We’re in a unique situation. We have both a war on talent, where hiring managers are offering increasing salaries and conceiving of more and more benefits to secure the right candidate, and the prospect of a looming recession. If you’re finding it hard to recruit talent or compete with the deep pockets of multinationals, we are suggesting that you just stop. It seems dramatic but the time feels right to invest in and develop the teams you already have, to find ways to do more with less, and to be creative with your processes. You may find future stars and you may recession your proof your business so that you can keep the excellent people you already have.
Here’s why you should stop hiring now (to recession proof your business) and what to do instead.
When was the last time you looked to your people? How well do you really know the talent you already have available to you within your existing teams? You are sure to find people that could be doing more and want to be doing more. Have you invested in them? Do you know their ambitions, or have you asked for their ideas? We can be so busy with day-to-day operations that we often don’t take the time to look and listen to the people who are already working so well for us. Instead of being in a hurry to fill a new role, take some time to speak to your teams and engage with your colleagues.
Support current teams:
Find out what your teams need in order to work at their optimal level. Take what you learn from your engagement strategy and then apply it in practice. Allow teams to share in the design of growth plans and to own the delivery of them. Empower them to be involved and to do more.
It is important to do regular health checks on your processes and procedures to ensure you are maximising the benefits of both the human and material resources you have available to you. Reviewing your processes will allow you to identify waste, redistribute people to roles that will add value to the business, invest savings in new approaches and increase productivity and profitability. Remember to ask the team what is and isn’t working, they will often have a clearer grasp on productivity than senior management.
Find future stars internally:
A well-structured engagement strategy will allow you not just to release your human capital more effectively but will also allow you to unearth and empower the stars you have in your team you were unaware of. Look out for colleagues who volunteer for projects or ask to take on courses outside work hours, look for the people going above and beyond and those who are invested in the future of the business.
Utilise mentorships, growth plans, encourage senior staff to work with them and give them a clear roadmap for their future. Future stars will be happy to take feedback if they see a pathway to success and working together you can identify weaker areas that you can fill in and develop.
Retaining staff and keeping them happy is vital in the current jobs market. Training is key to maximising the potential in your teams and also offers the opportunity for growth that a lot of people are looking for within their careers. Organising internal training, external courses and professional development is a great way to keep colleagues happy and valued. If we do not invest in ambition and provide opportunity, our best people will leave us.