Forbes’ lay-off tracker showed that nearly 125,000 US employees were laid off between June and December 2022, when fears of recession began to loom. Since then, countless companies across the globe have continued to put a hold on hiring through fears of what may lie ahead.
And that’s a common occurrence. In times of economic uncertainty, businesses often resort to hiring freezes to cut costs and weather the storm. But while this approach may seem sensible, did you know you may actually be hindering your long-term success and even stunting growth if you pause hiring efforts at the same time as everyone else?
In fact, if you halt your hiring, especially in key, niche specialisms like Valuations, you’re likely missing out on great opportunities to attract top talent, create a competitive edge, and future-proof your business.
This blog explores why you should never stop hiring, albeit passively, and how doing so will benefit your organisation in the long run.
(1) Seizing opportunities in a competitive market
During periods of economic downturn and redundancy, talented individuals who were previously employed by bigger firms find themselves unexpectedly looking for new opportunities. These individuals are often highly skilled, experienced, and eager to contribute. By continuing to engage with potential candidates and actively considering them for roles, even if you're not actively hiring, you can scoop up this top talent before your competitors do.
This opportunistic hiring approach can give you a significant advantage, particularly when it comes to senior-level positions. Why not seize the opportunity to bring in seasoned professionals? That way, you’ll enhance your team's expertise and prepare for future growth. When the economy recovers and demand increases, you'll be well-positioned with a talented workforce, while your competitors scramble to hunt down and secure the right talent.
(2) Preparing for the next busy season
If you’re a smaller firm, and haven’t been guilty of over-hiring in the past, you’ll likely have the advantage of having room for expansion. During a hiring freeze, organisations with room to grow can take their pick of the available talent pool to proactively build out their teams. By investing in recruiting during tough times, smaller businesses will better prepare themselves for the next busy season or economic upturn.
When the market conditions improve, and demand picks up again, your company will be ready to hit the ground running. And instead of joining the stampede of businesses looking for qualified candidates, you'll have a competitive edge; your team is already in place and well-prepared to handle an increased workload.
This proactive approach will not only save valuable time but also ensures your business remains agile and adaptable.
(3) Future-proofing your business
Future-proofing your organisation is essential for long-term success. By continuously seeking out top talent and investing in recruitment efforts, even during a hiring freeze, you’ll build a strong foundation for sustainable growth. A diverse and skilled workforce will help your business stay ahead of the game, adapt to evolving market trends, and grasp new opportunities.
But importantly, by nurturing a culture of continuous hiring, you’ll also encourage innovation and creativity within your organisation. How? Well, new team members will bring fresh perspectives, ideas, and skill sets, leading to breakthrough innovations that’ll drive your business forward. Embracing a mindset of continuous recruitment helps create a dynamic and resilient company culture that’s prepared for any challenges that may lie ahead.
The bottom line
While it may seem counterintuitive, continuing to hire, even during a hiring freeze, can provide significant advantages to your company. By actively engaging with potential candidates, especially those who’ve been affected by lay-offs, you’ll tap into a pool of highly talented individuals seeking out exciting new opportunities. This opportunistic approach allows you to secure top talent before your competitors, giving you a head start and future-proofing your business.
Are you a smaller organisation? Why not make the most of this strategy to prepare for future expansion? By using these uncertain economic times to proactively build your team, you’ll ensure you have the right talent in place when demand increases. Save time, minimize the risk of talent shortages, and respond to market changes.
So, remember: if you’re tempted to navigate difficult times with a hiring freeze, take a moment to reassess. Now could in fact be the perfect time to attract top Valuations talent that’ll firmly position your business on a path to long-term success.
Apollo Solutions is working with top Valuations talent looking for new opportunities with businesses like yours. Want to know more? Get in touch.
