Thu 23 Apr 2009
Finding and Hiring Employees in a Recession
Posted by Megan Dorn under Small Business
Employees are the mechanism by which a business is able to run. If you want your business to run at a high caliber, then those employees need to also be of a high caliber. Having a company with good employees doesn’t just magically happen overnight, though. It requires you to meet their needs at the hiring stage and continually evolve to meet their needs throughout their employment.
With so many people laid off in recent months, it may seem like the pool of candidates is endless, and you’ll have no problem quickly finding a qualified employee. Though it is true that your selection pool will likely be much larger during a time like this, there are a few things you need to be cautious about when hiring during tough economic times.
The Toilet Paper Entrepreneur blog posted a great article on hiring in a recession that I think all business owners and hiring managers can benefit from reading. My favorite tip is, “Hire the Hungry, Not the Starving.” It’s so important for employers to look for prospective employees who are eager out of excitement, not eager out of desperation.
Finding the right candidate is only half the battle; bringing him or her on board is the other. Be wary of falling into the trap of “the job market is tough so I’m going to hire this person for next to nothing.” It’s true that you may be able to get that person for a steal, but offering them next to nothing won’t keep them very long. And if this person really is the right fit, wouldn’t you want to start building loyalty from day one? Because money is likely tight, you may not be able to offer the salary necessary to building that loyalty, which is why non-monetary benefits like flexible scheduling, a casual work atmosphere and extra days off might need to be added to your repertoire to sweeten the deal. Consider all the different ways you might be able to accommodate your new employee’s needs and wants.
September 3rd, 2009 at 2:48 pm
Lots to think about here. The cost of hiring the wrong employee is massive. Have you considered a low cost screening by developing a Job Profile? This includes not only the skills, but also the attitudes that are important in the specific company. For less than the cost of a year’s supply coffee for your new employee, you can attract the right people and know with certainty that they will fit YOUR company’s needs.