Every business needs to go through multiple phases. Recession is perhaps one of them and can indeed prove to be one of the most difficult phases ever. When your business is facing a recession or expecting a potential recession, it is always extremely important to give a serious thought to change and whether your recruitment process is suited to weather the storm.
How to handle recruitment during a recession?
While the degree of effect that a recession has on your business can be something you need to be analyzed properly before you can make a call, there are a few standard options you can check out so that you can continue with your recruitment process but do not have to be worried about the recession.
Try scooping out the real talent
Maybe you can see the positive side of the recession. Most of the businesses are likely to face issues and part with the best talent as they aren’t able to handle the recession. The great talent that they are forced to part with can be something you would want to pull your way.
Investing in A or top-class talent can be much easier during a recession. The 2008 recession has been proof to this, and many businesses would vouch for that statement. One of the prime options you have during this scenario would be to get the help from some top-end recruitment solutions. Software tools such as Greenhouse recruiting software can be utilized under those circumstances. In fact, a few sectors can get hit hard by the recession. A few good examples can be the tourism and the hospitality industry. You can attempt pulling the candidates from those industries into your fold.
Check out the Gig economy
The gig economy has been consistently growing over the past decade or so. The surge in remote work has been momentum to gig work. In fact, we have been witnessing a growth of the gig economy, even the areas where it was thought to be quite impossible. A few such areas can include engineering, manufacturing, and accounting.
If your business permits the use of the gig economy, it may be high time you check out the possibility of exploring the concept. In fact, larger enterprises and corporations have been employing gig workers these days. A good example here may be Google, who is a tech giant in itself.
Keep your network in good shape
Make sure you have been keeping your network in good shape even when you are not recruiting. If you decide cut too deep during a recession, you may find it rather difficult to scale up when the situation improves. The better option would be to move at a calculated pace.
Keep in your contacts always nurtured even if you are not hiring them. Keep sharing those mails, virtual meetups, and other modes of communication. That way, you would not suffer when it is time to recruit and speed past the competition. People will be willing to help those recruiters who are credible. The key is never to impose a blanket ban on your recruitment processes. Like we already stated, you should recruit if there is a chance for good talent out there. This will help you scale up when things begin to improve.
The tips shared above apart; there are several other important aspects you need to pay special attention to. Some of these all important factors would include
- Focus on your priorities –Make sure that you have practically prioritized your requirements. Remember not to experiment at all.
- Change your recruiting targets – The recruiting targets during the recession would be entirely different from the ones that you have been into when you were going through a stable phase. Revise the targets and try staying within the limits.
- Coach your employees well – The changes in the scenario can make your existing employees need to achieve more. Providing them with more training and coaching and help them acquire more skills can be one of the thoughtful inclusions.
While a recession may be one of the toughest times, it is not bound to stay around forever. Like almost all the recessions that we had in the past, this one will also go away. Make sure that you have kept your will strong and haven’t given up. Be patient, and this will pass too.