A company’s attrition rate is the rate at which people leave. To calculate it, we divide the number of people who have left the company, by the average number of employees over a period of time. Early attrition is the % of people who leave within a specific period of time.

Cash crunches, market share fluctuations, redundancies, and plummeting demand for products as a result of the COVID-19 outbreak became a deadly cocktail for the global markets. So, how does hiring during a recession or potential economic downturn actually work for recruiters?

It’s the new age of digital-savvy, where 79% of the candidates use social media to find a job.

Over 13 million workers quit their jobs in the first quarter of 2022 at approximately 3 percent of the total workforce every month, according to the US bureau of Labor. What this means is that a lot of people are trigger-happy to leave their employers for better opportunities.

Many HR terms are often thrown around interchangeably—especially the buzzwords sourcing and recruiting.

If you start looking for a candidate only when an open position pops up, you’ll end up spending more money and time for the right hire.

"Nightmare"

The hiring process includes a lot of stages, such as writing the job descriptions, posting on the job portals, shortlisting profiles, and much more, and the actual interview by the hiring manager is just one of them. But if the hiring managers are not well prepared to handle the interviewing stage, all your efforts as the talent acquisition specialist might end up being futile.

Candidates that have an unpleasant interview experience are unlikely to take up your offer if selected, even if the job offer is a great one. And even if they do accept your job offer and become your employees, they are far more likely to carry the memory of a poor interview experience for a while. This will have an adverse impact on their commitment and performance levels as well.

The attrition has hiked by 20%, and the recruiting cost per position is over $4000.