3 Rs of HR in 2023: Recruiting, Retention, Recession

Anyone scrolling through LinkedIn this week will feel forlorn. We learned that thousands at Microsoft and Amazon are losing their jobs. No one wants to say that we're in a recession, and it is the strangest economy because the job market remains tight. So, who knows what the future truly holds? We don't pretend to have a crystal ball around here.?

However, sometimes, perception is more important than reality. Many important people and businesses are bracing for a recession. Therefore, HR leaders should be doing the same. Recruiting and talent acquisition may not be the first things that come to mind in an economic downturn. After all, we just mentioned layoffs. Other companies are restructuring or calling for hiring freezes.?

The difference between good businesspeople and great ones is the recognition that businesses must remain relevant by preparing for the long term. They realize a recession will not last forever. For HR leaders that means implementing a talent management strategy that will allow them to do more with fewer people for a time but also looks beyond the lean years.?

In other words, they should focus on retention by showing appreciation for hard working employees, who may be facing quiet hiring and taking on more than their fair share. It also means showing empathy and ensuring a strong employer brand emerges. This way, when recruitment is a possibility again, the groundwork will have already been done.?

The bottom line is that even with a possible recession and less hiring, a demographic shift is leading to a labor shortage that will require creative solutions. Other factors, like consequences of the COVID-19 pandemic, are still playing a role in Human Resources management. So, leaders must have more of an eye on the long-term future. Now is the time to move. Don't sit idly by.?

Until next time...