How we Plan to Grow in a Recession
Covid-19 is here, and thus far has had a catastrophic effect on the global economy and we now facing a Recession. This has resulted in high numbers of unemployed worldwide, business’s closing, hiring stalled and investment stopped. Nearly all industries have been effected in some way and we have entered ‘Survival Mode’. At Mentor Talent, it is no different and we are looking for ways to survive. This is where a company can crumble or thrive. We plan on thriving. Here are the steps we are taking to grow in a Recession.
Date of Post
April 27, 2020
Covid-19 is here, and thus far has had a catastrophic effect on the global economy and we now facing a Recession. This has resulted in high numbers of unemployed worldwide, business’s closing, hiring stalled and investment stopped. Nearly all industries have been effected in some way and we have entered ‘SurvivalMode’.
At Mentor Talent, it is no different and we are looking for ways to survive. This is where a company can crumble or thrive. We plan on thriving.
1. Up skilling our team
At Mentor Talent; our priority is to hold jobs. Rather than furlough staff, we are up skilling our team by using Recruitment Training Platforms like Social Talent, in house trainings and viewing Recruitment Webinars to make sure that we are int he best position to fill the jobs that are available.
2. Updating our processes and services
We are taking a bird’s eye view of our business to see what areas we can improve.We have updated our website and social media channels and are creating useful content and blogs that can help our clients and the candidates that use our service (Relocation Guides, CV Workshops, Interview Training, How to On-boardRemotely, Tips for Remote Working) – all found on http://mentortalent.ie/blog
Over the past couple of weeks, I have never spoken to so many people and so honestly. Candidates who have lost their jobs, clients who are genuinely asking how business is going and vice versa and generally connecting to those involved in the Recruitment, Tech and Startup networks across Europe. We are having in-depth conversations - not just talking to someone who is looking to build a team or for a new job but asking how each other are and how we can help; useful blogs we have read etc.
4. Pivoting our service and changing business strategy
This is an ongoing thing and is changing daily. We are looking at the industries who are growing or sustaining through this pandemic; gaming, e-commerce, biotech, medtech and offering our services even if outside our usual ‘tech’ jobs. It’s so important to adjust and be agile at this time.
Now more than ever; every penny counts. We took this opportunity to look at our monthly and annual expenses and ask ourselves if they were realistically adding value to the business. Unsurprisingly, a lot were not. Cash flow is king.
6. Move ahead of the completion
My hope is that doing all of the above will ultimately move us ahead of our competition. Recruitment is a saturated market and as a small agency like ourselves, it is a difficult job to compete with the usual power houses. As other agencies let go of staff or some even fold, I hope our actions during Covid-19 will give clients another reason to work with us; showing our loyalty to staff, up-skilled team, updated processes and agile approach.
We will get through this; the economy will recover and the jobs that have been lost will return. It’s how we react now that will determine where we will be when that happens.
Founder and Director of Recruitment