Countercyclical Hiring

Here is a $20 consulting term to think about:
“Countercyclical Hiring.”  Words that only a consultant
could love!

What does this mean?  Well, relative to the stock market,
I’m sure you have heard the phrase about the poor
investment strategy: “buy high & sell low.”  This is a
similar strategy that most employers pursue when hiring
employees in good economic times. 

In practical terms, it means that as the economy improves,
employers expand their businesses to meet demand.  The
result is that they must offer higher salaries (“buy
high”) to talented employees.

When the economy slows down and demand diminishes, many
employers layoff employees, which tends to cause talented
people to get nervous and start looking for other
opportunities.

HR CONTRARIAN POINTER: This is where the contrarian
strategy of countercyclical hiring comes in.  If you can
be a “buyer” when everyone else is “selling,” you have a
major opportunity to hire great talent at a great price
during an economic downturn.

The current dire predictions of the economy are presenting
smart employers with an opportunity to attract talented
people at competitive salaries (“buy low”) and begin
laying the groundwork for when the economy improves. 

The catch is to be sure that you have a rock-solid hiring
process in place to avoid hiring duds.  For a preview of
the candidate vetting process that I recommend, take a
look at the Secrets To Hiring Success Program on my
website. http://www.hrcontrarian.com/hiringsuccess/

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