‘Do more with less’ might be the most popular mantra to keep business afloat during bad times. As the wave of recession hits the global economy, companies focus on cutting down technical and operational costs to survive the crisis. Let alone bringing in new talents to the team, management often has to trim staff and slash budgets instead. With the current economic slow down, how can HR managers fetch the best talent at affordable costs?
Having top talents onboard is the key for efficient business operation. Regardless of any kind of economic circumstances, it is crucial to have the best individuals to support the company’s bottom line. While it is true that there are times when recession compels employers to conduct downsizing, it is not always the case.
With the right combination of skillsets and experiences, bringing in key talent and nurturing top performers on the team is a must-have strategy to grow the business during stormy economic climate. In order to survive the slump, companies will need skilled and talented workforce to gain competitive edge in the business.
As hiring new talents is costly and you simply cannot afford to lose another hard-earned dollars investing in the wrong hires, you should sketch out a foolproof recruitment strategy. To help fetch the right talents during lean phases, here are 7 tips for recruiting during economic downturn for HR managers:
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With job vacancies being scarce during economic downturn, it is only natural that there will be high volumes of applications, when you advertise a job opening. At some point, this will give you better chance of finding the strongest individuals among the candidate talent pool.
However, you don’t have to invest your time in unsuitable candidates who send their job application randomly. You should set relevant criteria and requirements of your ideal employees, such that will attract the right-fit candidates for the job role.
Tough times might make people accept any kind of job they’re being offered to, regardless of the compensation they receive. Do not hire someone with this kind of attitude. Despite circumstances, you should set standards of high performance for your potential hires. You have to make sure that the new employees are better than their predecessors.
To appeal to top candidates in your organisation, you have to make sure that you have a strong employer brand proposition. This means that you have to take the extra miles in enhancing your brand image through company website, social media, or other media channels.
Employee referrals is proven to be the most effective and least-expensive method to get high-qualified candidates, especially during declining economic growth. Encourage your employees to refer to their high-performing friends, family, or colleagues to join the team. In turn, you can offer them with prizes, incentives, or other non-monetary perks such as promotion.
Don’t oversell your company and the job. Yes, you can attract top candidates by doing so. However, when they step in and discover the truth, they might feel disappointed and quickly disengaged. To avoid additional cost of voluntary turnover, you should be honest about what the job offers to potential applicants.
Instead of looking for external hires to fill particular positions, why don’t you grow your internal staff? This strategy is less expensive and more effective to develop the quality of your human capital. Not to mention, this will increase retention and boost employee morale. To achieve this goal, you have to invest in continuous training and development.
You are required to make smart, effective and efficient hire decisions, while sticking to the data and facts on the job market, rather than trusting baseless assumptions. Adopt new technology to ease processes such as data analytics to help you in decision-making.
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