The idea of hiring for your company right now might fill you with dread. With the economy still in turmoil as a result of the pandemic and interviews still taking place remotely, hiring represents a risk. But fortune favours the brave, and a calculated risk now could help supercharge your growth in the years to come. Over the next few weeks we’ll take a look at why and how you should be hiring now.
The Bank of England is currently predicting a V-shaped growth curve, where a short, sharp periodic slump is met with a bounce-back to something approaching previous levels, and companies are preparing to ride that surge in economic activity. Sequoia, the legendary venture capital firm – who were early investors in Google, AirBnB, and WhatsApp, to name just a few – are opening a London office. They’ve also announced a billion-dollar-plus investment in Indian startups – and even though it may be on a completely different scale more should take their lead.
For companies looking to take leadership and hit growth targets in the long-term, now is arguably the perfect time to hire. As of March 2020, UK unemployment was at a 49-year record low. Now, there are predictions that UK unemployment could hit as high as 15%. But these unfortunate statistics also mean there are going to be a whole host of excellent candidates on the job market, actively looking for work. The best of these aren’t likely to be available for very long – moving quickly for this high-grade talent can give you a strategic platform with which to build your business.
There are four groups of people most likely to be in the job market right now. Let’s take a look at them:
People who have been or feel they have been treated unfairly
Whether they felt unfairly treated before lockdown or since, this group will be disappointed in their workplace culture and atmosphere. Not everyone responds to a workplace in the same way – some prefer a relaxed and breezy environment, whilst others thrive in a more disciplined and professional world.
Those who have been furloughed and have had time to reflect
Time is a precious commodity – one of the effects of furlough is that a significant group in society suddenly have a lot of said commodity. This group perhaps have decided they are unhappy in their current job – something that can be hard to parse at the speed of a stressful working week. As a result of the time to reflect, this group will also have a very clear idea of what they want from the future.
The movers who have decided to create their own start-up
The greatest number of new start-ups began during the last financial crisis in 2008/9, with would-be entrepreneurs keen to take charge of their own destinies. This group represents a calculated risk – if they have a clear start-up idea, they could opt to break free and begin their own business – but their innovative, growth-focused mindsets could be exactly what’s needed in the current day and age.
High-quality candidates who have been made redundant due to business cash pressures.
This group are likely to have some overlap with the first, but they’re also likely to be the ones who move off the job market the quickest. High-quality candidates want high-quality positions – tracking them down might not be an issue right now but retaining them will be.
Join us next week where we’ll take a look at the questions you need to ask yourself as we begin the hunt for talent. Alternatively, if you’d like to have a chat with me about any business issue, please don’t hesitate to get in touch and arrange a free taster call.