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How to approach hiring in a recession
For employers and business leaders, the news of a recession evokes feelings of uncertainty and concern. Business leaders want to be in control of every aspect of their organisation and nationwide economic changes are factors that fall outside of their sphere of influence.
Whilst it may be tempting to batten down the hatches and clamp down on any non-essential spend, ensuring that preparations are made for the future are crucial to post-recession success. There are of course reasons to remain cautious and to avoid overspending but that doesn’t mean that businesses need to resort to going into stealth mode either.
As recruiters we know that building and maintaining a strong workforce does not happen overnight. It requires continuous improvement and evolution – for instance ensuring that your workforce is satisfied and motivated, that your hiring process takes into account trends in the market and is as inclusive as possible, and that you are constantly sustaining your talent pipeline. All of this requires a constant supply of time, energy and maintenance. These are not actions that can be put on pause if you are hoping to make sustainable, long-term change, recession or not.
It is, of course, easier said than done, but there are ways to approach hiring in a recession that will stimulate growth without breaking the bank, many of which will be an adaptation of what you are doing already.
Remain relevant
Even during times of economic uncertainty, it is crucial to keep your organisation on the radar of potential candidates or partners, even if you are not actively hiring. That means demonstrating that you are still relevant and developing. All of which can be achieved by continuing to promote your brand and your team.
This doesn’t need to be a costly exercise. Consider if you are using your social media as effectively as possible and if your content is reaching your target audience. Have a look at the demographics of your organisation’s LinkedIn followers, for example, to see if they match who you want to be speaking to – such as employees from competitor organisations. If they aren’t, it might be time to have a refresh.
Think of your social media as a porthole view into your organisation and an opportunity to showcase your team culture, company successes or benefits packages. Consider what might be attractive to prospective candidates. For instance, it’s well known that people attract people, so encourage current employees to speak about why they like working at your organisation.
Social media platforms are also a great way to engage with your network. Recruiters are experts at harnessing LinkedIn to suss out prospective candidates and you can do the same to build interest in what your organisation is doing. Explore ways to engage with your network wherever possible, such as running regular polls or surveys to gather their opinions on relevant topics. Not only will this help you stay visible, but it will also show that you are up to date with industry trends. After all, candidates want to know that they are joining an innovative, forward-thinking organisation.
Even if a professional isn’t looking to change role now, by being aware of your strong presence in the market, they will likely have you in mind if they do eventually decide to jump ship.
Upskill where possible
Even if you don’t currently have the resources to hire, that doesn’t mean that your team – or organisation for that matter – needs to stay stagnant. Consider alternative ways to progress, such as investing in your current team, which may already have the skills required to complete an upcoming project.
A skills gap analysis is a powerful way to determine if your workforce can deliver against your business goals and, if necessary, can form the basis of employee training programmes to facilitate progression, rather than hiring externally. Managed correctly, they can also be a powerful tool for staff engagement; this is what makes speaking to your staff key. If training upskills employees in the right areas, allowing them to take on broader responsibility and develop their careers, it will help with staff retainment and promoting from within will prove far more cost effective than training a new recruit from scratch.
Reflect and improve
No matter the economic landscape, ensuring that you are reaching as big a pool of talent as possible is crucial, and this becomes increasingly important if you are struggling to hire the right candidates. We have spoken previously about the value of keeping an open mind when it comes to talent and why having a diverse workforce is crucial but now more than ever it’s critical to ensure you aren’t missing out on talent due to easily solvable mistakes such as a slow hiring process or unintentionally ageist job adverts. Similarly, focusing on internal talent is just as – if not more – important, and policies that promote staff retention can save you considerable time and resources if they prevent staff from exploring other opportunities. And they don’t have to be simply putting more cash in employees’ wallets; reviewing benefits packages, implementing flexible working arrangements, and offering financial advice services can be just as appealing as a pay rise.
Remember no one is expecting you to have all of the answers, but why not use this time to educate yourself and your staff. Invest in diversity training or speak to other business leaders. Taking time to reflect and improve your processes now, will put you in the best possible position to flourish once the landscape settles.