Our guest blogger is Pam Robison of J. Gifford Inc. in Tulsa, Oklahoma. J. Gifford Inc. is a small, quality conscious firm providing highly individualized recruiting services to clients on a local, regional, national and international basis. The firm’s recruiting activities are focused on professional, technical and managerial placement, as well as contractor and international staffing for clients. Pam is Secretary/Treasurer of the NPAworldwide Board of Directors.
In a slowing economy, businesses often decide to freeze or delay hiring. Sometimes this is to reduce costs; after all, new employees have a real budget impact. Consider the possibility that this could be a costly mistake with long-term implications. While it is tempting to put off hiring until business returns to full strength, delays or freezes can do more harm than good.
New employees bring new skills and offer new perspectives to your team. These additions might be just what your business needs to adapt and thrive in tougher economic times. Companies choosing to wait it out must recognize that the talent they seek will be sought out by many more competitors in a recovering economy or a climate when the search for talent again becomes red hot. Employers may pay more and have less choice as business returns to previous conditions. Waiting truly does come with a cost.
So, how can employers best hire even as the economy slows? Be strategic. Look for candidates who not only have the skills and experience you need, but also be selective and find talent that fits well with your company culture. Candidates with these attributes are more likely to be a part of your team long-term and may be the talent that sustain and drive your business growth. This can be a time for you to upgrade your workforce as top-level candidates may be suddenly available.
Be flexible with job descriptions and requirements. Be willing to properly train candidates lacking all the qualifications typically required. This will build trust and loyalty with employees; this can support increased retention when conditions for job-hopping become ripe once again. And don’t forget about internal candidates! Employers promoting from within save time and money while boosting morale among existing employees.
The economy may be slowing down, but that doesn’t mean your business has to slow down. Stay strategic with your hiring process; focus on quality and great-fit hires. Build a better team while others sit on the sidelines. Your talent is the asset that may help your business weather the storm ahead.