Hiring in a Recession: How to Do It Right
Although the American economy has been stable for a while, you cannot rule out the possibility of a downturn. During such times, global economic activity declines significantly, leading to rising unemployment rates and drops in investment opportunities and business returns. As such, most companies shy away from hiring in a recession and might even lay off some employees. However, downturns are the perfect time to recruit thanks to the broad talent pool. Read on to know how to recruit during a downturn.
Analyze Your Workforce Needs
Reviewing your staffing needs reveals hiring costs and timelines to cushion you from recession challenges. That way, you know the available talent and who you need to hire. With this information, your HR team can create detailed job descriptions and onboard candidates that meet your long-term objectives.
You should also listen to job seekers. For example, employees can quit when they feel unappreciated, underpaid, or overworked. By understanding what candidates want in employers, you can create a conducive environment to retain and attract top talent. You should also remain friendly to potential hires. This includes responding to their queries, clarifying your job requirements, and communicating company values.
Hiring in a recession might seem expensive, but getting remote workers saves you numerous costs. For starters, you don’t pay commuter benefits since employees work from home. You also save money on office equipment. Although you can provide your staff with computers, you don’t have to rent an office or furnish the workspace.
That’s not to mention cleaning expenses, electricity, water, and heating. Additionally, employees might be more productive since they can choose their schedules and stay away from office gossip.
Embrace Technology When Hiring in a Recession
It’s harder to recruit during an economic downturn because of the numerous applicants competing for one position. However, you can streamline recruitment by investing in hiring technology. For instance, you could interview candidates on video instead of holding physical meetings.
Similarly, you can use chatbots to conduct initial screening, recommend job profiles, and update candidates on their application status. Another trend is social media recruitment. Besides advertising positions on social media, you can check an applicant’s suitability by looking at their Facebook, Twitter, and LinkedIn profiles.
Consider an Employment Provider
Hiring in a recession can be tricky with the shifting labor market. An experienced recruiter knows the best skill set during financial turbulence and how to access such talent. What aspect of talent acquisition do you struggle with? Contact us to solve your skills shortage.