Over the past few years, the job market has fluctuated between three main pillars: the great resignation, new hiring strategies, and recalibration. In the first two quarters of 2022, many companies in the tech industry took a step back to revisit hiring plans. However, as the economy continues to rebound and inflation decreases, experts are noticing an increase in new roles. In June 2022, 372,000 jobs were added with 65% of companies having an increased need for recruitment services. During times like this, it’s imperative that companies have the best talent on their side.
The best leaders assemble and cultivate world-class teams. When it comes to hiring your next executive leaders, not only will they attract top talent as you return to growth, welcoming exemplary leaders to the team breeds new perspectives on the market and novel strategies. Learn more about how hiring new leaders now in uncertain times is facilitating company growth and resilience.
3 Ways Senior Leadership Talent Helps Companies Capitalize During a Downturn
The leadership team is a fundamental function within a successful company, particularly during uncertain times. As leaders are working to ensure their organizations are prepared for a changing market, now is the time to hire top leaders to cultivate a dynamic and enduring team. In order to build an industrious team, hire executive talent that will:
Play a fundamental role before, during and after a downturn: Leadership roles are critical at every phase in dynamic markets. Whether organizations are enduring an economic downturn or upsurge, hiring a leader that will play a critical role in the company’s growth strategy is crucial. Giving your new hire the opportunity to establish a process will enable them to be a succinct and strong leader regardless of the greater economic environment.
Reimagine your Go-To-Market strategy: Hiring a leader often brings a new perspective and a diverse opinion to the table at a time when GTM strategies may need a refresh. This can help establish new and flexible processes that will benefit the company as the market recovers. Hiring a leader during a downturn also illustrates their ability to be creative and generate growth since they are working with fewer resources than are often available. This highlights their fortitude and determination during difficult times.
Adapt quickly to a changing market: Founders are often known for possessing grit, and leaders brought on during uncertain times can also boast that same characteristic. Adaptable leaders are able to pivot ideas and goals effectively while maintaining authority over projects and teams. While some leaders are better suited for steady economic times, others are able to lead with the same vigor and tenacity independent from the state of the market.
Advice to New Executives
During the onboarding process, instruct your new executive on how both they and the existing leadership team can best support company departments. New leadership talent should be confident in their ability to:
Employ active listening. During a downturn, employees will likely have an array of questions regarding the state of their job and the company. Each individual will likely be under a different level of stress and each person will react to stress in a variety of ways. Allot one-on-one time with the individuals on your team. While it may seem apparent, make sure to give them your full attention so that they know you care. Answer each question to the best of your ability and point them toward resources when you’re unsure of an answer. After, ask followup questions to ensure you understand their concerns.
Respond to concerns. Whether you respond with an in-person meeting, a pulse survey, or through email, show that you hear their concerns and are working to remedy any and all issues. Offer clear and concise responses. If replying to their concerns in an email, bulleted responses are an efficient way to establish your process and highlight specific actions the executive team is taking to improve the situation. In uncertain times, you don’t have all the answers and you will build credibility with your team by being transparent about that fact.
Implement change based on feedback. While listening and responding to feedback is essential to the wellbeing of your employees, progress can’t be made without implementing change. With input from your employees, begin building new policies and procedures. Involving them in the planning process can help you better identify which policies are in need of reconstruction.
Stay Close to Customers. Customers are experiencing the same uncertainty. Check in with your customers and become an empathetic partner by taking extra time to listen to their concerns.
The right executive leadership can restructure teams and company processes. New strategies should aim to produce the best outcomes throughout the entire organization. Hiring top talent that understands how to integrate best executive practices and employee objectives are more likely to provide your company with a sustainable business model that outlasts the market downturn.
What to Do Now to Thrive in an Economic Downturn
Once you’ve built out a determined and flexible leadership team, it’s time to focus company efforts on thriving in the downturn. Ensuring your leaders are versatile and can easily alternate hour-to-hour between different tasks and management operations is key. Remind them to look at problems as milestones for growth. Rather than focusing on the negatives that occur when restructuring your organization or executive team, concentrate on the progress your company is making. Whether it’s through new or consistent market prospects, team members or GTM strategies, each milestone is an opportunity for progress.
“Companies who are looking to outlast an economic downturn should be re-evaluating their hiring strategies, hiring individuals who can adapt their current needs and pivot quickly in order to consistently help your organization develop and evolve” - Vince Panozzo, Senior Vice President of Revenue
To come out ahead after an uncertain period:
Flip priorities from hypergrowth to healthy margins. Growth is often at the forefront of many organizations’ yearly objectives; however, during a downturn it’s essential to flip the narrative and focus on thoughtful spending. Executives that can adapt their teams to be successful without growing rapidly can be the difference between a successful year and needing to go through another round of recalibration.
Improve job description quality. In order to attract a diverse group of qualified candidates, organizations need to enhance job descriptions. When it comes to hiring key roles during an economic downturn, you want to ensure that each candidate understands the role requirements. Be as specific as possible in terms of daily, weekly and monthly expectations, it’s helpful to give examples of potential projects a candidate may lead as well as a list of teams and individuals they will work with most often. This will help ease the onboarding process and develop strong leaders. Incorporate inclusive language to prompt a wider range of applicants and a more equitable workplace.
Take advantage of your network. When sourcing and interviewing, dive into your network for referrals and introductions to top talent. With a larger network, your company can gain access to a plethora of industry leaders. Partnering with Hunt Club powers your search with 7 million+ top candidates, both active and passive, who can help lead your company through an uncertain time.
3 Work Trends to Watch in 2022
The tech and startup industries have undergone numerous shifts over the last few years. Leadership teams have modified their hiring and growth strategies to better follow the changing market. When looking to scale your team, here are three work trends to watch in 2022:
Sourcing passive candidates will breed top talent: Many of the best leaders are already leading amazing teams. Sourcing passive candidates through your networks can generate introductions and referrals to A-list talent that you would have not been able to connect with otherwise.
Job hopping is becoming more common: As people connect with growing companies, they are beginning to move from organization to organization as a result of more flexible work hours, increased salaries and benefits. To augment employee retainment rates, make sure your employees are being compensated in line with the market, receiving competitive benefits, salaries and malleable schedules.
Tech layoffs will continue to take place: Due to the scarcity mindset in relation to a potential reduction in funding and concern for a possible recession, the tech industry will continue laying off downstream employees. As you are planning for your organization’s hiring needs, consider employees who have been recently let go. Since they are coming from evolving businesses themselves, they can offer new viewpoints and experiences to your team.
Plan for Change and Encourage Growth
It’s time to get creative with your hiring practices. Begin by filling net new positions with candidates from non-traditional backgrounds. As companies begin hiring new executives who can bring new perspectives, and are willing to take the time to thoughtfully grow and rebuild their organizations - now is the perfect opportunity to help new executives and high-level hires pivot their skill sets and utilize their expertise in new ways. As you begin sourcing, look for individuals, both from within and outside of your network who are from underserved backgrounds and communities. Growth begins with creativity and a desire to learn - having diverse and inclusive leaders helps drive innovation and ensures your company will overcome economic downturns and uncertain times.
Connect with Hunt Club’s Senior Vice President of Client Partnerships, Vince Panozzo to learn more about why it’s important to hire leaders now.
Begin your search with a trusted talent partner
Executives play a key role in the success of a company - it’s essential to find the right leaders that can build resilience and stability during a time of uncertainty. Hunt Club’s people-first approach to sourcing the most qualified executives enables your team to grow, confidently. Powered by a network of over 7 million industry experts, partner with Hunt Club to find your leader.