With news of a potential global recession everywhere we turn, many companies understandably have their concerns for the future. Saving money is a priority, and this means that many are considering stopping or limiting their recruitment efforts. Experts advise, however, that this is a mistake.
From being adaptable to beating the competition, there are a number of reasons why it’s important to keep hiring during a recession; the key is adjusting your recruitment strategy accordingly. In this article, we run through 3 key steps to doing so.
Precisely understand your hiring needs
Figure out which roles are essential to fill and assess where you can save money to allow for a solid recruitment budget that priortises these. In a recession, it’s more important than ever to be strategic about timelines, to understand exactly when you need to have new staff onboarded and ready to go. Sitting down to plan ahead of time allows you to adapt if tough times strike.
Understand how to attract (and retain) candidates
In a recession, candidates are less likely to look for new positions, favouring the security of their current roles. As a result, nailing your hiring strategy is key to attracting top talent. Listen to what your prospective employees want and make sure you show new employees how you could meet their needs. Be aware, however, that, without the support of a recruitment agency who can promote your role and set a candidate’s mind at ease, you might not hear back from many of them.
Finding the right fit for a role becomes even more important during a recession; employers can’t afford to deal with people leaving their new positions within a few weeks or months. For this reason a critical part of a recession-proof recruitment strategy is a focus on retaining staff. Maintaining close communication with all members of staff becomes even more important, as does offering a range of employee benefits.
Streamline your hiring process
Streamlining your hiring process will allow you to save time (and money) when you can’t afford to lose it. If you’re using a number of different pieces of tech to hold interviews, for example, find a single process that works. If you’re using a number of different strategies to find potential candidates, focus on finding one trusted one.
Working with a recruitment agency is invaluable throughout times when budgets are tight, allowing employees to take a step back and focus on profit generation knowing that their staffing needs are being fulfilled with fixed costs. Managers and Directors will be presented with only the highest quality candidates, many of whom are only passively looking for a new job and would otherwise have been tentative about moving during a recession.
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