The economic landscape is becoming increasingly volatile and consequently, the working world is too. Employment trends have evolved rapidly and in unpredictable ways over the last two years due to several different factors.
Of course, it goes without saying that the COVID-19 pandemic kicked off the majority of the instability the economy is experiencing. Mass layoffs combined with widespread quitting (the “Great Resignation”) have left employers with huge labor shortages and confusion about how to remedy them.
Forbes explains that on the heels of the pandemic looms another possible recession. Business leaders are deliberating whether or not to hire new employees in the face of a possible economic downturn. And, to top it all off, organizations now have to contend with novel recruitment approaches such as skills-based hiring.
All these combined elements have resulted in high levels of uncertainty surrounding economic activity and employment. Here, we shed some light on possible hiring plans of action your organization can implement to overcome this wide range of challenges and obstacles:
1) Shift to temporary employment and contract employees
If your organization has job vacancies, consider using temporary staff to fill in the gaps. In times of economic unpredictability, hiring permanent employees could be a death blow. Taking on full-time staff with no specified employment end date incurs more costs associated with compensation and benefits and can present legal issues if you need to let these employees go. As Dave MacDonald of the Better Together Group explains, turning to contract work allows you to meet your organizational goals without the risks permanent employment poses.
2) Use agile digital systems
When money is tight and time is of the essence, organizations need company-wide transparency so that all divisions can have all the information they need to make cohesive and mutually beneficial decisions, especially regarding recruitment. According to Data Drive, implementing data-driven IT platforms that allow managers to make informed choices is a particularly effective way to enhance transparency. Such solutions include employee performance monitoring systems and application tracking software that streamlines and simplifies relevant human resources processes.
3) Prioritize positions and value high-performers
Not all job roles are created equal. It’s essential that your hiring department ascertains which vacancies desperately need to be filled and which can be put on the back burner. It’s also helpful to determine whether some of the work that potential new employees would complete can be delegated to other existing members of staff. To that end, you may want to consider upskilling your current team members rather than hiring new ones. Lastly, give your high-achieving employees tangible benefits in a bid to increase your employee retention rates.
Integrity Staffing Services acknowledges how difficult it can be to recruit the staff you need when nothing is set in stone. Contact us today to find out how we can help you hire the right workers during times of doubt.
