And yet many organisations are still struggling to recruit staff. In the UK, the Office of National Statistics noted 1.2m vacancies between August and October 2022. In the US, the Bureau of Labor Statistics noted 10.7m vacancies, and 4.1m voluntarily left their roles in September 2022. Recruitment and retention remain front-and-center issues for the C-suite.
Facing a recession, it’s tempting to put in a recruitment freeze as a cash-saving measure. But is that really a saving, especially if you have fixed costs in in-house recruitment teams and/or recruitment process outsourcing (RPO) contracts with inflexible commitment levels? A recruitment freeze could also overload your staff who pick up the work that would have been done had those vacancies been filled, and exacerbate a retention issue from employee burnout. Organisations can face reductions in productivity from unfilled vacancies, which may mean delays in getting innovations to market or projects completed.
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