The COVID-19 pandemic has not only changed the trajectory of people’s livelihoods and businesses’ bottom lines, but society in general. As a result, many normalities from employment to public health to how we communicate, have been changed forever. Looking ahead, research unsurprisingly suggests that 2021 will be a year of transition.
Apart from any catastrophes or unexpected turn of events, experts predict a strong finish for the economy this year with faster growth predicted in the second half. In fact, economists are confident we will see an uptick in business earnings, market activity and employment numbers by fall.
What will this look like and how are you preparing? The jury is still out, but that doesn’t mean businesses should slack on their strategic approach, especially when it comes to rebuilding their teams.
Brilliant research indicates that more than a third of businesses surveyed have made significant reductions to their internal cost structure in some capacity over the past year. It made sense to right-size the business, but many are realizing they may have cut too deep and plan to boost their hiring.
So, how are businesses supposed to plan for a healthy Q3 and Q4 with reduced teams and long-term plans to hire?
Simple. They need to start adding to their workforce by hiring now.
Why is it a good idea to begin the hiring process when the economy is still months away from full throttle? Discover the 3 Reasons Businesses Should Start Hiring Now.
- It takes time to select, onboard and train.
Whether you are using a recruiting firm to handle your hiring needs or you are managing the process internally, it can take weeks or even months to find the best talent for your team. For most positions, the process of sourcing, vetting, interviewing and conducting background checks before making an offer takes time. After you have identified the right talent, you must consider the time it takes for the onboarding and training once they begin their role. No matter how skilled a professional is, be sure to plan for a ramp-up period. Ask yourself, how long does it take for the position you are hiring for to come up to full speed? For example, I have often found that most sales leaders underestimate what it takes for a new sales rep to learn the market or product while trying to build successful relationships. Plan on this taking at least 6 to 9 months. Guess what? If you hire now, do not count on them having an impact on your sales goals in 2021. - It costs time and money if you make the wrong hire.
The abovementioned timing assumes the new hire or contract resource selected is the right hire. However, what happens if the fit is not right, and the person resigns, or you have to let them go? Replacing a new hire can cost you tens of thousands of dollars and puts you back at square one. A lot has been written on this, so I will not dwell on the topic. But remember, it is imperative you look at the big picture when rebuilding your workforce and are realistic with the timeframe and your overall expectations. No one likes a setback, but they happen all the time. - Top talent could be gone if you wait.
Businesses that have a solid strategy and understand the length of time needed to plan for a late-year spike in production will scoop up top talent first. If you wait too long to begin your hiring, you may miss out on quality professionals who can make a real impact on your business. While unemployment numbers are higher than they have been pre-COVID times, many specialty roles in accounting, finance, sales and technology have lower unemployment rates.
Many companies are trying to get ahead of the curve today. We are starting to see candidates getting second offers and spending less time in the market searching for a new role. In addition, with more flexible work models, begin thinking about pulling talent from outside your current market if you do not require your team to be in an office. Overall, the sooner you roll out your hiring strategy and begin the process, the more likely you are to find the high-quality talent you need.
Pay attention…the second half of 2021 is just around the corner. Are you ready?
What are some other reasons businesses should begin their hiring process now? Share your thoughts in the Comment section below.
Need help with your hiring process or determining your hiring strategy? Contact the Brilliant Team today and mention this blog!