Even as the wake of the pandemic recedes, the country’s economic future remains uncertain. Though the U.S. isn’t technically in a recession at the moment (the traditional definition is two straight quarters of decline in the Gross Domestic Product, or GDP), there are signs a recession is on its way. These include higher prices and lower spending.
Conventional wisdom would suggest that businesses would enact cost-saving measures, including hiring freezes, should the U.S. continue sliding towards recession. But is a hiring freeze really in your business’s best interests? Here are three benefits you could get from avoiding the temptation to keep hiring – even during a recession.
Access to Top-Tier Talent
As other companies put up figurative “no vacancy” signs, your talent pool surges. This gives you more candidates to choose from for any given position. A recession also presents businesses willing to maintain hiring a unique advantage in that some companies may not only be closing the doors to new talent, but also laying off some veterans with skillsets that could help strengthen your company.
A Competitive Edge
Companies enacting hiring freezes may be stymied in their efforts to introduce new initiatives or strategies. It’s hard to get big new ideas off the ground if your headcount is static or, worse, dwindling. Buck the trend, and you can continue work on projects that will give you a leg up on the competition.
An Opportunity to Re-Evaluate Your Hiring Process
Even if you make a commitment to continued hiring during a recession, you may find that the influx of talent slows. That could give you a moment to take a breath and consider whether any elements of your recruitment program could use some renovation. Think about changing up your sourcing, introducing offsite or team interviewing, or reshaping your onboarding to boost retention. Don’t settle for the way things are.
Mega Force Can Help You Maintain Momentum
If you’re ready to embrace hiring during an economic downturn, Mega Force has the resources to help you keep your business firing on all cylinders. Our staffing agency assists hiring managers in High Point and throughout North Carolina. Find out more about what we offer here. And if you’re still evaluating your options, read our post from last year on the benefits of a temp-to-hire model.
