We’re all probably feeling a little crazy at times right now. We know that the world is in a place it’s never quite been in and it’s a tough time for businesses across Australia and the globe, so we’ve got some insight to share with you…
When the market is tough, companies often look for ways to reduce their spending and the natural response to that is to cut all ‘fat’ that is non-essential to the business. This can help businesses pull through to the other side when the economy starts to pick back up – though undoubtedly, it involves some hard decisions as letting people go is never a fun task. We’ve seen many companies having to make these calls of late to ensure they still have a business. In the difficult time we are in as a nation, we want to help you find opportunities in the trial and see you thrive on the other side of this current pandemic and economic downturn.
We encourage you to take this time to look at your business and team as a whole and evaluate where your strengths and weaknesses lay and get strategic about the future. This is very relevant on a personal level also. How you act and plan now, will have a significant impact on where you are sitting in a year’s time.
How you act and plan now, will have a significant impact on where you are sitting in a year’s time.
Some good questions to be asking yourself are:
- Where is there opportunity that I’m not accessing right now?
- How effectively is my team functioning and are there ways we could improve our communication?
- Are there areas of the business being neglected?
- What are we doing well and how can we extend this?
An area we suggest looking into that may seem counter-intuitive is, hiring.
When big companies are making cuts, it inevitably means that larger quantities of high-quality candidates are entering the market. This kind of market flow presents a rare space for businesses when planning their next strategic hire. Even if you don’t currently have an available role, it’s worth accessing your networks to find out about candidates on the market. Being open to hiring when you don’t have a specific role available is a powerful way to make sure you don’t miss a perfect fit for your team, even if it’s a little sooner than planned.
Being open to hiring when you don’t have a specific role available is a powerful way to make sure you don’t miss a perfect fit for your team, even if it’s a little sooner than planned.
There is a wealth of information to be obtained through a conversation with a Recruitment Consultant in terms of market trends, business strategies, key areas to be recruiting in, and where to hold back, as well as top candidates on the market. Companies that focus in and take time to think about their positioning when the business is tight, ensure they have strength to launch from when the market opens back up. We know this time is tough for everyone and sincerely hope that you and your business are faring well through these changes and unknowns.
As we’ve been operating since 2009, Abacus Human Capital has successfully built one of the largest, quality networks of accounting professionals across South East Queensland. The depth of our networks allows us to respond to urgent permanent and temporary recruitment needs extremely quickly. Get in touch with us today and let us know how we be of help. We are always happy to share ideas and market knowledge.