Recruiting in a Recession; A recession may seem a strange time to talk about recruitment but most if not all company’s have periods of growth followed by flat periods or quieter times. Your recruitment needs may follow these cycles and it is how you deal with these changes that sets you apart from other company’s. A carefully recruitment strategy of survival in the lean times may help.
Don't stop recruitment! While it is easy to enforce a stop on all recruitment . Recessions create changes and labour availability in the employment market, with good, experienced staff becoming available. Previously unavailable candidates are now there - and frequently with more affordable salary expectations. Downturns offer employers a break from the battle for talent.
Communicate! Recruitment strategies should be not just about the short-term survival but about how your company wants to position itself when the tides change. Managers should liaise with sales managers and be aware of your company trends in order to estimate when the economic downturn might end. If the forecast is that it will be short-lived, premature layoffs could be disastrous for your company in trying to re-employ skilled candidates.
Prepare to be inundated! More people out of work, means more applications. This may sound like you have an extensive pool of candidates to pick from, that's only the case if you can manage to see all the applications that come in. Utilise the skills of a good recruitment agency to help search, source and select candidates
Review your recruitment partners! Ensure any existing contracts will be fulfilled and consider how an alternative can offer you new supplier terms in order to increase your cash flow.
Focus priorities and revise recruiting targets
Make sure you put all your efforts into recruiting for positions that generate the highest return on investment.
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