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Survive a Wild Economic Ride

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.
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