As global growth decelerates and the country prepares for economic slowdown, business leaders across the country have begun to consider how to prepare and future-proof their organisations. For many businesses, this means examining staffing level strategies.
Whilst immediate temptation for businesses may be to cut back on hiring during a time of economic uncertainty, it is historically proven that employers that continue to strategically invest in talent in a cost-efficient, future-focused way will achieve long-term growth, despite volatile market conditions.
Investing in early talent is an effective way for businesses to build a workforce during economic uncertainty for several reasons. Fiscally, it’s a strategic move that will help reduce the cost of hiring and assist with payroll savings. Young talent (Gen Z) is notoriously a mission-driven generation and will turn away from opportunities with companies that aren't aligned with their values.
Second, the current state of the labour market creates an opportunity for companies to acquire top-tier talent. This is essential to creating long-term competitive advantage. As the largest, most ethnically diverse generation, Gen Z can help usher in fresh ideas and perspectives to drive innovation. This generation possesses the technical know-how needed to fill in-demand positions, have an appetite for learning new skills, and are eager for professional development opportunities. This makes them an ideal fit for internships or rotational programmes that can help build the specific skills a business needs.
Lastly, early talent can help ensure workforce continuity. The current economic climate has the potential to exacerbate long-term labour shortages. Investing in early talent will help to fill the generational gap and provide a steady supply of resilient, change-tolerant workers for years to come.
As the leading platform for recruiting early talent, Handshake is helping today’s top employers around the world future-proof their businesses with access to diverse, qualified candidates.