Nailing Down your Staffing Needs for a Potential Recession
2023 is gearing up to be a historical year in staffing. With mass layoffs at tech companies like Zoom, Dell, IBM, Spotify, Google, Salesforce, and more, companies are concerned that candidates and current employees are becoming concerned about the future of their industry. Your team must have the knowledge and resources to weather a potential recession. Here are our tips for nailing down your staffing needs this year.
Hire for a Broad Range of Skills
When you are hiring for new positions, focus on flexibility. Hiring individuals with a broad range of skills means you can shift people around when necessary and rely on people to do multiple tasks. This will also give your employees a sense of job security in a time of uncertainty in the market. It's a win-win for everyone involved.
Rely on a Contingent Workforce
If direct hiring isn't possible, consider a contingent workforce to help with high-volume work. You will partner with a recruitment firm that will place qualified professionals on a short-term or project basis to ensure you're up to speed. These contractors know the nature of their role and can move to another assignment once your project has ended.
Tighten Your Belts in Other Areas
This is also an opportunity to tighten your belt in other business areas. Review your expenses and see where to cut things out of your budget. You can reduce office expenses, limit travel, scale back budgets, manage your cash flow, and consider remote work to reduce or eliminate overhead. Reducing costs before the recession hits could put you in a good position to bounce back early.
Focus on the Future
Companies that weather recessions well are those who think ahead. Even if things look concerning in the following months or years, you can plan to weather the storm by considering how you might accomplish your goals once the economy levels out. For example, now may be the time to raise the bar in hiring to ensure you have the right players in the best positions for future growth and stability.
When you need help hiring, turn to Frontline Source Group!
Published on Mar 6, 2023