3 Key Hiring Strategies To Use In Your Business During A Recession
Our Top Tips
Leigh Gillatt • Recruitment Articles
3 KEY HIRING STRATEGIES TO USE IN YOUR BUSINESS DURING A RECESSION
We’ve all heard the news. Experts believe the world is in the midst of its worst financial crisis since the Great Depression, with the global economy contracting by 3% this last year. The UK’s economy alone fell by a record-breaking 9.9% as a result of the coronavirus pandemic in 2020.
However, we will bounce back, and businesses need to be prepared for this eventuality, even if that means recruiting when finances are tight. Here are our tips for hiring during a recession to ensure that your business can be in a strong position to weather the storm and thrive on the other side.
1. Build A Strong Employer Brand
The benefits of a strong employer brand have been well documented and include important employee satisfaction metrics like engagement and productivity as well as loyalty and retention, not to mention higher candidate quality. During a recession, high levels of these critical metrics can help you retain top talent even when the economy is making employees nervous and prone to switching jobs.
But, before you race off ad apply for every single job you come across, you should assess each role to how well your experience level matches that of the job on offer. Don’t apply for roles that are far beyond the scope of your current experience level, its will inevitably be a waste of your time and energy, which could be spent more wisely on something for attainable.
Take care of your employer brand so that it will keep working hard for you even through a recession. Keep your website well maintained, update your business profile on LinkedIn, and review your company’s overall online presence, including any social media channel you utilise.
Take time to consider what else you can do to elevate your employer brand, such as running internal surveys and making improvements based on the results, capturing employee success stories to share on your website, and applying for industry awards.
If you'd like ti learn more about how to build a strong employer brand, follow the link below to read out in depth guide.
2. Identify The Best Hiring Channels
Job search activity nearly always picks up during a recession, which has the potential to flood your hiring team with a significant number of irrelevant CVs and job applications. Before you’re distracted by an overwhelming amount of candidate data, take a moment to audit your current hiring channels and take the pressure off of your internal team by making use of a recruitment agency.
A recruitment agency will assist you in pre-screening the masses of CVs and applications you’re likely to get for any job opportunities you have available during these periods; providing you with a selection of candidates that have been identified as meeting the criteria you’re looking for to make your interviewee selections from.
For many employers, Diverse Employment stands out as a source of high-quality candidates with higher retention rates, better prioritising their recruitment activities and time.
To learn more about Diverse Employment's recruitment services click the link below
3. Build Flexibility Into Your Recruiting And Hiring Expenses
A significant part of viewing your business from a new angle during a recession is re-examining the businesses expenses. Most business managers will agree that business expenses have a way of expanding until they’re actively managed and cut. Take the time to dig-out the expenses, fees, and subscriptions that you don’t actually need.
Build flexibility into your recruiting and hiring expenses now by making use of temporary staff wherever possible instead of taking on permanent employees.
Utilising temporary staff via a recruitment agency will allow you to better manage the “wages overhead” dependent upon the requirements of the company at any given time. Even in the short-term it can reduce employment administration costs, but for many it proves to be a significant saving in the long term when the productivity and demands of their company suddenly decrease; as has been an issue for many in recent times.
To learn more about the many benefits of utiltising the services of a recruitment agency, click the link below.