Three Ways to Stay Ahead of an Economic Downturn

Three Ways to Stay Ahead of an Economic Downturn

Researchers predict a recession by 2021, and companies will need a competitive edge to ride it out. But with forethought and preparation, there are ways to protect your business and even thrive in a downturn.

Take Care of Your Clients

Make customer service your first priority, and don’t compromise on the value you provide. Maintaining goodwill in your customer and client relationships is key to weathering the storm—so yours will never be a corner that gets cut. You’ll need to attract and retain A-players to keep delivering top value clients you won’t want to let go of.

Think a Step Ahead

As expenses endure closer scrutiny in a recession, get great people in the door while resources are available. Otherwise, you risk being poorly staffed in addition to being understaffed if a hiring freeze hits. Tighten your screening and selection process in anticipation of a more flooded candidate market. Keep your standards high and fill your pipeline with talent that will add the most value.

Reduce Discretionary Spend

It’s possible to trim the cost of recruitment and hiring before a downturn even starts. Use technology to your advantage and look for digital avenues to hiring the key players that will help you weather the storm, such as a virtual career fair. When managing onboarding costs, consider increasing temporary and contract positions. Turn to experts that understand both the candidate and client side so you can attract talent that can be depended upon when staffing is lean.

Learn more about our virtual career fairs.