The Public Health Emergency Is Your Chance To Finally Snap Up Talented Employees
When times are good, finding amazing people to come and work at your firm is a massive challenge. You somehow have to find a way to prize them from their existing roles and convince them to join your firm. It’s not easy. After all, why should they make the jump?
But the coronavirus is changing the game and putting power back in the hands of employees. Currently, the majority of workers are furloughed. But there’s a good chance that the economy will enter a deep recession even when governments allow people back out of their homes. And that’s why there’s such a great opportunity. Lots of people will be looking for work, allowing you to pick the cream of the crop.
In Australia, economists predict that the unemployment rate will shoot up to around 10 per cent - the highest level since the financial crisis. In places like the US - where there is a tremendous source of international talent - the rate might go as high as 22 per cent, according to some commentators. We’ve already seen unemployment claims rise to a staggering 13 million in just a few weeks. And there are plenty of indications that it could go higher, placing a massive burden on government finances.
A lot of the people made redundant by this crisis will be those who’ve never been without work before. For that reason, they’ll be searching hard to find suitable roles where they can put their extensive talents to good use.
Ten years ago, we saw a massive clear out of the economy in the financial crisis. A lot of weak businesses died, leaving many people out of work. Critically, it wasn’t the workers who brought about this fate. In essence, it was the abundance of cheap credit propping up firms in some sectors of the economy. They had to go. They weren’t healthy or adding to our collective wealth. Now, though, the economy is much leaner. We already had a big clearout ten years ago. We don’t need another one.
How To Find The People You Need
Of course, businesses who are still hiring will all be looking for the same high-calibre workers, so you’ll need to have your wits about you. The labor market melee should begin once firms open their doors again - perhaps in June. At that point, there will be a hiring spree.
Agencies like DSC Personnel should be your first port of call. Here you can get access to a pool of people with specific skills relevant to your industry.
When you make contact with a candidate, be sure to find out more about their furlough situation. Remember, you may not be able to make full use of their talents until the summer months. It could pay, therefore, to ask them to stick with their current setup and then join your operations as things start to return to normal.
We’re living through unprecedented times in the job market. While conditions are poor for the average worker, there are tremendous opportunities for businesses to snap up talent like never before. Stay vigilant.