Now that Britain has opened back up for business and is returning to some kind of normality, the UKs economy is forecasted to be stronger than originally expected. However, there is a still a big gap between how the economy was pre-Covid19 and now. Hundreds of people have lost their jobs and many are still on furlough. So, whether your business will be hit by recession, or just feel the fall out of a devastating year – your hiring strategy needs to be robust in order to allow your organisation to survive and thrive.
Here are 5 recession-proof hiring strategies you can begin to implement today.
Create a proactive strategy We may not be able to predict the full extent of any economic downturn, but preparing for the possibility of the worst case scenario is prudent. People are the life blood of your business, so hiring decisions and recruitment strategies should be top of your agenda. By putting a hiring strategy in place – based on a number of possible scenarios, you won’t have to fear recession. You can face it head on with confidence. Your recession-proof hiring strategy should include:
• Key risks
• Priority of risks
• Actions required
• Roles and responsibilities
• Contingency review
Review your hiring expenses Obviously, cash flow, budgets and expenses should be factored into your recession-proof hiring strategy. By examining hiring expenses, you can build flexibility into the process. For example, could you consider contractors? This would enable you to scale up and down when needed. Could certain roles become part-time? Do you invest in costly recruitment technology, spend on unsuccessful recruitment events or subscribe to monthly commitments? These kind of expenses could be replaced by using a cost-effective external recruitment agency.
The average small business owner spends around 40% of their day on tasks that do not generate income – such as recruitment. So, although you might consider a recruitment consultant an expense which could be cut, you should also think about the hours you will need to spend doing their job.
Develop a strong Employee Value Proposition When weighing up possible employers, top talent will often consider happiness, wellbeing, core values and social responsibility over salary and benefits. So, your employer brand should not be neglected during recession – nurturing it should be made a priority, and this should be factored into your hiring strategy. Things to look at:
• Review your online presence – website, social media and employment review sites
• Conduct internal surveys in order to identify and rectify any possible attraction and retention issues
• Create an employee persona so that you can target talented individuals more effectively – personality traits, motivation, where they hang out online, preferred perks
Audit the quality of recruitment channels Whether social networks, your corporate website or employee referrals have been your preferred hiring channel so far, by auditing your source of past candidates, as well as the candidate journey, you can boost the quality and effectiveness of your recruitment process during a recession. Data is an invaluable resource, so think about:
• The number of applications each channel provides
• The quality of hire
• Retention numbers
• Candidate experience
• Internal processes
A vital part of the audit process is to work closely with your recruitment consultant. Not only can they supply information from the ground, but they can also provide ideas to help you improve your recruitment process.
“Recruitment impacts every aspect of business. It has a direct impact on the global economy and the individual success of your business. And so, quality is not an option, it’s a necessity. By having a trusted recruiter, employers have complete confidence that the best talent is attracted and delivered – innovatively, respectfully and effectively. This is key during a time of economic uncertainty.”
Kris Smith, Technical Recruitment Manager, Omega
Preparing for recession doesn’t need to be complicated, stressful or negative. Quite the opposite. It’s simply an opportunity to review the way in which you do business – reinvigorate and challenge your processes and give you confidence to face anything 2021 throws at us.
By working with a network of recruitment experts such as Omega, you can draw upon on our in-depth knowledge and innovative technology to deliver results.
Call us today on 01453 827 333 or email [email protected] to discover how we can help you build a recession-proof hiring strategy.