Survive a Wild Economic Ride
By Patrick Ropella Posted 02/13/2015
How can my recruiting strategy handle the economic shift?
Today’s unpredictable economy makes recruiting feel more like a rollercoaster than a gentle swing. Instead of conventional highs and lows, your company must handle radical, unpredictable human capital changes to survive and perhaps even prosper. Here’s how:
- Defend your recruiting budget. Fight the temptation to institute a company-wide hiring freeze. The knee-jerk reaction may initially cut costs. But, it will impede responsiveness once the economy improves.
- Prepare for an onslaught of applicants. Scrutinize your resume sorting process to handle higher volume while maintaining your standards for quality.
- Churn your talent pool. Right now, when your competitors lay off top employees, it is faster and cheaper to recruit new talent than develop it in existing employees.
- Shift focus. Redirect efforts toward retention, improving your onboarding process or reorganizing talent internally.
- Reexamine Staffing. Minimize your labor costs with contingent workers easily released when demand slows.