Do you work for a company who is seeking new talent? Are you not sure when or how to go about finding the top talent in the industry? Well, we are here to tell you that it is very important to seek top talent in market downturns. This may seem like an odd time to look for and recruit new talent, but we assure you, it is a very important time to search.
When the market takes a downturn, it might seem like a frightening time to look for new employees. However, searching for top talent in the time of downturn can really be a great way to find new recruits and bring top talent to your company. But, why? Why is it so important for companies to recruit talent in downturns? Continue reading and we will look at the top 3 reasons why recruiting during a downturn can be so effective.
1) There is less competition for top talent.
During a downturn, most companies aren’t rushing out to recruit new, top talent (though they should be). Why? Well, with downturns, things are somewhat put on hold. A downturn is essentially when the market goes into recession and rather than the prices rising, they are dropping. So yes, it may be a frightening time to be out looking for people to join your team.
However, because no one else is out there scouting for talent, this means less competition. Your company is able to find and recruit the best talent out there with very little, if any, competition. This also means that recruits will have less options and be more willing and grateful for the opportunity you are giving them.
Remember, top talent is hard to come by and it is a very competitive market out there. Normally, the top recruits have numerous job offerings and many times other companies may be able to outbid you and your offer. Yet, when there is a downturn, there will be so much less competition that your company has a much greater shot at landing the talent and building a great team.
2) Successful long-term strategies can be put into place.
When downturns happen, things can be uncertain. After all, no two downturns or recessions are exactly the same, so we are treading unknown waters each time it happens. However, if your company continues to move forward and plan for the future, then it is much more likely to come out stronger on the other side. That is why recruiting top talent is so important.
By growing and strengthening your team, even during a downturn, you are setting your company up for success in the future. You are able to continue to grow and shift, even through a recession. This shows strength and perseverance which is not something that all companies possess. Only the companies who create these long-term strategies and plan ahead for the future will continue to grow and succeed in the future.
While it can be very easy to focus on the present and worry about what is going on during the downturn, it is important to look ahead at the future and plan for it. Recruiting top talent during these times can be a very big and bold move, but one that can help in the long run. It is important to continue to move forward and not get stuck in the present, even when it is tough to do so.
3) By recruiting top talent, you position yourself very well to capture market share in the downturn.
Because a downturn typically means a market recession, it doesn’t make sense to many people to recruit top talent during this time. However, if you think about it, it makes a lot of sense. By having the top talent on your team, you are making it more possible to capture market share. By adding a new set of eyes and focusing on locking in market share, this new talent is able to help you do so.
Having a fresh pair of eyes on the team, especially ones that know what they are doing, are experienced, and ahead of the game, can only help your company move forward. By looking for ways to corner the market, even during times of downturn, you are only setting your company up for future success. That is why it can be so advantageous to recruit top talent during such times.
“Never let a good crisis go to waste" - Winston Churchill
Although the thought of hiring someone new and paying another salary during a time of downturn may be frightening, it will help in the long run. By continuing to forge through and keeping your eyes on the prize, your company will be able to pull through with more market shares, better talent, and come out on top.
During times of downturn, the prospect of hiring new talent isn’t one that appeals to many companies. However, as we’ve seen here, it can be very advantageous and can truly bring (continued) success to a company.
If your company could benefit from new talent, but you are worried about the downturn, don’t be! This could be the best time for you to recruit. Continue to think about the future and work on building up your team and you will come out bigger and better than ever on the other side. Recruiting top talent during a downturn can be extremely beneficial to any business, as frightening as it may be. Don’t miss out on the best talent out there because of a downturn. Continue to recruit and know that it will work out for the best.