5 Reasons to Keep Recruiting During a Recession
- January 12, 2023
A recession can feel like the end of the world. Companies often find themselves in survival mode, desperately trying to cut costs and minimise losses. One of the first areas to get slashed? Recruitment plans. After all, times are tight, and it’s natural to want to save money where we can. But is that always the right thing to do? Believe it or not, there are many benefits to recruiting during a recession—benefits that could be pretty beneficial for your business in the long run. So let’s take a look at why recruiting during a downturn might be a good idea.
Believe it or not, recruiting during a recession can actually save you money. Think about it this way: when times are good, everyone is looking for jobs and competition for talent increases. This means that employers have to offer higher salaries and better perks just to stay competitive. With fewer people looking for work during a recession, you can recruit talented individuals without having to pay top dollar. And since more experienced workers tend to go into recession-proof industries like healthcare and technology, you’ll also benefit from their knowledge and expertise without breaking the bank.
Accessing Inaccessible Talent
Another benefit of recruiting during a recession is that you may have access to talent that wasn’t available before. For example, many highly-qualified individuals who lost their jobs due to downsizing or company closures may now be available for hire. This allows you to find quality employees who may otherwise be unavailable in times of economic prosperity. You can also benefit from the fact that some job seekers are willing to accept lower salaries than usual since there are fewer job opportunities available.
Grow Your Brand Awareness
Recruiting during challenging times allows your business to demonstrate resilience and strength—two qualities that potential partners, customers, and investors appreciate. Additionally, if you make sure your recruitment process runs smoothly, this will create positive associations with your brand and encourage people (both inside and outside of your organisation) to think positively about it going forward.
Recruiting during a recession can be an incredibly strategic move that boosts morale in any business. Not only because it shows confidence to the rest of the market but also because it demonstrates that every employee is appreciated and valued. Hiring new people during difficult economic times directly communicates to current staff that their job is safe and secure, giving them an extra boost of reassurance even during uncertain times. In addition, having good morale boosts creativity, productivity and collaboration between employees, creating a work environment that fosters positivity and engagement.
Grow your Business
Finally, recruiting during a recession can help your business grow in ways you never imagined possible. By taking advantage of the lower costs associated with hiring new employees (or rehiring former ones) during this period, you’ll be able to free up funds for other projects such as marketing or product development. This allows your business to expand its reach and explore new markets while still keeping costs low—a win-win situation if ever there was one!
When it comes down to it, there are plenty of benefits associated with recruiting during a recession—benefits far outweigh any potential risks involved with taking on new employees. From saving money on labour costs to accessing talent pools previously unavailable due to high demand, investing in recruitment efforts now can help your business succeed both now and in the future.
So what are you waiting for? Get out there and start hiring today! And if you need some help, contact our specialist recruitment team to help you build a pool of top talent.