How to Make the Most of a Slow Job Market

If you're running a recruiting firm, you know that bringing in new clients can sometimes feel like the toughest part of the job. And when the industry you're working in is down, you’re likely competing with others who are doubling down on their sales and marketing to grab any opportunity, whether good or bad.

I’ve seen recruiting firms step up their marketing and sales efforts, only to find that their business still experiences a significant downturn. It’s easy to feel anxious about the future when things slow down.

But here’s the silver lining: even in a down market: When industries hit a slow patch, hiring demand drops. And when this happens, you might notice something interesting—hiring managers are suddenly reaching out to find new jobs for themselves. This shift offers a golden opportunity to boost your future business development!

The Challenge

When hiring managers look for new roles, you may feel uncertain. After all, if you're used to helping them hire, shifting to help them find jobs is a different angle. Here are a couple of things to watch out for:

1. Don’t give the wrong impression: You don’t want them to feel like you're only interested in them when they’re hiring. If they sense that, they'll probably turn elsewhere next time they’re in a position to make hires.

2. Be genuine about helping: If you say you’re there to support them but don’t follow through, it can damage your credibility, making it hard to build a strong connection down the line.

The Opportunity

When hiring managers start job-hunting, they’re in a vulnerable position. They may not feel as confident about finding a job as they do when they’re the ones doing the hiring. If you approach them with genuine support, you can build a stronger relationship that’s valuable in the long run.

This is where you can stand out. Many recruiters operate in a very transactional way, only focusing on relationships with an immediate return. If you’re willing to go the extra mile to support these hiring managers in their time of need, it won’t take much to show how you’re different.

Some recruiting firms have made business development all about relationship-building with high-level job seekers. By supporting these professionals when they’re down, they’ve created a steady stream of quality business from people who appreciate their help.

The Game Plan

Talking about this approach is one thing, but putting it into action can be tricky, especially when time is tight. Here’s a straightforward, low-effort strategy to make the most of your connections with job-seeking hiring managers.

Step 1: Set up a meeting

When a hiring manager reaches out, set up a quick call or video chat. Get to know what they’re looking for and enter their details into your ATS, tagging them as an HMC (Hiring Manager Candidate) so you can follow up easily. Let them know you're available for any job search advice, connections, or recommendations. A little organization now goes a long way!

Step 2: Share Your Expertise

Provide some helpful job search resources. Some easy ideas include:

• Interview tips
• LinkedIn networking advice
• Negotiating compensation

Creating simple, branded PDFs with your company’s name and logo can help here. You could even add these as downloadable resources on your website, making it easy for them to access useful information while also building brand awareness.

Step 3: Add a Personal Touch

A few thoughtful gestures can leave a big impression:

• Share insights on prospective employers: If they mention where they're interviewing, offer any useful info you might have about the company.
• Pass along relevant opportunities: If you come across openings that fit their profile where you’re not engaged, send them along or even introduce them to people in your network who might be able to help.

If you have a good relationship with contacts at the companies they’re interested in, a quick message on their behalf can go a long way. It’s as simple as, “Hey, just wanted to let

you know that Billy Bob seems like a great fit for your VP of Operations position.” Such goodwill often leads to more business in the future.

Step 4: Follow Up Regularly

It doesn’t take much to stay in touch. A quick monthly check-in can go a long way. Try a message like: “Hi Hortense, just wanted to check in and see how things are going with your search. We don’t have anything specific right now, but things change quickly. Let me know if there’s anything I can do to help!”

A Quick Tip: If your firm has separate client-focused and candidate-focused teams, it’s best for the client-focused recruiters to handle these check-ins since they’ll be the ones seeking business from these connections later.

Wrapping Up

Supporting hiring managers in their job search can be a fantastic business development strategy. Think of it as “pre-client” prospecting, where you build relationships with potential clients before they’re ready to make hires. By being there for them now, you’re creating an open door for future business when they land new roles and are in a position to hire again.

This approach will help you create meaningful, lasting connections, even during market downturns. The time and care you invest now will pay off with loyalty and opportunities in the future.