Is talk of an economic shock too premature or should talent leaders be preparing for (more) choppy waters?

Adaptability has been a much-used buzzword in recent years - for obvious reasons - and HR could once again play a leading role in guiding employees through tumultuous times. 

We've taken a look at the mixed opinion on the broader economic outlook and what a downturn could mean for businesses and hiring across the globe. 

In this edition:

• The role of talent intelligence during tough economic times and the broader UK/US view on how to plan ahead. 
• Has the downturn started with tech? 
• Long Covid recognised as disability. 
• BPS lands 'Best New Talent Solutions Provider' award.

Let's jump in...⬇️

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THE BIG TOPIC

Not all recessions are created equal

Few commentators are 100% sure on what an impending recession will entail, how long it will last, and what the likely fallout will be. But there is broad agreement on one key action point - it's time to plan ahead. 

The inimitable Toby Culshaw has laid out his thoughts on how to use talent intelligence to thrive in challenging economic conditions. 

His recent article  pinpoints how "talent intelligence helps you to make informed decisions about your talent and business strategy in order to stay ahead of the competition and future-proof your business."

It's a practical and positive piece that outlines the key items to review - location/cost reduction, your talent marketplace etc - and how the use of data can help you better anticipate talent needs, competitor moves and ultimately make proactive decisions. 

Elsewhere, here's some of the latest thinking on threats and opportunities:

• Grant Thornton:  Professional services firm Grant Thornton chaired a roundtable on what a recession would mean for recruitment companies, with a (UK) focus on the overall hiring outlook. Usually an economic shock is bad news. However, the panel agreed that circumstances such as the rebalancing of the UK economy and structural labour market changes post Covid-19 could soften any blow. Useful bite-sized content for those looking for a condensed summary. 
• Convey IQ:  Recessions come in cycles and with the U.S economy booming for over a decade, a partial reset is arguably expected. Convey IQ has given an American perspective on assessing your hiring needs and creating a recession-proof talent strategy. 
• TrueUp:  Has the downturn already started within tech? TrueUp's Tech Layoffs Tracker is spiking upwards this month, with high-profile organisations such as Klarna having already made headlines  with job losses. Simply the market correcting itself or a sign of things to come? Whatever your opinion, the trend for community-driven outplacement remains with this sheet  listing those affected.

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IN THE NEWS

Hiring is broken - here's how we can fix it

At surface level this is a neat summary of what we already know, interspersed with a few general ideas about changing the recruitment model. Where this article really gets interesting is talk of introducing a Web3-powered skills wallet to verify candidate credentials. The death of the CV is well-worn subject but perhaps the writer is onto something with regards to its potential replacement. (Via Forbes)

Long Covid recognised as disability in landmark tribunal  

A Scottish caretaker has become the first person to successfully claim that Long Covid should be classified as a disability. Terrance Burke was sacked in August 2021, having been unable to turn up for work for nine months due to the debilitating effects of his condition. (Via HR Magazine)

UK settles into three-day office week

Workspace provider IWG reports that Tuesday, Wednesday and Thursday are the preferred in-office days of UK workers as the shift to hybrid working continues. Growth in footfall has been highest in Birmingham while Slough tops the list of suburban and rural locations with largest office growth. (Via HR News)

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WHO'S TALKING?

Hirewell Partner, James Hornick, has got zero time for any more mention of The Great Resignation OR an impending economic downturn. His advice? "Stop worrying. Jump on opportunities when they come up. Diversity your business *before* you need to." LinkedIn

Slowdown, what slowdown? Recruitment and Employment Confederation supremo, Neil Carberry, pinpoints the UK's continued demand for labour, albeit talent shortages are starting to bite. Thread. Twitter

A truth bomb for hiring managers? East Side Staffing owner, Laura Mazzullo, sticks up for TA while delivering her thoughts on negative and slow hiring practices. Twitter

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WE DID IT! AWARDS WIN AT THE TIARAS 👑

Our US team has landed The Best New Talent Solutions Provider award at this year's TIARA Talent Solutions Awards US. The judges commented: “BPS showed a range of innovative approaches to tackle numerous operational issues and demonstrated exceptional customer service to their growing customer base."

A huge well done to our colleagues across the pond!

Check out the full story  behind our success. 

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Holiday season is nearly upon us and we hope you get to enjoy a well-earned break. Before we sign-off, here's some HR prep tips for a great summer period.

Until next time...

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