December 15, 2022
December 15, 2022
An economic recession occurs when there is a decline in demand for goods, a rise in debt, and a decrease in profit. The last time the UK entered a recession was during the height of the Covid-19 pandemic in August 2020. Many businesses closed, and people lost their jobs as everyone was required to isolate themselves and stay at home. As a result, the GDP, which measures a country’s economic size, decreased by 20.4%.
A country or company can be affected by a recession at any time, and it can last for a few months or even years. It is no coincidence that recession and unemployment go hand in hand.
INDICATORS OF RECESSION
One of the critical indicators of a recession is the increase in unemployment rates and a widespread hiring freeze. The company will have to reduce its expenses in order to withstand the crisis. The process of firing a large number of employees has been a key survival idea that most companies put into practice when faced with a situation.
As a result of the recession, not only does the company suffer but the employees as well. When the unemployment number rises, freshers and recent graduates find it harder to find a new job, and the average length of unemployment increases. Recruiting new employees is difficult when the company’s survival is at stake.
In order to reduce expenses, the companies will refrain from recruiting new talents and may even resort to cutting short the salaries of existing employees, sometimes even stopping hiring altogether during such economic downturns.
In fact, as a healthcare recruiter agency, Flexi Recruits always suggest clients look for new hires during a possible recession. You might find the best talent is suddenly available. Good employees are indeed the backbone of any company, and they make it possible for the company to grow in the future. Moreover, due to mass firing, you would now have access to a broader talent pool, allowing you to find candidates you might otherwise overlook. Therefore, it is beneficial for a company to recruit new employees during a recession, and with the help of a recruiting agency, your hiring is made easy and effortless.
In this blog, we will discuss a few things that any recruiter needs to keep in mind while recruiting during a recession.
RECRUITING DURING RECESSION
It’s essential for recruiters to listen to potential candidates. People may leave their current company for a lot of reasons. They may need greater job security and better pay or might have been laid off from their recent work. So, it’s vital for the recruiter to know why the candidate is changing jobs. Candidates with quality credentials will typically have several offers and will work with the firm that best suits their goals.
The demand for top talent increases during a recession as all companies claim to hire quality candidates. A recession forces companies to focus on high-quality candidates who roles rather than dividing those roles among multiple candidates. Keep quality over quantity despite increased competition. The right fit may require a more generous compensation package, but that’s less costly than hiring multiple employees who don’t meet your needs.
A recession may leave some business owners with the belief that they don’t have enough resources to hire. The good news is that you can hire remotely and be successful. There are lots of resources available for remote hirings, such as resume shortlisting software to create a shortlist of candidates and video software to conduct remote interviews. Flexi Recruits provides its clients and candidates with the latest technologies to hire efficiently.
Once you know whom you want to hire, don’t delay your offer or start date. Make an offer in writing as soon as possible, expressing your urgency to hire. If you wait too long, your top prospect may end up moving on to another company that acted quickly.
A job opening does not necessarily have to be filled externally. The skills of your existing employees can be developed so that they can take on new challenges. It’s often more affordable to train your current employees than to hire new ones. Identify existing employees that can be mentored to succeed in new roles. Promoting employees within the organisation rather than always recruiting from outside gives them the motivation to work better for future promotions.
It is challenging for staffing and recruiting firms to recruit during recessions as there are suddenly a lot of candidates and very few positions for recruiters to fill. But with Flexi Recruits, we ensure every candidate is placed in a career opening befitting their resume. Flexi Recruits have promised to be by your side in any difficult situation since 2010, and we have always kept our promise. From helping our candidates in landing the best jobs with sponsorship in the UK to providing a hybrid rec model to our clients, we work keeping both candidates’ and clients’ best interests in mind.
Our high-end professional team always makes sure to connect talented job seekers with opportunities. You can always rely on Flexi Recruits for all your career needs. If you are an international student looking for a career opportunity in the UK, register here.
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