Every business, including those in the floral industry, feels the effects of a recession in terms of stress and money.
According to Bankrate’s Fourth-Quarter Economic Indicator survey, the US economy has a 64% chance of entering a recession this year, with the unemployment rate projected to hit 4.7% by the later part of 2023.
And because budgets get tighter when the economy is bad, most employers’ first thought is to stop hiring altogether. But this might end up working against you, as stopping new hires also means putting a stop to business progression.
Taking a proactive rather than reactive approach is the way to go, so even the mere idea of a looming recession should be enough reason to add some safety nets to your hiring process and make the necessary changes to your recruitment approach to give you a competitive edge.
Amid the ups and downs of the economy, here are some ways you can improve your hiring practices to ensure your business stays ahead of the curve:
1. Redefine Your Hiring Goals
You can’t make headway with hiring if you don’t know where you’re headed.
Take a good look at your company and ask yourself: What does your floral business want to achieve in the following one or two years? Your recruitment plan should align with this business forecast.
To do this, you need to know what’s going on in the job market and figure out how to meet your staffing needs on a smaller budget. Once you know what your goals are, set a timeline for putting your new recruitment strategy into action. This way, you’ll be ready if and when a recession hits. Start looking for a Floral Career Now.
2. Conduct A Skills Gap Analysis
A Skills Gap Analysis is an assessment to find out whether your staff’s current skills match your floral business needs. It gives a clear picture of the skill level of your entire workforce, pointing out the list of skills your employees have, the ones they lack, and the ones they need to develop.
Once these skill gaps are found, your hiring strategy should be able to fix them by making a more accurate job description that focuses on skills that are really important for the job instead of just experience and education.
3. Prioritize Positions
Start by putting together a list of all your open jobs and creating tiers for different roles: the essential ones that you MUST fill and those you’d fill only if your budget allows.
Your priorities should be the ones that impact your revenue the most, so you can focus your hiring activities on the core of your needs.
4. Promote From Within
You can think about reskilling or upskilling some of your current employees by offering skills training and special incentives for taking on the extra responsibilities.
Upskilling is more cost-effective than sourcing, hiring, and training a new employee. Additionally, it makes sure that the open positions are those you actually need rather than those that your current workforce is capable of filling.
As a bonus, giving employees the chance to move up in their careers also helps keep them at the company and keeps them motivated. Start looking for a Floral Career Now.
5. Listen To Candidates
No matter how advanced your hiring strategy is, there is always room for improvement, especially during a recession.
Consider asking your candidates through a short survey what they want from the job, why they are changing jobs, and how your hiring process can be improved to meet those factors. By actively listening to people who might be interested in working for you, you can adapt your recruitment efforts to the current job market.
When it comes to hiring during a recession, taking steps to safeguard your floral business by improving your recruitment strategy can help you get through the worst and come out on top.
Want to know more about improving your recruitment strategy? We can help!
At Pollen Talent, we connect the best people in the floral industry with the best companies in different sectors. We want to work with clients and aspiring people who see the long-term benefits of working with us. Contact us now!