Careful Q4 Planning: How to Take Advantage of a Hiring Slow Down
As certain industries respond to negative economic indicators, shrewd businesses have an opportunity to capture a richer talent pool.
Did you know that there are over 600,000 new businesses across the United States each year? However, many of these companies fail within the first few years.
One of the most important responsibilities that entrepreneurs have is acquiring the right talent for their company.
As we enter Q4 of 2022, hiring has slowed down across virtually every industry. Since there is now a surplus of professionals that can fill in any given role, companies have leverage when deciding who to hire. Let’s take a look at how you can take advantage of the current hiring slow down.
Salary Negotiations
During an economic recession, many workers are willing to take a pay cut to keep their jobs. As an employer, you may be able to offer a lower salary than you would during more prosperous times.
Of course, you’ll still need to offer a competitive wage to attract the best talent. However, you may be able to save your company some money by being a little more flexible during salary negotiations.
More Experienced Workers
Since there are more people looking for work, you may have your pick of the litter when it comes to hiring.
This is especially true if you’re looking to hire someone with a lot of experience. With so many people out of work, you could likely find someone who is overqualified for the position you’re trying to fill.
While this may seem like a bad thing, it can actually be a great opportunity. An overqualified worker may be willing to take a pay cut in order to keep their job. Additionally, they will likely bring a wealth of knowledge and experience to the table that can benefit your company.
Be sure that you keep this in mind when moving forward — it could be one of the most important benefits to take advantage of.
Increased Productivity
One of the best things about hiring during a recession is that you may get more work out of your employees.
With so many people out of work, your employees will be grateful to have a job. As a result, they may be more likely to go above and beyond in order to keep their job. Additionally, they may be more likely to put in overtime hours in order to prove their worth to the company.
All of this can lead to increased productivity and profitability for your business. Under the right circumstances, you could even find that your company thrives despite the poor economic conditions.
Don’t Overlook the Hiring Slow Down
Now is the time to take advantage of the current hiring slow down. As long as you keep the above information in mind, you will be able to make the most of this opportunity.
Want to learn more about what we can do? Be sure to reach out to us today and see how we can help you.
