As Recession Clouds Loom, Recruitment and Retention Could Ease
The risk of the UK heading for a recession has risen. With growth slumping to its lowest level in nine years, the economy is in a vulnerable spot — and ill-prepared to face any unforeseen fallout from Brexit and the global trade war. As the jobs boom shows signs of slowing, this is as good a time as any to start thinking about what a potential future downturn may mean for recruitment.
It is hard to predict when the next downturn may start, or what will trigger it. But we can look at the patterns in previous recessions to give an indication of what the next one may look like when it arrives. For example, we know some sectors tends to be much more resilient than others. And the good news from an employer’s and recruiter’s point of view is that finding and recruiting good people can become easier in a recession.
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Pawel Adrjan is the UK Economist at the Indeed Hiring Lab and a Research Fellow at Regent’s Park College, University of Oxford. Before joining Indeed, Pawel spent over a decade in investment banking, holding senior roles in risk management, credit ratings advisory, and treasury at Goldman Sachs and Barclays in London and New York. His research focuses on a wide range of labour market topics, such as wages, pensions and the impact of technology on jobs. Pawel speaks Polish, Spanish and French. He has completed a B.A. in international studies and a B.S. in economics from the University of Pennsylvania and an M.Phil. and a Ph.D. in economics from the University of Oxford.