In case you haven’t heard, the UK is on the brink of a recession. And for businesses like yours, a recession calls for a change in your hiring strategy. During periods of economic decline, recruitment tends to slow down. But this doesn’t mean you should freeze hiring altogether. Recessions call for change. A change in approach and strategy. You still need to make those key hires that will drive your business forward.
So let’s take a look at some of our best strategies for hiring new employees in a recession.
During a recession, your hiring needs to be super resourceful. Take this time to review your current roles. Are there any roles that can be merged into one? Try splitting one role across several pre-existing roles. This is an effective way of reducing the number of hires you need and your costs.
Never throw away your rejected CVs or candidates. Always save any relevant candidates in a talent pool. Keep in touch with these candidates and keep the door open. You never know when they may come in handy. Hiring in this way will save you from going through the entire recruitment process. That equals more time and money on your side.
Instead of always hiring the most qualified candidates, try hiring trainees. Yes, they’ll need training and development. But the cost of training is usually much less than paying an experienced salary.
You need to be selective about which roles you hire for. Recessions aren’t usually a time for expanding the back office. Instead, it’s best to focus on the roles that will produce results. These are usually sales roles and Senior strategy-focused positions.
During a recession, it’s not realistic to interview every applicant. There will be too many. So try implementing a preliminary interview stage. This will be a short interview/conversation to screen the candidate. If this goes well, invite them in for a formal interview. Or you can work with a recruiter who does the hard work for you! Check out our video interviewing service.
In times of economic uncertainty, candidates need confidence in their career moves. More than ever, candidates will check your vitals to see if you’ll survive the storm. Make sure you promote your achievements, growth and awards. You can do this through your website, social media, office displays and in person.
Recessions usually mean lots of candidates are on the market. So you should prepare for this. Nail your hiring process. Create a careers page on your website. Set up automated response emails. Know which recruiter you want to work with. Make sure everything is in place so you can move quickly.
You might not have the budget to spend on traditional perks like private healthcare. But consider implementing more low-cost benefits. This could be rewards like late starts or a new MacBook for the top sales performer.
Recessions are a time for reviewing your expenses. And that includes hiring costs. You can’t always manage recruitment in-house. But you can find a recruiter that’s affordable and within your budget. Here at Fixed-Fee Placements, we offer a budget-friendly recruitment service.
Fixed-Fee Placements is proud to be able to support businesses during recessions. We offer affordable recruitment services to companies across Oxfordshire and London, and we always deliver.
To discuss your hiring needs, call us today on 01865 648 532.
Vanessa Ramkissoon | Recruitment Content Expert
