Photo by Clem Onojeghuo on Unsplash
In the past couple of months, it seems like most companies are evaluating how to prepare for a forecasted recession headed our way in 2023. While there are plenty of companies that are still bustling and in need of employees, some may be wondering if now is the right time. Here are some tips for hiring during a recession.
Keep Hiring
As people are laid off there will be top talent available at a lower price point because, well, people are desperate to work. This could mean industry leaders who have strong experience and knowledge for your company are eager to find their next role. Don't overlook talent on the market that may not be there if there was no economic downturn. If your company has the ability to hire, this could be a great opportunity for all parties.
Promote From Within
Rather than adding additional costs for an entirely new employee, engage with the ones you already have. This will save costs, and you have a trusted employee you know is already a fit for your company. On the other side, you are proving to your employees that your company is strong, growing, and capable of handling a recession. This piece of mind can make for life-long employees.
Utilize the Entry-Level Market
Recent grads or entry-level candidates are typically energetic, impressionable, and eager to prove themselves all at a much lower price point. Not every role will allow for an entry-level candidate but if so, this can be an economical way to keep company productivity moving forward. Who knows, years down the road this person could become part of the leadership team at your company!
Hiring during a recession may take some creativity but that does not mean it has to stop. Keep in mind that candidates who have been laid off due to any economic downtown are going to be looking for stability. How can your company instill stability into the culture and come out of a recession with a stronger team than before?
Written by: Emily Onheiser, Senior Search Consultant at Hunter Crown, LLC
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