Why hire in a recession?
With the treasurer announcing Australia has now entered a recession, on the back of bushfires and pandemics, it might seem natural for businesses to move into defence mode. Putting those recruitment plans on hold, however, could mean missing out on some driven, quality candidates. Now is the time to hire if you are looking to future-proof your organisation.
The rate of unemployment jumped to 6.2% in April. The underemployment rate now stands at 13.7%. These numbers speak to the tough time many in the country are experiencing right now. While they are sobering statistics, for businesses, this means an unbelievable amount of choice when it comes to hiring new staff.
The challenging economic climate means that many candidates applying for roles within your business may not have come from your industry. This is not a negative. These candidates can bring new and exciting ways to get things done within your business by utilising their transferable skills in different ways.
Having staff that are green to your industry allows you the opportunity to see how things could work from a new angle. Fresh perspectives can provide the spark to innovation and help lead your team to new highs of success.
Time to streamline
Given the number of resumes filling your inbox, it’s the perfect time to improve your current hiring practices and do some trouble shooting if necessary. Take your time during the recruitment process. While hiring a quality candidate is ultimately the goal, learning about the process and figuring out the pain points and barriers to applicants can provide great starting points for development.
Accessibility and ease of use should be the most important considerations when seeking to improve your processes. Think about it from the applicant’s perspective, you don’t want applicants spending excessive amounts of time or even giving up due to frustration during this process. You also want to ensure all automated and personal interactions applicants have show your business in the right light.
Time for growth
As many businesses go into hibernation initially during a recession, this can create a flurry of hiring activity once some certainty is in place. Acting now on those hiring decisions means getting the jump on your more conservative competitors, and leaves your business well placed to take on the opportunities present after the economy recovers.
Businesses don’t benefit from standing still. While times may be uncertain, ensuring you have the right staff is always a priority.
If you are looking for the right people now, get in touch with us and we can help you find candidates.