Recruitment: You're hired—next year

Economist ^ | 04/30/09

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You're hired—next year

Apr 30th 2009 | NEW YORK

From The Economist print edition

The recession is changing the way American firms recruit people

IT SOUNDS like something for a racing driver, rather than a company in a recession. But Allan McKisson of Manpower, an employment-services company, insists that companies should be adopting a “ramp-up plan” and hiring new talent now, to ensure that they are firing on all cylinders when the economy rebounds. According to a survey carried out by Watson Wyatt, a consulting firm, three-quarters of American companies have implemented a hiring freeze. But that means around a quarter of companies are still hiring, despite the economic gloom. They are, however, doing so in new ways.

Most obviously, the hiring of freelancers and consultants has become more common, allowing companies to avoid spending on employee benefits and delay hiring decisions until the economy picks up. When they do take on new employees, companies are taking longer to make an offer, knowing that they no longer have to move fast to prevent competitors from stealing their prospective hires. Firms are also marketing themselves differently to job candidates, says Rosemary Haefner of CareerBuilder, a popular job-search website. Lucrative bonuses and international travel were once the main attractions for prospective employees, but companies no longer mention glitz. Their new selling points are sandwiches with the boss, opportunities for advancement, flexible working hours and more holiday time.

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