Planning A Hiring Spree? Read This First
The coronavirus smashed a lot of businesses, wiping out their customer base seemingly overnight. But now that things are starting to return to normal again, many firms are looking to bolster their ranks, getting ready for the demand they expect to materialize sometime in the winter.
Before the crisis hit, the unemployment rate was an astonishing 3 percent – just about the lowest level in the country’s history. Since then, it has more than quadrupled.
In an environment like this, businesses have two choices. Either they can wait and see whether levels of demand recover. Or they can start hiring now in anticipation of the wave of purchasing that may occur across the economy once things open back up.
For many, the obvious choice will be to go on a hiring spree. But how do you do it properly? Let’s take a look.
The longer you wait to go on your hiring spree, the more difficult things will get. Companies all over the country can already see the writing on the wall. Many expect that the economy will recover rapidly over the coming months – and that means the labor market is going to tighten.
As a business, you need to think about the people you need right now if demand picks up again. If the economy returns to anything close to what we saw at the start of 2020, it won’t be long before firms snap up all the best people, leaving everyone else high and dry.
Revamp Your Website Career Section
Most companies have a career part of their websites, asking people to explore roles with them further. But they tend to neglect it. Sometimes, it is written in a different format from the rest of the website, which indicates just how long it has been since it got its last update. Or it isn’t user friendly.
Companies on a hiring spree need to make this part of their site as streamlined as possible. People interested in jobs on offer want a slick experience that takes fifteen minutes or less. If the application process takes more than 30 minutes, your abandonment rate will go up, and you’ll risk missing out on candidates with good resumes.
Put Up Signs
Putting up coroplast signs might sound basic, but some of the biggest companies in the world do it, including the likes of McDonald’s. Research suggests that it is one of the best ways to get people interested in working for you.
The reasons for this are psychological. When people want a job, they’re much more likely to literally leave their homes and walk around town, asking for work. Putting up signs, therefore, can direct people towards your firm.
What’s more, there’s a selection bias going on here too. When you use signs, you’re often attracting the most proactive and ambitious members of the community. These are people who are hungry for work and willing to put in the hours to earn their paycheck.
Be Careful Who You Take On
Going on a hiring spree can be a heady experience. There’s nothing quite like transforming the lives of dozens of people – and having the money to do it.
But there’s a dark side to taking on many people at once: the effect that it can have on your culture. Adding twenty people to a team of ten employees is going to alter things fundamentally. There’s no way that you can assimilate that many people. In fact, it will probably work the other way around, with the old guard looking for ways to fit in with the new crowd.
Be careful when you hire more than three people at once. Think about the effects on the social dynamics in your firm. And ask yourself whether new people are really a match for the existing culture. If they’re not, then you might want to rethink your plans.
Consider All The Additional Costs
You might have sufficient money in the bank to pay the salaries of all the new people you want to hire, but what about all the extra costs?
A lot of firms get into trouble at this juncture. They think that just because they have the cash flow to pay wages, they can bring new people into the firm. Almost always, they don’t. Usually, there are other costs to consider too, such as providing computers and desk space, perks, and office amenities.
Also, think about the extra expense of processing all those new pay packets. It’s not cheap!
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