As the economy starts to stabilise after consecutive downturns, numerous large private and public organisations are undergoing significant downsizing and restructuring. The construction, government, hospitality and tourism sectors have been hard hit, with these industries experiencing the most significant impacts.
This year, we witnessed a 30% decline in the number of jobs advertised compared to the same period last year. While this means more candidates are entering the job market, it doesn't necessarily translate to better quality applicants. Consequently, hiring processes are becoming more time-consuming without yielding better outcomes.
The workforce is feeling the strain as many large projects are being cancelled by the government, and small to medium-sized organizations are cutting funding for essential projects. This widespread impact is reshaping the employment landscape.
The Hidden Opportunity in Adversity
During such challenging times, it's natural to adopt a "bunker down" mentality to weather the storm. However, it's also the perfect time to future-proof your organisation in preparation for an economic upswing.
Reevaluating your People Strategy
Investing time now to reassess whether your People Strategy, HR policies and procedures are fit for purpose is crucial for ensuring business success in the long term. Key questions to consider include:
Do you have the leadership and culture you need?
Is our People strategy aligned to the business strategy?
Do you have an engaged workforce?
Is your Talent Acquisition proposition clearly defined?
Do you know the talent and skills your business will require now and in the future?
Are your recruitment processes, technology and resources providing an effective and positive candidate experience?
Conclusion
As we navigate through economic recovery, organisations must seize the opportunity to refine their HR strategies. By reevaluating and updating your People, Talent Acquisition and Workforce Planning approaches, you can position your organisation for success when the economy is thriving once again. The effort invested now will pay dividends in the future, ensuring your business is prepared to meet the challenges and opportunities that lie ahead.
At HR Connect, we support businesses throughout the Waikato, Bay of Plenty, and Auckland regions across the entire employee lifecycle. Whether you need one-off advice, assistance with a larger project or review, or ongoing HR and recruitment support, we can tailor solutions to meet your specific business needs. For a no-obligation consultation, reach out to Emma Fenwick, General Manager now on emma@hrconnect.co.nz