Despite several tech companies laying off workers - is that such a good decision? Even as recession fears grow, evidence shows that people are still actively looking for a new job. So what are the best strategies for hiring and retaining talent during uncertain times?
Recession is usually a time for companies to cut costs and some companies will be forced to make redundancies. It goes without saying that recruitment slips down the priority list. Hiring is expensive, especially if cuts are around the corner. The instinct of leaders is to freeze hiring. Instead, why not take a more strategic approach?
Tip #1 - Invest in talent
When companies are making redundancies, you will have access to a pool of previously unavailable talent. This could be an opportunity to fill those hard to fill roles if you're willing to take a risk. Focus on key roles and consider where the future growth opportunities will be. You might not be able to make all the hires you want so be strategic and hire the ones that count.
Tip #2 - Don't go with your gut
During uncertain economic times, we're especially likely to be conservative, choosing safer options meaning those people like us. Reliance on 'gut feel' and recruiting in your own likeness may not be the solution. Use structured interviews and be aware of bias. Put your culture and values at the forefront to help filter out the wrong type of people and to attract candidates who will be a better fit to your organisation.
Tip #3 - Audit current process
Use the slow down to audit current recruitment process. Identify what's wasting time and eliminate inefficiencies. Data is a great way to see what's actually happening and highlight any problem areas. To ensure you stay ahead of the competition when the market picks up, make sure you nail your future candidate experience - this really matters to people.
Tip #4 - Focus on your current workforce
Focus on developing your mid tiermanagers. This is key in driving employee satisfaction and retention. Things may be different this time with people still planning on leaving despite economic uncertainty. Look to leverage and build on skills you already have in house. Identify those people with a broad skillset who can work across multiple areas and consider remote/hybrid working. Almost all job seekers are looking for some workplace flexibility in their next role and will trade this off against a higher salary.
In summary, yes, you should hire in a recession but strategically for key roles and only when the internal talent pool has been considered. Things will improve. As the post COVID recruitment drive showed us, it's important to be on the front foot when things pick up. yohrs is your strategic recruitment partner with a wealth of experience to build sustainable, efficient processes that set teams up for future success. Contact us today jo@yohrs.couk or visit our website www.yohrs.co.uk to book your recruitment audit or discuss how we can support your strategic recruitment plan.
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