Don't cut recruitment definitively
Research shows that companies that cut their activities too much during a recession then have a slower rate of re-growth and return to normal than others. HR teams will be forced to set better priorities and think more critically. Maintain a relationship with your contacts and potential candidates. Make calls, write InMaily on LinkedIn, conduct virtual interviews, share offers. In worse times, people are more willing to help recruiters they perceive as trustworthy.
Take on top talent
In times of recession, you are likely to have a greater choice of quality candidates. Many companies have had to say goodbye to their talents and this may be your chance to bring them to your company. This was also the case in 2008, when the companies that invested the most in top talent performed better.
At the same time, remember that a pandemic affects the industry very differently. Find out if transferable skills from hard-hit sectors could be applied. For example, tourism has had to leave many talented professionals, of whom you can make very good use.
Take advantage of external experts
In the last decade, the so-called gig economy has grown mainly in areas such as food supply or individual tasks. However, knowledge-based work (e.g. engineering, accounting) has not played such a large role, mainly due to cultural and organisational barriers.
The recent rise in remote work has removed many of these barriers, making it much more feasible for an organisation to hire, say, a software engineer for a three-month project. Google, for example, now employs more external staff than full-time employees. The flexibility and cost savings that come with suppliers and their pace is a real advantage.
Show your dexterity
If you can turn your skills quickly and easily in other areas of HR, you are much more valuable to the company. You need to be visible. Adapt directly to critical business-focused work, not just projects that only benefit HR.
Consider how you could use your skills to improve things like retention or an employer brand. Design a plan for working with outgoing employees, for example; use what you know about emotions and how they directly affect your reputation and the value of the company. Don't forget either to invest in your own development.
Consider your career prospects
Like the previous recession, this decline does not affect all HR in the same way. Historically, the largest increase or stability has always been recorded in sectors such as healthcare, education, government, food production, grocery stores and discount stores. If you are considering your own career prospects, then you will probably find it makes sense to engage in a more resilient industry.
In the end, a positive turn will come
The recession of 2007-09 stimulated the gig economy, thanks to which employers made more use of external and short-term labour. The emphasis on better HR analytics and technological innovation has also increased. Companies have become more interested in candidates and employees from a human point of view.
Although it is too early to draw conclusions, the current crisis is expected to stimulate long-term cooperation and long-distance communication, including online interviews, etc. The new approach could bring significant time and cost savings and greater efficiency.
As has always been shown historically, everything bad is good for something.
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