Talent acquisition in a recession—Keeping your professional walls manned.
Talent acquisition during a recession isn’t a subject many folks want to dive into. The thought of expansion during a period of extended economic turmoil and uncertainty on the surface might not seem like the best time to grow, but quite frankly, that’s just a short-sighted way to look at our current and developing set of circumstances.
Scarcity transforms into abundance
Unfortunately, during times of stalled and stagnating economic growth, rising costs and diminishing consumer engagement often result in a loss of profits, forcing employers to release team members they claim they cannot afford to keep on. Whether their claims are true or not, this sudden influx of experienced and trained professionals presents an opportunity where there was once a veritable talent famine—with The Great Boomer Exodus in full swing. It is essential that companies invest in acquiring members of this highly valuable population of professional free agents.
Skip some onboarding steps
These men and women who have been let go, kicked out of their professional homes, as we mentioned in the previous paragraph, have training and current market knowledge necessary to be immediate assets and achieve success in their roles. While you must make sure they match your mission and culture, if these potential candidates are the right fit, you can rapidly add powerful human capital to your team—immediately increasing the bandwidth of your teams and the perspectives you can incorporate into your decision-making. Talent acquisition in a recession on the surface might seem counter intuitive, but in the long run, will save you the resources you’ll spend replacing and training those you might be thinking of letting go.
Grow your family. Keep your family.
The last few years have been pretty scary for a lot of people for a lot of different reasons. Managing to retain and potentially grow your team, in a smart and efficient manner during difficult times, will be a testament to your current workforce and show incoming and future talent that your business is one that not only invests in its profitability but also its people. The way we treat our team members during difficult times sends a clear message to the industries and spaces we inhabit, that this is a place where people can grow and learn what true professional resilience means.
At The James Allen Companies, we focus on facilitating the connection and delivering the talent that drives the insurance industry forward. Talent acquisition during a recession might be a challenge, but we can help you navigate these hiring challenges and emerge from this period of economic uncertainty with the enhanced resources to fully engage in more positive markets.