For the world over unemployment has been dramatically affected by COVID-19. It’s the most significant recession of our lifetime and will have a lasting impact on the globe for years to come.
As business slows down and fewer customers can come through your doors, hiring now may seem counterintuitive. But, what if we address that kind of thinking?
The idea of weathering an economic crisis is enough to keep anyone up at night. With the stakes raised for many, how can you still grow as a business?
Here’s why we think hiring during a recession is a smart move:
Have a strategy in place
Hiring ahead of growth may seem redundant in the wake of a recession, but like most companies, it is worth having a strategy in place.
Regularly reviewing hiring needs and being aware of timelines and costs is crucial to finding your next recruit. Knowing what your short and long term needs are will also make you stay ahead of whatever outcomes a recession may have.
Creating a business forecast that focuses on the next couple of years will help you to map out and understand how staffing levels may change if a recession hits.
It’s common knowledge that recessions ultimately impact your company’s bottom line. So having a strategy in place that determines what roles are crucial will help you stay on top of your budget without sacrificing essential hires.
So be prepared to be creative. Promoting existing team members will boost your team’s overall results while keeping costs down. You can also work with freelancers who specialise in certain aspects of your business.
Pay attention to changes in the job market
With job security at an all-time low for many of the UK’s employees, candidates may feel less optimistic about jumping ship.
Then there are the opportunists. Regardless of the fears and uncertainty that comes with a recession, some people will feel inspired to make a change.
In recent times, the only modern-day recession we have to look back on is from 2008. Studies have shown that having sufficient staff while actively maintaining employee morale and engagement was essential for survival.
The businesses that came out stronger on the other side were those that invested in training their existing staff to be more successful in their roles.
Rather than leaping straight to the idea of keeping costs down low, it is vital to find a balance with increasing retention and employee satisfaction.
Plan to acquire talent
Developing a recruitment strategy while facing a recession doesn’t need to be complicated. Once you have weighed up your staffing demands while balancing shrinking budgets, you can address your next talent acquisition.
Defining what roles are essential into tiers will help you to see what your budget will allow. Not even a recession should make you sacrifice your company goals. So prioritise your hires, so that yot you can keep costs down to a minimum.
Once you have nailed down your next hiring move, focus on how you can streamline your hiring process to remove non-essential costs.
An all-in-one solution would be to work with a recruitment company like ours who can get the most out of your hiring budget without the extra expense. Outsourcing will help you stay ahead of the curve.
Don’t let a recession take you by surprise. The cost of being unprepared will lead to more significant problems like losing members of staff.
Safeguard your company and your team’s morale by taking steps ahead of the game.
Sticking to your well thought out strategies and projecting the future of your company will secure a better chance for everyone when you come out the other side.
Be realistic and honest from the beginning.
Anyone hearing the word recession automatically panics. It doesn’t have to be the end for your team’s jobs and the company as a whole. Be the opportunist and work through the recession.
The difference between a company that sinks or swims is the approach. You have a great team at your beck and call with a range of talents. Use them.
Recessions are a time to be bold. They are a moment to take your team to new heights and come out on top. So make a stand, and use everything you’ve got to allow your team to grow and not get left behind.
Hiring in the time of uncertainty sounds irrational, but the benefits are building up a stronger company for when the dust settles. In a recession, you have more time to build relationships and offer valuable training.
Everything has a solution. Hiring in a recession may be the best decision you ever make.