During budget constraints, businesses often resort to cutting headcount to save costs, resulting in a hiring freeze. Only 55% of businesses have attempted to hire recently. As the economy improves, organizations must prioritize recruitment but may face challenges in terms of attraction, onboarding, and productivity costs. While government support is essential during such periods, businesses should adopt a medium to long-term perspective, creating efficiencies elsewhere and fostering a collaborative culture. Engaged employees can be crucial in navigating economic challenges and enhancing performance when conditions improve.
In times of budget constraints, businesses often cut headcount as a quick fix to save on costs. This leads to a hiring freeze, with only 55% of businesses actively trying to hire recently.
When the economy begins to recover, organizations find themselves needing to prioritize recruitment, which incurs costs related to attraction, onboarding, and productivity.
Government intervention is necessary to support businesses during economic hardships, but businesses should also focus on medium to long-term strategies to ensure sustainability.
Finding efficiencies elsewhere and fostering a culture of trust and transparency can engage employees, enabling organizations to emerge from challenges faster when economic conditions improve.
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