If we’ve learned nothing else in the past year, it’s that life is unpredictable. We don’t know for sure what’s around the next corner, only that we should be ready for whatever the world throws at us.
For your company, that means preparing for not only great success, but leaner times when markets fall and the economy approaches a recession. You’ll want your company, and your employees, to be secure and ready to weather the tough storms as much as they’ll celebrate the wins.
Here are a few tips on developing a hiring strategy that will see you through the rough times, should they come again. (And, eventually, they likely will.)
1. Reevaluate your positions.
This doesn’t mean cutting jobs, but it does mean taking a look around and seeing which positions have had the most growth, remained the most steady, or are the most likely to fluctuate. If you lose customers because of financial restrictions, are there positions your company would no longer need? Are there jobs that would be in higher demand? Can some jobs be cross-trained to account for a staffing shortage without damaging your productivity? Make sure every job counts and is supportable.
2. Be prepared for a downturn.
A piece of budgeting advice for individuals and families also applies to businesses: Just because you have money in your account doesn’t mean you have to spend it. Invest profits wisely and build a rainy day fund to have some security should the market falter. Reinvest in the company as needed, don’t ignore or push down the road improvements that need to be addressed, but keep some money saved for the future.
3. Focus on your reliable clients and customers.
When purse strings tighten, some of your current partners might have to pull up stakes or find other companies to work with. Look at your long-term business relationships and determine which ones might be in danger of having troubles. Some clients and customers might walk away, but the ones who have the most invested in your company, and who trust you the most, might need some renegotiating. It will be in both companies’ best interest to find a way to work together and move forward as a team. Some of the shorter-term clients might not be worth the sacrifices and assistance, but the companies who’ve been there longest can be your building blocks for the future.
4. Consider new markets.
Is your company leaving money on the table by not serving a variety of clients? If your company does One Thing, is it possible to do more? Is there any flexibility in your market, or in the abilities and technologies your team uses every day, to expand to new kinds of work? Diversifying what your company does, even just a little, can help secure your financial footing when things get rough.
5. Build your brand and show your strength.
Remember the dot-com bubble and its subsequent bust? Strength and longevity are built not just on of-the-moment trends and swings in technology but on creating a reputation of being savvy, reliable, flexible, and secure. Start telling stories of how your company has faced adversity (like the COVID-19 pandemic) and how it’s been able to keep moving forward when others have failed. Show ways in which the company has adapted with the times to prove that it’s capable of handling challenges. Focus on the important things: how employees have been respected and protected, how clients have been retained, how your company always finds a way. This instills a sense of strength and calm during a storm and it’s the kind of messaging people will want to see in tricky times.
No one ever wants to believe that a bubble will burst or that times of financial difficulty will come. But they do. The ones who will persevere through those challenges are the people, and companies, that have best prepared for them.
Connect with Davis Staffing
If you’re looking to add new staffing to best support a recession-proof approach to business, contact Davis Staffing today. We can not only help find great new team members with exactly the skills you’re looking for, we can help guide your business strategy to meet your goals and expectations. Call Davis Staffing today and let’s get started.