A sustainable talent pool is vital

Companies must use this to their advantage as the quality of its employees directly influences its ability to gain and sustain a competitive advantage.

The recruitment industry has been going through a downturn since signs of the economic turmoil were first seen in 2008. Employee numbers for some of the largest corporations have dropped significantly while a number of small and medium sized companies, have been forced to shut. The world has changed very quickly and companies that did not adapt suffered the most.

It is important to note that while employees play a vital role in a company during industry growth periods, the right employees can play even more of a fundamental role during an uncertain economic climate. Employees are perhaps the biggest commercial resource and companies must invest heavily in training and development of their staff if they are is to remain open for business in a recession.

Hiring or talking of hiring in times of recession may not seem like the most logical thing to do, however it’s a time when the right staff can make or save a business and the wrong staff can break it. All businesses have cycles – periods of sustained growth followed by downturns and periods of quiet. Obviously, recruitment plans will closely follow these cycles. But it is how these cycles are dealt with that sets good companies apart from lesser ones. A carefully considered recruitment policy is essential to surviving the setbacks of a downturn.

Recruitment Tips:

While stopping hiring is often the first response of many businesses that are going through hard times, it’s frequently wrongly considered. Recessions create an abundance of employees up for hire, with strong, technically proficient and experienced staff becoming available. Previously unavailable elite candidates are now often out in force searching for jobs – and frequently with more affordable salary expectations. Recessions open up the market for employers and make available the most talented employees.

More CVs for review

More people out of work means more applications for all vacancies. This sounds like an extensive pool of candidates will be made available to choose from, however that’s only the case if the number of CVs coming in can be managed and reviewed accurately and in detail. This may be where a recruitment agency comes in use and will also allow a company to continue to focus on hitting the numbers and reaching the targets.

Strategy is vital

Recruitment tactics should not just be about the short-term prospects to a company but also how the recruitment process can help a company with survival and how it can position itself when the tide changes. Recruitment managers should liaise more closely with its employees to be more aware of industry trends and what is being felt in the market place, when a recession is likely to end and so on. If it’s predicted that troubling times will be short-lived, businesses should be prepared to keep staff numbers intact and to be ready for the coming upturn. If the present economic situation is quashed sooner than expected, premature layoffs could be disastrous for any company.

Revise recruiting targets

A change in an economic situation means a changed focus for those involved in recruiting, and it’s important that those signing off recruitment budgets are aware of this. Make sure all efforts are placed into recruiting for positions that generate the highest return on investment.

Using recruitment Associates

It is likely that a number of companies use recruitment agencies for recruitment. These should be assessed as to how safe the contract is with them. Ensure any existing contracts can be fulfilled and consider lining up an alternative supplier in case the agency being used goes out of business. This is particularly important if an agency is being used to supply temporary staff, as they tend to be more cash-flow critical.

Chris de Bruin is the Consumer Bank Head at Standard Chartered UAE.