the final hire the next time they are recruited.
We hope you can build up a successful talent pipeline, and these pointers lent you some help in doing so.
Let us know in the comments how you're keeping your talent pipeline warm.