The news continues to point toward a recession in the early part of 2021. One article suggested that without a vaccine and a stimulus package, the U.S. has a 90% chance of entering a recession in early 2021. The good news is that a vaccine does appear to be on the horizon. However, companies should take this year’s events to heart and plan for recession-proof hiring practices for 2021. What would those policies look like? We have some tips.
Plan Ahead for 2021 Hiring
Defining your hiring action steps now will help your hiring teams be less vulnerable in the New Year. Consider how a recession could impact your hiring efforts now before the economic slowdown occurs. It’s a good idea to create two or three scenarios that will prep your team for what could happen early next year. Could you replace your workforce with contractors or freelancers in key positions to cut costs? How could you create a leaner hiring process? Consider your options now and stay ahead of the curve by asking some hard questions such as:
- Has this role performed an important function for our business in the last year?
- Is this position a core part of how we do business?
- Can we automate this process or outsource it?
- How can the work we do bring more value?
Now is also a good time to build up your employer brand. Create content that will build your image in the community and keep your finger on the pulse of both customer and employee satisfaction, along with retention and loyalty. Make sure your website is up-to-date along with social media. This will help you retain your best workers long-term and make it easier for you to attract top talent to your business.
Take time now to identify the high-value hiring channels that will bring more candidates to your business. Avoid the channels that continue to bring poor candidate resumes and focus on the most productive areas for your job ads. Look at social networks and niche websites along with meetups or other locations where the best candidates may hang out.
Also, look closely at hiring workflows from the candidate’s perspective. What is it like to apply for a job at your company? Does the application process seem unwieldy? Is sending a resume to your company like dropping it down a well? Hiring teams that want to be proactive in their approach should consider the techniques they use to reach candidates. Are there subscriptions that you don’t need that should be eliminated? Are there expenses that could be cut? How can you make the recruiting process more flexible by eliminating waste and outsourcing processes?
One key process to consider outsourcing is the recruiting function. The time and costs associated with in-house recruiting can be very high. Do you have the right team in place to get the job done? What is your time to hire like?
We’re Here to Help You During the Good Times & Bad Times
ADD STAFF works with employers to either supplement their existing hiring team or outsource the recruiting function to save money. Talk with our team today about the best way to plan for 2021.