According to polling, most Americans believe the economy is booming, and data shows the job market remains tight. However, does that mean the prosperity will continue into 2020? While nobody has a crystal ball, many economists are sounding alarms and suggesting recession is a very real possibility. This potential dip has forced many businesses to think about creating a talent acquisition plan to ensure stability during turbulent times.
Here Are Ways Forward-Thinking Companies Can Recession-Proof Their Talent Acquisition Plan:
Hire Versatile Workers
Companies often go on hiring binges when times are flush. While it’s certainly good to maintain a robust staff that can keep pace with increasing business demands, leaders sometimes get caught up in the moment. Does the marketing department of a 100-person organization really need three social media experts?
Instead, a prudent talent acquisition plan should focus on hiring workers with broad talents who can be reallocated as needed. It’s not that companies shouldn’t hire extra help when business is booming, but rather they should invest wisely.
Invest in Technology
Boom years are good times for companies to upgrade technology platforms. Technology is generally scalable for either growth or downsizing, so owners rarely have buyer’s remorse. New recruiting software solutions can be a good investment, as they empower organizations to operate with leaner HR departments when times get tough. Technology streamlines HR in uncertain times.
Engage Outside Recruiters
Full-time HR hires may seem necessary in strong economies, but large HR teams can be costly to maintain during recessions. Instead, talent acquisition planning should focus on supplementing boom-year needs with outside recruiting services.
Recruiting agencies are low-risk solutions to staffing needs. The relationship is usually contingency-based and can be terminated when the economy slows down. Hiring objectives are met when business is good, while the fallout from future HR layoffs is avoided altogether.
Consider Temp-to-Hire in Your Talent Acquisition Plan
Temp-to-hire is a particularly beneficial option for companies during times of economic uncertainty. Employees can be brought on to ease immediate work burdens without long-term commitments.
Companies can also extend permanent job offers to temp-to-hire workers who excel, ensuring they bring on only the top performers. Once again, employers get the best of both worlds. It’s all about flexibility during turbulent economies!
Ultimately, nobody can predict when an economic downturn may occur. But it will happen eventually. As the saying goes, “The only certainty in life is uncertainty.” But companies that work on recession-proof talent acquisition planning mitigate the risks!
If you’re in immediate need of high-performing workers, explore low-risk solutions with the nation’s best recruiting agency ASAP!
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If you are looking to hire and need help sourcing great candidates quickly, connect with Goodwin Recruiting.