Recent economic forecasts predict that economic growth will slow in the coming months. Some experts predict the slowdown will be significant enough to trigger a recession.

Meanwhile, companies throughout the economy are already struggling to find the talent they need. Many employers fear that they won’t find people with the right skill sets by the end of 2022. Instead, open positions may remain unfilled, threatening the company’s bottom line.

Here’s what hiring managers can do to meet skill needs now while also preparing for tighter hiring budgets ahead:

What Do the Upcoming Economic Forecasts Mean For Your Hiring?

Invest in skill-building. 

Employers with strong upskilling and reskilling programs are more attractive to top candidates who actively seek out work that supports their growth. Internal skill building also helps ensure your teams have the skills they need to progress, no matter the economic climate.

Hire for skills. 

Today’s hiring tools allow hiring teams to skip the guesswork and analyze applications for skills directly. Focus on what candidates can do and how they learn. The result is a more resilient team capable of adjusting to uncertainty and change.

Explore options to manage hiring costs.

When a special project requires skills your team doesn’t have and isn’t likely to need once the project ends, consider finding contract talent. These professionals relish new challenges, and they add valuable skills and perspective to your team – without unduly burdening your hiring budget.

Stay in touch with your recruiter. 

Staffing firms specialize in connecting their clients to the right candidates with the necessary skill sets. Experienced recruiters know how to adapt to both good and bad economic times. By reaching out to your recruiter now, you’ll be able to create a strategic staffing plan that can weather the storms ahead.

Entering a tough economic period without the right skills and talent on board poses a double challenge for employers. Those who take steps now to address the issue stand a better chance of weathering economic hardship.

Are You Looking For Pharmaceutical Sales Reps?

At SMR Group, our recruiters specialize in connecting our clients to the best sales and marketing talent available – no matter the economic climate. If you’re looking for talent in the biotech, pharmaceutical, or medical device industries, contact us today to learn more.