Posted on

May 23, 2022

Hiring in a down market

We’re a team of twenty and are proud of the work we do. In our first year we have many happy case studies. In executive search, we’ve placed talented leaders with great teams. In recruiting-as-a-service, we’ve partnered with one company to hire fifteen members of their team.

It’s tough out there right now.

Tech stocks have gotten hammered.

The crypto pullback is deep.

Layoffs and hiring pauses are circling.

This is not something we or others want to see. It’s no fun for anyone.

However, what I found over 15+ years at Thumbtack is that the outside market had only a tangential impact on our internal hiring plans.

How much we were hiring depended less on the outside market and much more on:

  • how recently we had raised a round – the more recent, the more hiring.
  • underlying business growth – the stronger our growth, the more hiring.

The outside market affected our internal hiring only to the degree that the softer the market, the more high-quality people were on the hunt for their next role. The more high-quality people on the hunt for their next role, the faster we could fill our open roles.

If you happen to be in a place of strength in your business – congratulations. You’re now able to lean into that strength and have the opportunity to punch above your weight in hiring great talent.

If you’re in a tougher spot – these are the times when it’s more important than ever to double down on the team you currently have, give them even more opportunities for growth and development, and invest even more time in nurturing and building out your cultural infrastructure.

Some ideas for those in a tougher spot:

  • If you haven’t implemented a formal performance review cycle every 6 months – perhaps now’s the time. Here’s one template for it.
  • If you haven’t thought about what learning & development looks like at your company and built a v1 – perhaps now’s the time. We’ve found weekly lunch & learns led by a rotating roster of team members to be a great start.
  • If you haven’t supported the team with a health & wellness initiative – perhaps now’s the time. We’re doing Self Care Bingo at Scaled this month and everyone’s loving it.

We are seeing more great talent on the market than we’ve seen in a while.

Are you hiring? Let us know. Scaled can help.

Sander & the Scaled team

Sander & the Scaled team

New Scaled Product

In addition to helping startups hire senior People, Finance and Legal leaders we are rolling out a new product.

Recruiting as a service

In this new product Scaled acts as an extension of your internal team to help you hire most any role. Scaled sources, screens, and schedules great talent for you.

We’ve worked with one company over the last year to place 15+ people. They love us and we love them.

Could you use help hiring in any part of your business? Reply to this email if so.

We are talking to numerous strong candidates at the moment across many roles who are looking for their next home.

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