When the news is telling us to buckle up for the next recession (or is a soft landing?), it’s easy to feel a sense of worry or dread over how your company will make it through. Panic over individual teams’ budgets might make you feel like it’s one area where you need to cut back through layoffs or hiring freezes—but research suggests that’s not a great way to react to a recession. Here are a few reasons why you should continue to hire with a few creative ways to keep your company thriving during a recession:
If you suddenly stop hiring for new positions, well, there goes your innovation and ability to continue to build on everything you’ve already accomplished. Recessions are a perfect time to get creative with the people you already employ. A first step in hiring during a recession is to look at who you can promote from within. Who are the big thinkers that can and want to do more for your company? Offer them a raise and a new position, even if it's only a mild salary bump. It’s sure to help morale while saving you the time and cost it would take to educate a completely new hire. If you find yourself without anyone to promote, then hiring recent grads or freelancers might be a great way to infuse your company with outside thinkers and fresh ideas.
A hiring freeze always signals to current employees that you’re putting your bottom line first while they’re left to do the work of two or more people. This is a recipe for burnout and increased turnover. You may, as a result, lose some of your top talent to your competitors. Instead, work with your HR department or recruiters to decide which roles need full-time employees and which ones can get by with freelancers for the time being. You’ll show your teams that you are doing all you can to help them get through this tough time.
When there isn’t someone you’re able to hire from within, we encourage you to hire full-timers for the most important roles within your company. We aren’t saying go crazy with hiring during a recession; we’re simply recommending that you don’t resort to hiring freezes or layoffs (for the reasons stated above). Another reason? During a recession, you may not be able to offer the biggest salaries, but you can get creative and competitive with new benefits like increased PTO, sponsored learning opportunities, student loan support, in-office childcare, and gym discounts. This creativity will help you attract new talent while staying on budget and keeping your existing employees happy.
During a recession there are fewer people willing to leave their jobs, leaving a difficult talent pool to navigate. If you find that your company is in desperate need of top talent, why not bring on recruiters to help you? Shameless plug, but our recruiters at Artisan have been at this hiring game since 1988 and we’re pros. With a presence in nineteen major cities, we can help any company, big or small, to find the right talent. Whether you’re in need of innovative freelancers to get the job done or are looking for full-timers with impressive backgrounds, we have connections with the best of the best. Get in touch with us today!