To Hire or not to Hire
Pete Donaldson
Chief Revenue Officer | Leadership Speaker | Veteran | Talent Transformation Services
For that is the question...
The summer holidays are over, job vacancies are falling, inflation is slowing but interest rates continue to increase, along with the cost of living. On a global level, the war in Ukraine continues, record heat waves, wildfires and flooding is hitting Europe and North America and climate experts say these are going from 1 in 20 years to 1 in 5-year events.
The questions many business leaders are asking themselves are:
What's next?
What shape does my business need to be in to best prepare for downturns but be prepared to take advantage of positivity in the market?
As an embedded Talent Solutions business that serves the small and mid-sized markets, to hire or not to hire is a regular conversation. Our clients are varied and across several industries but the one thing they all have in common is balancing the growth of the business, with the cost of staff and the risk that brings. ?
When talking to clients there are two key things that I advise them to look at first – Business Dynamics and People Dynamics.
Business dynamics
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People Dynamics
After you’ve asked these questions, you can then work out where best to invest your resources and time, creating your own risk reward profile to decide what is right for your business. This will give you the gateways or triggers that apply to (re)activate your hiring plans after having gone on pause. It’s important to assess if you have the right platform to hire from or if you need to make some moves to set it up. ??
Once you’ve done that it’s best to war game a few scenarios:
In the interim, before you make your move you should assess your ability to absorb changes in the market. Here are some questions to ask yourself:
I firmly believe toward the end of the year ambitious companies will start to hire again and hire quickly. We all know that often the best point to move it just before anyone else does.
Hopefully this article has given some food for thought and reference points as to when's the right time to reactivate hiring at scale and when is the right time to hunker down and do nothing. If you get this right, you can give yourself a competitive difference and get ahead. ???
#hiring #thoughtleadership #businessleadership #recruitment #retention #workforceplanning #economy
Senior Project Manager | Product Owner | Helping companies run software projects (SAFe, Waterfall, Agile)
1 周Pete, thanks for sharing!