It seems strange that despite a 30-year low in unemployment we may at any time slip into a recession fuelled by political uncertainty and a global economic slowdown. Many companies choose to hunker down and pull in their purse strings during periods of slow growth. However, there is evidence to prove that recruiting in a recession can be cost-effective and an economically sound way of future-proofing your business.
Also, to bust one of the many recruitment myths, hiring in a boom or bust is tough. Top Talent will always be hard to find.
An easy solution to your hiring problems during an economic downturn is not to lose people. Invest in training and development and try where you can to promote from within. Hiring, training, and developing new staff is considerably more expensive than investing in an existing team! However, you may want to ask yourself is the current team worth investing in. A recession could be a good time to review capability against the future needs of your business.
It may be time to restructure and rebuild. And what better time than when the market is awash with previously untapped talent. Salary expectations are likely to be more realistic as applicants are open to negotiation. It may be a counterintuitive approach but hiring a team of highly skilled individuals could be what you need to ride out a recession.
Building talent pools is one of the easiest ways to access top talent before anyone else does!
These are a group of people that are socially engaged with your business. Ask your employees to help create content and use their digital voice to help prospective applicants better understand your company and its culture. With an interest and insight, they are the untapped passive jobseekers that you may otherwise miss out on if you don’t have a digital presence. Large companies heavily invest in this kind of activity, of course, they can, it’s scalable! But it is not always achievable if you are a small or medium-sized enterprise.
A more tried and tested method is, of course, using your agency PSL.
Recruiters are your eyes and ears, they are full of market intel and will have a pool of readily available, vetted and high calibre candidates. They are your HR extension, Chief Time Saver and are there to do the hard work for you, but they don’t come cheap. And neither should they be if they deliver the service you deserve and expect.
As with many other industries, Recruitment is developing technologies all the time that will help you make better hiring decisions.
Interestingly Team One is a business that is embracing technology that will help disrupt the recruitment industry and open opportunities for you to take ownership of your hiring process.
Marianna Dorfman, MD and Founder.
” We are proud of our 25-year history, and we understand that as the market grows and matures, we have to change and evolve with it, hence the launch of Team One Express. A platform that enables clients to find talent at a heavily discounted rate.”
The concept is simple. You send your job spec to Team One. The recruiter gets to work posting adverts, searching CV databases, matching, filtering and screening. You then sit back and watch the applications flood in. All the CV’s belong to you. You own and control the process and for just £295, which is a fraction of what you would pay in recruitment fees. Team One Express proudly offers this service alongside its Temps and Perm recruitment divisions.
Team One Express puts you in the driving seat.