How to navigate your staffing during uncertain times

Employment rates have taken another downturn over the last month and companies are showing lower hiring intentions for the next quarter. Generally this means that economic growth is likely to slow, with a reduction in consumer spending and wage inflation easing.

So, as a business, how can you navigate your recruitment and staffing during the downturn in employment rates and the consequences that it is likely to bring?

Focus on retention and your current workforce

Hiring new staff can be expensive and can also be uncertain during economic downturns. By doing all you can to keep and upskill your current staff, you will increase employee loyalty; giving yourself a sense of security in uncertain times. Good retention will mean that you won’t have to spend as much as you would on external hires. Upskilling your team will also mean that you can fill skills gaps for higher paid positions, meaning any future recruitment is more likely to be in lower paid entry roles, costing less in the long run.

Embrace flexible work models

Hybrid and remote working attracts wider talent pools than office only employees along with flexible working hours if your company is able to accommodate that. Yes, the downturn in employment will mean that you have more people to choose from but to be able to hire the best talent, you need to be able to reach as many people as possible. By using a remote or hybrid model you will also reduce the office costs to your business. 

Streamline your hiring and operations with tech

Using technology will support faster, cheaper and more data driven hiring throughout times of uncertainty. You could utilise AI powered hiring platforms while adopting a skills based hiring process as opposed to a more rigid degree/experience hire. AI could also support more repetitive HR/admin tasks. Remember though - that when using AI during a hiring process, it can dehumanise the process of hiring a human, so balance is necessary here.

Build your employer branding and employer value proposition

The talent market is competitive for job seekers right now but you need to still stand out as the one to work for. Good talent chooses companies that stand out for their values, culture and mission along with the pay and benefits package. Make sure that you share your mission, what is important to your business and make sure that your branding is cohesive across all platforms. If you are able to invest in a strong benefits package that includes health benefits and learning among other things this will grow your EVP and be very attractive to potential employees. A strong EVP will also give you potential flexibility to lower wages, making hiring slightly cheaper for your business.

Keep your workforce planning nimble

While economic conditions are fluid, it’s important to consider keeping your workforce planning flexible as a static model can be very risky. You should forecast your hiring every quarter and build contingency hiring plans; such as flexible budgets for demand spikes. If you cross train your employees, this will enable them to cover more roles (if they are happy to) to keep moving with the needs of the business.

Utilising recruitment companies is also a great way to support your recruitment and streamline the process. Initially it will seem like an additional outlay but they will increase your chances of hiring right first time and doing so in a faster and more efficient way than you are likely to be able to achieve alone.