Nearly every company is forced to face a harsh reality in the business world—downsizing. As much as I wish that companies would make my job easier by constantly hiring and looking for new candidates, that’s not the way things work. Business grows in unpredictable directions, and companies need to address this. They hire for the areas that are strong and profitable, and cut back in the areas that are not.
I discuss how to address the issue of downsizing, both with current employees and potential candidates, in an article (free subscription required) for SellingPower Magazine. Start taking advantage of my advice with these key points:
- Acknowledge the fact that you are downsizing, and explain why.
Honestly really is the best policy here; being secretive will cause unnecessary worry for current employees and may deter qualified candidates from applying.
- Hire from within whenever possible.
Promoting or re-assigning current employees is almost always preferable to brand new hires, for obvious reasons (greater company loyalty, less time lost to training, etc.). If this isn’t feasible, make it clear why not.
- Apply selective hiring policies.
Save time by pre-screening applicants over the phone to get a better feel for how they would fit within the company before you schedule an in-person interview.
Most importantly, always be on the lookout for new players who can improve your business. Your best business insurance is a pipeline full of qualified candidates who can help your company grow.