Insight

Hiring with Confidence During a Recession – Tips to Survive and Thrive

4 tips for a thriving business

With news of mass layoffs every other day, it does not come as a shock that employees are reluctant to look for new opportunities and that hiring has slowed down. When the economy gets slow every business cuts back on expenses and operates on a tighter budget. While this might be a good strategy to get by and survive a recession, it overlooks the opportunity to grow and get ahead of competitors in a tight market.

There are several strategies businesses can implement now to get out at the better end of the recession. Here are 4 tips from STOIX to help you do better than your competitors:

Stay on top of your finances

This is not an easy time for business leaders and finance professionals: they must be on top of their finances to allocate resources in the most efficient way and know when to cut expenditures. Identifying business priorities and aligning your finances is key in this process. Think about the potential strategies that lead to sufficient cash flow and a boost in your income.

Assess your hiring needs

You might instinctively think that recruiting new employees is off the table in today’s economic climate. This could not be further from the truth: hiring well today could make all the difference. Arming your business with the top talent in your sector as well as retaining your best staff could be the difference between falling behind or thriving at the end of the recession. Think about what kinds of people are missing from your organisation, and what skill sets could boost your business.

Look for exceptional candidates

While you should definitely be open to hiring new people, you will not want to hire in haste. The recession calls for more conscious hiring decisions, both from a talent and a cultural fit point of view. With that said, if you find a candidate that you think is the missing puzzle and will also mesh well with your team then do not wait for someone better to come along.

Take advantage of recruitment technology

Long gone are the days of combing through endless lists of CVs and needlessly long interview processes. Modern and specialist Search Partners (like STOIX) can do the job for you in a way that saves you time and effort and in all likelihood, delivers a stronger candidate shortlist than traditional recruitment agencies. Thanks to the use of the latest rec-tech and decades of expertise, they can identify candidates that can drive your business forward.

We hope you find these tips helpful and reassuring that you should not stop looking for growth areas and new employees because of a slow economy. Wise investments into your business and staff today could be what will set you apart from competitors when the economy picks up again.


Back to all articles