This is the perfect time to capture market share with top talent.

There’s been talk for months that we’re heading into a recession and daily news of layoffs is supporting that claim. With so many workers looking for work, and prices increasing, now is a time when people will dedicate their time to job hunting. Some of those who were affected by the layoffs may turn to new industries, including hospitality, for a fresh start. Now is every employer’s time to shine!

Brand your business as the best in town and you will really set your brand apart during these tough economic times.

Although the goal of any company right now is to reduce operating costs, all while trying to maintain or increase profit, what if that’s not enough? What if the goal you have in mind right now is really going to hurt you in the long run? Would you be willing to take a risk? Increase while everyone else is decreasing? That is precisely what I am telling you to do.

Growth during a recession in order to promote your brand is important, and talent is the key to growth.

“It is well-documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at a lower cost than during good times.” –John Quelch, a professor at Harvard Business School.

This is true with respect to recruiting. Branding your company as the best place to work during a recession is critical to the process. Trust me, top talent is looking, especially now.

When you start to grab these players during a recession, it will positively impact productivity, so whether you are a search consultant advising clients, or an HR executive, you need to think about this scenario as a way to impact your business positively over the long term.

Attract Top Talent

Highlight specific values and perks of your company to attract top talent including:

• The great career path candidates can build at your company, including any training you provide, mentorship programs, or tuition reimbursement
• The health benefits you provide, or the emphasis on mental health, especially during tough times like a recession
• Consider telecommuting for certain employees to reduce commuting expenses
• Promote innovative employer value propositions, not standard benefits
• Make a recruitment video that highlights your company culture, or employee stories (Hcareers has a great new partnership to help you create cost-efficient videos!)

Small- and medium-sized businesses will benefit the most, but if you can provide an image that highlights stability, security, growth, and innovation during economic uncertainty, you will see a shift in the attitude toward your company.