Although chief financial officers are cutting back on spending as the threat of an economic recession increases, HR directors still want to ensure that only the most qualified employees are working in ideal conditions.
According to an online survey of human resources professionals across various industries in the United States, even as 53% of companies expect a recession to happen in 2023, the number of companies with active hiring plans rose from 81% in early 2022 to 85% in the third quarter. This suggests that while some organizations are bracing themselves for a potential recession, hiring still remains a top priority.
Why Hiring During a Recession Makes Sense
As mentioned, a recession does not mean that hiring activities must stop. In fact, hiring during a recession can actually be beneficial to companies. Here are a few reasons why:
- Recessions offer organizations a chance to find top talent at a lower cost. With more people out of work, companies have a larger pool of potential employees to choose from.
- Hiring during a recession can also help companies keep up with their competition. If other companies in your industry are hiring, you’ll want to make sure you are as well in order to stay ahead.
- Hiring can also improve morale within an organization. New employees bring fresh perspectives and can help keep things looking positive during tough times.
- Finally, continuously hiring shows that your company is confident and still growing, which can help attract even more top talent.
People are the greatest resource any company has, so it’s important to continue hiring even during an economic downturn. With the right strategy in place, companies can take advantage of the opportunity to find top talent at a lower cost.
What HR Managers Can Do To Support Hiring In A Recession
Job market uncertainty is vast with an impending recession, so it’s crucial for talent acquisition leaders to take stock of their workflows and learn emerging best practices. There are five things that hiring managers can do to support hiring in a recession:
Take a Close Look at Their Workflows
The first step is to analyze your hiring process and ensure it’s as efficient as possible. Are you using an applicant tracking system (ATS)? If not, now is the time to invest in one. An ATS can help you automate and keep track of hiring processes, from posting job ads to conducting interviews.
Keep an Open Mind
Be open to hiring candidates with non-traditional backgrounds or experience. In a recession, you may find that the ideal candidate for the job is someone who is currently unemployed or underemployed.
Use Technology To Your Advantage
There are a number of online tools and resources that can help you find candidates, such as LinkedIn and Indeed. Use these tools to your advantage and make sure you are reaching the widest possible pool of candidates.
Get Creative With Your Compensation
In a recession, you may need to get creative with your compensation in order to attract top talent. Consider offering incentives or bonuses that are not tied to the company’s overall performance. For example, you could offer a hiring bonus or a signing bonus.
Focus on Culture
Finally, remember that culture is still important, especially in a recession. Candidates will want to know that they will be happy and supported in their new role. Make sure you are emphasizing your company’s culture in your job postings and during the interview process.
Economic cycles come and go, but companies must continue hiring in order to maintain their competitive edge. By taking a close look at their hiring process and getting creative with their compensation, HR managers can support hiring in a recession and help their company find the best talent.
What Does This Mean For Jobseekers?
If you are currently job-hunting, don’t despair — there are still companies hiring during a recession. The key is to be strategic in your job search. Here are a few tips:
- First, take a close look at your resume and make sure it is up-to-date and tailored for the types of roles you are interested in.
- Second, use online resources to your advantage and reach out to your network of contacts.
- Third, be prepared to negotiate on salary and benefits. In a recession, companies may be more willing to negotiate than they would in a booming economy.
Which Companies Are Hiring During a Recession?
We’ve all heard the saying, “The only thing certain in life is death and taxes.” But we would like to add one more thing to that list: recessions. Just like death and taxes, recessions are a part of our lives, and they happen whether we like it or not.
So, which companies are hiring during a recession? Check out these companies and some of their active openings:
Axon
Axon is a worldwide provider of connected public safety devices, including body-worn cameras and digital evidence management solutions for law enforcement, military, and civilian agencies. The company is growing to meet robust demand for its public safety solutions. In the third quarter of this year, Axon’s financial results reported, “customer enthusiasm across our product suite, including notable strength in our Software & Sensors business, drove record quarterly revenue of $312 million, up 34% year over year.”
Axon remains resilient due to high global demand for its products and currently lists more than 150 openings on its career page.
Search open positions at Axon.
Desert Financial Credit Union
Desert Financial Credit Union is hiring for a wide range of positions, from entry-level to executive. The company has a long history of success and has been voted one of the Best Places to Work in the Valley multiple times. Despite a challenging 2021, the company’s net income exceeded $87.4 million in the year, placing it in a good position to continue its growth plans and hiring plans even with expectations of tough times ahead.
Search for open roles at Desert Financial.
KUBRA
KUBRA is a fast-growing company that delivers customer communications solutions to some of the largest utility, insurance and government entities across North America. KUBRA offers billing and payments, mapping, mobile apps, proactive communications, and artificial intelligence solutions for customers.
KUBRA has accelerated their hiring throughout 2022, with plans to continue hiring employees for the award-winning company. The company is mostly looking for candidates with engineering expertise from Java Software Engineers to Digital Transformation Specialists and Data Analytics experts.
Search open positions at KUBRA.
Voya Financial
Voya Financial is serving the needs of 14.3 million individual, workplace and institutional clients, Voya is a leading health, wealth and investment company that provides products, solutions and technologies that help Americans become well-planned, well-invested and well-protected. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible.
Voya Financial has been awarded ‘Great Place to Work’ for seven consecutive years. Our employees agree that we are a different kind of company. With over 280 open positions across the country, consider your next opportunity at Voya Financial.
Search for open position at Voya Financial
The recession should not prevent companies from hiring the best talent. If you’re looking for a job, don’t let the recession stop you from applying to your dream company. Browse through the active job openings at some of the best companies at BestCompaniesAZ.
