Should Recruitment and Staffing Be a Priority Right Now?
Despite all the chatter surrounding economic slowdowns and even a potential recession, many Canadian employers are still focused on recruitment and staffing. As recently as August, the unemployment was still hovering just below 5 per cent, the lowest on record with data going back to 1976.
According to a Robert Half survey of more than 1,500 hiring managers in finance and accounting, technology, marketing and creative, legal, administrative and customer support, and human resources from earlier this summer, only 6 per cent of respondents said they weren’t adding new or filling vacated positions, and only 2 per cent were eliminating positions.
Canadian industries such as automotive, aviation, and retail are all facing labour shortages and are sticking to their hiring plans. In fact, Canada’s strong employment market is leading many to believe a short-lived recession may be avoided entirely, which is encouraging companies to keep hiring.
Recruitment and Staffing in a Recession
Nonetheless, other employers are taking a wait-and-see approach to hiring.
Another survey of 500 Canadian hiring decision-makers in May revealed that nearly 30 per cent of respondents said they didn’t have room in the budget to hire new staff and another 23 per cent said they didn’t have approval from upper management.
It’s understandable to be cautious of making new hiring decisions with so much economic uncertainty, but it may not be wise to be too conservative over the long term. Companies that invest in high-quality employees while times are lean will be positioned to hit the ground running once the economy picks up again.
According to the Harvard Business Review, based on data from the recessions of 1980, 1990, and 2000, the companies that performed badly were the ones that switched to survival mode, making deep, reactionary cuts. Whereas the companies that emerged from recessions in the strongest shapes relied less on layoffs and hiring freezes and focused more on operational improvements.
Making wise hiring choices right now can set you up for greater success further down the road.
Investing in Recruitment and Staffing
When it comes to hiring new employees, due diligence is always a wise investment. Triton offers employers thorough background checks with industry-leading turnaround times. We’ll ensure you get the information you need quickly, so you can hire with confidence, leading to greater dividends for your company.
Interested in taking our solution for a test drive? Call 1-855-929-1151 or visit our website to learn more.