Finding top talent in a recession can be a challenging task. With the economy still in a slump, many of today’s job seekers are wary of leaving secure positions for something new and uncertain. This means that companies looking to hire top-tier professionals need to rethink their recruitment strategies and come up with creative ways to attract talented candidates.
Let’s explore three creative hiring strategies to help you survive the coming recession.
1. Build a Strong Employer Brand
A strong employer brand is a valuable asset during good times, but it can be even more valuable during a recession. As the job market shrinks and hiring slows, companies with an established and respected employer brand can stand out from their competitors as attractive potential employers. Companies that invest in building their employer brand are better positioned to attract talented candidates who may have multiple offers on the table.
Having a strong employer brand means being able to differentiate yourself from other employers who offer similar roles and benefits packages. It also helps create trust between you and potential candidates by offering them insight into what it’s like to work for your company.
A well-defined employer value proposition includes great perks, competitive salaries, supportive cultures, career opportunities, and more – all of which help draw in top talent when resources are scarce.
2. Leverage Offshore Workers to Fill Talent Needs
As the economic downturn continues, one innovative hiring option is to utilize offshore employees to help fill roles and expand business opportunities. Offshore employees can provide a unique pool of qualified candidates that would not be available locally during a recession.
Recruiting and hiring offshore employees can provide numerous advantages for businesses. First and foremost, you get access to a ready-made candidate pool and can skip some of the traditional steps and expenses of recruiting. You also get access to highly qualified talent at lower pay rates compared to hiring domestically. Offshore workers tend to live in countries where the cost of living is lower, allowing you to reduce your expenses without sacrificing the caliber of work performed.
Using a turnkey offshore hiring service streamlines the process and saves even more money on the employer side. You can get help with finding and vetting candidates, onboarding employees, and handling paperwork like tax documents and contracts without having to start from scratch with each hire.
3. Provide Incentives to Current and Prospective Employees
In a tight hiring market, employers must have something to offer beyond a paycheck. Providing incentives, such as flexible work options or upskilling opportunities, can be attractive for potential hires who may otherwise feel uncomfortable taking on a new role during an economic downturn.
This goes for your current employees, too. Maintaining great talent is just as important as seeking new employees, as they have the benefit of knowing your company and being “trained up” to run your business.
Tough times call for creative hiring, and Thankz can help. Learn how you can hire smarter and prepare for any economic conditions.