When times are uncertain and revenue declines, companies typically cut back on spending, especially on expensive processes like recruitment. But it is important to have a long-term perspective; economic downturns are temporary, and you want to be ready for when things start to look up.
This might be a great time to recruit, as good talent will enter the job market if their companies are not treating them right. Plus, there is less competition because many companies may not be in a position to hire.
Here's how you hire great talent during challenging times
1. Win your candidate's trust
Recessions are difficult for both businesses and candidates alike. During these times, people will look out for companies that they can rely on. Some candidates choose not to leave their jobs even if they are unhappy, simply because they are scared to risk a job change. This is why it is crucial for you to sell the security of the role and give them the confidence to make the switch.
Let your culture shine
Candidates do not decide to work for a company based on a paycheck alone. They want to work for someone who values them and gives them a bigger purpose. It is important to understand what really matters to your potential candidates and create an employer value proposition that complements those standards.
While you are looking for new candidates, don't forget to meet the needs of your current employees. Word travels fast, and if your staff is happy, your candidates will know.
Don't spare any details
Everybody appreciates honesty. Be transparent about where your company stands so that they know exactly what they are getting into. This way, both you and the candidate can ensure that you are the right fit for each other. No company can afford a bad hire, especially in times like these.
Communication is key
A big part of winning your candidate's trust is being incredibly responsive and making sure that all their questions are answered. Provide personalized, constructive feedback at every step of the process and actively reach out to candidates. Keeping candidate engagement as a top priority is always a good idea.
Promise a future
All candidates want to hear at this time is that they have a promising future with the company. Give your candidates more purpose by clearly stating your expectations, and help them understand how it will impact the business's overall goals. Show them a clear career trajectory, and give plenty of opportunities for them to upskill and grow with the company.
2. Be proactive
Recruitment is heavy on your company's budget and time, and good talent is always hard to find. Anticipate your recruitment needs before you start the process, and see if you can upskill or reskill candidates to fit your job requirements.
3. Give them an offer they cannot refuse
Candidates are not going to accept the job if your offer is not lucrative enough. Make sure that you thoroughly research the market to understand what it costs to hire talent that meet your expectations before you pitch an offer. More importantly, be open to negotiate.
4. Be more flexible
Hiring becomes a lot more difficult when you put constraints that are not necessarily going to affect the overall business outcomes. Identify what is really expected out of a candidate, and take a skills-first approach.
Consider hiring talent from different generations, hiring across borders to build a distributed workforce, and looking for talent in unconventional places. Create a work environment that can accommodate the right candidates.
Ensuring quality hires during recession
While there is a lot of talent entering the job market, it is also important to keep in mind that low performers are more likely to be laid off. Making a bad hire can be incredibly hard on your business when the economy is doing poorly. Be extremely cautious about who you hire, and vet the candidates thoroughly. It is important to ensure that your hiring process is well-structured and vigilant, now more than ever.