As the world continues to adjust to the realities of life during and after the pandemic, employers are facing unprecedented demands on their hiring strategies. Depending on how you choose to look at it, the uncertainty in the job market is both a challenge and an opportunity for your organisation. This makes it essential to have an intelligent hiring strategy to get yourselves the best in the current situation. Read below to find out what methods employers use to survive the recession.
Why do Companies Hire during a Recession?
When a recession hits, companies are forced to make tough decisions about their workforce. Many businesses resort to layoffs to cut costs and stay afloat during difficult economic times. However, some companies take a different approach and ramp up their hiring during a recession.
There are a few reasons why companies might choose to hire during a recession.
First, the disruptions caused by the recession can leave financially fragile companies vulnerable and the careers of their workforce uncertain. Relatively stable companies see this as a good opportunity to attract quality talents leading to a win-win situation.
Second, everyone today has become aware of the importance of social distancing and public hygiene. This has resulted in massive growth for app-based home-delivery companies which provide personalised services such as food delivery and transport. Interestingly, these companies are also people-intensive and have been driving huge onboarding of both grey-collar and blue-collar professionals in the market.
Third, expanding the workforce can help a company position itself for growth when the economy eventually recovers.
Of course, not all companies can hire during a recession. But for those that do, it can be a smart move that pays off in the long run.
How to Survive the Recession through Hiring?
To survive the recession, businesses need to be strategic about their hiring. Hiring the right employees can help a business weather tough economic conditions and come out stronger on the other side. Here are some hiring strategies that can help your business survive the recession:
Hire for attitude, not just skill set
In a recession, hiring employees with a positive attitude and willingness to work hard is essential. Attitude is often more important than skill set when weathering a downturn.
Be flexible with job descriptions.
You may need to be more flexible with job descriptions during a recession to find suitable candidates. Keep an open mind and consider candidates who may not fit the traditional mold for the position you’re trying to fill.
Focus on retention
Once you’ve found good employees, you must focus on retaining them. Employee turnover is costly, so you must do what you can to keep your best employees on board during a recession. This may include offering incentives or increasing training and development opportunities. Recession could be the best time to step up strategic up-skilling and re-skilling.
Use temp-to-hire strategies
In many cases, the best way to find good employees is to start with temporary workers and then convert them to full-time status if they prove themselves successful in the role. This can help reduce overhead costs and protect your business from making bad hires during a down economy.
Prioritise organisational agility
An essential step could be embracing technology to identify and recruit the right person and digitalise crucial facets of your operations for higher efficiency. Onboard technology platforms to enhance team performances and boost inter and intra-team coordination.
Strategies for Hiring: The Importance of Talent, Recruiting and Retention
It is essential to have robust hiring strategies to survive the recession. This includes talent, recruiting and retention.
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Talent: It is essential to identify and hire the best talent possible. This means looking beyond just skills and experience and finding individuals who will fit nicely into your company culture and have the potential to be long-term employees.
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Recruiting: Once you have identified the type of talent you are looking for, it is essential to put together a strong recruiting strategy. This may include social media, online job boards, and employee referral programs.
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Retention: Once you have found and hired the best talent possible, it is essential to keep them on board. This means offering competitive salaries and benefits, providing training and development opportunities, and creating a positive work environment.
Conclusion
The current recession is presenting challenges to businesses of all sizes. Employers must adjust their hiring strategies to survive and thrive during these trying times. By focusing on cost-effective recruitment, leveraging technology, and taking advantage of talent pools, employers can ensure they stay ahead of the curve while still finding quality candidates for job openings. With careful planning and execution, employers can successfully navigate the recession with a well-rounded team that will help them succeed even after it has ended.
