Why Hire During a Recession?

We all hear the jokes about 2020 but what. a. year.  

Just when it seems like we’re coming to the end of the main plot line of the horror film that is 2020, a recession hit. It has been a tumultuous time for businesses for quite a while and you’d be forgiven for crawling back into the comfort of your current-employee-hermitshell. However, we’re here to try to change your mind on that! 

We spoke to our MD, Paul, who offered some insight into why now is a great time to recruit new talent: 

As the UK faces its biggest fall in employment since 2009, Paul is often asked why now is the time to hire. While your competition is stuck in the mud and succumbing to the pull of the safety net of their existing staff members, they could be bypassing excellent stars. Top candidates’ availability is wide open as they’ve been in a career-based drought since March and keener that ever to find a new opportunity and get stuck in. The drought won’t last forever – bringing your growth plans forward helps to set you ahead of the game. As Paul aptly said, “great salespeople sell their way out of a recession!” 

Typically, businesses can spend months searching for someone with the right skillset to fill a gap in their team and then wait out a lengthy notice period. You can get ahead of the game by taking advantage of this rare moment in time and opening up to the candidate market that is full to the brim of fantastically skilled people a lot faster than you normally would 

We spoke to one of our fantastic Recruitment Consultants, Dom, about why he thinks companies who continue to hire will be ahead of the curve: 

Firstly, there is such a rich candidate market with a readymade talent pool of excellent professionals who unfortunately find themselves out of a jobYour competitor’s might be scared to hire or simply might not be doing well enough at the moment to hire new employees – there’s less competition to getting to the top talent so it’s an advantageous time to grab someone amazing! 

Dom made an integral point on hiring someone new: don’t try to undercut them on their salary because you think they’re desperate as they’ve been made redundantIf they weren’t terribly offended and did accept the offer, there is a high possibility that they’ll be looking elsewhere 6/12 months down the line. Retaining employees is just as important as hiring new employees! 

Finally, team morale is one of, if not the most, important aspects to consider during a recession. The monotony of working from home or the uncertainty of being furloughed, the stress of the pandemic, and the added stress of the recession will undoubtably have a knock-on effect on your employees. Bringing in new team members with fresh ideas and energy can help to revitalise a team that’s lacking in motivation or morale. New hires can help to inspire confidence in current employees and can stop the team or company from falling into the depths of stagnancy. An increase in team morale, whether that’s virtually or in the office, will be reflected in the results – companies with a highly engaged workforce are 21% more profitable. 

So, how should visionary sales leaders navigate seizing this opportunity? 

  • Check in with those that your company would have liked to hire in the past few years but they weren’t available.
    For example – Our International Divisional Manager, Jake, ummed and ahhed about ringing someone he didn’t think would be looking but knew was a fantastic candidate that he’d been in contact with a couple years ago. He did ring her and she happened to be in the market – he matched her with her new role! 
  • Attracting top talent is not easy – this is an unprecedented (I know, I’m sick of it too) chance to find talent that would normally be swept off the market. Therefore, ensure that the opportunity is appealing to those candidates and really sell the role, package, and company. Dom has shared some excellent tips on attracting the top talent over your competition that you can find here.
  • Short-term crisis management is tempting but those who think strategically and have a long-term plan will thrive.  

If you hire good people; they are going to make a difference in your team. If you need to hire someone before the end of the year, don’t wait – act now! Speak to one of our fantastic recruitment specialists who are dedicated to finding the right person for the job.  

We host virtual meet-ups!

Check out the round up of our latest virtual meet-up which focussed on locking out your competition in the sales process and find out how to join the next one.

Read here

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