With reports indicating that we are heading toward a global recession, you are right to be putting in place a plan of action for the future of your business. One important thing that you might not have considered: have you thought about how your hiring strategy might look in the coming years?
Taking on new talent and speaking to recruitment agencies can be the last things on your mind during times like these, but it shouldn’t be. A recession, as challenging as it is, provides an opportunity to tighten your practices and set new goals. It means a mindset shift that is more than just changing working habits. When forced to look at your entire business in a new light, you will surely realize areas of weakness within your teams; hiring new staff is very often vital for rejuvenating and strengthening them. Sometimes it’s better to cut costs on IT or crunch down on miscellaneous spending to ensure that you hire that person that’s going to lead your business to returned prosperity.
This is why a great recruitment strategy is crucial and, with that said, here is a list of the 5 tips that help you attract and retain the best talent during a recession.
- Hone your hiring process. Having decided where you need to hire, you can cut the time costs involved in this process by really pinpointing your needs. Where are the weak spots in your team? Which roles are most fundamental to ensuring your business’ success over the next 5 years? Are there roles that could actually be filled by contractors?
- Use the best methods to find the highest tier of candidate. With a surge in unemployment, there will, of course, be an excess of candidates. Considering your recruitment methods wisely minimises taking a risk on a candidate and saves you money in the long run. Though no one likes to pay agency fees to a recruiter, it is very often necessary to ensure that you get access the top talent quickly and that the entire process is well managed. This leaves you time to focus on other areas of your business.
- Don’t be tempted to recruit the wrong candidates just to make quick fixes. Over-qualified candidates will get up to speed quickly but get bored just as fast and there is just no need to employ under-qualified candidates if you use your hiring budget wisely. Making use of a recruitment agency will also help in this area. By being provided with the right candidate who adds value, you are saving money in the long term and ensuring that your business continues to grow. If you can afford to cut extra costs elsewhere, it can even be a good idea to over hire during a recession because, in securing this talent when it is available, you can work on your retention strategy throughout an upturn in business.
- There is no more crucial time than a recession to ensure that your marketing and “employer branding” are working well for you. Presenting your business as a great place to work through social media and your website is key to attracting the talent your business needs. You should aim to update it with consistency and to emphasize your business’ long-term security. Employees will be looking for somewhere stable where they can continue with their career growth.
- Finally, be honest internally as well as to recruiters or job sites about the roles you need filling. It is crucial that you are not misleading candidates, feeling let down by a job description is a significant factor in candidates leaving a position. Take the time to analyse your recruitment data. If employee retention is poor, it might be time to address the root causes.
An economic downturn doesn’t have to have devastating consequences for your business. It goes without saying that planning is crucial in order to avoid lost revenue and having an effective recruitment strategy is equally important.