Changing Jobs in a Recession
by John Baldo on Thu, Aug 4, 2022
Marketing your business to potential employees in an unstable economic climate requires that you demonstrate your viability, security, and compelling benefits/perks as a company. The most recent data suggests that the U.S. economy is “at least teetering” on the edge of a genuine recession that could last for at least two consecutive quarters with negative GDP readings. A recession guarantees a deluge of new applicants to your company and you’ll need to consider how to take advantage.
Let’s navigate your marketing and hiring practices through a potentially forthcoming recession, and beyond. Our goal is to help you formulate a strategy that attracts new, high-value hires to your business.
How to Adapt and Improve Your Hiring Practices: The Principles
Regardless of the likelihood of a recession, it’s important to gauge what potential job seekers are thinking. According to recent surveys, 70% of Americans believe a recession is on the way (with nearly 60% expecting it to arrive within the next six months).
Amid unprecedented, large-scale resignations across 2021, most employers are pivoting to make their workplaces as appealing and accommodating as possible, particularly concerning work-life balance, remote/hybrid work configurations,and benefits and perks that distinguish them from other companies.
Actively Listen to Job Seekers and Their Preferences
With all of these considerations in mind, the first principle we recommend is to listen attentively to what job seekers are requesting, and what they’re sharing regarding simultaneous offers (benefits and perks from another employer, let’s say, that you don’t currently offer).
Undoubtedly, many job seekers you encounter will have some non-negotiables. In 2022, this could be flexible scheduling; a remote or hybrid-at-will work model; or even benefits or perks that match or exceed another offer they’ve received. Embrace this process of information gathering and take job seekers’ requests into consideration as you implement new changes to your benefits package, workplace model, or other business practices that could impact applicants’ interest in your company.
Demonstrate That You’re a Reliable and Viable Career Option
Deliberate marketing and promotional efforts on social media, via Google Ads, and through conventional press and PR should be a key part of your strategy to attract ideal employees. It’s particularly important to show how your company offers stability and a company culture that is unique within its industry. In addition to featuring your distinct company offerings, consider posting or advertising testimonials from current employees who can articulate the value of your company culture in more personalized terms.
Focus on Attracting Multifaceted Candidates Who Can Fulfill Multiple Roles
Emphasize attracting high-quality and dynamic candidates who possess skill sets that may exceed the job description. If you encounter a multifaceted candidate with an impressive range of skills, reflect on whether you can merge some of their potential tasks with another role you plan to fill. Their range of skills may even allow you to offer new services within the company as a result of their hiring. With a likely surplus of job applicants due to the economic climate and scale of unemployment, focus on quality over quantity. If successfully recruiting an impressive applicant requires offering a larger total compensation package, consider that it may save you money in the long run (hiring for one position rather than two).
Act Decisively When You Encounter a High-Quality Candidate
When you find an ideal candidate, get to work submitting an offer and expressing your enthusiasm to invite them into your company. Because of the nature of the job market during periods of economic hardship or recession, it’s likely that multiple companies will be vying for the same applicant. In addition to offering a compensation package that’s commensurate with the value the employee will bring to the company, remember that enthusiasm and candor go a long way to communicate that an employee is genuinely wanted for all of the traits they can bring to the company and the ways they can meaningfully contribute to its growth.
Also consider that you may encounter an applicant who is well-suited to a particular position, but they are effectively switching industries. In this case, try to encourage them to embrace the novelty of a new profession/field, including the new challenges, job security, company culture upgrades, and autonomy that remote or hybrid-at-will work options will afford them.
When the Going Gets Tough, Resist a Hiring Freeze
In times of economic uncertainty, it’s tempting to consider withdrawing towards a more conservative approach, thinking that this is the way to ensure stability. When it comes to hiring freezes, the opposite is actually true. By taking this approach, you risk losing the opportunity to onboard highly talented employees who could redefine and expand your business operations for the better. Additionally, your departments remain static, lacking the dynamism that is provided by new hires. Tactical and selective hiring is one thing (and even advisable), but avoid taking an overly cautious approach that leaves your company “behind” when economic stability returns in the future.
How SelectOne Helps You Market and Hire through Economic Uncertainty
Capitalizing on promoting your unique company culture and stability during a downturn is an opportunity for you to hire great people while your competitors retract. Whether good times or bad times, the process is always the same: strive to create a strong talent pool by promoting an active social media strategy, and by outsourcing some or all of your recruiting process to a valued partner who can attract high performers.