Hiring in a Slow Economy: Tips for Adding Help on a Tight Business Budget
Hiring is usually downsized by companies when the economy is slow, and this often means imposing a hiring freeze until cash flow improves. However, an economic slump may be the prime time to find top talent as competitors lay off staff in an effort to minimize expenses. Businesses may also need to hire replacements for employees who leave to ensure that operations continue as usual.
Budget Strategies for Finding and Hiring Employees in Slow Times
Networking is a powerful way to build a pool of potential hires. Trade shows, industry gatherings and community events are perfect places to meet qualified individuals and spread the word that a company is hiring. These events attract large numbers of people who share similar visions and passions and whose personalities fit in with company culture.
Social media is another smart way to access a broad audience of potential recruits. According to Entrepreneur, 92 percent of companies currently use social media1 to find new hires, and 45 percent of Fortune 500 companies display social media links along with career information. Targeting tools allow recruiters to direct job listings at candidates in specific industries and locations to get the attention of the most qualified prospects. Many of these functions can be used completely free of charge.
After looking at all the possibilities, a company must ultimately settle on a hiring method and venue that will bring in the greatest number of potential employees for the least amount of money and time. Information about any consumer who doesn’t fit a current job opening but who would be a good fit for the company as a whole should be saved for future consideration.
Recruiting the Right Talent for Every Job Without Losing Money
Evaluating the performance of current employees before recruiting new hires reveals where individuals are failing to meet their potential. To stay on budget in tough economic times, it may be necessary to replace these employees with fresh talent possessing a greater drive to work. These highly qualified individuals might cost more in terms of salary, but the investment can more than pay for itself through increased efficiency and productivity.
To attract top talent that generates this kind of ROI, businesses must:
- Demonstrate a clear mission
- Show dedication toward long-term goals
- Have a strong, devoted base of existing employees
- Provide appropriate challenges that encourage growth
Networking pays off when trying to find promising prospects to take advantage of these perks. Concentrated recruiting efforts create a pool of leads with the highest possible qualifications. New leads can also be found by talking to references who recommended previous top-performing employees to find out if they know anyone else with similar credentials. Reaching out to former employees draws past talent back to the company for an even greater benefit to the business as a whole.
Uncertain Economic Future: Keeping New Hires Focused and Motivated
Retaining employees once they’ve been recruited can be difficult when the future of the company hangs on an unreliable economy. Even the most dedicated staff members begin to feel the pressure of trying to keep up business as usual without predictable sources of income. It’s up to employers to foster a positive work environment that maintains engagement and morale throughout the workforce.
Companies that are able to preserve a feeling of satisfaction among employees during slow times are those that:
- Keep communication open2 between executives and teams
- Understand and encourage individual career goals
- Acknowledge and reward hard work and exceptional performance
- Provide ongoing training to support job success
- Take proactive measures to address dissatisfaction
- Create a positive work/life balance
- Host recreational events outside of the office
These strategies promote a supportive atmosphere that makes employees feel at ease no matter how the economy is performing.
By following smart recruiting procedures, demonstrating a clear dedication to success and providing encouragement for all employees, business owners can support growth even in a difficult economy. The blog at Personal Money Store offers more strategies and tips for managing finances and running a successful enterprise through the ups and downs of an unpredictable market.