A hiring freeze is when a company brings its recruiting process to a standstill. While some companies may freeze the hiring process completely; others merely stop filling non-essential positions. However, in both cases, you can implement a hiring freeze considering several factors.
The market demand keeps increasing irrespective of the factors hampering a company’s operations. This is why companies need to work to fulfill consumer requirements even during a hiring freeze. In such a scenario, most companies choose to employ the services of a freelancer or to recruit employees on a contract.
Before you think about the implications hiring freeze can have on you, take a look at why companies resort to this step.
Why companies opt for hiring freeze?
Fluctuations in the market conditions
The introduction of new technologies and innovations is bound to bring about changes in the market. In any effort to meet these changes, a company’s overall profitability tends to get affected. So, to compensate for the market losses, a company may resort to a hiring freeze.
Global financial crisis
Any global crisis such as the ongoing COVID-19 pandemic can severely affect the way a company function. Since a global crisis causes trouble to several nations at one time, the usual work activities suffer a huge financial hit. So, to thrive in the business sector without incurring more loss, a company may implement a hiring freeze.
Undersupply of budget
If the budget assigned for a certain financial period falls short to recruit new employees, a hiring freeze may be implemented. This decision can be either short or long-term depending on the company’s financial position.
A decline in liquid assets
A hiring freeze may be put into action if the company’s liquid assets do not cover the cost of the current assets. This decision is usually taken till the company has enough funds to finance its current assets.
Although it may seem like a hiring freeze affects a company and its employees only negatively, it is far from being true. As a Hiring Manager, you can utilize this period to present some of the positive outcomes a hiring freeze can have.
Take a look at the best recruiting practices to follow during a hiring freeze.
Upgrade your hiring knowledge and skills
This period is the best time for you to work on yourself. Read up on the latest recruiting practices followed in the industry. Focus your attention on formulating the best recruitment strategies. Not having to conduct interviews daily gives you ample time to brush your skills. Go ahead and benefit from this period to effortlessly recruit qualified candidates at a later stage.
Build your employer brand
Your employer brand plays a major role in helping your company stand out among your existing employees and potential hires. You can build your employer brand in several ways to portray it as an ideal workplace.
Begin by targeting your social media networks. These online platforms are frequented by potential candidates across the globe and are the best space to establish an employer brand. Also, pay attention to your company’s career site. Post job descriptions that are personalized and reflect your company culture. You can also refer to free job description templates that you can post on the go.
Expand your talent pool
Upon improving your recruiting strategies, you should be in a better position to attract top talent. Boost your game plan with the features of ATS software to target a wider talent pool. This way you will be able to bridge the time gap you spend looking for candidates posts the hiring freeze.
An ATS software is candidate-centric. Thus, not only will you be able to recruit top talent faster but also provide them with an excellent hiring experience. For instance, an ATS software such as Jobsoid offers various features and tools to simplify the recruiting process. Here, you can maximize your efforts to target potential candidates by posting from a centralized account to have the listings visible on multiple platforms. Not just this but Jobsoid also encourages effective team collaboration.
Tackle a hiring freeze and use it to your advantage by concentrating on its positive outcomes. Prepare your company to benefit in the long run by focusing on your recruiting efforts. Get started with Jobsoid for free to hire better and faster!