When an economic downturn arises, businesses do one of two things. They either batten down the hatches and reduce all company spending, decide against increasing their workforce, and brace for impact, hoping they come through the other side. Or they ride the wave and use the downturn to their advantage. You may be asking yourself, well, how do they do this? How can we do this in our business? The answer is quite simple. Where some stop all new hiring opportunities, others embrace and increase them. See how you can boost your competitive edge in an economic downturn by increasing your workforce instead of halting it, and how it can turn your business into ‘the one to watch’.
Your employer brand
During challenging times, a company’s behaviour can severely impact its reputation. A company that continues to invest in its workplace during downturns tends to be admired and respected by its workforce, customers, and potential candidates. It demonstrates the company’s commitment to its employees and boosts your employer brand creating an environment and company culture that is self-sufficient in attracting new top talent candidates.
In any uncertain situation, businesses are made to make difficult decisions. This is where employees can shine. Their resilience, adaptability, and resourcefulness can stand out to employers who may want to utilise those skills and critical traits to spearhead the challenges and drive the company toward sustainable success.
Capitalise on top talent
In an economic downturn, many companies choose to downsize or stop hiring people for their workforce. This brings new top talent to the job market whether they’re looking for new opportunities due to job insecurity, or from having been made redundant and are looking to get back on the job ladder. Due to this, employers have an increasing amount of access to the talent pool of top-tier workers. By hiring those people in a downturn, your business can secure valuable assets for the company’s future growth.
Gaining that competitive edge
Some companies focus solely on surviving through an economic downturn. However, by using the initiative to strategically hire new talent, you gain that all-important competitive advantage. You will have the opportunity to reposition the company, and fill in the gaps in your workforce you’ve been missing and doing without. By the time the economy improves, you will be well-equipped to tackle new challenges, capitalise on new opportunities, bring in more work, and become the ‘one to watch’ in your industry.
How Oliver Rae can help you boost your competitive edge with top talent
If you need some top talent, well, look no further! Oliver Rae has a pool of top-tier, highly-skilled candidates who can help you keep the wheels turning. Let us know who you are, what industry you’re in, and what talent you’re looking for by requesting a call back with us! We’d love to be of service.