Thinking about hiring during a recession can bring up feelings of dismay. However, this is a great opportunity to get creative and potentially have or shape the most qualified candidates for employment with your company yet. There are some top strategies on how to make this a positive and lucrative venture that could become a symbiotic benefit between employer and employee. Historical data suggests that employers who continue to hire during a recession typically find some of the best talent available. Companies like Hewlett-Packard and Microsoft have adopted this strategy with measured success.
It is crucial to assess three elements when attempting to hire during a recession: the company’s long-term goals, immediate hiring needs, and your ability to source candidates. Once you have evaluated those three key components you can then create an action plan based on the strategies that will be shared here.
There is something known as a skills gap analysis, which is a way of helping your business assess what you might need and what you may not yet have. This analysis will also show you if there are any candidates that you can potentially hire for such positions from within your company. Hiring from within is another strategy of utilizing the in-house talent and delegating funds to hire new talent to replace the in-house hires’ previous positions.
Passive candidates are certainly not to be forgotten, as many people are waiting to be approached with an opportunity. You can find passive candidates by turning to your leadership team and asking them to list out three-to-five professionals they would enjoy working with. Recruiting for passive candidates can also be done in conjunction with creating a task force. At Innovative Career Resources & Staffing, we can partner with your business by focusing on bringing the most promising candidates to the table.
A couple of other things to consider while hiring during a recession is finding a screening tool that helps sort through and find the most qualified candidates and consider recruiting employees to work remotely. Both avenues will save time and money during this process. Ensure you have the appropriate tools to accomplish these endeavors. ICR can help support this venture. Contact our team to inquire today.
The overall goal for hiring during a recession should be focused on creating resilience in your company. Keeping this in mind can completely lay the foundation for your specific hiring plan of action. Take inventory of where your company is now and where you would like for it to be. Once you gain that clarity, the strategies will support your overall success.