Why businesses shouldn’t slow down with recruitment
18/05/2020 by MRL
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Many businesses, particularly in the specialist technology, supply chain and logistics sectors are still hiring, with some companies using this time as an opportunity to assess their existing skills gaps and bring in talented individuals.
Of course, there are a lot of companies who are currently unable to recruit. The pandemic has affected companies differently and organisations have all reacted uniquely. But if your business is in a position where it is possible to take on additional staff, it’s important not to slow down on recruitment. As we start to take some tentative steps out of the lockdown, now is the time to make sure your business is fit for the future, and part of that should involve assessing your talent requirements for the months, and years, to come. Here are some reasons why you shouldn’t stop your recruitment.
Prior to the lockdown, UK employment was at a record high, with only 4 per cent unemployment. Since then, increasing numbers of businesses have reduced the size of their workforce and while some 7.5 million employees have been furloughed, a huge number of people have lost their jobs altogether. What this means is that, suddenly, a raft of new skills and talented individuals have entered the jobs market. If you are able to be in a position to recruit, it’s likely that you will have a lot more choice when it comes to finding that perfect new employee. This will be a short window too, because once businesses start to hire as before, competition for talent will be stronger than ever.
With high unemployment comes strong competition for certain skill sets, particularly in highly skilled technical or engineering roles. As more people enter the jobs market, there could be an opportunity for you to find highly skilled people for roles that have previously been difficult to fill. To make the most of this opportunity, make sure you have a good relationship with an expert recruiter as they will be the first to hear of new, highly skilled people entering the jobs market.
In a similar vein, smaller, specialist businesses might benefit from continuing their hiring processes in the current climate, as many of their larger competitors may have had to pause any hiring activities. Take the semiconductor industry as a great example. Typically, smaller businesses and start-ups find it difficult to compete with more established players when it comes to recruiting in this sector. However, now they are on a much more level playing field, and, in our experience, many are reaping the benefits.
This is particularly true if a start-up has recently received funding, especially following a Series B round. We recently spoke to Frank Thiel, CEO and Founder at Kolvenier Solutions, and he told us that start-ups “need to consider the key people who will add value to their organisation over the long-term. The first three or four hires can ‘set the tone’ for the rest of the company, its culture and even its success. Businesses need to get this right, and find the people who will help to scale the company without delay.”
While it might be possible to use hiring practices to fill certain specialist skills gaps, it’s also important to think ahead more widely at the type of skills that your business might require into the future. For instance, you may want to invest more heavily in business development to compete with other companies in the immediate months out of lockdown.
By having a long-term talent strategy, you can identify the skills that you will need in the long term and bring the right people on board now, before they start to be in even greater demand in the future.
Employees and employers are proving that it is possible to work remotely, and many are able to continue as if it were ‘business as usual’. Recruitment is no exception, and many have already experienced the benefits of video interviews, with companies successfully onboarding employees. Recruitment therefore can, and should, continue. Those businesses that adapt and make the most of this opportunity to tap into talent will reap the benefits in the long run.
If you would like to discuss your recruitment needs, both now and into the future, find out how we can help your organisation by getting in touch here.